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 March 31, 2023

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _ to _

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)

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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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

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

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

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

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

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

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

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

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

As of May 8, 2023, the Registrant had 169,963,496 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)

	March 31, 2023		September 30, 2022
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	5,429,604	$	5,374,594
Non-controlled affiliate company investments	43,056		57,689
Controlled affiliate company investments	13,692		14,073
Total investments, at fair value (amortized cost of $5,618,695 and $5,569,604, respectively)	5,486,352		5,446,356
Cash and cash equivalents	76,757		117,290
Foreign currencies (cost of $10,547 and $7,021, respectively)	10,716		6,847
Restricted cash and cash equivalents	50,223		56,416
Interest receivable	31,240		20,794
Net unrealized appreciation on forward currency contracts	15,438		32,333
Other assets	1,024		1,188
Total Assets	$	5,671,750	$	5,681,224
Liabilities
Debt	$	3,116,857	$	3,093,603
Less unamortized debt issuance costs	(19,154)		(17,211)
Debt less unamortized debt issuance costs	3,097,703		3,076,392
Interest payable	23,574		20,384
Management and incentive fees payable	36,653		33,430
Accrued trustee fees	38		225
Accounts payable and other liabilities	7,637		6,293
Total Liabilities	3,165,605		3,136,724
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2023 and September 30, 2022	—		—
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 170,144,126 and 170,895,670 shares issued and outstanding as of March 31, 2023 and September 30, 2022, respectively.	170		171
Paid in capital in excess of par	2,667,028		2,676,674
Distributable earnings (losses)	(161,053)		(132,345)
Total Net Assets	2,506,145		2,544,500
Total Liabilities and Total Net Assets	$	5,671,750	$	5,681,224
Number of common shares outstanding	170,144,126		170,895,670
Net asset value per common share	$	14.73	$	14.89

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)

	Three months ended March 31,				Six months ended March 31,
	2023		2022		2023		2022
Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	132,390	$	80,281	$	256,068	$	160,404
Payment-in-kind interest income	8,323		4,271		15,406		8,370
Dividend income	3,906		3		8,039		320
Fee income	1,028		219		1,515		1,228
Total investment income from non-controlled/non-affiliate company investments	145,647		84,774		281,028		170,322
From non-controlled affiliate company investments:
Interest income	482		872		528		1,688
Payment-in-kind interest income	746		294		2,089		495
Fee income	5		—		43		—
Total investment income from non-controlled affiliate company investments	1,233		1,166		2,660		2,183
From controlled affiliate company investments:
Interest income(1)	(27)		(27)		(55)		(55)
Payment-in-kind interest income	95		48		188		78
Fee income	5		—		9		—
Total investment income from controlled affiliate company investments	73		21		142		23
Total investment income	146,953		85,961		283,830		172,528
Expenses
Interest and other debt financing expenses	36,256		19,275		70,501		37,111
Base management fee	18,688		18,019		37,750		35,520
Incentive fee	17,976		4,362		33,987		7,743
Professional fees	1,320		729		2,528		1,628
Administrative service fee	1,958		1,640		4,133		3,458
General and administrative expenses	317		400		630		742
Total expenses	76,515		44,425		149,529		86,202
Base management fee waived (Note 3)	—		(1,904)		—		(1,904)
Net expenses	76,515		42,521		149,529		84,298
Net investment income - before tax	70,438		43,440		134,301		88,230
Excise tax	232		—		2,432		—
Net investment income - after tax	70,206		43,440		131,869		88,230
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	(5,487)		145		(1,790)		15,202
Non-controlled affiliate company investments	—		—		320		(1,026)
Foreign currency transactions	17		227		(1,169)		744
Forward currency contracts	708		—		1,171		—
Net realized gain (loss) on investment transactions	(4,762)		372		(1,468)		14,920
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	(723)		28,920		(34,120)		35,458
Non-controlled affiliate company investments	(5,491)		(1,798)		(13,472)		(891)
Controlled affiliate company investments	(886)		(1,157)		(579)		(3,851)
Translation of assets and liabilities in foreign currencies	2,561		(4,663)		18,458		(5,460)
Forward currency contracts	(2,447)		1,856		(16,895)		2,137
Net change in unrealized appreciation (depreciation) on investment transactions	(6,986)		23,158		(46,608)		27,393
Net gain (loss) on investment transactions	(11,748)		23,530		(48,076)		42,313
(Provision) benefit for taxes on realized gains on investments	—		—		(207)		—
(Provision) benefit for taxes on unrealized appreciation on investments	45		(97)		498		(592)
Net increase (decrease) in net assets resulting from operations	$	58,503	$	66,873	$	84,084	$	129,951
Per Common Share Data
Basic and diluted earnings per common share (Note 10)	$	0.34	$	0.39	$	0.49	$	0.76
Dividends and distributions declared per common share	$	0.33	$	0.30	$	0.66	$	0.60
Basic and diluted weighted average common shares outstanding (Note 10)	170,835,435		170,866,740		170,865,883		170,452,256

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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (Losses)		Total Net Assets
	Shares	Par Amount
Balance at September 30, 2021	170,028,584	$	170	$	2,664,251	$	(81,729)	$	2,582,692
Net increase (decrease) in net assets resulting from operations
Net investment income	—	—		—		88,230		88,230
Net realized gain (loss) on investment transactions	—	—		—		14,920		14,920
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		27,393		27,393
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		(592)		(592)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	867,086	1		13,173		—		13,174
Distributions from distributable earnings	—	—		—		(102,268)		(102,268)
Total increase (decrease) for the six months ended March 31, 2022	867,086	1		13,173		27,683		40,857
Balance at March 31, 2022	170,895,670	$	171	$	2,677,424	$	(54,046)	$	2,623,549
Balance at December 31, 2021	170,865,742	171		2,676,967		(69,659)		2,607,479
Net increase (decrease) in net assets resulting from operations
Net investment income	—	—		—		43,440		43,440
Net realized gain (loss) on investment transactions	—	—		—		372		372
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		23,158		23,158
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		(97)		(97)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	29,928	—		457		—		457
Distributions from distributable earnings	—	—		—		(51,260)		(51,260)
Total increase (decrease) for the three months ended March 31, 2022	29,928	—		457		15,613		16,070
Balance at March 31, 2022	170,895,670	$	171	$	2,677,424	$	(54,046)	$	2,623,549
Balance at September 30, 2022	170,895,670	171		2,676,674		(132,345)		2,544,500
Repurchases of common stock, net of commission costs	(751,544)	(1)		(9,646)		—		(9,647)
Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		131,869		131,869
Net realized gain (loss) on investment transactions	—	—		—		(1,468)		(1,468)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(46,608)		(46,608)
(Provision) benefit for taxes on realized gain on investments	—	—		—		(207)		(207)
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		498		498
Distributions to stockholders:
Distributions from distributable earnings	—	—		—		(112,792)		(112,792)
Total increase (decrease) for the six months ended March 31, 2023	(751,544)	(1)		(9,646)		(28,708)		(38,355)
Balance at March 31, 2023	170,144,126	$	170	$	2,667,028	$	(161,053)	$	2,506,145
Balance at December 31, 2022	170,895,670	$	171	$	2,676,674	$	(163,160)	$	2,513,685
Repurchases of common stock, net of commission costs	(751,544)	(1)		(9,646)		—		(9,647)
Net increase (decrease) in net assets resulting from operations:
Net investment income	—	—		—		70,206		70,206
Net realized gain (loss) on investment transactions	—	—		—		(4,762)		(4,762)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(6,986)		(6,986)
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		45		45
Distributions to stockholders:
Distributions from distributable earnings	—	—		—		(56,396)		(56,396)
Total increase (decrease) for the three months ended March 31, 2023	(751,544)	(1)		(9,646)		2,107		(7,540)
Balance at March 31, 2023	170,144,126	$	170	$	2,667,028	$	(161,053)	$	2,506,145

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands, except share data)

	Six months ended March 31,
	2023		2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	84,084	$	129,951
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	3,425		3,443
Accretion of discounts and amortization of premiums on investments	(6,904)		(1,748)
Accretion of discounts and amortization of premiums on issued debt securities	484		879
Net realized (gain) loss on investments	1,470		(14,176)
Net realized (gain) loss on forward currency contracts	(1,171)		—
Net realized (gain) loss on foreign currency transactions	1,169		(744)
Net change in unrealized (appreciation) depreciation on investments	48,171		(30,716)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(18,458)		5,460
Net change in unrealized (appreciation) depreciation on forward currency contracts	16,895		(2,137)
Proceeds from (fundings of) revolving loans, net	(1,970)		(1,002)
Fundings of investments	(412,649)		(1,267,348)
Proceeds from principal payments and sales of portfolio investments	393,997		783,967
Proceeds from settlements of forward currency contracts	1,171		—
Payment-in-kind interest capitalized	(17,255)		(8,597)
Non-cash dividends	(7,044)		—
Changes in operating assets and liabilities:
Interest receivable	(10,446)		(2,990)
Cash collateral held at broker for forward currency contracts	—		6,960
Receivable from investments sold	—		97
Other assets	164		(717)
Interest payable	3,190		3,127
Management and incentive fees payable	3,223		8,682
Payable for investments purchased	—		(294)
Accrued trustee fees	(187)		—
Accounts payable and other liabilities	1,344		(1,121)
Net cash provided by (used in) operating activities	82,703		(389,024)
Cash flows from financing activities
Borrowings on debt	312,251		916,760
Repayments of debt	(310,100)		(502,300)
Capitalized debt issuance costs	(5,368)		(6,379)
Purchases of common stock (Note 12)	(9,647)		—
Distributions paid	(90,793)		(75,649)
Purchases of common stock for dividend reinvestment plan	(21,999)		(13,445)
Net cash provided by (used in) financing activities	(125,656)		318,987
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents	(42,953)		(70,037)
Effect of foreign currency exchange rates	96		26
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, beginning of period	180,553		244,343
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, end of period	$	137,696	$	174,332
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	63,401	$	29,663
Distributions declared during the period	112,792		102,268
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	$	—	$	13,174

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands, except share data)

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

	As of
	March 31, 2023		September 30, 2022
Cash and cash equivalents	$	76,757	$	117,290
Foreign currencies (cost of $10,547 and $7,021, respectively)	10,716		6,847
Restricted cash and cash equivalents	50,223		56,416
Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows	$	137,696	$	180,553

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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2023

(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 and Defense
PPW Aero Buyer, Inc.+	One stop	SF +	7.00%	(m)	11.90%				02/2029		$	24,217	1.0	%	$	24,451
PPW Aero Buyer, Inc.+(5)	One stop	SF +	7.00%		N/A(6)				02/2029	—	(1)		—		(1)
										24,950	24,216		1.0		24,450
Airlines
Aurora Lux Finco S.A.R.L. +(8)(13)	One stop	L +	6.00%	(b)	10.82%				12/2026	970	958		—		922
Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	5.00%	(m)	10.05%				04/2028	9,747	9,604		0.4		9,454
COP CollisionRight Holdings, Inc.+	One stop	SF +	5.00%	(m)	9.98%				04/2028	36	35		—		33
COP CollisionRight Holdings, Inc.+	One stop	SF +	5.00%	(m)	9.78%				04/2028	112	109		—		109
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)	9.25%				08/2027	4,865	4,829		0.2		4,768
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)	9.66%				08/2027	984	966		0.1		949
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)(c)	9.58%				08/2027	28	27		—		26
North Haven Falcon Buyer, LLC+(22)	One stop	L +	8.00%	(b)(c)	9.49%	cash/	3.75%	PIK	05/2027	6,157	6,042		0.2		5,911
North Haven Falcon Buyer, LLC+(22)	One stop	L +	4.25%	(b)(c)	9.47%				05/2027	1,031	1,019		—		990
Polk Acquisition Corp.*#+(22)	Senior secured	SF +	7.00%	(l)	10.16%	cash/	1.75%	PIK	12/2024	18,027	17,980		0.7		17,666
Polk Acquisition Corp.+(5)(22)	Senior secured	SF +	7.00%	(l)	11.91%				12/2024	—	1		—		(3)
Polk Acquisition Corp.+(22)	Senior secured	SF +	7.00%	(l)	10.16%	cash/	1.75%	PIK	12/2024	107	106		—		104
										41,094	40,718		1.6		40,007
Automobiles
CG Group Holdings, LLC*#+(22)	One stop	SF +	8.75%	(m)	11.65%	cash/	2.00%	PIK	07/2027	31,602	31,076		1.2		29,074
CG Group Holdings, LLC+(22)	One stop	SF +	8.75%	(l)	11.56%	cash/	2.00%	PIK	07/2026	342	335		—		318
Denali Midco 2, LLC*#+	One stop	SF +	6.25%	(l)	11.16%				12/2027	42,648	42,311		1.7		41,404
Denali Midco 2, LLC+(5)	One stop	SF +	6.25%		N/A(6)				12/2027	—	(4)		—		(15)
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	197	195		—		191
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	99	98		—		96
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	79	79		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	79	79		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	65	65		—		63
Denali Midco 2, LLC+	One stop	SF +	6.50%	(l)	11.41%				12/2027	973	947		—		954
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	656	651		—		637
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	119	118		—		116
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	113	113		—		110
Denali Midco 2, LLC+	One stop	SF +	6.25%	(l)	11.16%				12/2027	82	81		—		79
Denali Midco 2, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—	(15)		—		(11)
Denali Midco 2, LLC+	One stop	SF +	6.50%	(l)	11.41%				12/2027	130	127		—		127
Denali Midco 2, LLC+	One stop	SF +	6.50%	(l)	11.41%				12/2027	65	63		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50%	(l)	11.41%				12/2027	222	216		—		217
JHCC Holdings LLC+	One stop	L +	5.50%	(b)	10.66%				09/2025	15,235	15,071		0.6		14,931
JHCC Holdings LLC+	One stop	L +	5.50%	(b)	10.66%				09/2025	493	489		—		483
JHCC Holdings LLC+	One stop	L +	5.50%	(b)	10.66%				09/2025	293	291		—		287
JHCC Holdings LLC+	One stop	L +	5.50%	(a)(b)	10.52%				09/2025	67	66		—	%	65
JHCC Holdings LLC+	One stop	L +	5.50%	(a)(b)(d)	10.63%				09/2025	2,658	2,629		0.1		2,592

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
MOP GM Holding, LLC*#+	One stop	SF +	5.75%	(n)	10.86%	11/2026		$	23,670	0.9	%	$	22,662
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.45%	11/2026	2,616	2,598		0.1		2,485
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.70%	11/2026	2,586	2,554		0.1		2,456
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.45%	11/2026	2,565	2,546		0.1		2,437
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.79%	11/2026	1,901	1,886		0.1		1,806
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.82%	11/2026	1,563	1,552		0.1		1,485
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.62%	11/2026	1,441	1,420		0.1		1,369
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.86%	11/2026	524	521		—		498
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.86%	11/2026	357	354		—		339
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.86%	11/2026	146	145		—		139
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.79%	11/2026	59	59		—		56
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.76%	11/2026	186	184		—		176
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—	(19)		—		—
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.82%	11/2026	179	177		—		170
MOP GM Holding, LLC+	One stop	SF +	5.75%	(n)	10.82%	11/2026	60	59		—		57
POY Holdings, LLC#	One stop	SF +	5.50%	(m)	10.55%	11/2027	9,495	9,347		0.4		9,495
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—	(3)		—		—
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—	(1)		—		—
POY Holdings, LLC+	One stop	SF +	5.50%	(m)	10.55%	11/2027	81	81		—		81
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(m)	10.29%	07/2029	4,636	4,594		0.2		4,450
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—	(2)		—		(8)
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.50%		N/A(6)	07/2029	—	(7)		—		—
Quick Quack Car Wash Holdings, LLC*#	One stop	SF +	7.00%	(m)	11.83%	10/2024	12,749	12,722		0.5		12,749
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%	(m)	11.83%	10/2024	9,724	9,702		0.4		9,724
Quick Quack Car Wash Holdings, LLC#+	One stop	SF +	7.00%	(m)	11.83%	10/2024	2,301	2,296		0.1		2,301
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	7.00%	(m)	11.83%	10/2024	2,009	2,022		0.1		2,009
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	7.00%	(m)	11.83%	10/2024	1,342	1,351		0.1		1,342
Quick Quack Car Wash Holdings, LLC*+	One stop	SF +	7.00%	(m)	11.83%	10/2024	1,094	1,093		0.1		1,094
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%	(m)	11.83%	10/2024	95	90		—		95
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%		N/A(6)	10/2024	—	—		—		—
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	7.00%		N/A(6)	10/2024	—	(1)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%	(m)	11.83%	10/2024	343	339		—		343
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%	(m)	11.83%	10/2024	104	100		—		104
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%	(m)	11.83%	10/2024	3,310	3,282		0.1		3,310
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	7.00%	(m)	11.83%	10/2024	95	93		—		95
Spotless Brands, LLC+	One stop	SF +	6.50%	(m)	11.31%	07/2028	8,327	8,180		0.3		7,995
Spotless Brands, LLC+	One stop	SF +	6.50%	(m)	11.35%	07/2028	904	896		—		868
Spotless Brands, LLC+	One stop	SF +	6.50%	(l)	11.39%	07/2028	6	5		—		5
Spotless Brands, LLC+	One stop	SF +	6.50%	(m)	11.34%	07/2028	672	666		—		645
TWAS Holdings, LLC#+	One stop	SF +	6.25%	(l)	11.16%	12/2026	40,256	39,956		1.6		39,450
TWAS Holdings, LLC*+	One stop	SF +	6.25%	(l)	11.16%	12/2026	30,411	30,168		1.2		29,803
TWAS Holdings, LLC+	One stop	SF +	6.25%	(l)	11.16%	12/2026	7,894	7,833		0.3		7,736
TWAS Holdings, LLC+	One stop	SF +	6.25%	(l)	11.16%	12/2026	606	602		—		594
TWAS Holdings, LLC+	One stop	SF +	6.25%	(l)	11.16%	12/2026	385	382		—		377
TWAS Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	12/2026	—	(3)		—		(7)
							271,093	268,570		10.5		262,721

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Beverages
Fintech Midco, LLC*#	One stop	L +	5.00%	(c)	9.93%	08/2024		$	23,898	1.0	%	$	23,789
Fintech Midco, LLC+	One stop	L +	5.00%	(c)	9.93%	08/2024	15,107	15,037		0.6		15,107
Fintech Midco, LLC#+	One stop	L +	5.00%	(c)	9.93%	08/2024	1,102	1,115		—		1,102
Fintech Midco, LLC+	One stop	SF +	5.00%		N/A(6)	08/2024	—	—		—		—
Watermill Express, LLC+	One stop	L +	5.25%	(b)	10.41%	04/2027	2,233	2,218		0.1		2,233
Watermill Express, LLC+	One stop	L +	5.25%	(a)	10.11%	04/2027	4	4		—		4
Watermill Express, LLC+	One stop	L +	5.25%	(b)	10.41%	04/2027	216	215		—		216
Winebow Holdings, Inc.+	One stop	L +	6.25%	(a)	11.09%	07/2025	7,760	7,696		0.3		7,760
							50,211	50,183		2.0		50,211

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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	L +	5.25%	(b)	10.41%		11/2028		$	7,439	0.3	%	$	7,349
BECO Holding Company, Inc.+	One stop	L +	5.25%	(a)	10.10%		11/2027	27	24		—		18
BECO Holding Company, Inc.+(5)	One stop	L +	5.25%		N/A(6)		11/2028	—	(16)		—		(39)
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	4,085	4,085		0.2		4,085
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	1,382	1,391		0.1		1,382
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	890	894		—		890
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	840	836		—		840
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	427	431		—		427
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	272	273		—		272
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(a)(b)(c)(d)	9.56%		03/2024	1,110	1,105		0.1		1,110
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	213	213		—		213
Jensen Hughes, Inc.+	Senior secured	L +	4.50%	(c)(d)	9.44%		03/2024	114	114		—		114
								16,859	16,789		0.7		16,661
Chemicals
Inhance Technologies Holdings LLC#+	One stop	L +	5.25%	(b)	10.00%		07/2024	12,379	12,422		0.5		12,132
Inhance Technologies Holdings LLC#	One stop	L +	5.25%	(b)	10.00%		07/2024	9,863	9,814		0.4		9,665
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	10.00%		07/2024	1,881	1,878		—		1,843
Inhance Technologies Holdings LLC+	One stop	L +	5.25%	(b)	10.36%		07/2024	81	81		—		77
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(f)	9.54%		09/2028	34,344	36,181		1.3		31,940
PHM NL SP Bidco B.V.+(8)(14)	One stop	L +	6.25%	(c)	11.46%		09/2028	13,766	13,576		0.5		12,802
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	SN +	6.25%	(j)	10.43%		09/2028	7,411	7,916		0.3		6,892
PHM NL SP Bidco B.V.+(8)(9)(14)	One stop	E +	6.25%	(f)	8.72%		09/2028	3,630	3,715		0.1		3,376
								83,355	85,583		3.1		78,727
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC*#+	One stop	L +	5.25%	(b)	10.41%		10/2028	17,088	16,899		0.7		16,918
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)		10/2028	—	(2)		—		(2)
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)		10/2028	—	(12)		—		(13)
Hydraulic Authority III Limited+(8)(9)(10)	One stop	SN +	5.00%	(j)	9.21%		11/2025	10,627	10,962		0.4		10,627
Hydraulic Authority III Limited+(8)(9)(10)	One stop	E +	5.00%	(e)	8.02%		11/2025	1,164	1,118		0.1		1,164
Hydraulic Authority III Limited+(8)(9)(10)(22)	One stop	N/A			11.00%	PIK	11/2028	266	277		—		266
Hydraulic Authority III Limited+(8)(9)(10)	One stop	SN +	5.00%		N/A(6)		11/2025	—	—		—		—
North Haven Stack Buyer, LLC*#	One stop	SF +	5.50%	(m)	10.33%		07/2027	8,722	8,596		0.3		8,548

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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+	One stop	SF +	5.50%	(m)	10.45%				07/2027		$	953	0.1	%	$	917
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(m)	10.37%				07/2027	63	62		—		60
North Haven Stack Buyer, LLC#	One stop	SF +	5.50%	(m)	10.33%				07/2027	2,938	2,917		0.1		2,879
North Haven Stack Buyer, LLC#	One stop	SF +	5.50%	(m)	10.33%				07/2027	969	962		0.1		950
OVG Business Services, LLC+	One stop	L +	6.25%	(a)	11.10%				11/2028	1,791	1,758		0.1		1,791
OVG Business Services, LLC+(5)	One stop	L +	5.00%		N/A(6)				11/2026	—	—		—		(1)
Profile Products LLC+	One stop	L +	5.50%	(a)(b)	10.37%				11/2027	6,044	5,941		0.2		5,923
Profile Products LLC+(8)	One stop	L +	5.50%	(b)	10.37%				11/2027	1,282	1,262		0.1		1,256
Profile Products LLC+	One stop	SF +	5.50%	(d)(l)	11.24%				11/2027	28	27		—		27
Profile Products LLC+	One stop	SF +	5.50%	(m)	10.51%				11/2027	280	278		—		275
Profile Products LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2027	—	(1)		—		(1)
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(m)	11.02%				11/2028	29,374	28,937		1.1		28,472
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(m)	11.02%				11/2028	20,769	20,592		0.8		20,131
PT Intermediate Holdings III, LLC+	One stop	SF +	5.98%	(m)	11.02%				11/2028	9,850	9,736		0.4		9,548
PT Intermediate Holdings III, LLC+	One stop	SF +	6.50%	(m)	11.39%				11/2028	2,164	2,132		0.1		2,132
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—	(9)		—		(8)
Radwell Parent, LLC+	One stop	SF +	6.53%	(m)	11.53%				03/2029	18,981	18,717		0.7		18,686
Radwell Parent, LLC+	One stop	SF +	6.75%	(l)	11.56%				03/2028	46	41		—		42
Radwell Parent, LLC+(5)	One stop	SF +	6.53%		N/A(6)				03/2029	—	(7)		—		(8)
Radwell Parent, LLC#+	One stop	SF +	6.75%	(m)	11.65%				03/2029	24,888	24,180		1.0		24,639
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	10.18%				06/2027	2,458	2,423		0.1		2,433
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	10.34%				06/2027	33	32		—		32
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%		N/A(6)				06/2027	—	—		—		—
WRE Holding Corp.*#	Senior secured	SF +	5.00%	(m)	9.60%				01/2025	2,217	2,211		0.1		2,217
WRE Holding Corp.+	Senior secured	SF +	5.00%	(m)	9.60%				01/2025	916	913		—		916
WRE Holding Corp.+	Senior secured	SF +	5.00%	(m)	9.60%				01/2025	672	670		—		672
WRE Holding Corp.+	Senior secured	SF +	5.00%	(n)	9.60%				01/2025	397	396		—		397
WRE Holding Corp.+	Senior secured	SF +	5.00%	(m)	9.60%				01/2025	128	128		—		128
WRE Holding Corp.+	Senior secured	SF +	5.00%	(n)	9.60%				01/2025	23	23		—		23
WRE Holding Corp.+	Senior secured	SF +	5.00%	(l)	9.86%				01/2025	6	6		—		6
WRE Holding Corp.+	Senior secured	SF +	5.00%	(l)(m)(n)	9.83%				01/2025	88	87		—		88
										165,245	163,205		6.5		162,130
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	L +	5.50%	(b)	10.45%				09/2028	10,349	10,189		0.4		10,246
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.50%	(e)	8.19%				09/2028	1,152	1,242		0.1		1,140
										11,501	11,431		0.5		11,386
Containers and Packaging
AmerCareRoyal LLC+(22)	Senior secured	SF +	7.25%	(l)	11.41%	cash/	0.75%	PIK	11/2025	744	737		—		737
AmerCareRoyal LLC+(22)	Senior secured	SF +	7.25%	(l)	11.32%	cash/	0.75%	PIK	11/2025	160	159		—		159
AmerCareRoyal LLC+(22)	Senior secured	SF +	7.25%	(l)	11.42%	cash/	0.75%	PIK	11/2025	155	153		—		153
AmerCareRoyal LLC+(8)(22)	Senior secured	SF +	7.25%	(l)	11.41%	cash/	0.75%	PIK	11/2025	135	133		—		133
Chase Intermediate#+	One stop	L +	5.25%	(c)(m)(n)	10.22%				10/2028	10,346	10,268		0.4		10,243
Chase Intermediate+(5)	One stop	SF +	5.25%		N/A(6)				10/2028	—	(3)		—		(4)
Chase Intermediate+(5)	One stop	SF +	5.25%		N/A(6)				10/2028	—	(6)		—		(7)
Fortis Solutions Group, LLC*#+	One stop	L +	5.50%	(a)	10.34%				10/2028	34,578	34,106		1.4		33,886
Fortis Solutions Group, LLC+	One stop	L +	5.50%	(a)	10.34%				10/2027	40	36		—		36
Fortis Solutions Group, LLC+	One stop	L +	5.50%	(a)	10.34%				10/2028	99	10		—		97
Fortis Solutions Group, LLC+(5)	One stop	L +	5.50%	(a)	10.34%				10/2028	34	(3)		—		(78)
										46,291	45,590		1.8		45,355

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Diversified Consumer Services
Certus Pest, Inc.#	One stop	SF +	7.50%	(m)	12.55%	02/2026		$	1,549	0.1	%	$	1,565
Certus Pest, Inc.#	One stop	SF +	7.50%	(m)	12.55%	02/2026	1,516	1,471		0.1		1,501
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	1,094	1,089		0.1		1,083
Certus Pest, Inc.#	One stop	SF +	7.50%	(m)	12.55%	02/2026	1,080	1,067		0.1		1,069
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	749	734		—		741
Certus Pest, Inc.#	One stop	SF +	7.50%	(m)	12.55%	02/2026	660	630		—		654
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	644	637		—		637
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	380	371		—		376
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	238	225		—		236
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	129	107		—		129
Certus Pest, Inc.+	One stop	SF +	7.50%	(m)	12.55%	02/2026	54	50		—		54
Certus Pest, Inc.+(5)	One stop	SF +	7.50%		N/A(6)	02/2026	—	(1)		—		(1)
CHHJ Midco, LLC#	Senior secured	L +	5.00%	(a)	9.84%	01/2026	2,709	2,694		0.1		2,709
CHHJ Midco, LLC+	Senior secured	L +	5.00%		N/A(6)	01/2026	—	—		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.25%	07/2027	1,704	1,692		0.1		1,687
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.25%	07/2027	1,660	1,642		0.1		1,644
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.27%	07/2027	1,088	1,078		0.1		1,077
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.29%	07/2027	769	761		—		761
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%	(b)	9.25%	07/2027	198	196		—		196
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.75%	(b)	9.66%	07/2027	119	117		—		119
COP Hometown Acquisitions, Inc.+	Senior secured	L +	4.50%		N/A(6)	07/2027	—	—		—		—
DP Flores Holdings, LLC#	One stop	SF +	6.25%	(n)	10.98%	09/2028	2,587	2,545		0.1		2,587
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	09/2028	—	(2)		—		—
DP Flores Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)	09/2028	—	(14)		—		—
EMS LINQ, LLC+	One stop	L +	6.25%	(a)	11.09%	12/2027	9,591	9,516		0.4		9,400
EMS LINQ, LLC+	One stop	L +	6.25%	(a)	11.09%	12/2027	38	37		—		35
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	11.16%	03/2026	925	917		0.1		916
EWC Growth Partners LLC+	One stop	L +	6.00%		N/A(6)	03/2026	—	—		—		—
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	11.16%	03/2026	13	13		—		13
EWC Growth Partners LLC+	One stop	L +	6.00%	(b)	11.16%	03/2026	73	73		—		73
Excelligence Learning Corporation#+	One stop	SF +	6.00%	(m)	11.09%	01/2024	10,240	10,219		0.4		10,240
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(l)	10.91%	03/2027	9,052	8,933		0.3		8,690
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(l)	10.91%	03/2027	571	561		—		548
FPG Intermediate Holdco, LLC+	One stop	SF +	6.00%	(d)(l)	11.38%	03/2027	62	61		—		59
FPG Intermediate Holdco, LLC+(5)	One stop	SF +	6.50%		N/A(6)	03/2027	—	(12)		—		—
FSS Buyer LLC+	One stop	L +	5.75%	(b)	10.91%	08/2028	5,464	5,379		0.2		5,464
FSS Buyer LLC+(5)	One stop	L +	5.75%		N/A(6)	08/2027	—	(1)		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.75%	(n)	10.45%	06/2029	7,743	7,607		0.3		7,588
HS Spa Holdings, Inc.+(5)	One stop	SF +	5.75%		N/A(6)	06/2028	—	(2)		—		(2)
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(c)	9.96%	03/2025	2,490	2,509		0.1		2,253
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(b)	9.91%	03/2025	1,340	1,338		—		1,212
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(b)	9.91%	03/2025	604	597		—		546
Learn-it Systems, LLC+	Senior secured	L +	4.75%	(b)	9.91%	03/2025	33	32		—		28
Liminex, Inc.+	One stop	SF +	7.25%	(m)	12.30%	11/2026	25,462	25,169		1.0		25,716
Liminex, Inc.+	One stop	SF +	6.25%	(m)	11.30%	11/2026	20,000	19,838		0.8		19,800
Liminex, Inc.+	One stop	SF +	7.25%	(m)	12.30%	11/2026	800	795		—		808
Liminex, Inc.+	One stop	SF +	7.25%	(m)	11.98%	11/2026	125	124		—		125
Litera Bidco LLC+	One stop	SF +	6.00%	(l)	10.91%	05/2026	5,690	5,644		0.2		5,690

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Litera Bidco LLC+	One stop	SF +	5.50%	(l)	10.41%				05/2026		$	3,667	0.1	%	$	3,606
Litera Bidco LLC+	One stop	SF +	5.50%	(l)	10.41%				05/2026	685	699		—		676
Litera Bidco LLC+	One stop	SF +	5.50%	(l)	10.41%				05/2026	685	699		—		676
Litera Bidco LLC+	One stop	SF +	6.00%	(l)	10.91%				05/2026	515	511		—		515
Litera Bidco LLC+	One stop	SF +	5.50%		N/A(6)				05/2025	—	—		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(l)	10.66%				04/2029	7,615	7,483		0.3		7,463
Mario Purchaser, LLC+(22)	One stop	SF +	10.75%	(l)	15.66%	PIK			04/2032	1,646	1,608		0.1		1,646
Mario Purchaser, LLC+(5)	One stop	SF +	5.75%		N/A(6)				04/2028	—	(1)		—		(1)
Mario Purchaser, LLC+	One stop	SF +	5.75%	(l)	10.66%				04/2029	108	104		—		101
Mathnasium, LLC#	One stop	L +	5.00%	(c)	10.13%				11/2027	9,214	9,143		0.4		9,122
Mathnasium, LLC+	One stop	L +	5.00%	(c)	10.13%				11/2027	13	12		—		12
NSG Buyer, Inc. *#	One stop	SF +	6.50%	(l)	11.41%				11/2029	20,101	19,677		0.8		19,900
NSG Buyer, Inc. +	One stop	SF +	6.50%	(l)	11.41%				11/2029	651	606		—		603
NSG Buyer, Inc. +(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—	—		—		(1)
PADI Holdco, Inc.*#(22)	One stop	L +	7.25%	(b)	10.71%	cash/	1.50%	PIK	04/2024	21,622	21,574		0.9		21,406
PADI Holdco, Inc.+(8)(9)(22)	One stop	E +	7.25%	(e)	8.45%	cash/	1.50%	PIK	04/2024	19,817	20,930		0.8		19,619
PADI Holdco, Inc.+(22)	One stop	L +	7.25%	(b)	10.89%	cash/	1.50%	PIK	04/2024	831	827		—		822
PADI Holdco, Inc.+(22)	One stop	L +	7.25%	(b)	10.73%	cash/	1.50%	PIK	04/2024	171	171		—		170
PADI Holdco, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2023	—	—		—		(2)
Provenance Buyer LLC*#+	One stop	L +	5.00%	(a)	9.84%				06/2027	18,186	17,926		0.7		18,186
Provenance Buyer LLC#	One stop	L +	5.00%	(a)	9.84%				06/2027	9,925	9,841		0.4		9,925
Provenance Buyer LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2027	—	(2)		—		—
Provenance Buyer LLC+(5)	One stop	L +	5.00%		N/A(6)				06/2027	—	(2)		—		—
RW AM Holdco LLC#+	One stop	SF +	5.25%	(n)	10.21%				04/2028	17,640	17,491		0.7		16,758
RW AM Holdco LLC+(5)	One stop	P +	4.25%		N/A(6)				04/2028	—	(1)		—		(8)
										252,355	250,948		9.9		249,220
Diversified Financial Services
Adenza Group, Inc. +	One stop	L +	5.75%	(a)	10.59%				12/2027	3,995	3,937		0.1		3,876
Adenza Group, Inc. +(5)	One stop	L +	5.75%		N/A(6)				12/2027	—	—		—		(1)
Adenza Group, Inc. +	One stop	L +	5.75%		N/A(6)				12/2025	—	—		—		—
Avalara, Inc.+	One stop	SF +	7.25%	(m)	12.15%				10/2028	11,941	11,665		0.5		11,702
Avalara, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				10/2028	—	(3)		—		(3)
Banker's Toolbox, Inc.+	One stop	SF +	5.50%	(l)	10.41%				07/2027	7,977	7,905		0.3		7,817
Banker's Toolbox, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				07/2027	—	—		—		(2)
Banker's Toolbox, Inc.+	One stop	SF +	5.50%	(l)	10.41%				07/2027	1,485	1,481		—		1,417
Flash Topco, Inc.*	One stop	L +	5.75%	(b)	10.58%				10/2028	9,770	9,692		0.4		9,282
Flash Topco, Inc.+	One stop	L +	5.75%	(b)	10.57%				10/2028	53	52		—		48
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	10.09%				11/2026	4,554	4,511		0.2		4,462
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	10.09%				11/2026	118	118		—		115
										39,893	39,358		1.5		38,713

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior secured	SF +	4.75%	(m)	9.80%	12/2024		$	1,605	0.1	%	$	1,620
Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	6.75%	(l)	11.66%	11/2028	24,657	23,968		1.0		24,164
CST Holding Company+	One stop	SF +	6.75%	(l)	11.66%	11/2028	5	4		—		4
							24,662	23,972		1.0		24,168

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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 & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(m)	10.55%	09/2028		$	18,069	0.7	%	$	18,131
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(m)	10.55%	09/2028	3,260	3,237		0.1		3,260
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(m)	10.55%	09/2028	2,191	2,190		0.1		2,191
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(m)	10.55%	09/2028	1,390	1,391		0.1		1,390
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(m)	10.55%	09/2028	1,228	1,228		0.1		1,228
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(m)	10.55%	09/2028	128	127		—		128
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(m)	10.55%	09/2028	177	176		—		177
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%		N/A(6)	09/2028	—	—		—		—
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(m)	10.55%	09/2028	80	79		—		80
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(m)	10.55%	09/2028	100	100		—		100
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	928	922		0.1		928
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	729	725		—		729
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	715	709		—		715
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	352	349		—		352
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	351	349		—		351
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	173	172		—		173
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	105	104		—		105
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	413	403		—		413
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	309	307		—		309
Mendocino Farms, LLC+	One stop	SF +	6.25%	(l)	11.16%	06/2025	516	512		—		516
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(m)	12.55%	06/2024	2,014	2,014		0.1		2,014
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(m)	12.55%	06/2024	408	408		—		408
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(m)	12.55%	06/2024	290	288		—		290
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(m)	12.55%	06/2024	—	—		—		—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(m)	12.55%	06/2024	21	21		—		21
Wineshipping.com LLC+	One stop	SF +	5.75%	(m)	10.79%	10/2027	6,759	6,708		0.3		6,624
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	10.56%	10/2027	185	177		—		165
Wineshipping.com LLC+	One stop	SF +	5.75%	(b)(d)(l)(m)	10.96%	10/2027	40	39		—		38
							40,993	40,804		1.6		40,836

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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
Borrower R365 Holdings, LLC+(22)	One stop	L +	6.50%	(b)	8.66%	cash/	3.00%	PIK	06/2027		$	13,450	0.5	%	$	13,494
Borrower R365 Holdings, LLC+(22)	One stop	L +	6.50%	(b)	8.66%	cash/	3.00%	PIK	06/2027	1,124	1,107		—		1,113
Borrower R365 Holdings, LLC+(5)	One stop	L +	6.50%		N/A(6)				06/2027	—	(1)		—		(1)
Borrower R365 Holdings, LLC+(5)	One stop	L +	6.50%		N/A(6)				06/2027	—	(1)		—		(1)
Borrower R365 Holdings, LLC+(22)	One stop	L +	6.50%	(b)	8.66%	cash/	3.00%	PIK	06/2027	43	42		—		42
Flavor Producers, LLC#+(22)	Senior secured	SF +	6.50%	(d)(m)	9.75%	cash/	1.75%	PIK	12/2024	5,015	4,993		0.2		4,815
Flavor Producers, LLC+(5)(22)	Senior secured	SF +	6.50%	(m)	11.50%				09/2024	—	—		—		(2)
Kodiak Cakes, LLC*#+	Senior secured	SF +	8.75%	(m)	13.65%				06/2027	12,369	12,040		0.5		11,347
Kodiak Cakes, LLC+	Senior secured	SF +	8.75%	(m)	13.65%				06/2026	150	146		—		132
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(n)	11.36%				07/2027	9,727	9,656		0.4		8,998
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(l)(n)	11.34%				07/2027	73	71		—		65
MAPF Holdings, Inc.*#+	One stop	SF +	5.00%	(m)	10.05%				12/2026	37,788	37,548		1.5		37,408
MAPF Holdings, Inc.+	One stop	SF +	5.00%	(m)	10.05%				12/2026	120	118		—		117
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00%	(m)	11.05%				12/2026	17,633	17,483		0.7		16,928
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—	(1)		—		(4)
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—	(4)		—		—
Purfoods, LLC+(22)	One stop	N/A			7.00%	PIK			05/2026	66	68		—		66
Ultimate Baked Goods Midco LLC+	One stop	SF +	6.50%	(l)	11.41%				08/2027	6,638	6,578		0.3		6,505
Ultimate Baked Goods Midco LLC+(5)	One stop	SF +	6.50%	(m)	11.29%				08/2027	8	(17)		—		7
Whitebridge Pet Brands, LLC*#+	One stop	L +	5.00%	(a)	9.84%				07/2027	22,887	22,603		0.9		22,430
Whitebridge Pet Brands, LLC+(5)	One stop	L +	5.00%		N/A(6)				07/2027	—	(2)		—		(5)
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.50%	(j)	8.68%				03/2029	6,700	7,070		0.2		6,215
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.50%	(j)	8.68%				09/2028	37	36		—		30
Wizard Bidco Limited+(8)(10)	One stop	SF +	7.00%	(m)	11.88%				03/2029	16,243	15,928		0.6		15,999
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	7.00%	(j)	11.18%				03/2029	5,480	5,380		0.2		5,398
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	7.00%		N/A(6)				03/2029	—	(57)		—		—
										155,732	154,234		6.0		151,096

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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 Care Equipment & Supplies
Aspen Medical Products, LLC#+	One stop	L +	5.00%	(a)	9.81%				06/2025		$	4,148	0.2	%	$	4,115
Aspen Medical Products, LLC+	One stop	L +	5.00%	(a)	9.81%				06/2025	263	262		—		263
Aspen Medical Products, LLC+	One stop	L +	5.25%		N/A(6)				06/2025	—	—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95%	(k)	11.01%				08/2028	5,415	5,358		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(e)	8.49%				08/2028	3,140	3,392		0.1		3,140
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	5.95%	(j)	10.25%				08/2028	872	944		—		872
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	5.95%	(e)	8.97%				08/2028	749	758		—		749
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.95%		N/A(6)				08/2028	—	(15)		—		—
Belmont Instrument, LLC*#	One stop	SF +	6.25%	(m)	10.98%				08/2028	9,850	9,761		0.4		9,850
Belmont Instrument, LLC+	One stop	P +	5.25%	(d)	13.25%				08/2028	33	32		—		33
Blades Buyer, Inc.#+	Senior secured	SF +	5.00%	(n)	9.89%				03/2028	10,008	9,917		0.4		9,808
Blades Buyer, Inc.+(5)	Senior secured	SF +	5.00%		N/A(6)				03/2028	—	(1)		—		(4)
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(n)	9.91%				03/2028	318	317		—		312
Blades Buyer, Inc.+	Senior secured	SF +	5.25%	(l)	9.89%				03/2028	1,307	1,288		0.1		1,294
Blue River Pet Care, LLC*#+	One stop	L +	5.75%	(a)	10.59%				07/2026	50,936	50,669		2.0		49,918
Blue River Pet Care, LLC+	One stop	L +	5.75%	(a)	10.59%				08/2025	130	128		—		126
Blue River Pet Care, LLC+(5)	One stop	L +	5.75%		N/A(6)				07/2026	—	(3)		—		(8)
Blue River Pet Care, LLC+	One stop	L +	5.75%	(a)	10.59%				07/2026	179	178		—		176
Blue River Pet Care, LLC+	One stop	L +	5.75%	(a)	10.59%				07/2026	172	171		—		169
Blue River Pet Care, LLC+	One stop	L +	5.75%	(a)	10.60%				07/2026	768	762		—		753
CCSL Holdings, LLC*#	One stop	SF +	6.50%	(l)	11.41%				12/2026	15,320	15,200		0.6		15,167
CCSL Holdings, LLC+	One stop	SF +	6.50%	(l)	11.41%				12/2026	4,135	4,106		0.2		4,094
CCSL Holdings, LLC+(8)(9)	One stop	SN +	6.50%	(j)	10.78%				12/2026	2,390	2,418		0.1		2,366
CCSL Holdings, LLC+	One stop	SF +	6.50%	(l)	11.41%				12/2026	130	128		—		128
CCSL Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2026	—	(21)		—		—
CMI Parent Inc.*#	Senior secured	SF +	4.75%	(l)	9.66%				08/2025	6,465	6,518		0.3		6,401
CMI Parent Inc.*	Senior secured	SF +	4.75%	(l)	9.66%				08/2025	3,204	3,184		0.2		3,172
CMI Parent Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				08/2025	—	(2)		—		(4)
CMI Parent Inc.*	Senior secured	SF +	4.75%	(l)	9.66%				08/2025	2,917	2,893		0.1		2,888
G & H Wire Company, Inc.+(22)	One stop	L +	9.00%	(a)	7.34%	cash/	6.50%	PIK	09/2023	11,501	11,377		0.4		10,696
G & H Wire Company, Inc.+(22)	One stop	L +	9.00%	(a)	7.34%	cash/	6.50%	PIK	06/2023	96	96		—		86
Joerns Healthcare, LLC+(22)	One stop	SF +	18.00%	(m)	23.03%				01/2024	1,391	1,391		—		556
Joerns Healthcare, LLC+(22)	One stop	SF +	18.00%	(m)	23.03%				01/2024	277	277		—		277
										136,081	135,631		5.3		132,808

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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 Care Providers & Services
AAH TOPCO, LLC +	One stop	L +	5.50%	(a)	10.34%				12/2027		$	8,222	0.3	%	$	8,038
AAH TOPCO, LLC +(22)	Subordinated debt	N/A			11.50%	PIK			12/2031	1,144	1,126		—		1,029
AAH TOPCO, LLC +(5)	One stop	L +	5.50%		N/A(6)				12/2027	—	—		—		(2)
AAH TOPCO, LLC +	One stop	L +	5.50%	(a)	10.25%				12/2027	386	382		—		370
Active Day, Inc.#+	One stop	SF +	5.75%	(m)	10.80%				02/2025	17,657	17,514		0.7		17,303
Active Day, Inc.#+	One stop	SF +	5.75%	(m)	10.80%				02/2025	1,363	1,352		0.1		1,336
Active Day, Inc.*#	One stop	SF +	5.75%	(m)	10.80%				02/2025	878	871		—		861
Active Day, Inc.+	One stop	SF +	5.75%	(m)	10.80%				02/2025	700	694		—		686
Active Day, Inc.+	One stop	SF +	5.75%	(m)	10.80%				02/2025	617	612		—		605
Active Day, Inc.*#	One stop	SF +	5.75%	(m)	10.80%				02/2025	606	602		—		595
Active Day, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				02/2025	—	(2)		—		(4)
Active Day, Inc.+	One stop	SF +	5.75%	(m)	10.80%				02/2025	—	—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(m)	11.03%				03/2025	16,426	16,326		0.7		16,189
Acuity Eyecare Holdings, LLC+(22)	One stop	N/A			15.00%				06/2027	11,238	11,058		0.4		11,238
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	4,057	4,046		0.2		4,016
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	3,614	3,596		0.2		3,578
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25%	(m)	11.30%				03/2025	3,504	3,496		0.2		3,469
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	3,187	3,223		0.1		3,156
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(m)	10.91%				03/2025	2,037	2,012		0.1		2,008
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	1,858	1,891		0.1		1,839
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	449	448		—		445
Acuity Eyecare Holdings, LLC+(22)	One stop	SF +	13.00%	(m)	11.30%	cash/	6.75%	PIK	03/2025	257	256		—		269
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	166	165		—		164
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(m)	11.01%				03/2025	64	61		—		60
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(m)	11.15%				03/2025	109	109		—		108
Acuity Eyecare Holdings, LLC+(22)	One stop	SF +	13.00%	(m)	11.26%	cash/	6.75%	PIK	03/2025	99	99		—		104
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(m)	11.30%				03/2025	1	1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2025	—	—		—		(3)
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(m)	11.04%				03/2025	975	969		0.1		961
Advanced Pain Management Holdings, Inc.+(7)(22)	Senior secured	P +	3.75%	(d)	11.75%				07/2021	16,428	4,922		—		253
Advanced Pain Management Holdings, Inc.+(7)(22)	Senior secured	L +	8.50%	(a)	13.34%				07/2021	7,357	6		—		—
Advanced Pain Management Holdings, Inc.+(7)(22)	Senior secured	P +	3.75%	(d)	11.75%				07/2021	1,121	337		—		17
Advanced Pain Management Holdings, Inc.+(7)(22)	Senior secured	P +	3.75%	(d)	11.75%				07/2021	836	446		—		13
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.13%	(b)	11.29%				03/2027	4,684	4,643		0.2		4,628
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.13%	(b)	11.29%				03/2027	3,916	3,868		0.2		3,869
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22)	Subordinated debt	L +	10.50%	(a)	15.34%				03/2028	2,045	2,022		0.1		2,045
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22)	Subordinated debt	L +	10.50%	(a)	15.34%				03/2028	782	775		0.1		782
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22)	Subordinated debt	L +	10.50%	(a)	15.34%				03/2028	244	241		—		244
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.25%	(a)(b)	11.19%				03/2027	154	152		—		152
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	L +	6.00%		N/A(6)				03/2027	—	(1)		—		(1)
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	L +	6.25%	(a)(b)	11.15%				03/2027	32	32		—		31
Community Care Partners, LLC+	One stop	SF +	6.00%	(l)	10.92%				06/2026	2,337	2,321		0.1		2,267
Community Care Partners, LLC+(5)	One stop	SF +	6.00%		N/A(6)				06/2026	—	(2)		—		—
CRH Healthcare Purchaser, Inc.+	Senior secured	L +	4.50%	(b)	9.66%				12/2024	19,501	19,500		0.8		19,209

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
CRH Healthcare Purchaser, Inc.+	Senior secured	L +	4.50%	(b)	9.66%				12/2024		$	5,144	0.2	%	$	5,094
CRH Healthcare Purchaser, Inc.+	Senior secured	L +	4.50%	(b)	9.66%				12/2024	4,090	4,080		0.2		4,029
CRH Healthcare Purchaser, Inc.+	Senior secured	L +	4.50%	(b)	9.66%				12/2024	3,503	3,483		0.2		3,450
CRH Healthcare Purchaser, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)				12/2024	—	(1)		—		(4)
Datix Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(j)	8.68%				04/2025	54,862	60,064		2.1		53,216
Datix Bidco Limited+(8)(9)(10)	Second lien	SN +	7.75%	(j)	11.93%				04/2026	19,467	21,273		0.7		18,688
Emerge Intermediate, Inc.*#(22)	One stop	SF +	6.50%	(m)	11.05%	cash/	0.50%	PIK	05/2024	19,230	19,150		0.8		19,230
Emerge Intermediate, Inc.+(22)	One stop	SF +	6.50%	(m)	11.05%	cash/	0.50%	PIK	05/2024	1,741	1,733		0.1		1,741
Emerge Intermediate, Inc.+(22)	One stop	SF +	6.50%	(l)(m)	10.89%	cash/	0.50%	PIK	05/2024	222	221		—		222
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	980	976		—		960
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	616	613		—		604
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	305	304		—		299
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	292	291		—		287
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	265	263		—		259
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	11.70%				11/2024	243	242		—		238
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	162	161		—		159
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	114	113		—		111
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	11.70%				11/2024	109	109		—		107
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	11.70%				11/2024	68	68		—		67
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	11.70%				11/2024	56	56		—		55
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	55	55		—		54
Encorevet Group LLC+	One stop	L +	6.75%	(b)	11.70%				11/2024	32	32		—		31
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	11.70%				11/2024	10	10		—		10
Encorevet Group LLC+	Senior secured	L +	6.75%	(b)	11.72%				11/2024	47	46		—		46
Encorevet Group LLC+(5)	One stop	L +	6.75%		N/A(6)				11/2024	—	(1)		—		—
ERC Topco Holdings, LLC+	One stop	L +	5.50%	(b)(d)	10.66%				11/2028	9,164	9,100		0.3		8,065
ERC Topco Holdings, LLC+	One stop	L +	5.50%	(b)(d)	10.98%				11/2027	60	59		—		45
ERC Topco Holdings, LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2028	—	(3)		—		(9)
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	20,397	19,687		0.3		7,853
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	8,947	8,638		0.1		3,445
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	7,836	7,565		0.1		3,017
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	5,767	5,568		0.1		2,220
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	14.08%	PIK			05/2023	2,676	2,584		0.1		1,030
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	1,717	1,658		—		661
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	1,269	1,226		—		489
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	1,118	1,080		—		431
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	1,413	1,358		—		544
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	722	697		—		278
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	10.25%	(b)	5.83%	cash/	9.25%	PIK	05/2023	446	432		—		172
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	873	872		—		336
Eyecare Services Partners Holdings LLC+(7)(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	873	840		—		336
Eyecare Services Partners Holdings LLC+(22)	One stop	L +	9.25%	(a)(b)	9.25%	PIK			05/2023	1,272	1,272		0.1		1,272
Eyecare Services Partners Holdings LLC+(22)	One stop	L +	9.25%	(b)	9.25%	PIK			05/2023	2,038	2,038		0.1		2,038

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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	C +	5.75%	(i)	10.73%				03/2027		$	10,581	0.4	%	$	10,567
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	10.77%				03/2027	81	79		—		81
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	10.77%				03/2027	473	498		—		473
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	10.77%				03/2027	167	169		—		167
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(m)	10.80%				03/2027	70	69		—		70
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(m)	10.80%				03/2027	94	93		—		94
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	5.75%	(i)	10.77%				03/2027	693	714		—		693
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(n)	9.56%				12/2026	840	834		—		823
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(l)(n)	9.76%				12/2026	156	155		—		153
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—	—		—		—
Klick Inc.+(8)(12)	Senior secured	SF +	4.50%	(m)	9.50%				03/2028	9,947	9,876		0.4		9,847
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)				03/2026	—	(1)		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	10.41%				05/2025	2,299	2,294		0.1		2,254
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	10.41%				05/2025	1,849	1,838		0.1		1,811
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	10.41%				05/2025	1,085	1,103		0.1		1,064
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	10.41%				05/2025	60	60		—		58
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	10.41%				05/2025	762	750		—		747
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(i)	10.52%				05/2028	18,054	19,905		0.7		17,151
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	L +	5.50%	(b)	10.66%				05/2028	4,304	4,259		0.2		4,089
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)	One stop	L +	5.50%	(b)	10.66%				05/2028	2,801	2,779		0.1		2,661
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(i)	10.52%				05/2028	1,101	1,183		0.1		1,046
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(i)	10.52%				05/2028	573	584		—		545
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(i)	10.52%				05/2026	132	132		—		127
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	10.66%				05/2026	60	60		—		58
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	10.66%				05/2028	18	18		—		17
Oliver Street Dermatology Holdings, LLC+(7)(22)	One stop	SF +	11.38%	(m)	16.43%				06/2023	24,623	16,786		0.8		19,699
Oliver Street Dermatology Holdings, LLC+(22)	One stop	SF +	6.25%	(m)	11.30%				06/2023	14,246	14,246		0.5		12,678
Oliver Street Dermatology Holdings, LLC+(22)	One stop	SF +	6.25%	(m)	11.30%				06/2023	367	367		—		327
Pinnacle Treatment Centers, Inc.*#	One stop	SF +	6.75%	(m)	11.79%				01/2026	18,632	18,243		0.7		18,632
Pinnacle Treatment Centers, Inc.*	One stop	SF +	6.75%	(m)	11.79%				01/2026	7,515	7,360		0.3		7,515
Pinnacle Treatment Centers, Inc.#+	One stop	SF +	6.75%	(m)	11.79%				01/2026	1,531	1,499		0.1		1,531
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(m)	11.79%				01/2026	691	677		—		691
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(m)	11.79%				01/2026	182	178		—		182
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(l)	11.56%				01/2026	104	99		—		104
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(m)	11.79%				01/2026	105	102		—		105
Pinnacle Treatment Centers, Inc.+	One stop	SF +	6.75%	(m)	11.79%				01/2026	37	36		—		37
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.75%	(m)	11.79%				01/2026	2,192	2,147		0.1		2,192
Pinnacle Treatment Centers, Inc.#	One stop	SF +	6.75%	(m)	11.79%				01/2026	1,152	1,129		—		1,152
PPT Management Holdings, LLC+(7)(22)	One stop	L +	8.50%	(a)	10.84%	cash/	2.50%	PIK	05/2023	28,119	25,482		0.8		21,089
PPT Management Holdings, LLC+(7)(22)	One stop	L +	8.50%	(a)	10.84%	cash/	2.50%	PIK	05/2023	342	310		—		256

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
PPT Management Holdings, LLC+(7)(22)	One stop	L +	10.50%	(a)	10.84%	cash/	4.50%	PIK	05/2023		$	282	—	%	$	236
PPT Management Holdings, LLC+(7)(22)	One stop	L +	8.50%	(a)	10.84%	cash/	2.50%	PIK	05/2023	202	183		—		152
PPT Management Holdings, LLC+(7)(22)	One stop	L +	8.50%	(a)	10.84%	cash/	2.50%	PIK	05/2023	100	88		—		74
PPT Management Holdings, LLC+(22)	One stop	L +	10.50%	(a)	10.84%	cash/	4.50%	PIK	05/2023	25	25		—		25
Suveto Buyer, LLC+	One stop	L +	5.00%	(a)	9.84%				09/2027	18,790	18,593		0.7		17,725
Suveto Buyer, LLC+	One stop	L +	5.00%	(a)	9.84%				09/2027	79	78		—		72
										492,879	467,489		16.4		412,174

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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 Care Technology
Alegeus Technologies Holdings Corp.+	Senior secured	L +	8.25%	(b)	10.95%				09/2024		$	373	—	%	$	374
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(l)	10.31%				05/2028	5,222	5,177		0.2		5,222
Coding Solutions Acquisition, Inc.+	One stop	SF +	5.50%	(l)	10.29%				05/2028	21	21		—		21
Coding Solutions Acquisition, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—	(7)		—		—
Color Intermediate, LLC+	One stop	SF +	5.50%	(m)	10.50%				10/2029	11,724	11,506		0.4		11,255
Connexin Software, Inc.+	One stop	L +	8.50%	(b)	13.68%				02/2024	9,465	9,477		0.4		9,465
Connexin Software, Inc.+	One stop	SF +	8.50%		N/A(6)				02/2024	—	—		—		—
Crow River Buyer, Inc.+	One stop	SF +	7.75%	(m)	12.43%				01/2029	4,631	4,540		0.2		4,561
Crow River Buyer, Inc.+(5)	One stop	SF +	7.75%		N/A(6)				01/2029	—	(1)		—		(1)
ESO Solution, Inc.+	One stop	SF +	7.00%	(m)	11.90%				05/2027	7,549	7,498		0.3		7,549
ESO Solution, Inc.+	One stop	SF +	7.00%		N/A(6)				03/2027	—	—		—		—
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)	10.66%				08/2026	6,154	6,132		0.2		6,031
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)	10.66%				08/2026	2,934	2,908		0.1		2,875
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)	10.66%				08/2026	1,933	1,921		0.1		1,894
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)	10.65%				08/2026	1,348	1,331		0.1		1,321
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)	10.66%				08/2026	632	628		—		619
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)(m)	10.62%				09/2025	64	63		—		63
HSI Halo Acquisition, Inc.+	One stop	SF +	5.75%	(l)	10.64%				08/2026	131	130		—		129
HSI Halo Acquisition, Inc.+(22)	One stop	N/A			10.00%				08/2026	18	18		—		25
Nextech Holdings, LLC+	One stop	L +	5.00%	(b)	10.16%				06/2025	3,910	3,943		0.2		3,871
Nextech Holdings, LLC+	One stop	L +	5.00%	(b)	10.16%				06/2025	1,908	1,901		0.1		1,888
Nextech Holdings, LLC+	One stop	L +	5.00%	(b)	10.16%				06/2025	200	199		—		194
Plasma Buyer LLC+	One stop	SF +	5.75%	(m)	10.65%				05/2029	5,376	5,282		0.2		5,215
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—	(1)		—		(1)
Plasma Buyer LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2029	—	(12)		—		(42)
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(a)	9.84%				06/2025	14,890	14,890		0.6		14,592
Qgenda Intermediate Holdings, LLC#	One stop	L +	5.00%	(a)	9.84%				06/2025	12,132	12,072		0.5		11,890
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(a)	9.84%				06/2025	1,447	1,443		0.1		1,418
Qgenda Intermediate Holdings, LLC#	One stop	L +	5.00%	(a)	9.84%				06/2025	968	968		—		948
Qgenda Intermediate Holdings, LLC+	One stop	L +	5.00%	(a)	9.84%				06/2025	200	200		—		196
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	10,572	10,459		0.4		10,587
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	10,291	9,885		0.4		10,305
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	6,780	6,660		0.3		6,790
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	1,743	1,725		0.1		1,746
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	1,550	1,528		0.1		1,552
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	1,162	1,150		—		1,164
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	968	959		—		970
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	775	767		—		776
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	154	153		—		155
Tebra Technologies, Inc.+(22)	One stop	SF +	8.00%	(l)	9.41%	cash/	3.50%	PIK	06/2025	82	82		—		82
Transaction Data Systems, Inc.*#+	One stop	L +	4.50%	(b)	9.66%				02/2026	65,853	65,191		2.6		65,196
Transaction Data Systems, Inc.+(5)	One stop	L +	4.50%		N/A(6)				02/2026	—	(4)		—		(2)
Veranex, Inc.+	Senior secured	SF +	4.75%	(n)	9.57%				04/2028	3,162	3,135		0.1		2,909
Veranex, Inc.+	Senior secured	SF +	4.75%	(n)	9.61%				04/2028	18	18		—		14
Veranex, Inc.+	Senior secured	SF +	4.75%	(m)(n)	9.72%				04/2028	25	24		—		23
										196,366	194,332		7.7		193,839

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC#	One stop	SF +	5.50%	(m)	10.33%				08/2028		$	7,572	0.3	%	$	7,640
Barteca Restaurants, LLC+(5)	One stop	SF +	5.50%		N/A(6)				08/2028	—	(1)		—		—
Barteca Restaurants, LLC+	One stop	SF +	5.50%	(m)	10.46%				08/2028	307	289		—		307
BJH Holdings III Corp.*#+	One stop	L +	4.50%	(b)	9.25%				08/2025	50,445	51,062		2.0		48,932
BJH Holdings III Corp.+	One stop	L +	4.50%	(a)(b)	9.18%				08/2025	430	427		—		406
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	10.09%				07/2024	7,053	7,047		0.3		7,053
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	10.09%				07/2024	1,087	1,086		—		1,087
Davidson Hotel Company, LLC+	One stop	L +	5.25%		N/A(6)				07/2024	—	—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	4.75%	(n)	9.79%				01/2026	9,345	9,350		0.4		9,345
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(n)	9.79%				01/2026	892	892		—		892
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(n)	9.73%				01/2026	32	32		—		32
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(n)	9.86%				01/2026	798	788		—		798
ESN Venture Holdings, LLC*	One stop	SF +	6.50%	(n)	11.36%				10/2028	3,643	3,596		0.2		3,643
ESN Venture Holdings, LLC+	One stop	SF +	6.50%	(n)	11.28%				10/2028	28	26		—		28
ESN Venture Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				10/2028	—	(29)		—		—
Freddy's Frozen Custard LLC#	One stop	L +	5.00%	(a)	9.75%				03/2027	9,112	9,052		0.4		9,112
Freddy's Frozen Custard LLC+	One stop	L +	5.00%		N/A(6)				03/2027	—	—		—		—
Harri US LLC+(22)	One stop	SF +	10.50%	(n)	11.19%	cash/	4.50%	PIK	08/2026	820	746		—		823
Harri US LLC+	One stop	SF +	10.50%		N/A(6)				08/2026	—	—		—		—
Harri US LLC+(22)	One stop	SF +	6.00%	(n)	11.47%				08/2026	552	549		—		556
Harri US LLC+(22)	One stop	SF +	10.50%	(n)	11.38%	cash/	4.50%	PIK	08/2026	555	553		—		557
Health Buyer, LLC+	Senior secured	SF +	5.25%	(n)	10.29%				04/2029	2,591	2,557		0.1		2,487
Health Buyer, LLC+	Senior secured	SF +	5.25%	(l)	10.07%				04/2028	20	20		—		19
SSRG Holdings, LLC+	One stop	SF +	4.75%	(m)	9.80%				11/2025	995	987		0.1		985
SSRG Holdings, LLC+	One stop	SF +	4.75%	(m)	9.80%				11/2025	10	10		—		9
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	5.00%	(m)	9.83%				09/2026	19,850	19,691		0.8		19,850
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	5.00%	(l)(m)	10.01%				09/2026	12,423	12,299		0.5		12,423
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.00%	(m)	9.83%				09/2026	5,429	5,382		0.2		5,429
Tropical Smoothie Cafe Holdings, LLC+	One stop	L +	5.00%	(a)	9.85%				09/2026	10	9		—		10
										134,067	133,992		5.3		132,423
Household Durables
Groundworks LLC+	One stop	SF +	6.50%	(l)	11.36%				03/2030	6,559	6,364		0.3		6,362
Groundworks LLC+(5)	One stop	SF +	6.50%		N/A(6)				03/2030	—	(18)		—		(18)
Groundworks LLC+(5)	One stop	SF +	6.50%		N/A(6)				03/2029	—	(1)		—		(1)
										6,559	6,345		0.3		6,343
Household Products
WU Holdco, Inc.#+	One stop	SF +	5.50%	(m)	10.55%				03/2026	3,723	3,764		0.1		3,573
WU Holdco, Inc.+	One stop	SF +	5.50%	(m)	10.55%				03/2026	1,312	1,312		0.1		1,259
WU Holdco, Inc.+	One stop	SF +	5.50%	(m)	10.55%				03/2026	341	338		—		327
WU Holdco, Inc.+	One stop	SF +	5.50%	(m)	10.54%				03/2025	26	25		—		24
										5,402	5,439		0.2		5,183

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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	L +	4.75%	(b)	9.58%	04/2026		$	2,382	0.1	%	$	2,319
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%	(b)	9.91%	04/2026	134	134		—		133
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%	(b)	9.79%	04/2026	122	121		—		120
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%	(b)	0.097	04/2025	12	12		—		12
Dwyer Instruments, Inc.+	One stop	L +	6.00%	(b)	11.16%	07/2027	3,902	3,836		0.1		3,902
Dwyer Instruments, Inc.+	One stop	L +	6.00%	(b)(d)	11.70%	07/2027	10	9		—		10
Dwyer Instruments, Inc.+(5)	One stop	L +	6.00%		N/A(6)	07/2027	—	(8)		—		—
Essential Services Holdings Corporation+	One stop	L +	5.75%	(a)(b)	10.50%	11/2026	1,492	1,482		0.1		1,462
Essential Services Holdings Corporation+	One stop	L +	5.75%	(a)	0.1059	11/2025	10	9		—		9
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(m)	10.61%	08/2029	7,613	7,477		0.3		7,536
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.75%	(e)	8.36%	08/2029	1,278	1,195		0.1		1,265
Excelitas Technologies Corp.+	One stop	SF +	5.75%	(m)	10.61%	08/2028	87	85		—		85
Excelitas Technologies Corp.+(5)	One stop	SF +	5.75%		N/A(6)	08/2029	—	(13)		—		(9)
Madison Safety & Flow LLC+	Senior secured	SF +	4.10%	(l)	8.86%	03/2025	434	434		—		434
Madison Safety & Flow LLC+	Senior secured	SF +	4.10%		N/A(6)	03/2025	—	—		—		—
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	5.50%	(k)	10.56%	11/2027	7,961	7,815		0.3		7,768
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	5.50%	(e)	8.22%	11/2027	7,252	7,846		0.3		7,076
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	5.50%	(e)	8.31%	11/2027	3,565	3,437		0.1		3,478
Specialty Measurement Bidco Limited+(8)(10)	One stop	SF +	5.75%	(k)	10.55%	11/2027	2,510	2,460		0.1		2,472
Specialty Measurement Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	11/2027	—	(42)		—		(44)
							38,725	38,671		1.5		38,028

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Insurance
Alera Group, Inc.+	One stop	SF +	6.00%	(l)	10.91%				10/2028		$	25,044	1.0	%	$	24,485
Alera Group, Inc.+	One stop	SF +	6.00%	(l)	10.91%				10/2028	7,173	7,088		0.3		6,958
Alera Group, Inc.+	One stop	SF +	6.00%	(l)	10.91%				10/2028	611	606		—		592
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)(n)	10.21%				07/2027	3,172	3,149		0.1		3,141
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)(n)	10.21%				07/2027	945	941		—		935
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)(n)	10.21%				07/2027	786	780		—		778
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(m)	10.16%				07/2027	5	5		—		5
AMBA Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				07/2027	—	—		—		(1)
Captive Resources Midco, LLC+(22)	One stop	SF +	5.75%	(l)	5.03%	cash/	5.53%	PIK	07/2029	9,895	9,721		0.4		9,697
Captive Resources Midco, LLC+(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—	(3)		—		(4)
Disco Parent, Inc.+	One stop	SF +	7.50%	(m)	12.39%				03/2029	4,069	3,968		0.2		3,968
Disco Parent, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—	(1)		—		(1)
Integrity Marketing Acquisition, LLC+	Senior secured	L +	6.05%	(b)	11.00%				08/2025	3,031	2,999		0.1		2,979
Integrity Marketing Acquisition, LLC+	One stop	L +	5.80%	(b)	10.75%				08/2025	2,408	2,402		0.1		2,354
Integrity Marketing Acquisition, LLC+	Senior secured	L +	6.05%	(b)	11.00%				08/2025	1,509	1,493		0.1		1,483
Integrity Marketing Acquisition, LLC+	Senior secured	L +	5.80%	(b)(c)	10.29%				08/2025	770	765		—		752
Integrity Marketing Acquisition, LLC+	One stop	L +	5.80%	(b)(c)	10.81%				08/2025	466	462		—		455
Integrity Marketing Acquisition, LLC+	Senior secured	L +	6.05%	(b)	11.00%				08/2025	243	241		—		239
Integrity Marketing Acquisition, LLC+	Senior secured	L +	6.02%	(b)	10.97%				08/2025	183	182		—		180
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.50%		N/A(6)				08/2025	—	—		—		—
Integrity Marketing Acquisition, LLC+	One stop	SF +	6.02%	(m)	10.92%				08/2025	1,751	1,716		0.1		1,708
J.S. Held Holdings, LLC#+	One stop	L +	5.50%	(b)	10.66%				07/2025	6,388	6,372		0.3		6,261
J.S. Held Holdings, LLC+	One stop	L +	5.50%	(b)	10.66%				07/2025	1,470	1,454		0.1		1,441
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(m)	10.55%				07/2025	1,423	1,403		0.1		1,394
J.S. Held Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)				07/2025	—	(3)		—		(8)
J.S. Held Holdings, LLC+	One stop	L +	5.50%	(b)	10.72%				07/2025	364	361		—		356
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(m)	10.55%				07/2025	162	161		—		159
Keystone Agency Partners LLC+	Senior secured	SF +	5.75%	(m)	10.80%				05/2027	2,835	2,800		0.1		2,807
Keystone Agency Partners LLC+	Senior secured	SF +	5.75%	(m)	10.80%				05/2027	181	179		—		180
Keystone Agency Partners LLC+	Senior secured	SF +	5.75%	(l)	10.80%				05/2027	363	351		—		353
Long Term Care Group, Inc.+	One stop	SF +	6.00%	(m)	10.89%				09/2027	2,969	2,925		0.1		2,732
Majesco*#	One stop	L +	7.25%	(b)	12.41%				09/2027	18,656	18,451		0.7		18,656
Majesco+(5)	One stop	L +	7.25%		N/A(6)				09/2026	—	(2)		—		—
Norvax, LLC+	Senior secured	SF +	7.50%	(l)	12.41%				09/2025	32,618	32,381		1.2		31,313
Norvax, LLC+	Senior secured	SF +	7.50%	(l)	12.41%				09/2025	9,875	9,743		0.4		9,480
Paisley Bidco Limited+(8)(9)(10)	One stop	E +	6.50%	(e)	9.11%				03/2028	1,439	1,391		0.1		1,418
Paisley Bidco Limited+(5)(8)(9)(10)	One stop	SN +	7.00%		N/A(6)				03/2028	—	(58)		—		(62)
Pareto Health Intermediate Holdings, Inc.+	One stop	L +	4.50%	(b)	9.66%				08/2025	7,189	7,146		0.3		7,189
Patriot Growth Insurance Services, LLC+	One stop	L +	5.50%	(b)	10.35%				10/2028	11,007	10,920		0.4		10,671
Patriot Growth Insurance Services, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—	(1)		—		(2)
Patriot Growth Insurance Services, LLC+	One stop	L +	5.75%	(b)	10.78%				10/2028	529	510		—		485
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(i)	11.24%				02/2028	13,743	14,481		0.5		13,743
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(i)	11.24%				02/2028	4,485	4,854		0.2		4,485
People Corporation+(8)(9)(12)	One stop	C +	5.50%	(h)(i)	10.49%				02/2028	4,340	4,447		0.2		4,010
People Corporation+(8)(9)(12)	One stop	C +	6.25%	(i)	11.28%				02/2027	39	36		—		39
RSC Acquisition, Inc.*#+	One stop	SF +	5.50%	(m)	10.35%				10/2026	25,504	25,215		1.0		24,994
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(m)	10.40%				10/2026	6,527	6,293		0.3		6,397

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(m)	10.50%				10/2026		$	1,500	0.1	%	$	1,481
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(m)	10.68%				10/2026	49	48		—		47
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(m)	10.55%				10/2026	295	271		—		236
RSC Acquisition, Inc.+	One stop	SF +	5.50%	(m)	10.58%				10/2026	2,654	2,633		0.1		2,601
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(m)	11.05%				10/2026	772	763		—		772
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(m)	11.05%				10/2026	918	912		—		918
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(m)	11.05%				10/2026	391	386		—		391
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%		N/A(6)				10/2026	—	—		—		—
										220,955	219,881		8.6		215,640
Internet & Catalog Retail
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	14,936	14,836		0.5		13,443
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	8,742	8,683		0.3		7,868
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	4,335	4,305		0.2		3,901
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	2,611	2,594		0.1		2,350
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	1,683	1,670		0.1		1,515
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	395	393		—		356
Revalize, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				04/2027	—	(1)		—		(23)
Revalize, Inc.+	One stop	SF +	5.75%	(l)	10.66%				04/2027	43	41		—		38
										32,745	32,521		1.2		29,448
IT Services
Acquia, Inc.+	One stop	L +	7.00%	(b)	11.79%				10/2025	9,578	9,520		0.4		9,482
Acquia, Inc.+	One stop	L +	7.00%	(c)	12.16%				10/2025	56	55		—		55
CivicPlus, LLC+(22)	One stop	L +	6.75%	(b)	9.20%	cash/	2.50%	PIK	08/2027	6,239	6,180		0.2		6,114
CivicPlus, LLC+(22)	One stop	L +	6.75%	(b)	9.20%	cash/	2.50%	PIK	08/2027	3,685	3,654		0.1		3,611
CivicPlus, LLC+(22)	One stop	L +	6.75%	(b)	9.20%	cash/	2.50%	PIK	08/2027	2,924	2,897		0.1		2,866
CivicPlus, LLC+(22)	One stop	SF +	11.75%	(n)	16.58%				06/2034	216	211		—		214
CivicPlus, LLC+(5)	One stop	L +	6.75%		N/A(6)				08/2027	—	(1)		—		(2)
Critical Start, Inc.+(22)	One stop	SF +	6.75%	(m)	7.77%	cash/	3.63%	PIK	05/2028	3,286	3,258		0.1		3,237
Critical Start, Inc.+(22)	One stop	SF +	6.75%	(l)	7.89%	cash/	3.63%	PIK	05/2028	1,507	1,477		0.1		1,485
Critical Start, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				05/2028	—	(1)		—		(1)
Delinea Inc.+	One stop	L +	6.00%	(b)	11.16%				03/2028	16,496	16,322		0.6		15,836
Delinea Inc.#	One stop	L +	6.00%	(b)	11.16%				03/2028	9,537	9,433		0.4		9,156
Delinea Inc.+	One stop	L +	6.00%	(b)	11.16%				03/2027	118	116		—		111
Episerver, Inc.#+	One stop	L +	5.75%	(b)	10.91%				04/2026	21,386	21,187		0.8		20,530
Episerver, Inc.+(8)(9)	One stop	E +	6.00%	(e)	8.99%				04/2026	19,328	20,127		0.7		18,555
Episerver, Inc.*#	One stop	L +	5.75%	(b)	10.91%				04/2026	11,875	11,923		0.5		11,400
Episerver, Inc.*	One stop	L +	5.75%	(b)	10.91%				04/2026	6,568	6,499		0.3		6,305
Episerver, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2026	—	(2)		—		(22)
Episerver, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2026	—	(3)		—		(20)
Goldcup 31018 AB+(8)(9)(17)(22)	One stop	E +	9.57%	(f)	6.07%	cash/	6.32%	PIK	07/2029	8,646	7,910		0.4		8,559
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				01/2029	—	(2)		—		(1)
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2029	—	(15)		—		(14)
Infinisource, Inc.*#	One stop	SF +	5.00%	(m)	10.05%				10/2026	27,664	27,378		1.1		27,111
Infinisource, Inc.+	One stop	SF +	5.00%	(m)	10.05%				10/2026	8,361	8,300		0.3		8,193
Infinisource, Inc.+	One stop	SF +	5.00%	(m)	10.05%				10/2026	2,016	1,985		0.1		1,976
Infinisource, Inc.+	One stop	SF +	5.00%	(m)	10.05%				10/2026	302	300		—		296
Infinisource, Inc.+	One stop	SF +	5.00%	(m)	10.05%				10/2026	213	212		—		209
Infinisource, Inc.+	One stop	SF +	5.00%	(m)	10.05%				10/2026	105	104		—		103
Infinisource, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				10/2026	—	(3)		—		(8)
Infinisource, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				10/2026	—	(1)		—		(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)

March 31, 2023

(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)
Infinisource, Inc.+	One stop	SF +	5.00%	(m)	10.05%				10/2026		$	76	—	%	$	84
Infinisource, Inc.+	One stop	L +	5.00%	(c)	10.22%				10/2026	486	483		—		477
Infinisource, Inc.+	One stop	L +	5.00%	(c)(m)	10.07%				10/2026	287	278		—		281
Netwrix Corporation*+	One stop	SF +	5.00%	(m)(n)	10.12%				06/2029	4,163	4,132		0.2		4,122
Netwrix Corporation+	One stop	SF +	5.00%	(m)	9.90%				06/2029	44	42		—		42
Netwrix Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—	(7)		—		(13)
PCS Intermediate II Holdings, LLC#	One stop	L +	5.25%	(b)	10.08%				01/2026	14,129	14,061		0.6		14,129
PCS Intermediate II Holdings, LLC#	One stop	L +	5.25%	(b)	10.08%				01/2026	2,040	2,027		0.1		2,040
PCS Intermediate II Holdings, LLC+	One stop	L +	5.25%	(b)	10.41%				01/2026	45	45		—		45
Recordxtechnologies, LLC#(22)	One stop	SF +	8.00%	(m)	11.40%	cash/	1.50%	PIK	12/2025	729	724		0.1		707
Recordxtechnologies, LLC+(22)	One stop	SF +	8.00%	(m)	11.40%	cash/	1.50%	PIK	12/2025	114	113		—		110
Recordxtechnologies, LLC+(22)	One stop	SF +	8.00%	(m)	11.40%	cash/	1.50%	PIK	12/2025	56	56		—		54
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior secured	SN +	4.50%	(j)	8.68%				11/2025	21,166	23,399		0.8		20,710
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50%	(m)	9.50%				11/2025	5,514	5,483		0.2		5,395
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(m)	9.25%				11/2025	733	729		0.1		713
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(m)	9.25%				11/2025	130	130		—		127
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	SF +	4.50%		N/A(6)				11/2025	—	(1)		—		(2)
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.25%	(m)	9.25%				11/2025	13	13		—		10
Red Dawn SEI Buyer, Inc.+	Senior secured	SF +	4.50%	(m)	9.50%				11/2025	318	316		—		311
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(n)	15.57%				10/2026	1,098	1,080		—		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(m)(n)	15.70%				10/2026	128	128		—		128
ReliaQuest Holdings, LLC+(5)	One stop	SF +	10.75%		N/A(6)				10/2026	—	(1)		—		—
Saturn Borrower Inc.+(22)	One stop	L +	7.25%	(b)	11.66%	cash/	0.75%	PIK	09/2026	19,943	19,591		0.7		18,747
Saturn Borrower Inc.+	One stop	L +	6.50%	(b)	11.66%				09/2026	103	101		—		95
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%	(l)	11.31%				07/2027	4,789	4,789		0.2		4,789
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%		N/A(6)				07/2027	—	—		—		—
										236,220	236,807		9.2		229,532

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Leisure Products
WBZ Investment LLC#+(22)	One stop	L +	6.50%	(c)	10.65%	cash/	1.00%	PIK	09/2024		$	8,673	0.3	%	$	8,649
WBZ Investment LLC+(22)	One stop	L +	6.50%	(c)	10.65%	cash/	1.00%	PIK	09/2024	1,240	1,236		0.1		1,240
WBZ Investment LLC+(22)	One stop	L +	6.50%	(c)	10.65%	cash/	1.00%	PIK	09/2024	861	871		—		861
WBZ Investment LLC+(22)	One stop	L +	6.50%	(c)	10.65%	cash/	1.00%	PIK	09/2024	446	452		—		446
WBZ Investment LLC+	One stop	L +	6.50%		N/A(6)				09/2024	—	—		—		—
										11,196	11,232		0.4		11,196
Life Sciences Tools & Services
Celerion Buyer, Inc.*#	One stop	SF +	6.50%	(m)	11.18%				11/2029	21,488	20,984		0.9		21,488
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—	(1)		—		—
Celerion Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2029	—	(80)		—		—
Covaris Intermediate 3, LLC+	One stop	L +	4.75%	(b)	9.91%				01/2028	5,879	5,832		0.2		5,762
Covaris Intermediate 3, LLC+	One stop	L +	4.75%	(b)	9.91%				01/2028	18	18		—		17
Covaris Intermediate 3, LLC+(5)	One stop	L +	4.75%		N/A(6)				01/2028	—	(2)		—		(6)
PAS Parent Inc.*#+	One stop	L +	5.50%	(a)	10.34%				12/2028	33,662	33,105		1.3		32,989
PAS Parent Inc.+	One stop	L +	5.50%	(a)	10.30%				12/2027	39	31		—		31
PAS Parent Inc.+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—	(4)		—		(3)
Reaction Biology Corporation#	One stop	SF +	5.00%	(n)	10.11%				03/2029	7,983	7,915		0.3		7,743
Reaction Biology Corporation+(5)	One stop	SF +	5.00%		N/A(6)				03/2029	—	(2)		—		(6)
Reaction Biology Corporation+(5)	One stop	SF +	5.00%		N/A(6)				03/2029	—	(1)		—		(5)
Reaction Biology Corporation+	One stop	SF +	5.00%	(n)	10.11%				03/2029	183	181		—		177
Reaction Biology Corporation+	One stop	SF +	5.00%	(n)	10.11%				03/2029	121	120		—		118
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(l)	10.36%				08/2027	994	970		0.1		951
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(l)	10.36%				08/2027	839	827		—		822
Unchained Labs, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				08/2027	—	—		—		(1)
										71,206	69,893		2.8		70,077
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior secured	L +	4.25%	(b)	9.25%				03/2028	1,866	1,862		0.1		1,847
Blackbird Purchaser, Inc.*+	Senior secured	SF +	4.50%	(l)	9.41%				04/2026	19,102	19,205		0.8		18,910
Blackbird Purchaser, Inc.+	Senior secured	L +	4.50%	(a)	9.27%				10/2025	144	144		—		142
Blackbird Purchaser, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)				04/2026	—	(2)		—		(2)
Chase Industries, Inc.+(7)(22)(23)	Senior secured	L +	7.00%	(b)	12.16%				05/2025	12,059	12,096		0.5		11,844
Chase Industries, Inc.+(7)(22)(23)	Senior secured	L +	7.00%	(b)	12.16%				05/2025	985	1,001		—		968
Chase Industries, Inc.+(7)(22)(23)	Senior secured	L +	7.00%	(b)	12.11%				05/2025	304	305		—		290
										34,460	34,611		1.4		33,999
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(m)	10.90%				04/2029	18,905	18,742		0.7		18,149
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(m)	10.90%				04/2029	75	73		—		65
Project Nike Purchaser, LLC+(5)	One stop	SF +	6.00%		N/A(6)				04/2029	—	(6)		—		(30)
										18,980	18,809		0.7		18,184
Media
Triple Lift, Inc.+	One stop	SF +	5.50%	(n)	10.36%				05/2028	5,316	5,239		0.2		5,157
Triple Lift, Inc.+	One stop	SF +	5.50%	(n)	10.23%				05/2028	1,127	1,108		0.1		1,093
Triple Lift, Inc.+	One stop	SF +	5.25%	(n)	9.59%				05/2028	27	26		—		25
										6,470	6,373		0.3		6,275
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	L +	6.25%	(b)	11.08%				10/2024	45,138	45,101		1.8		45,138

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	L +	6.50%	(a)	11.35%				05/2025		$	20,381	0.8	%	$	20,314
3ES Innovation, Inc.+(8)(12)	One stop	L +	6.50%	(a)	11.35%				05/2025	80	79		—		80
Envernus, Inc.*#+	Senior secured	L +	4.25%	(a)	9.09%				07/2025	36,873	37,107		1.4		36,683
Envernus, Inc.+	Senior secured	L +	4.50%	(a)	9.34%				07/2025	16,906	16,697		0.7		16,906
Envernus, Inc.+	Senior secured	L +	4.25%	(a)	9.09%				09/2024	86	86		—		86
Envernus, Inc.+	Senior secured	L +	4.50%	(a)	9.34%				09/2024	69	67		—		69
Project Power Buyer, LLC*#+	One stop	SF +	7.00%	(m)	11.90%				05/2026	40,270	39,658		1.6		39,667
Project Power Buyer, LLC+(5)	One stop	SF +	7.00%		N/A(6)				05/2025	—	(1)		—		(3)
										114,598	114,074		4.5		113,802
Paper & Forest Products
Messenger, LLC#+	One stop	SF +	5.75%	(l)	10.66%				12/2027	10,124	10,043		0.4		9,720
Messenger, LLC+	One stop	SF +	5.75%	(l)	10.59%				12/2027	99	98		—		95
Messenger, LLC+	One stop	SF +	5.75%	(l)	10.66%				12/2027	50	49		—		48
Messenger, LLC+	One stop	P +	4.75%	(d)(l)	11.90%				12/2027	49	49		—		47
										10,322	10,239		0.4		9,910
Personal Products
IMPLUS Footcare, LLC+(22)	One stop	SF +	9.25%	(m)	12.80%	cash/	1.50%	PIK	04/2024	30,446	30,584		1.1		28,010
IMPLUS Footcare, LLC+(22)	One stop	SF +	9.25%	(m)	12.80%	cash/	1.50%	PIK	04/2024	5,200	5,223		0.2		4,784
IMPLUS Footcare, LLC*+(22)	One stop	SF +	9.25%	(m)	12.80%	cash/	1.50%	PIK	04/2024	750	757		—		689
										36,396	36,564		1.3		33,483

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#	One stop	SF +	5.50%	(m)	10.55%				02/2026		$	25,187	1.0	%	$	24,092
ACP Ulysses Buyer, Inc.*	One stop	SF +	5.50%	(m)	10.55%				02/2026	1,097	1,078		0.1		1,042
Amalthea Parent, Inc.*#+(8)(12)	One stop	L +	5.00%	(a)	9.84%				03/2027	56,956	56,500		2.2		55,817
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	5.00%		N/A(6)				03/2027	—	(2)		—		(5)
Amalthea Parent, Inc.+(8)(12)	One stop	L +	5.00%	(a)	9.81%				03/2027	1,739	1,718		0.1		1,704
Amalthea Parent, Inc.+(8)(12)	One stop	L +	5.00%	(a)	9.81%				03/2027	300	298		—		294
Apothecary Products, LLC+	Senior secured	SF +	5.25%	(n)	10.48%				07/2023	2,800	2,812		0.1		2,800
Apothecary Products, LLC+	Senior secured	SF +	5.25%		N/A(6)				07/2023	—	—		—		—
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50%	(m)	10.40%				05/2029	17,093	16,793		0.7		16,555
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(l)	10.48%				05/2029	88	83		—		82
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.75%		N/A(6)				05/2029	—	(23)		—		(81)
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.75%	(l)	10.56%				05/2029	2,828	2,775		0.1		2,771
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.75%		N/A(6)				05/2029	—	(4)		—		(8)
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.25%	(l)	10.17%				10/2028	10,574	10,407		0.4		10,151
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.25%	(l)	10.17%				10/2027	36	35		—		33
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.25%	(l)	10.17%				10/2028	3,224	3,166		0.1		3,082
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(j)	8.93%				08/2028	24,171	26,660		0.9		22,919
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(j)	8.93%				08/2028	2,564	2,502		0.1		2,431
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.75%		N/A(6)				02/2028	—	(2)		—		(4)
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00%	(j)	10.18%				08/2028	3,354	3,250		0.1		3,354
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.75%	(j)	8.93%				08/2028	2,930	2,689		0.1		2,778
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	6.00%		N/A(6)				08/2028	—	(36)		—		—
										155,114	155,886		6.0		149,807
Professional Services
bswift, LLC+	One stop	SF +	6.63%	(l)	11.34%				11/2028	5,125	4,976		0.2		4,972
Citrin Cooperman Advisors LLC+	One stop	SF +	5.75%	(m)(n)	9.87%				10/2027	3,429	3,382		0.1		3,172
Citrin Cooperman Advisors LLC+(5)	One stop	SF +	6.25%		N/A(6)				10/2027	—	(10)		—		(10)
Citrin Cooperman Advisors LLC+	One stop	SF +	6.25%	(m)	11.08%				10/2027	2,340	2,272		0.1		2,270
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(l)	10.16%				09/2028	3,494	3,430		0.1		3,494
DISA Holdings Corp.+(5)	Senior secured	SF +	5.50%		N/A(6)				09/2028	—	(1)		—		—
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(l)	10.16%				09/2028	209	204		—		209
DISA Holdings Corp.+	One stop	SF +	5.50%	(l)	10.16%				09/2028	133	126		—		133
DISA Holdings Corp.+	Subordinated debt	SF +	10.00%	(l)	14.73%				03/2029	50	49		—		50
Eliassen Group, LLC+	One stop	SF +	5.50%	(m)	10.40%				04/2028	1,437	1,425		0.1		1,437
Eliassen Group, LLC+	One stop	SF +	5.50%	(m)	10.69%				04/2028	4	4		—		4
Filevine, Inc.+(22)	One stop	SF +	6.50%	(m)(n)	8.24%	cash/	2.50%	PIK	04/2027	5,333	5,273		0.2		5,370
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				04/2027	—	—		—		—
IG Investments Holdings, LLC+	One stop	L +	6.00%	(a)(b)	10.86%				09/2028	6,501	6,403		0.3		6,501
IG Investments Holdings, LLC+(5)	One stop	L +	6.00%		N/A(6)				09/2027	—	(1)		—		—
IG Investments Holdings, LLC+	One stop	L +	6.00%	(b)	10.83%				09/2028	556	547		—		556
NBG Acquisition Corp. and NBG-P Acquisition Corp.#	One stop	L +	5.25%	(b)	10.08%				11/2028	7,555	7,510		0.3		7,328
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	SF +	5.25%		N/A(6)				11/2028	—	(13)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25%	(b)(m)	10.26%				11/2028	137	136		—		130
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	SF +	5.25%		N/A(6)				11/2028	—	(16)		—		—
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	10.59%				12/2025	13,168	13,094		0.5		13,037
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	10.59%				12/2025	8,334	8,328		0.3		8,250
Net Health Acquisition Corp.*	One stop	L +	5.75%	(a)	10.59%				12/2025	6,672	6,702		0.3		6,605

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Net Health Acquisition Corp.#	One stop	L +	5.75%	(a)	10.59%	12/2025		$	4,182	0.2	%	$	4,173
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	10.59%	12/2025	1,165	1,164		—		1,153
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	10.59%	12/2025	33	31		—		30
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	11.36%	04/2025	11,416	11,455		0.5		11,301
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	11.36%	04/2025	1,932	1,923		0.1		1,912
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	11.36%	04/2025	139	138		—		138
PlanSource Holdings, Inc.+(5)	One stop	L +	6.25%		N/A(6)	04/2025	—	—		—		(2)
Procure Acquireco, Inc.#+	One stop	L +	5.00%	(a)	9.84%	12/2028	17,545	17,401		0.7		17,545
Procure Acquireco, Inc.+(5)	One stop	L +	5.00%		N/A(6)	12/2028	—	(1)		—		—
Procure Acquireco, Inc.+(5)	One stop	L +	5.00%		N/A(6)	12/2028	—	(2)		—		—
Teaching Company, The+	One stop	L +	4.75%	(b)	9.54%	07/2023	17,375	17,392		0.7		17,201
Teaching Company, The+(5)	One stop	L +	4.75%		N/A(6)	07/2023	—	—		—		(2)
							118,297	117,503		4.7		116,957

All values are in US Dollars. %

Real Estate Management & Development
Inhabit IQ Inc.+	One stop	L +	5.75%	(b)	10.70%	07/2025	21,642	21,514	0.9	21,642
Inhabit IQ Inc.#+	One stop	L +	5.75%	(b)	10.70%	07/2025	19,334	19,353	0.8	19,334
Inhabit IQ Inc.+	One stop	L +	5.75%	(b)	10.70%	07/2025	13,322	13,244	0.5	13,322
Inhabit IQ Inc.*	One stop	L +	5.75%	(b)	10.70%	07/2025	12,305	12,231	0.5	12,305
Inhabit IQ Inc.*#	One stop	L +	5.75%	(b)	10.70%	07/2025	6,483	6,501	0.3	6,483
Inhabit IQ Inc.+	One stop	L +	5.75%	(b)	10.70%	07/2025	3,160	3,190	0.1	3,160
Inhabit IQ Inc.#+	One stop	L +	5.75%	(b)	10.70%	07/2025	1,388	1,397	0.1	1,388
Inhabit IQ Inc.#+	One stop	L +	5.75%	(b)	10.70%	07/2025	1,174	1,182	—	1,174
Inhabit IQ Inc.#+	One stop	L +	5.75%	(b)	10.70%	07/2025	1,158	1,165	—	1,158
Inhabit IQ Inc.+	One stop	L +	5.75%	(b)	10.70%	07/2025	926	924	—	926
Inhabit IQ Inc.+	One stop	L +	5.75%	(b)	10.70%	07/2025	489	492	—	489
Inhabit IQ Inc.+	One stop	L +	5.75%	(b)	10.63%	07/2025	200	200	—	200
MRI Software LLC*+	One stop	L +	5.50%	(b)	10.66%	02/2026	14,286	14,217	0.6	14,000
MRI Software LLC+	One stop	L +	5.50%	(b)	10.66%	02/2026	5,163	5,123	0.2	5,060
MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	(1)	—	(5)
MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	—	—	(4)
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(j)	9.93%	08/2028	18,004	20,057	0.7	17,015
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.75%	(g)	9.18%	08/2028	1,996	2,174	0.1	1,886
RPL Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	02/2028	—	—	—	(3)
RPL Bidco Limited+(8)(9)(10)	One stop	A +	6.75%	(g)	10.35%	08/2028	8,220	8,123	0.3	8,097
							129,250	131,086	5.1	127,627
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%	(a)	10.09%	07/2028	4,223	4,144	0.2	4,051
Channelside Acquisitona Co, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	07/2026	—	(1)	—	(1)
Channelside Acquisitona Co, Inc.+(5)	One stop	L +	5.25%		N/A(6)	07/2028	—	—	—	(1)
Internet Truckstop Group LLC*#	One stop	L +	5.00%	(b)	10.16%	04/2025	21,118	21,338	0.8	20,907
Internet Truckstop Group LLC+	One stop	L +	5.00%	(b)	10.16%	04/2025	9,248	9,179	0.4	9,155
Internet Truckstop Group LLC+(5)	One stop	L +	5.00%		N/A(6)	04/2025	—	(1)	—	(2)
							34,589	34,659	1.4	34,109

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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
Accela, Inc.*#+(22)	One stop	SF +	7.50%	(l)	8.16%	cash/	4.25%	PIK	09/2024		$	4,762	0.2	%	$	4,774
Accela, Inc.+(22)	One stop	SF +	7.50%	(l)	8.16%	cash/	4.25%	PIK	09/2024	284	282		—		284
Accela, Inc.+	One stop	SF +	7.50%		N/A(6)				09/2024	—	—		—		—
Accela, Inc.+	One stop	SF +	7.50%	(l)	12.41%				09/2024	543	539		—		543
Anaplan, Inc.+	One stop	SF +	6.50%	(l)	11.31%				06/2029	9,840	9,752		0.4		9,742
Anaplan, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—	(1)		—		(1)
Appfire Technologies, LLC#+	One stop	SF +	5.50%	(l)(m)	10.68%				03/2027	38,630	38,246		1.5		37,858
Appfire Technologies, LLC+	One stop	SF +	5.50%	(m)	10.33%				03/2027	14	12		—		9
Appfire Technologies, LLC+(5)	One stop	SF +	5.50%		N/A(6)				03/2027	—	(33)		—		(88)
Apptio, Inc.+	One stop	L +	5.00%	(b)	9.81%				01/2025	57,010	57,306		2.3		57,010
Apptio, Inc.+	One stop	L +	5.00%	(b)	9.81%				01/2025	174	173		—		174
Aras Corporation+(22)	One stop	L +	7.00%	(b)	8.07%	cash/	3.75%	PIK	04/2027	14,432	14,339		0.6		14,144
Aras Corporation+	One stop	L +	6.50%	(b)(c)	11.48%				04/2027	61	60		—		59
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(j)	9.68%				06/2029	3,532	3,414		0.1		3,334
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(j)	9.68%				06/2029	1,430	1,317		0.1		1,327
Auvik Networks Inc.+(8)(12)(22)	One stop	SF +	5.75%	(m)	7.83%	cash/	2.75%	PIK	07/2027	7,133	7,084		0.3		6,939
Auvik Networks Inc.+(8)(12)(22)	One stop	SF +	6.25%	(m)	7.83%	cash/	3.25%	PIK	07/2027	1,272	1,261		0.1		1,259
Auvik Networks Inc.+(5)(8)(12)	One stop	SF +	3.00%		N/A(6)				07/2027	—	(1)		—		(2)
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(b)(c)	9.71%				04/2026	5,707	5,729		0.3		5,707
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	5.50%	(e)(f)	7.58%				04/2026	2,284	2,361		0.1		2,284
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(c)	9.70%				04/2026	270	268		—		270
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(c)	10.25%				04/2026	15	14		—		15
Axiom Merger Sub Inc.+	One stop	L +	5.25%	(b)	10.19%				10/2025	60	60		—		60
Bayshore Intermediate #2, L.P.+(22)	One stop	L +	7.75%	(a)	12.46%				10/2028	69,148	68,089		2.7		68,457
Bayshore Intermediate #2, L.P.+	One stop	L +	6.75%	(a)	11.42%				10/2027	33	31		—		32
Bonterra LLC+	One stop	L +	6.00%	(b)	11.16%				09/2027	64,822	64,105		2.6		63,525
Bonterra LLC+	One stop	L +	6.00%	(b)	11.09%				09/2027	197	195		—		193
Bonterra LLC+(5)	One stop	L +	6.00%		N/A(6)				09/2027	—	(61)		—		(95)
Bottomline Technologies, Inc.+	One stop	SF +	5.50%	(l)	10.26%				05/2029	28,022	27,532		1.1		27,181
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—	(4)		—		(5)
Bullhorn, Inc.*#+	One stop	L +	5.75%	(b)	10.91%				09/2026	65,608	64,973		2.6		64,952
Bullhorn, Inc.+(8)(9)	One stop	SN +	6.00%	(j)	10.18%				09/2026	11,733	11,596		0.5		11,616
Bullhorn, Inc.+(8)(9)	One stop	E +	5.75%	(e)	8.74%				09/2026	4,662	4,656		0.2		4,615
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	10.91%				09/2026	213	211		—		210
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	10.91%				09/2026	95	94		—		94
Bullhorn, Inc.+	One stop	L +	5.75%	(b)	10.91%				09/2026	76	75		—		75
Bullhorn, Inc.+(5)	One stop	L +	5.75%		N/A(6)				09/2026	—	(2)		—		(2)
Burning Glass Intermediate Holdings Company, Inc.#+	One stop	L +	5.00%	(a)	9.84%				06/2028	9,770	9,623		0.4		9,770
Burning Glass Intermediate Holdings Company, Inc.+	One stop	L +	5.00%	(a)	9.83%				06/2026	35	34		—		35
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%	(n)	12.05%				01/2029	5,437	5,278		0.2		5,355
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%	(n)	12.05%				01/2029	1,438	1,396		0.1		1,416
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—	—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop	SF +	7.25%		N/A(6)				01/2029	—	(1)		—		(1)
Calabrio, Inc.+	One stop	L +	7.00%	(b)	12.16%				04/2027	53,683	53,140		2.2		53,683
Calabrio, Inc.+	One stop	L +	7.00%	(b)	11.95%				04/2027	135	132		—		135
Community Brands Parentco LLC+	One stop	SF +	5.75%	(l)	10.66%				02/2028	14,123	13,892		0.6		13,841

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Community Brands Parentco LLC+(5)	One stop	SF +	5.75%		N/A(6)				02/2028		$	(1)	—	%	$	(1)
Community Brands Parentco LLC+(5)	One stop	SF +	5.75%		N/A(6)				02/2028	—	(1)		—		(2)
Coupa Holdings, LLC+	One stop	SF +	7.50%	(l)	12.29%				02/2030	22,905	22,340		0.9		22,332
Coupa Holdings, LLC+(5)	One stop	SF +	7.50%		N/A(6)				02/2029	—	(1)		—		(1)
Coupa Holdings, LLC+(5)	One stop	SF +	7.50%		N/A(6)				02/2030	—	(25)		—		(26)
Daxko Acquisition Corporation+	One stop	L +	5.50%	(a)	10.34%				10/2028	27,571	27,352		1.1		26,468
Daxko Acquisition Corporation+	One stop	L +	5.50%	(a)	10.34%				10/2028	2,325	2,298		0.1		2,232
Daxko Acquisition Corporation+	One stop	P +	4.50%	(d)	12.50%				10/2027	18	17		—		12
Daxko Acquisition Corporation+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—	(9)		—		—
Diligent Corporation*#+	One stop	L +	6.25%	(a)	11.09%				08/2025	85,850	85,793		3.4		84,993
Diligent Corporation+	One stop	L +	5.75%	(a)	10.59%				08/2025	5,934	5,902		0.2		5,814
Diligent Corporation+	One stop	L +	6.25%	(a)	11.08%				08/2025	98	96		—		94
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(j)	10.18%				02/2029	14,285	15,084		0.5		13,571
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	6.00%	(i)	11.03%				02/2029	284	294		—		269
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				02/2029	—	—		—		(6)
FirstUp, Inc.+(22)	One stop	L +	6.75%	(b)	8.41%	cash/	3.50%	PIK	07/2027	9,074	9,013		0.4		8,802
FirstUp, Inc.+(22)	One stop	L +	6.75%	(b)	8.33%	cash/	3.50%	PIK	07/2027	76	75		—		72
Gainsight, Inc.+(22)	One stop	L +	6.75%	(b)	11.58%	PIK			07/2027	10,487	10,368		0.4		10,382
Gainsight, Inc.+(5)	One stop	L +	6.00%		N/A(6)				07/2027	—	(1)		—		(1)
GS Acquisitionco, Inc.*#+	One stop	SF +	5.75%	(m)	10.80%				05/2026	84,193	84,327		3.3		83,351
GS Acquisitionco, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2026	—	(2)		—		(2)
GTIV, LLC+	One stop	SF +	5.25%	(n)	10.22%				02/2029	73,843	73,225		2.9		73,104
GTIV, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—	(2)		—		(3)
GTY Technology Holdings, Inc.+(22)	One stop	SF +	6.88%	(m)	7.48%	cash/	4.30%	PIK	07/2029	3,168	3,113		0.1		3,136
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—	(2)		—		(1)
GTY Technology Holdings, Inc.+(22)	One stop	SF +	6.88%	(m)	7.31%	cash/	4.30%	PIK	07/2029	2,068	2,027		0.1		2,048
GTY Technology Holdings, Inc.+(22)	One stop	SF +	6.88%	(m)	7.48%	cash/	4.30%	PIK	07/2029	379	376		—		375
ICIMS, Inc.+(22)	One stop	SF +	7.25%	(m)	8.18%	cash/	3.88%	PIK	08/2028	7,855	7,732		0.3		7,697
ICIMS, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				08/2028	—	(1)		—		(3)
ICIMS, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				08/2028	—	—		—		(40)
IQN Holding Corp. #+	One stop	SF +	5.25%	(n)	10.38%				05/2029	14,630	14,503		0.6		14,338
IQN Holding Corp. +(5)	One stop	SF +	5.25%		N/A(6)				05/2028	—	(1)		—		(2)
IQN Holding Corp. +(5)	One stop	SF +	5.25%		N/A(6)				05/2029	—	(28)		—		(5)
Island Bidco AB+(8)(9)(17)(22)	One stop	E +	7.25%	(f)	2.75%	cash/	7.25%	PIK	07/2028	6,212	5,924		0.2		6,212
Island Bidco AB+(8)(17)(22)	One stop	SF +	7.00%	(n)	8.29%	cash/	3.50%	PIK	07/2028	3,000	2,974		0.1		3,000
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—	—		—		—
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—	(1)		—		—
Juvare, LLC*	One stop	L +	6.25%	(b)	11.20%				10/2026	7,526	7,470		0.3		7,376
Juvare, LLC+	One stop	L +	6.25%	(b)	11.20%				10/2026	1,737	1,724		0.1		1,702
Juvare, LLC+	One stop	L +	6.25%	(b)	11.20%				10/2026	548	528		—		504
Juvare, LLC+	One stop	L +	6.25%	(b)(d)	11.41%				04/2026	50	50		—		49
Kaseya Inc.+	One stop	SF +	5.75%	(m)	10.65%				06/2029	9,178	9,054		0.4		8,994
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—	(2)		—		(5)
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—	(5)		—		(11)
Mindbody, Inc.+	One stop	L +	7.00%	(a)	11.83%				02/2025	49,911	50,249		2.0		49,911
Mindbody, Inc.+	One stop	L +	7.00%	(a)	11.83%				02/2025	5,588	5,557		0.2		5,588
Mindbody, Inc.+	One stop	L +	7.00%		N/A(6)				02/2025	—	—		—		—

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(m)	10.55%				12/2028		$	21,691	0.8	%	$	20,996
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(a)(l)	10.30%				12/2027	45	44		—		39
Ministry Brands Holdings LLC+	One stop	L +	5.50%	(a)	10.21%				12/2028	76	71		—		52
Neo Bidco GMBH+(8)(9)(13)(22)	One stop	E +	6.50%	(e)	5.68%	cash/	3.00%	PIK	07/2028	7,144	7,697		0.3		7,001
Neo Bidco GMBH+(8)(13)	One stop	L +	6.00%	(b)	11.14%				01/2028	20	20		—		19
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%		N/A(6)				01/2028	—	—		—		—
Naviga Inc.+	Senior secured	SF +	7.00%	(m)	12.00%				12/2023	109	109		—		109
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.30%				10/2024	8,366	8,306		0.3		8,366
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.41%				10/2025	3,424	3,383		0.1		3,424
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.31%				10/2024	1,113	1,110		—		1,113
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.30%				10/2024	687	683		—		687
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.41%				10/2025	640	637		—		640
PDI TA Holdings, Inc.+	Second lien	L +	8.50%	(b)	13.41%				10/2025	377	375		—		377
PDI TA Holdings, Inc.+(8)(9)	One stop	SN +	4.50%	(j)	8.80%				10/2024	85	94		—		85
PDI TA Holdings, Inc.+	One stop	L +	4.50%	(b)	9.26%				10/2024	149	148		—		149
Personify, Inc.*#+	One stop	SF +	5.25%	(m)	10.15%				09/2024	13,644	13,740		0.5		13,644
Personify, Inc.#	One stop	SF +	5.25%	(m)	10.15%				09/2024	8,128	8,093		0.3		8,128
Personify, Inc.+	One stop	SF +	5.25%		N/A(6)				09/2024	—	—		—		—
PING Identity Holding Corp.+	One stop	SF +	7.00%	(l)	11.76%				10/2029	9,953	9,813		0.4		9,853
PING Identity Holding Corp.+(5)	One stop	SF +	7.00%		N/A(6)				10/2028	—	(1)		—		(1)
Pluralsight, LLC+	One stop	L +	8.00%	(b)	12.78%				03/2027	23,748	23,558		0.9		23,511
Pluralsight, LLC+	One stop	L +	8.00%	(b)	12.78%				03/2027	50	49		—		49
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(b)	11.16%				09/2028	4,221	4,187		0.2		4,136
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(a)	10.85%				09/2028	41	40		—		39
ProcessUnity Holdings, LLC+	One stop	L +	6.00%	(b)	10.79%				09/2028	211	204		—		194
Pyramid Healthcare Acquisition Corp.#+	One stop	L +	4.75%	(a)(b)	9.58%				05/2027	18,279	18,153		0.7		18,279
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.73%				05/2027	868	862		—		868
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)	9.59%				05/2027	537	533		—		537
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.58%				05/2027	178	177		—		178
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.58%				05/2027	157	156		—		157
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)	9.59%				05/2027	147	146		—		147
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.70%				05/2027	147	146		—		147
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)(b)	9.61%				05/2027	795	763		—		795
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(b)	9.58%				05/2027	58	57		—		58
Pyramid Healthcare Acquisition Corp.+(5)	One stop	L +	4.75%		N/A(6)				05/2027	—	(1)		—		—
Pyramid Healthcare Acquisition Corp.+	One stop	L +	4.75%	(a)(b)	9.74%				05/2027	1,579	1,568		0.1		1,579
QAD, Inc.+	One stop	L +	6.00%	(a)	10.84%				11/2027	9,440	9,368		0.4		9,440
QAD, Inc.+(5)	One stop	L +	6.00%		N/A(6)				11/2027	—	(4)		—		—
Quant Buyer, Inc.+	One stop	SF +	6.00%	(m)	10.40%				06/2029	2,479	2,457		0.1		2,386
Quant Buyer, Inc.+	One stop	SF +	6.00%	(m)	10.40%				06/2029	2,943	2,917		0.1		2,832
Quant Buyer, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				06/2029	—	(1)		—		(6)
Quant Buyer, Inc.+	One stop	SF +	6.00%	(m)	10.40%				06/2029	2,017	1,999		0.1		1,941
Quant Buyer, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2029	—	(81)		—		(81)
Rainforest Bidco Limited+(8)(9)(10)(22)	One stop	SN +	6.13%	(j)	7.68%	cash/	2.63%	PIK	07/2029	7,334	6,908		0.3		7,261
Rainforest Bidco Limited+(8)(9)(10)(22)	One stop	SN +	8.38%	(j)	9.93%	cash/	2.63%	PIK	07/2029	538	507		—		533
Rainforest Bidco Limited+(8)(10)(22)	One stop	SF +	6.13%	(m)	8.18%	cash/	2.63%	PIK	07/2029	1,405	1,388		0.1		1,391
RegEd Aquireco, LLC+	Senior secured	L +	4.00%	(b)	8.83%				12/2024	11,125	11,130		0.4		10,458

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
RegEd Aquireco, LLC+	Senior secured	L +	4.00%	(b)(d)	9.79%				12/2024		$	236	—	%	$	222
Riskonnect Parent, LLC*+	One stop	SF +	5.50%	(m)	10.55%				12/2028	10,153	10,070		0.4		9,950
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—	(3)		—		(7)
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—	(6)		—		(13)
Rodeo Buyer Company & Absorb Software Inc.+	One stop	L +	6.25%	(a)	11.09%				05/2027	4,541	4,510		0.2		4,496
Rodeo Buyer Company & Absorb Software Inc.+	One stop	L +	6.25%	(a)	11.09%				05/2027	20	20		—		19
SailPoint Technologies Holdings, Inc.+	One stop	SF +	6.25%	(l)	10.99%				08/2029	9,827	9,647		0.4		9,631
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—	(2)		—		(3)
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	6.00%	(e)	8.28%				04/2029	33,311	30,421		1.3		32,977
Sonatype, Inc.+	One stop	SF +	6.75%	(m)	11.59%				12/2025	40,459	40,250		1.6		40,459
Sonatype, Inc.+	One stop	SF +	6.75%	(m)	11.59%				12/2025	851	847		—		851
Sonatype, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				12/2025	—	(1)		—		—
Spartan Buyer Acquisition Co.*#+(22)	One stop	SF +	8.50%	(l)	11.31%	cash/	2.00%	PIK	12/2026	31,546	31,163		1.2		30,598
Spartan Buyer Acquisition Co.+(22)	One stop	SF +	8.50%	(l)	11.31%	cash/	2.00%	PIK	12/2026	1,998	1,961		0.1		1,938
Spartan Buyer Acquisition Co.+(5)(22)	One stop	P +	7.50%	(d)	13.50%	cash/	2.00%	PIK	12/2026	1	(1)		—		(1)
Tahoe Bidco B.V. +	One stop	L +	6.00%	(a)	10.71%				09/2028	12,058	11,963		0.5		12,058
Tahoe Bidco B.V. +(5)	One stop	L +	6.00%		N/A(6)				10/2027	—	(1)		—		—
Telesoft Holdings LLC+	One stop	L +	5.75%	(a)(c)	10.62%				12/2025	882	873		—		874
Telesoft Holdings LLC+	One stop	L +	5.75%	(a)	10.59%				12/2025	9	8		—		8
Telesoft Holdings LLC+	One stop	L +	6.25%	(c)	11.18%				08/2028	65	64		—		64
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%	(n)	11.57%				07/2028	3,171	3,096		0.1		3,171
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—	—		—		—
Templafy APS and Templafy, LLC+(5)(8)(18)	One stop	SF +	6.50%		N/A(6)				07/2028	—	(16)		—		—
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(c)	9.18%				12/2024	3,427	3,447		0.1		3,414
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(c)	9.18%				12/2024	906	896		—		902
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%	(c)	9.18%				12/2024	426	421		—		424
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(c)	9.47%				12/2024	501	496		—		501
TI Intermediate Holdings, LLC+	Senior secured	L +	4.50%	(c)	9.43%				12/2024	156	155		—		156
TI Intermediate Holdings, LLC+	Senior secured	L +	4.25%		N/A(6)				12/2024	—	—		—		—
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	11.40%				03/2025	15,165	15,209		0.6		15,165
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	6,858	6,792		0.3		6,858
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	4,160	4,136		0.2		4,160
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,757	1,783		0.1		1,757
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,706	1,729		0.1		1,706
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	11.40%				03/2025	1,662	1,686		0.1		1,662
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,606	1,619		0.1		1,606
Togetherwork Holdings, LLC*+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,548	1,570		0.1		1,548
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,444	1,463		0.1		1,444
Togetherwork Holdings, LLC*#	One stop	L +	6.25%	(c)	11.40%				03/2025	1,182	1,189		—		1,182
Togetherwork Holdings, LLC#+	One stop	L +	6.25%	(c)	11.40%				03/2025	651	660		—		651
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	450	448		—		450
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	436	434		—		436
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	250	249		—		250
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	63	64		—		63
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	58	58		—		58

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Togetherwork Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2025		$	(3)	—	%	$	—
Togetherwork Holdings, LLC+	One stop	L +	6.25%	(c)	11.40%				03/2025	1,332	1,323		0.1		1,332
Trintech, Inc.*#+	One stop	L +	6.00%	(a)	10.85%				12/2024	21,914	21,960		0.9		21,694
Trintech, Inc.#+	One stop	L +	6.00%	(a)	10.85%				12/2024	9,094	9,153		0.4		9,002
Trintech, Inc.+	One stop	L +	6.00%	(a)	10.85%				12/2024	100	100		—		98
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(22)	One stop	N/A			4.50%	cash/	6.07%	PIK	05/2024	8,417	8,743		0.3		7,575
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(22)	One stop	N/A			4.50%	cash/	6.07%	PIK	05/2024	138	146		—		124
Vendavo, Inc.*#+	One stop	L +	5.75%	(b)	10.90%				09/2027	19,512	19,384		0.7		18,731
Vendavo, Inc.+	One stop	P +	4.75%	(d)	12.75%				09/2027	40	39		—		34
WebPT, Inc.+	One stop	L +	6.75%	(b)	11.74%				01/2028	626	618		—		620
Workforce Software, LLC+(22)	One stop	L +	7.25%	(c)	9.46%	cash/	3.00%	PIK	07/2025	28,604	28,904		1.1		28,033
Workforce Software, LLC+(22)	One stop	L +	7.25%	(b)(c)	9.46%	cash/	3.00%	PIK	07/2025	5,062	5,035		0.2		4,961
Workforce Software, LLC+(22)	One stop	L +	7.25%	(c)	9.46%	cash/	3.00%	PIK	07/2025	3,585	3,540		0.1		3,513
Workforce Software, LLC+(5)	One stop	SF +	6.50%		N/A(6)				07/2025	—	(1)		—		(4)
Workforce Software, LLC+(22)	One stop	L +	7.25%	(c)	9.46%	cash/	3.00%	PIK	07/2025	105	104		—		103
Zendesk, Inc.+(22)	One stop	SF +	7.00%	(m)	8.38%	cash/	3.50%	PIK	11/2028	19,960	19,584		0.8		19,960
Zendesk, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—	(1)		—		—
Zendesk, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				11/2028	—	(47)		—		—
										1,401,644	1,390,694		55.1		1,382,071

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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%	(m)	10.55%				02/2028		$	25,341	1.0	%	$	24,993
Ave Holdings III, Corp+(5)	One stop	SF +	5.50%		N/A(6)				02/2028	—	(2)		—		(4)
Ave Holdings III, Corp+(5)	One stop	SF +	5.50%	(m)	10.55%				02/2028	23	13		—		(4)
Ave Holdings III, Corp+	One stop	SF +	5.50%	(m)	10.55%				02/2028	299	297		—		290
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)	11.59%				06/2023	21,921	21,921		0.9		21,921
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)	11.59%				06/2023	1,413	1,412		0.1		1,413
Batteries Plus Holding Corporation+	One stop	P +	5.75%	(a)(d)	13.07%				06/2023	63	63		—		63
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(m)	10.80%				05/2028	11,480	11,309		0.5		11,365
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(m)	10.80%				05/2028	9,925	9,839		0.4		9,826
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	9.24%				05/2028	9,181	9,449		0.4		9,089
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(m)	10.80%				05/2028	2,147	2,116		0.1		2,126
Consilio Midco Limited#(8)(10)	One stop	SF +	5.75%	(m)	10.80%				05/2028	1,428	1,415		0.1		1,414
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(m)	10.80%				05/2028	730	714		—		723
Consilio Midco Limited+(5)(8)(10)	One stop	SF +	5.75%		N/A(6)				05/2028	—	(1)		—		(1)
Consilio Midco Limited+(5)(8)(9)(10)	One stop	E +	6.25%		N/A(6)				05/2028	—	—		—		(1)
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(m)	10.72%				05/2028	25	25		—		25
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	9.07%				05/2028	7	7		—		7
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	9.24%				05/2028	66	64		—		66
Cycle Gear, Inc.*#+	One stop	SF +	5.50%	(n)	10.61%				01/2026	48,486	48,377		1.9		46,547
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	21,020	20,899		0.8		19,973
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	3,652	3,642		0.1		3,470
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	2,780	2,793		0.1		2,642
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	3,037	3,017		0.1		2,885
Imperial Optical Midco Inc.+(22)	One stop	SF +	13.00%	(m)	7.37%	cash/	10.50%	PIK	05/2024	1,399	1,301		0.1		1,306
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	5,381	5,422		0.2		5,113
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	36,180	36,040		1.4		34,379
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	4,887	4,856		0.2		4,644
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	129	127		—		122
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	76	76		—		72
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	2,443	2,426		0.1		2,321
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	40	39		—		38
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	504	501		—		479
Imperial Optical Midco Inc.+(22)	One stop	SF +	8.75%	(m)	5.83%	cash/	7.75%	PIK	05/2024	1,209	1,201		—		1,149
PPV Intermediate Holdings, LLC#+	One stop	SF +	5.75%	(l)(m)(n)	10.93%				08/2029	9,214	9,062		0.4		9,029
PPV Intermediate Holdings, LLC+(22)	One stop	N/A			13.00%				08/2030	979	958		—		921
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—	(7)		—		(8)
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—	(22)		—		(8)
PPV Intermediate Holdings, LLC+(5)(22)	One stop	N/A			13.00%				08/2030	1	(2)		—		(1)
PPV Intermediate Holdings, LLC+(22)	One stop	N/A			13.00%				08/2030	226	224		—		213
PPV Intermediate Holdings, LLC+(22)	One stop	N/A			13.00%				08/2030	42	41		—		39
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(m)	10.65%				08/2028	3,558	3,526		0.1		3,558
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(l)	10.54%				08/2028	25	23		—		25
Salon Lofts Group, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—	(14)		—		—
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(n)	10.88%				08/2028	58	58		—		58
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(m)	10.42%				08/2028	233	230		—		233
SureWerx Purchaser III, Inc.+(8)(12)	One stop	SF +	6.75%	(m)	11.65%				12/2029	20,697	20,199		0.8		20,490

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
SureWerx Purchaser III, Inc.+(5)(8)(12)	One stop	SF +	6.75%		N/A(6)				12/2028		$	(1)	—	%	$	—
SureWerx Purchaser III, Inc.+(5)(8)(12)	One stop	SF +	6.75%		N/A(6)				12/2029	—	(61)		—		(43)
Titan Fitness, LLC*#+(22)	One stop	L +	6.75%	(a)(b)(c)	9.56%	cash/	2.00%	PIK	02/2025	30,968	31,112		1.1		28,490
Titan Fitness, LLC+(22)	One stop	L +	6.75%	(c)	8.94%	cash/	2.00%	PIK	02/2025	1,929	1,921		0.1		1,775
Titan Fitness, LLC+(22)	One stop	L +	6.75%	(b)(c)	8.94%	cash/	2.00%	PIK	02/2025	494	493		—		454
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.50%	(m)	10.55%				03/2028	8,300	8,197		0.3		8,300
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(g)	9.52%				03/2028	7,566	8,344		0.3		7,566
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(m)	10.66%				04/2028	8,267	8,163		0.3		8,101
VSG Acquisition Corp. and Sherrill, Inc.+(5)	One stop	P +	4.50%	(d)	12.50%				04/2028	1	—		—		(1)
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(l)(m)	10.59%				04/2028	106	102		—		99
										308,361	307,245		11.9		297,741

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+(22)	One stop	L +	6.75%	(b)	11.16%	cash/	0.75%	PIK	12/2024		$	22,198	0.9	%	$	21,479
Agility Recovery Solutions Inc.+(22)	One stop	P +	5.50%	(b)(d)	11.99%	cash/	0.75%	PIK	12/2024	703	703		—		671
										22,819	22,901		0.9		22,150
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	11.01%				03/2028	1,954	1,934		0.1		1,817
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	11.01%				03/2028	974	964		0.1		906
Dollfus Mieg Company, Inc.+(8)(10)	One stop	L +	6.00%	(c)	11.01%				03/2028	855	847		—		796
Dollfus Mieg Company, Inc.+(5)(8)(9)(10)	One stop	E +	6.00%		N/A(6)				03/2028	—	(1)		—		—
Elite Sportswear, L.P.+(22)	Senior secured	L +	7.00%	(b)	11.41%	cash/	0.75%	PIK	09/2025	9,963	9,867		0.4		9,366
Elite Sportswear, L.P.+(22)	Senior secured	L +	7.00%	(b)	11.41%	cash/	0.75%	PIK	09/2025	4,004	3,965		0.2		3,764
Elite Sportswear, L.P.+(22)	Senior secured	L +	7.00%	(b)	11.41%	cash/	0.75%	PIK	09/2025	2,061	2,041		0.1		1,937
Elite Sportswear, L.P.+(22)	Senior secured	L +	7.00%	(b)	11.30%	cash/	0.75%	PIK	09/2025	618	607		—		553
Elite Sportswear, L.P.*+(22)	Senior secured	L +	7.00%	(b)	11.41%	cash/	0.75%	PIK	09/2025	684	677		—		643
Elite Sportswear, L.P.+(22)	Senior secured	L +	7.00%	(b)	11.41%	cash/	0.75%	PIK	09/2025	312	309		—		293
Elite Sportswear, L.P.*+(22)	Senior secured	L +	7.00%	(b)	11.41%	cash/	0.75%	PIK	09/2025	300	297		—		281
Elite Sportswear, L.P.+(22)	Senior secured	L +	7.00%	(b)	11.30%	cash/	0.75%	PIK	09/2025	21	21		—		19
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)	10.66%				11/2023	9,583	9,545		0.4		9,608
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)	10.66%				11/2023	6,473	6,442		0.3		6,490
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)	10.66%				11/2023	1,002	997		—		1,004
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)	10.66%				11/2023	900	897		—		902
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)	10.66%				11/2023	632	629		—		633
Georgica Pine Clothiers, LLC+	One stop	L +	5.50%	(b)	10.66%				11/2023	2	2		—		2
QF Holdings, Inc.+	One stop	SF +	6.25%	(l)	11.16%				12/2027	626	618		—		626
SHO Holding I Corporation+	Senior secured	L +	5.25%	(b)	10.08%				04/2024	3,940	3,942		0.1		3,663
SHO Holding I Corporation+	Senior secured	L +	5.23%	(b)	10.06%				04/2024	67	67		—		62
SHO Holding I Corporation+	Senior secured	L +	5.00%	(b)	9.88%				04/2024	84	84		—		78
SHO Holding I Corporation+	Senior secured	L +	4.00%	(b)	8.90%				04/2024	50	50		—		50
SHO Holding I Corporation+	Senior secured	L +	4.00%	(b)	8.96%				04/2024	—	—		—		—
SHO Holding I Corporation+	Senior secured	L +	5.23%	(b)	10.08%				04/2024	—	—		—		—
										45,105	44,801		1.7		43,493
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(m)	11.29%				06/2028	19,021	18,736		0.7		18,263
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(m)	11.29%				06/2028	15,170	14,923		0.6		14,565
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(m)	11.16%				06/2028	453	446		—		435
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.25%	(m)	11.28%				06/2028	455	449		—		437
Marcone Yellowstone Buyer Inc.+	One stop	SF +	6.50%	(m)	11.54%				06/2028	4,134	4,019		0.2		4,010
Marcone Yellowstone Buyer Inc.+(5)	One stop	SF +	6.50%		N/A(6)				06/2028	—	(40)		—		(43)
										39,233	38,533		1.5		37,667
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	L +	4.50%	(b)	9.45%				06/2027	16,922	16,803		0.6		15,653
S.J. Electro Systems, LLC+(5)	Senior secured	SF +	4.50%		N/A(6)				06/2027	—	(2)		—		—
S.J. Electro Systems, LLC+	Senior secured	L +	4.50%	(b)	9.45%				06/2027	200	199		—		185
S.J. Electro Systems, LLC+	Senior secured	L +	4.50%	(b)	9.45%				06/2027	79	79		—		73
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(c)	9.62%				11/2026	878	851		0.1		825
Vessco Midco Holdings, LLC+	Senior secured	L +	4.50%	(a)	9.34%				11/2026	207	205		—		202
Vessco Midco Holdings, LLC+	Senior secured	P +	3.50%	(c)(d)	10.88%				10/2026	6	6		—		6
										18,292	18,141		0.7		16,944
Total non-controlled/non-affiliate company debt investments											$	5,297,617	206.1	%	$	5,164,271

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Equity Investments (19)(20)
Aerospace and Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		N/A	66	$	664	—	%	$	664
Tronair Parent, Inc.+	LLC units	N/A	N/A		N/A	—	40		—		19
							704		—		683
Auto Components
Polk Acquisition Corp.+	LP Interest	N/A	N/A		N/A	5	314		—		4
Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A		N/A	1	730		—		391
Go Car Wash Parent, Corp.+(21)	Preferred Stock	N/A	13.00%	Non-Cash	N/A	—	142		—		145
Go Car Wash Parent, Corp.+	Common Stock	N/A	N/A		N/A	—	29		—		36
MOP GM Holding, LLC+	LP units	N/A	N/A		N/A	—	330		—		417
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		N/A	1	61		—		70
POY Holdings, LLC+	LLC units	N/A	N/A		N/A	141	141		—		294
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A		N/A	—	508		0.1		937
							1,941		0.1		2,290
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP Interest	N/A	N/A		N/A	177	1,769		—		1,210
Building Products
BECO Holding Company, Inc.+(21)	Preferred Stock	N/A	11.75%	Non-Cash	N/A	10	1,016		0.1		1,081
BECO Holding Company, Inc.+	LP Interest	N/A	N/A		N/A	2	196		—		190
							1,212		0.1		1,271
Chemicals
Inhance Technologies Holdings LLC+	Preferred Stock	N/A	N/A		N/A	2	1,960		0.1		2,172
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A		N/A	—	124		—		82
							2,084		0.1		2,254
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP Interest	N/A	N/A		N/A	540	540		—		633
EGD Security Systems, LLC +	Common Stock	N/A	N/A		N/A	855	772		0.1		1,370
Hydraulic Authority III Limited+(8)(9)(10)	Preferred Stock	N/A	N/A		N/A	284	384		—		552
Hydraulic Authority III Limited+(8)(9)(10)	Common Stock	N/A	N/A		N/A	6	43		—		588
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		N/A	359	360		—		465
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		N/A	8	767		0.1		859
Radwell Parent, LLC+(21)	LP units	N/A	N/A		N/A	2	233		—		257
							3,099		0.2		4,724
Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A		N/A	49	49		—		63
Diversified Consumer Services
CHHJ Midco, LLC+(21)	LLC units	N/A	N/A		N/A	19	193		—		277
DP Flores Holdings, LLC+	LLC units	N/A	N/A		N/A	70	70		—		67
EMS LINQ, LLC+	LP Interest	N/A	N/A		N/A	525	525		—		371
EWC Growth Partners LLC+	LLC interest	N/A	N/A		N/A	—	12		—		8

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
HS Spa Holdings, Inc.+	Common Stock	N/A	N/A	N/A	479	$	479	—	%	$	479
Liminex, Inc.+	Common Stock	N/A	N/A	N/A	12	434		—		717
NSG Buyer, Inc. +	LP units	N/A	N/A	N/A	2	1,860		0.1		1,856
PADI Holdco, Inc.+	LLC interest	N/A	N/A	N/A	1	987		0.1		631
						4,560		0.2		4,406
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred Stock	N/A	N/A	N/A	—	372		—		134
Inventus Power, Inc.+	LLC units	N/A	N/A	N/A	—	88		—		276
Inventus Power, Inc.+	LP Interest	N/A	N/A	N/A	—	20		—		61
Inventus Power, Inc.+	Common Stock	N/A	N/A	N/A	—	—		—		—
						480		—		471

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Food & Staples Retailing
Benihana, Inc.+	LLC units	N/A	N/A	N/A	43	$	699	—	%	$	789
Cafe Rio Holding, Inc.+	Common Stock	N/A	N/A	N/A	5	603		—		844
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		146
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		41
Mendocino Farms, LLC+	Common Stock	N/A	N/A	N/A	168	770		0.1		1,747
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		150
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		30
						2,759		0.1		3,747
Food Products
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	77	102		—		102
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		5
Borrower R365 Holdings, LLC+	Common Stock	N/A	N/A	N/A	1	2		—		1
Borrower R365 Holdings, LLC+	Preferred Stock	N/A	N/A	N/A	1	2		—		2
C. J. Foods, Inc.+	Preferred Stock	N/A	N/A	N/A	—	75		0.1		940
Kodiak Cakes, LLC+	Common Stock	N/A	N/A	N/A	—	281		—		147
Kodiak Cakes, LLC+	LLC units	N/A	N/A	N/A	191	191		—		100
Louisiana Fish Fry Products, Ltd.+	Common Stock	N/A	N/A	N/A	—	483		—		244
Louisiana Fish Fry Products, Ltd.+	Preferred Stock	N/A	N/A	N/A	—	13		—		12
P&P Food Safety Holdings, Inc.+	Common Stock	N/A	N/A	N/A	4	356		—		209
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	945		0.2		4,528
						2,455		0.3		6,290
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP Interest	N/A	N/A	N/A	—	77		—		90
Blue River Pet Care, LLC+	Common Stock	N/A	N/A	N/A	—	76		—		190
CCSL Holdings, LLC+	LP Interest	N/A	N/A	N/A	—	336		—		287
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	—	132		—		179
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	3	3		—		300
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		58
						893		—		1,104

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Health Care Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		N/A	2	$	1,099	—	%	$	141
Acuity Eyecare Holdings, LLC+(21)	LLC interest	N/A	N/A		N/A	1,632	2,235		0.2		4,199
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		N/A	889	1,023		0.1		2,496
ADCS Clinics Intermediate Holdings, LLC+	Preferred Stock	N/A	N/A		N/A	2	1,119		0.1		1,495
ADCS Clinics Intermediate Holdings, LLC+	Common Stock	N/A	N/A		N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		N/A	129	132		—		183
CRH Healthcare Purchaser, Inc.+	LP Interest	N/A	N/A		N/A	429	327		—		827
DCA Investment Holding, LLC	Preferred Stock	N/A	N/A		N/A	1,142	533		0.1		1,142
DCA Investment Holding, LLC	Common Stock	N/A	N/A		N/A	12	6		—		12
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	648		—		534
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	—	61		—		70
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		N/A	9	4		—		—
Encore GC Acquisition, LLC+	LLC interest	N/A	N/A		N/A	26	272		—		—
Encore GC Acquisition, LLC+	LLC units	N/A	N/A		N/A	26	52		—		—
Encorevet Group LLC+	Common Stock	N/A	N/A		N/A	—	15		—		16
Encorevet Group LLC+	LLC units	N/A	N/A		N/A	—	11		—		9
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A		N/A	—	262		—		—
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A		N/A	—	1		—		—
Krueger-Gilbert Health Physics, LLC+	Common Stock	N/A	N/A		N/A	185	212		—		203
Midwest Veterinary Partners, LLC+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	1	1,089		—		1,150
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	6	—		—		386
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		N/A	—	29		—		41
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		N/A	412	335		—		579
NDX Parent, LLC+	Common Stock	N/A	N/A		N/A	—	272		—		16
NDX Parent, LLC+	Preferred Stock	N/A	N/A		N/A	40	40		—		42
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common Stock	N/A	N/A		N/A	—	321		—		282
Oliver Street Dermatology Holdings, LLC+	LLC interest	N/A	N/A		N/A	452	234		—		—
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	—	528		0.1		769
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		N/A	4	74		—		651
Radiology Partners, Inc.+	LLC units	N/A	N/A		N/A	11	68		—		66
Radiology Partners, Inc.+	LLC interest	N/A	N/A		N/A	43	55		—		261
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	—	249		—		372
Sage Dental Management, LLC+	LLC units	N/A	N/A		N/A	3	3		—		—
Suveto Buyer, LLC+	Common Stock	N/A	N/A		N/A	6	562		—		296
							11,877		0.6		16,238

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Health Care Technology
Connexin Software, Inc.+	LLC interest	N/A	N/A		N/A	154	$	193	—	%	$	214
HSI Halo Acquisition, Inc.+	LP Interest	N/A	N/A		N/A	—	292		—		418
HSI Halo Acquisition, Inc.+	LP Interest	N/A	N/A		N/A	—	5		—		93
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	12	12,566		0.5		12,838
Symplr Software, Inc.+(21)	Preferred Stock	N/A	10.63%	Non-Cash	N/A	2	3,038		0.2		4,319
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	1,528		0.1		1,704
Symplr Software, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	1	939		0.1		996
Symplr Software, Inc.+	LLC units	N/A	N/A		N/A	—	161		—		144
Symplr Software, Inc.+	Common Stock	N/A	N/A		N/A	177	—		—		669
Tebra Technologies, Inc.+	Warrant	N/A	N/A		N/A	169	871		—		721
Tebra Technologies, Inc.+	Warrant	N/A	N/A		N/A	53	162		—		200
Tebra Technologies, Inc.+	LLC interest	N/A	N/A		N/A	348	2,824		0.1		2,896
Tebra Technologies, Inc.+	Preferred Stock	N/A	N/A		N/A	1	8		—		11
							22,587		1.0		25,223
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+	LP Interest	N/A	N/A		N/A	206	206		—		340
Harri US LLC+	LLC units	N/A	N/A		N/A	83	658		—		653
Harri US LLC+	Preferred Stock	N/A	N/A		N/A	71	455		—		541
Harri US LLC+	Warrant	N/A	N/A		N/A	24	106		—		156
LMP TR Holdings, LLC(21)	LLC units	N/A	N/A		N/A	712	712		0.1		2,725
SSRG Holdings, LLC+	LP Interest	N/A	N/A		N/A	6	61		—		83
Tropical Smoothie Cafe Holdings, LLC+	LP Interest	N/A	N/A		N/A	5	246		0.1		944
							2,444		0.2		5,442
Insurance
Majesco+	LP Interest	N/A	N/A		N/A	—	307		—		381
Majesco+	LP Interest	N/A	N/A		N/A	69	—		—		117
							307		—		498
Internet and Catalog Retail
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	17	17,025		0.7		17,833
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	10	10,219		0.4		10,704
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	1	1,104		—		1,113
Revalize, Inc.+	Preferred Stock	N/A	N/A		N/A	7	7,034		0.3		6,614
							35,382		1.4		36,264
IT Services
Appriss Health Intermediate Holdings, Inc+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	2,129		0.1		2,207
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	587	462		0.2		4,048
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	154	423		—		1,062
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred Stock	N/A	N/A		N/A	35	291		—		244
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		N/A	202	159		0.1		1,289
Critical Start, Inc.+	Common Stock	N/A	N/A		N/A	225	225		—		246
Episerver, Inc.+	Common Stock	N/A	N/A		N/A	75	807		—		552
Kentik Technologies, Inc.+	Preferred Stock	N/A	N/A		N/A	192	1,103		0.1		1,103
Netwrix Corporation+	LLC units	N/A	N/A		N/A	9	18		—		21
PCS Intermediate II Holdings, LLC+	LLC interest	N/A	N/A		N/A	37	367		—		508
Red Dawn SEI Buyer, Inc.+	LP Interest	N/A	N/A		N/A	13	13		—		20
Saturn Borrower Inc.+	LP units	N/A	N/A		N/A	346	346		—		106
							6,343		0.5		11,406

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		N/A	749	$	210	0.1	%	$	1,725
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	67	117		—		176
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	46	80		—		120
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	38	65		—		99
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	33	58		—		86
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	15	24		—		37
WBZ Investment LLC+	LLC interest	N/A	N/A		N/A	2	2		—		4
							556		0.1		2,247
Life Sciences Tools & Services
Celerion Buyer, Inc.+	LP units	N/A	N/A		N/A	930	930		0.1		930
Celerion Buyer, Inc.+	LP units	N/A	N/A		N/A	930	—		—		152
PAS Parent Inc.+	LP Interest	N/A	N/A		N/A	9	933		—		772
PAS Parent Inc.+	Preferred Stock	N/A	N/A		N/A	1	139		—		139
Reaction Biology Corporation+	LLC units	N/A	N/A		N/A	—	265		—		337
							2,267		0.1		2,330
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		N/A	3	1,632		0.1		1,144
W3 Co.+	Preferred Stock	N/A	N/A		N/A	—	224		—		200
							1,856		0.1		1,344
Paper and Forest Products
Messenger, LLC+	LLC units	N/A	N/A		N/A	3	312		—		213
Messenger, LLC+	LLC units	N/A	N/A		N/A	—	—		—		—
							312		—		213
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP Interest	N/A	N/A		N/A	502	502		—		892
Cobalt Buyer Sub, Inc.+(21)	Preferred Stock	N/A	10.00%	Non-Cash	N/A	8	8,319		0.4		9,231
Cobalt Buyer Sub, Inc.+	Preferred Stock	N/A	N/A		N/A	—	168		—		171
Cobalt Buyer Sub, Inc.+	Common Stock	N/A	N/A		N/A	2	2		—		—
							8,991		0.4		10,294

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Professional Services
Brandmuscle, Inc.+	LLC interest	N/A	N/A		N/A	—	$	216	—	%	$	129
Enboarder, Inc.+(8)(11)	Preferred Stock	N/A	N/A		N/A	56	573		—		578
Filevine, Inc.+	Preferred Stock	N/A	N/A		N/A	221	1,401		0.1		1,541
Filevine, Inc.+	Warrant	N/A	N/A		N/A	33	49		—		162
Net Health Acquisition Corp.+	LP Interest	N/A	N/A		N/A	13	1,509		0.1		1,595
Procure Acquireco, Inc.+	LP Interest	N/A	N/A		N/A	—	486		—		572
							4,234		0.2		4,577
Real Estate Management & Development
Inhabit IQ Inc.+	Common Stock	N/A	N/A		N/A	62	434		—		802
SC Landco Parent, LLC+	Common Stock	N/A	N/A		N/A	2	274		—		260
							708		—		1,062
Road & Rail
Internet Truckstop Group LLC+	LP Interest	N/A	N/A		N/A	408	447		—		450
Software
Accela, Inc.+	LLC interest	N/A	N/A		N/A	670	418		—		353
Anaplan, Inc.+	LP Interest	N/A	N/A		N/A	385	385		—		455
Aras Corporation+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	1	1,075		0.1		1,176
Aras Corporation+	LP Interest	N/A	N/A		N/A	306	307		—		274
Astute Holdings, Inc.+	LP Interest	N/A	N/A		N/A	—	304		—		521
Auvik Networks Inc.+(8)(12)	Preferred Stock	N/A	N/A		N/A	26	256		—		257
Auvik Networks Inc.+(8)(12)	Preferred Stock	N/A	N/A		N/A	3	29		—		30
Bayshore Intermediate #2, L.P.+	Common Stock	N/A	N/A		N/A	4,095	4,095		0.1		3,064
Calabrio, Inc.+	LP Interest	N/A	N/A		N/A	1	769		0.1		723
Calabrio, Inc.+	LP Interest	N/A	N/A		N/A	96	0		—		0
Cloudbees, Inc.+	Preferred Stock	N/A	N/A		N/A	149	1,663		0.1		1,719
Cloudbees, Inc.+	Warrant	N/A	N/A		N/A	131	247		0.1		1,122
Cloudbees, Inc.+	Preferred Stock	N/A	N/A		N/A	71	466		0.1		769
Cynet Security Ltd.+(8)(15)	Preferred Stock	N/A	N/A		N/A	143	508		—		529
Diligent Corporation+(21)	Preferred Stock	N/A	10.50%	Non-Cash	N/A	17	17,646		0.7		18,207
Diligent Corporation+	Preferred Stock	N/A	N/A		N/A	415	912		0.1		1,994
FirstUp, Inc.+	Common Stock	N/A	N/A		N/A	221	541		—		345
GS Acquisitionco, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	26	26,956		1.0		26,127
GS Acquisitionco, Inc.+(21)	Preferred Stock	N/A	11.00%	Non-Cash	N/A	2	1,626		0.1		1,529
GS Acquisitionco, Inc.+	LP Interest	N/A	N/A		N/A	1	170		—		922
GTY Technology Holdings, Inc.+	LP units	N/A	N/A		N/A	48	48		—		53
Impartner, Inc.+	Preferred Stock	N/A	N/A		N/A	28	226		—		203
Kaseya Inc.+(21)	Preferred Stock	N/A	11.75%	Non-Cash	N/A	2	1,764		0.1		1,763
Kaseya Inc.+	LP Interest	N/A	N/A		N/A	100	100		—		94
MetricStream, Inc.+	Warrant	N/A	N/A		N/A	168	263		—		167
Ministry Brands Holdings LLC+	LP Interest	N/A	N/A		N/A	438	439		—		251
mParticle, Inc.+	Preferred Stock	N/A	N/A		N/A	162	1,060		0.1		876
mParticle, Inc.+	Warrant	N/A	N/A		N/A	75	16		—		318
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A	N/A		N/A	4	9		—		18
PDI TA Holdings, Inc.+	Preferred Stock	N/A	N/A		N/A	92	2,846		0.1		2,934

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Personify, Inc.+	LP Interest	N/A			N/A		N/A	716	$	942	0.1	%	$	1,617
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A			N/A		N/A	—	964		0.1		1,449
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A			N/A		N/A	202	329		—		222
Pyramid Healthcare Acquisition Corp.+	Common Stock	N/A			N/A		N/A	184	184		—		292
QAD, Inc.+	Preferred Stock	N/A			N/A		N/A	—	222		—		222
QAD, Inc.+	Common Stock	N/A			N/A		N/A	15	0		—		0
Onit, Inc.+(21)	Preferred Stock	N/A			15.00%	Non-Cash	N/A	—	42		—		42
Onit, Inc.+	Warrant	N/A			N/A		N/A	—	6		—		6
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	—	331		—		69
RegEd Aquireco, LLC+	LP Interest	N/A			N/A		N/A	3	21		—		0
Riskonnect Parent, LLC+(21)	Preferred Stock	N/A			11.00%	Non-Cash	N/A	18	19,100		0.7		18,356
Riskonnect Parent, LLC+	LP Interest	N/A			N/A		N/A	857	859		—		842
Riskonnect Parent, LLC+(21)	Preferred Stock	SF +	10.50%	(m)	15.40%	Non-Cash	N/A	—	349		—		361
SnapLogic, Inc.+	Preferred Stock	N/A			N/A		N/A	278	695		0.1		1,327
SnapLogic, Inc.+	Warrant	N/A			N/A		N/A	106	75		—		354
Spartan Buyer Acquisition Co.+	Common Stock	N/A			N/A		N/A	1	623		—		272
Spartan Buyer Acquisition Co.+	Preferred Stock	N/A			N/A		N/A	—	38		—		39
Telesoft Holdings LLC+	LP Interest	N/A			N/A		N/A	6	6		—		6
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		N/A	—	62		—		43
Workforce Software, LLC+	Common Stock	N/A			N/A		N/A	—	973		—		487
Workforce Software, LLC+	Common Stock	N/A			N/A		N/A	—	36		—		40
Zendesk, Inc.+	LP units	N/A			N/A		N/A	45	454		—		469
									91,455		3.8		93,308

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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+(21)	Preferred Stock	N/A	11.50%	Non-Cash	N/A	9	$	9,051	0.4	%	$	8,925
Ave Holdings III, Corp+	LP units	N/A	N/A		N/A	1	1,129		—		1,068
Batteries Plus Holding Corporation+	LP Interest	N/A	N/A		N/A	10	1,287		0.1		1,437
Cycle Gear, Inc.+	LLC units	N/A	N/A		N/A	27	463		—		201
Cycle Gear, Inc.+	Preferred Stock	N/A	N/A		N/A	38	38		—		254
Imperial Optical Midco Inc.+	Preferred Stock	N/A	N/A		N/A	—	122		—		17
Imperial Optical Midco Inc.+	Preferred Stock	N/A	N/A		N/A	—	46		—		6
Imperial Optical Midco Inc.+	Common Stock	N/A	N/A		N/A	—	—		—		8
Pet Holdings ULC+(8)(12)(21)	LP Interest	N/A	N/A		N/A	677	450		0.1		1,707
Salon Lofts Group, LLC+	LP units	N/A	N/A		N/A	—	87		—		78
Southern Veterinary Partners, LLC+(21)	Preferred Stock	N/A	12.00%	Non-Cash	N/A	5	5,256		0.3		5,650
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		N/A	—	717		—		1,179
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		N/A	148	188		0.2		4,214
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		N/A	—	37		—		35
							18,871		1.1		24,779
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A		N/A	97	604		—		226
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+	LLC interest	N/A	N/A		N/A	20	239		—		473
Georgica Pine Clothiers, LLC+	Common Stock	N/A	N/A		N/A	—	—		—		1
MakerSights, Inc.+	Preferred Stock	N/A	N/A		N/A	40	218		—		218
R.G. Barry Corporation+	Preferred Stock	N/A	N/A		N/A	—	161		—		223
							618		—		915
Total non-controlled/non-affiliate company equity investments							$	232,178	10.6	%	$	265,333
Total non-controlled/non-affiliate company investments							$	5,529,795	216.7	%	$	5,429,604

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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(24)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(22)	One stop	SF +	8.00%	(m)(n)	12.47%		04/2024		$	5,994	0.2	%	$	4,814
Abita Brewing Co., L.L.C.+(7)(22)	Second lien	SF +	8.00%	(m)	12.90%		04/2024	3,962	3,724		—		1,307
Abita Brewing Co., L.L.C.+	One stop	SF +	8.00%		N/A(6)		04/2024	—	—		—		—
								9,980	9,718		0.2		6,121
Energy, Equipment & Services
Benetech, Inc.+(7)(22)	One stop	SF +	6.00%	(m)	11.05%		08/2024	3,912	3,622		0.1		1,370
Benetech, Inc.+(7)(22)	One stop	SF +	6.00%	(m)	11.05%		08/2024	1,233	1,140		—		267
								5,145	4,762		0.1		1,637
Food and Staples Retailing
Rubio's Restaurants, Inc.+(22)	Senior secured	SF +	8.00%	(m)	12.97%		12/2024	13,174	13,025		0.4		10,276
Rubio's Restaurants, Inc.+(22)	Senior secured	SF +	8.00%	(l)(m)	13.02%		12/2024	1,393	1,384		0.1		1,087
								14,567	14,409		0.5		11,363
Healthcare Providers and Services
Elite Dental Partners LLC+(22)	One stop	SF +	5.25%	(m)	10.15%	PIK	06/2023	12,336	12,347		0.4		9,375
Elite Dental Partners LLC+(22)	One stop	SF +	12.00%	(m)	16.90%	PIK	06/2023	5,000	5,000		0.2		4,750
Elite Dental Partners LLC+(22)	One stop	SF +	5.25%	(m)	10.15%	PIK	06/2023	1,330	1,330		—		1,330
								18,666	18,677		0.6		15,455
Software
Switchfly LLC+(22)	One stop	N/A			1.00%	PIK	10/2024	6,560	6,529		0.2		4,461
Switchfly LLC+(22)	One stop	N/A			1.00%	PIK	10/2024	548	545		—		373
Switchfly LLC+(22)	One stop	N/A			1.00%	PIK	10/2024	42	42		—		28
Switchfly LLC+(5)	One stop	L +	8.50%	(b)	13.28%		10/2024	2	2		—		(21)
								7,152	7,118		0.2		4,841
Total non-controlled/affiliate debt investments									$	54,684	1.6	%	$	39,417
Equity investments(19)(20)
Beverages
Abita Brewing Co., L.L.C.+	Warrant	N/A			N/A		N/A	210	$	—	—	%	$	2
Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred Stock	N/A			N/A		N/A	2,779	2,276		—		193
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	886	182		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	536	110		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	89	6		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	52	3		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	21	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	21	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	42	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A			N/A		N/A	18	—		—		—

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(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)
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A		N/A	18	$	—	—	%	$	—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A		N/A	89	—		—		—
							2,577		—		193
Healthcare Providers and Services
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—	2,902		—		799
Elite Dental Partners LLC	LLC interest	N/A	N/A		N/A	—	1,250		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A		N/A	—	—		—		—
							4,152		—		799
Software
Switchfly LLC+	LLC interest	N/A	N/A		N/A	98,370	2,321		0.1		2,174
Switchfly LLC+	LLC units	N/A	N/A		N/A	950	950		—		471
							3,271		0.1		2,645
Total non-controlled/affiliate equity investments							$	10,000	0.1	%	$	3,639
Total non-controlled/affiliate investments							$	64,684	1.7	%	$	43,056
Controlled affiliate company investments(25)
Debt Investments
IT Services
MMan Acquisition Co.+(7)(22)	One stop	N/A	10.00%	PIK	08/2023		$	19,497	0.4	%	$	9,934
MMan Acquisition Co.+(22)	One stop	N/A	8.00%	PIK	08/2023	1,717	1,716		0.1		1,682
MMan Acquisition Co.+(22)	One stop	N/A	12.00%	PIK	08/2023	952	952		—		952
MMan Acquisition Co.+(22)	One stop	N/A	12.00%	PIK	08/2023	275	275		—		275
MMan Acquisition Co.+(22)	One stop	N/A	12.00%	PIK	08/2023	849	849		—		849
Total controlled affiliate debt investments							$	23,289	0.5	%	$	13,692
Equity Investments (19)(20)
IT Services
MMan Acquisition Co.+	Common Stock	N/A	N/A		N/A	—	$	927	—	%	$	—
Total controlled affiliate equity investments							$	927	—	%	$	—
Total controlled affiliate investments							$	24,216	0.5	%	$	13,692
Total investments							$	5,618,695	218.9	%	$	5,486,352
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			4.7%	(26)			$	27,915	1.1	%	$	27,915
Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)			4.6%	(26)			14,140		0.6		14,140
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)			4.4%	(26)			22,208		0.9		22,208
Total money market funds							$	64,263	2.6	%	$	64,263
Total Investments and Money Market Funds							$	5,682,958	221.5	%	$	5,550,615

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(In thousands)

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

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”), Canadian Bankers Acceptance Rate (”CDOR” or "C”) or London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of March 31, 2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of March 31, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of March 31, 2023, as the loan may have priced or repriced based on an index rate prior to March 31, 2023.

(a) Denotes that all or a portion of the contract was indexed to the 30-day LIBOR, which was 4.86% as of March 31, 2023.

(b) Denotes that all or a portion of the contract was indexed to the 90-day LIBOR, which was 5.19% as of March 31, 2023.

(c) Denotes that all or a portion of the contract was indexed to the 180-day LIBOR, which was 5.31% as of March 31, 2023.

(d) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.00% as of March 31, 2023.

(e) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.04% as of March 31, 2023.

(f) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.34% as of March 31, 2023.

(g) Denotes that all or a portion of the contract was indexed to the Three Month AUD, which was 3.77% as of March 31, 2023.

(h) Denotes that all or a portion of the contract was indexed to the 60-day CDOR, which was 4.98% as of March 31, 2023.

(i) Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was 5.03% as of March 31, 2023.

(j) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.18% as of March 31, 2023.

(k) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.87% as of March 31, 2023.

(l) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.80% as of March 31, 2023.

(m) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.91% as of March 31, 2023.

(n) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.90% as of March 31, 2023.

(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2023.

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

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

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

(6)The entire commitment was unfunded as of March 31, 2023. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

(7)Loan was on non-accrual status as of March 31, 2023, meaning that the Company has ceased recognizing interest income on the loan.

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2023, total non-qualifying assets at fair value represented 13.8% of the Company's total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2023

(In thousands)

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

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

(22)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 six months ended March 31, 2023.

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

(24)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the six months ended March 31, 2023 were as follows:

Portfolio Company	Fair value as of September 30, 2022		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of March 31, 2023		Interest, dividend and fee income
Abita Brewing Co. LLC	$	8,071	$	675	$	(472)	$	(2,151)	$	—	$	6,123	$	373
Benetech, Inc.	1,740		321		(257)		(167)		—		1,637		9
Elite Dental Partners LLC	20,689		2,634		(18)		(7,051)		—		16,254		943
Rubio's Restaurants, Inc	13,174		1,783		—		(3,401)		—		11,556		922
Sloan Company, Inc.	6,318		38		(6,329)		(347)		320		—		344
Switchfly LLC	7,697		144		—		(355)		—		7,486		69
Total Non-Controlled Affiliates	$	57,689	$	5,595	$	(7,076)	$	(13,472)	$	320	$	43,056	$	2,660
(a)	Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
---	---
(b)	Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

(25)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the six months ended March 31, 2023 were as follows:

Portfolio Company	Fair value as of September 30, 2022		Gross Additions(a)		Gross Reductions(b)		Net change in unrealized gain (loss)		Net realized gain (loss)		Fair value as of March 31, 2023		Interest, dividend and fee income
MMan Acquisition Co.	$	14,073	$	1,018	$	(820)	$	(579)	$	—	$	13,692	$	142
Total Controlled Affiliates	$	14,073	$	1,018	$	(820)	$	(579)	$	—	$	13,692	$	142
(a)	Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
---	---
(b)	Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

(26)The rate shown is the annualized seven-day yield as of March 31, 2023.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2022

(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 and Defense
Tronair Parent, Inc.+	Senior secured	L +	6.25%	(b)	8.67%	cash/	0.50%	PIK	09/2023		$	670	—	%	$	618
Tronair Parent, Inc.+	Senior secured	L +	6.25%	(b)	8.67%	cash/	0.50%	PIK	06/2023	100	99		—		88
Whitcraft LLC*#+	One stop	L +	6.00%	(b)	9.67%				04/2023	62,608	62,693		2.4		60,729
Whitcraft LLC+	One stop	P +	5.00%	(d)	11.25%				04/2023	42	38		—		33
										63,422	63,500		2.4		61,468
Airlines
Aurora Lux Finco S.A.R.L. +(8)(13)	One stop	L +	6.00%	(b)	8.78%				12/2026	975	961		—		926
Auto Components
COP CollisionRight Holdings, Inc.#+	One stop	SF +	4.75%	(l)	7.26%				04/2028	9,638	9,483		0.4		9,542
COP CollisionRight Holdings, Inc.+	One stop	SF +	4.75%	(l)	8.45%				04/2028	27	26		—		26
COP CollisionRight Holdings, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				04/2028	—	(2)		—		(3)
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)	6.78%				08/2027	4,890	4,850		0.2		4,890
Covercraft Parent III, Inc.+	Senior secured	L +	4.50%	(b)	8.17%				08/2027	994	973		—		994
Covercraft Parent III, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)				08/2027	—	(1)		—		—
North Haven Falcon Buyer, LLC+	One stop	L +	6.50%	(c)	8.51%				05/2027	6,099	6,004		0.3		5,855
North Haven Falcon Buyer, LLC+	One stop	L +	6.50%	(c)	8.67%				05/2027	1,021	1,006		—		981
Polk Acquisition Corp.*#+	Senior secured	SF +	6.00%	(k)	9.03%				12/2024	18,007	17,927		0.7		17,777
Polk Acquisition Corp.+	Senior secured	SF +	6.50%	(k)	9.53%				03/2023	695	693		—		695
Polk Acquisition Corp.+	Senior secured	SF +	6.00%	(k)	9.03%				12/2024	106	108		—		104
Polk Acquisition Corp.+	Senior secured	SF +	6.00%	(k)	9.03%				12/2024	106	106		—		105
										41,583	41,173		1.6		40,966
Automobiles
CG Group Holdings, LLC*#+	One stop	L +	7.25%	(b)	8.92%	cash/	2.00%	PIK	07/2027	31,441	31,084		1.1		28,925
CG Group Holdings, LLC+	One stop	L +	7.25%	(a)	8.37%	cash/	2.00%	PIK	07/2026	338	334		—		311
Denali Midco 2, LLC*#+	One stop	SF +	6.25%	(k)	9.38%				12/2027	42,864	42,490		1.7		41,579
Denali Midco 2, LLC+(5)	One stop	SF +	5.25%		N/A(6)				12/2027	—	(4)		—		(15)
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	198	196		—		192
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	100	99		—		97
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	80	79		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	80	79		—		77
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.28%				12/2027	66	65		—		64
Denali Midco 2, LLC+	One stop	SF +	6.50%	(k)	9.45%				12/2027	978	949		—		949
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	660	654		—		640
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	120	119		—		116
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	114	113		—		111
Denali Midco 2, LLC+	One stop	SF +	6.25%	(k)	9.38%				12/2027	82	81		—		80
Denali Midco 2, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2027	—	(29)		—		(29)
JHCC Holdings LLC+	One stop	L +	5.75%	(b)	9.42%				09/2025	15,314	15,116		0.6		14,855
JHCC Holdings LLC+	One stop	P +	4.75%	(d)	11.00%				09/2025	496	491		—		481
JHCC Holdings LLC+	One stop	L +	5.75%	(b)(d)	9.91%				09/2025	295	292		—		286
JHCC Holdings LLC+	One stop	P +	4.75%	(b)(d)	10.30%				09/2025	57	56		—		54
JHCC Holdings LLC+	One stop	L +	5.75%	(b)	9.42%				09/2025	302	267		—		269

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, 2022

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

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, 2022

(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)
Watermill Express, LLC+	One stop	L +	5.50%		N/A(6)	04/2027		$	—	—	%	$	—
Watermill Express, LLC+(5)	One stop	L +	5.50%		N/A(6)	04/2027	—	(1)		—		(2)
Winebow Holdings, Inc.+	One stop	L +	6.25%	(a)	9.37%	07/2025	7,799	7,722		0.3		7,799
							50,160	50,136		2.0		49,733

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, 2022

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

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, 2022

(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+(5)	One stop	SF +	5.50%		N/A(6)				07/2027		$	(22)	—	%	$	(56)
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	8.63%				07/2027	38	37		—		35
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	8.63%				07/2027	2,953	2,929		0.1		2,894
North Haven Stack Buyer, LLC+	One stop	SF +	5.50%	(k)	8.63%				07/2027	974	966		—		955
OVG Business Services, LLC+	One stop	L +	6.25%	(a)	9.34%				11/2028	1,800	1,764		0.1		1,764
OVG Business Services, LLC+	One stop	L +	5.50%	(a)	8.14%				11/2026	9	9		—		8
Profile Products LLC+	One stop	L +	5.50%	(b)	8.43%				11/2027	5,466	5,359		0.2		5,466
Profile Products LLC+(8)	One stop	L +	5.50%	(b)	8.42%				11/2027	1,288	1,266		0.1		1,288
Profile Products LLC+	One stop	L +	5.50%	(a)(d)	8.60%				11/2027	18	17		—		18
Profile Products LLC+(5)	One stop	L +	5.50%		N/A(6)				11/2027	—	(8)		—		—
Profile Products LLC+(5)	One stop	L +	5.25%		N/A(6)				11/2027	—	(1)		—		—
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	29,523	29,029		1.2		28,932
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	20,873	20,681		0.8		20,456
PT Intermediate Holdings III, LLC+	One stop	L +	5.50%	(b)	9.17%				11/2028	9,900	9,775		0.4		9,702
Radwell Parent, LLC+	One stop	SF +	5.75%	(l)	9.40%				03/2029	19,076	18,789		0.7		18,313
Radwell Parent, LLC+(5)	One stop	SF +	5.75%		N/A(6)				03/2028	—	(4)		—		(9)
Radwell Parent, LLC+(5)	One stop	SF +	5.75%		N/A(6)				03/2029	—	(8)		—		(22)
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	7.08%				06/2027	2,458	2,419		0.1		2,409
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%	(c)	8.60%				06/2027	33	32		—		31
Trinity Air Consultants Holdings Corporation+	One stop	L +	5.25%		N/A(6)				06/2027	—	—		—		—
WRE Holding Corp.*#	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	2,229	2,225		0.1		2,229
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	920	920		—		920
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	675	673		—		675
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	399	398		—		399
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	128	129		—		128
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	23	23		—		23
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.95%				01/2025	14	13		—		14
WRE Holding Corp.+	Senior secured	SF +	5.25%	(l)	7.99%				01/2025	16	14		—		16
										134,592	134,328		5.2		131,817
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	L +	5.50%	(b)	8.57%				09/2028	10,349	10,174		0.4		10,142
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.50%	(e)	6.25%				09/2028	1,041	1,240		—		1,020
										11,390	11,414		0.4		11,162
Containers and Packaging
AmerCareRoyal LLC+	Senior secured	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	748	739		—		733
AmerCareRoyal LLC+	Senior secured	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	160	158		—		156
AmerCareRoyal LLC+	Senior secured	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	155	153		—		152
AmerCareRoyal LLC+(8)	Senior secured	L +	5.50%	(a)	8.12%	cash/	0.50%	PIK	11/2025	134	133		—		132
Chase Intermediate+	One stop	L +	5.00%	(b)(c)	8.00%				10/2028	9,900	9,819		0.4		9,702
Chase Intermediate+(5)	One stop	L +	5.00%		N/A(6)				10/2028	—	(3)		—		(7)
Chase Intermediate+(5)	One stop	L +	5.00%		N/A(6)				10/2028	—	(11)		—		(24)
Fortis Solutions Group, LLC*#+	One stop	L +	5.50%	(b)(c)	9.59%				10/2028	33,683	33,177		1.3		33,346
Fortis Solutions Group, LLC+	One stop	L +	5.50%	(c)	9.67%				10/2027	20	15		—		17
Fortis Solutions Group, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—	(95)		—		(12)
Fortis Solutions Group, LLC+(5)	One stop	L +	5.50%		N/A(6)				10/2028	—	(40)		—		(56)
										44,800	44,045		1.7		44,139

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, 2022

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

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, 2022

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

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, 2022

(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)
Diversified Financial Services
AxiomSL Group, Inc.+	One stop	L +	6.00%	(a)	9.12%	12/2027		$	3,951	0.2	%	$	3,976
AxiomSL Group, Inc.+	One stop	L +	6.00%		N/A(6)	12/2027	—	—		—		—
AxiomSL Group, Inc.+	One stop	L +	6.00%		N/A(6)	12/2025	—	—		—		—
Banker's Toolbox, Inc.+	One stop	SF +	5.25%	(m)	9.23%	07/2027	8,017	7,938		0.3		7,857
Banker's Toolbox, Inc.+(5)	One stop	L +	5.25%		N/A(6)	07/2027	—	—		—		(2)
Banker's Toolbox, Inc.+	One stop	L +	5.25%	(c)	8.74%	07/2027	990	985		—		921
Flash Topco, Inc.*	One stop	L +	5.75%	(b)	8.56%	10/2028	9,820	9,734		0.4		9,623
Flash Topco, Inc.+(5)	One stop	L +	5.75%		N/A(6)	10/2028	—	(1)		—		(2)
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	8.37%	11/2026	4,577	4,528		0.2		4,531
Higginbotham Insurance Agency, Inc.+	One stop	L +	5.25%	(a)	8.37%	11/2026	26	25		—		24
							27,446	27,160		1.1		26,928

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, 2022

(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)
Diversified Telecommunication Services
NTI Connect, LLC+	Senior secured	L +	5.00%	(b)	8.67%	12/2024		$	1,609	0.1	%	$	1,628
Electronic Equipment, Instruments & Components
CST Buyer Company#+	One stop	L +	5.50%	(a)	8.62%	10/2025	20,121	19,964		0.8		20,121
CST Buyer Company#+	One stop	L +	5.50%	(a)	8.62%	10/2025	10,140	10,074		0.4		10,140
CST Buyer Company+	One stop	L +	5.50%		N/A(6)	10/2025	—	—		—		—
Electrical Source Holdings, LLC*#+	One stop	L +	5.00%	(b)	8.07%	11/2025	75,982	75,698		3.0		75,982
Electrical Source Holdings, LLC+	One stop	L +	5.00%	(b)	8.67%	11/2025	19,780	19,780		0.8		19,780
Electrical Source Holdings, LLC+	One stop	L +	5.00%	(b)	8.07%	11/2025	1,752	1,752		0.1		1,752
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	648	642		—		648
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	137	136		—		137
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	94	94		—		94
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	89	88		—		89
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	88	86		—		88
Electrical Source Holdings, LLC+(5)	Senior secured	L +	5.00%		N/A(6)	11/2025	—	(2)		—		—
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	46	45		—		46
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.07%	11/2025	41	41		—		41
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	35	35		—		35
Electrical Source Holdings, LLC+	Senior secured	L +	5.00%	(b)	8.67%	11/2025	17	17		—		17
Electrical Source Holdings, LLC+(5)	One stop	L +	5.00%		N/A(6)	11/2025	—	(119)		—		—
Electrical Source Holdings, LLC+	One stop	L +	5.00%	(b)	7.77%	11/2025	2,305	2,305		0.1		2,305
							131,275	130,636		5.2		131,275

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, 2022

(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 & Staples Retailing
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(l)	9.20%	09/2028		$	18,096	0.7	%	$	18,226
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	3,277	3,241		0.1		3,277
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(l)	9.20%	09/2028	2,203	2,202		0.1		2,203
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(l)	9.20%	09/2028	1,398	1,397		0.1		1,398
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(l)	9.20%	09/2028	1,235	1,234		0.1		1,235
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	110	107		—		110
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	178	176		—		178
Cafe Rio Holding, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	09/2028	—	(1)		—		—
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(l)	9.20%	09/2028	80	79		—		80
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	931	928		—		922
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	731	730		—		724
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	718	710		—		711
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	353	350		—		350
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	353	349		—		349
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	174	172		—		172
Mendocino Farms, LLC+	One stop	SF +	6.25%	(k)	9.38%	06/2025	106	104		—		105
Mendocino Farms, LLC+(5)	One stop	SF +	6.25%		N/A(6)	06/2025	—	(20)		—		(21)
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(l)	11.20%	06/2024	2,025	2,019		0.1		2,025
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	11.20%	06/2024	410	411		—		410
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	11.20%	06/2024	292	289		—		292
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(l)	11.20%	06/2024	—	—		—		—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%		N/A(6)	06/2024	—	—		—		—
Wetzel's Pretzels, LLC*#+	One stop	L +	6.50%	(b)	10.17%	09/2023	14,768	14,679		0.6		14,768
Wetzel's Pretzels, LLC+	One stop	L +	6.50%	(b)	10.17%	09/2023	—	—		—		—
Wineshipping.com LLC+	One stop	L +	5.75%	(c)	7.58%	10/2027	6,793	6,736		0.3		6,590
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	8.17%	10/2027	186	178		—		180
Wineshipping.com LLC+	One stop	L +	5.75%	(b)	8.83%	10/2027	17	16		—		14
Wood Fired Holding Corp.*#	One stop	L +	6.25%	(b)	8.67%	12/2023	9,679	9,728		0.4		9,679
Wood Fired Holding Corp.+	One stop	L +	6.25%		N/A(6)	12/2023	—	—		—		—
							64,243	63,910		2.5		63,977

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, 2022

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

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, 2022

(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 Care Equipment & Supplies
Aspen Medical Products, LLC#+	One stop	L +	5.00%	(b)	7.39%				06/2025		$	4,155	0.2	%	$	4,074
Aspen Medical Products, LLC+	One stop	L +	5.00%	(b)	7.39%				06/2025	263	262		—		260
Aspen Medical Products, LLC+	One stop	L +	5.00%		N/A(6)				06/2025	—	—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.50%	(j)	9.61%				08/2028	5,415	5,353		0.2		5,415
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(e)	6.70%				08/2028	2,839	3,389		0.1		2,806
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SF +	6.50%	(i)	8.76%				08/2028	790	940		—		784
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.45%	(e)	7.64%				08/2028	677	756		—		669
Baduhenna Bidco Limited+(5)(8)(9)(10)	One stop	SF +	6.50%		N/A(6)				08/2028	—	(17)		—		(8)
Belmont Instrument, LLC+	One stop	SF +	6.25%	(l)	9.69%				08/2028	9,900	9,803		0.4		9,801
Belmont Instrument, LLC+(5)	One stop	SF +	6.25%		N/A(6)				08/2028	—	(1)		—		(1)
Blades Buyer, Inc.#+	Senior secured	SF +	4.75%	(l)(m)	7.43%				03/2028	10,045	9,940		0.4		9,786
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(k)	7.47%				03/2028	33	31		—		27
Blades Buyer, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				03/2028	—	(1)		—		(8)
Blades Buyer, Inc.+	Senior secured	SF +	4.75%		N/A(6)				03/2028	—	—		—		—
Blue River Pet Care, LLC*#+	One stop	L +	5.00%	(a)	8.12%				07/2026	51,197	50,889		2.0		50,686
Blue River Pet Care, LLC+(5)	One stop	L +	5.00%		N/A(6)				08/2025	—	(2)		—		(4)
Blue River Pet Care, LLC+(5)	One stop	L +	5.00%		N/A(6)				07/2026	—	(10)		—		(11)
Blue River Pet Care, LLC+	One stop	L +	5.00%	(a)	7.94%				07/2026	180	178		—		178
Blue River Pet Care, LLC+	One stop	L +	5.00%	(a)	8.12%				07/2026	173	172		—		171
CCSL Holdings, LLC*+	One stop	SF +	6.50%	(k)	9.63%				12/2026	15,399	15,261		0.6		15,244
CCSL Holdings, LLC+	One stop	SF +	6.50%	(k)	9.63%				12/2026	4,156	4,123		0.2		4,114
CCSL Holdings, LLC+(8)(9)	One stop	SN +	6.50%	(i)	8.79%				12/2026	2,175	2,428		0.1		2,154
CCSL Holdings, LLC+	One stop	SF +	6.50%	(d)(k)	9.73%				12/2026	115	113		—		113
CCSL Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2026	—	(15)		—		(14)
CCSL Holdings, LLC+(5)	One stop	SF +	6.50%		N/A(6)				12/2026	—	(24)		—		(26)
CMI Parent Inc.#+	Senior secured	L +	4.25%	(b)	7.26%				08/2025	6,499	6,563		0.3		6,434
CMI Parent Inc.+	Senior secured	L +	4.25%	(b)	7.92%				08/2025	3,220	3,196		0.1		3,188
CMI Parent Inc.+(5)	Senior secured	L +	4.25%		N/A(6)				08/2025	—	(2)		—		(4)
CMI Parent Inc.+	Senior secured	SF +	4.75%	(l)	8.30%				08/2025	2,932	2,903		0.1		2,903
G & H Wire Company, Inc.#+	One stop	L +	8.00%	(c)	11.17%	cash/	1.00%	PIK	09/2023	11,133	11,109		0.4		10,911
G & H Wire Company, Inc.+	One stop	L +	8.00%	(b)	10.24%	cash/	1.00%	PIK	10/2022	72	72		—		68
Joerns Healthcare, LLC*+(7)	One stop	SF +	16.00%	(l)	9.75%	cash/	10.00%	PIK	08/2024	2,084	1,963		—		104
Joerns Healthcare, LLC*+(7)	One stop	SF +	16.00%	(l)	9.75%	cash/	10.00%	PIK	08/2024	2,003	1,889		—		—
Joerns Healthcare, LLC+	One stop	N/A			15.00%	PIK			11/2022	1,290	1,287		—		1,161
										136,705	136,703		5.1		130,975

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, 2022

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

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, 2022

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

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, 2022

(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	C +	4.50%	(h)	7.26%				03/2027		$	11,520	0.4	%	$	11,224
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(5)(8)(9)(12)	One stop	C +	4.50%		N/A(6)				03/2027	—	(2)		—		—
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.67%				03/2027	502	542		—		502
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.67%				03/2027	178	183		—		178
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	L +	4.50%	(b)	8.17%				03/2027	74	74		—		74
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(5)(8)(12)	One stop	SF +	4.50%		N/A(6)				03/2027	—	(1)		—		—
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	C +	4.50%	(h)	8.67%				03/2027	736	777		—		736
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(l)	7.63%				12/2026	844	837		—		827
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(l)	7.63%				12/2026	62	61		—		59
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—	—		—		—
Klick Inc.+(8)(12)	Senior secured	L +	4.50%	(b)	8.17%				03/2028	9,997	9,919		0.4		9,997
Klick Inc.+(5)(8)(12)	Senior secured	L +	4.50%		N/A(6)				03/2026	—	(1)		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	8.92%				05/2025	2,311	2,305		0.1		2,311
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	8.92%				05/2025	1,858	1,846		0.1		1,858
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	8.92%				05/2025	1,091	1,113		—		1,091
Krueger-Gilbert Health Physics, LLC+	Senior secured	L +	5.25%	(b)	8.92%				05/2025	60	60		—		60
Krueger-Gilbert Health Physics, LLC+(5)	Senior secured	L +	5.25%		N/A(6)				05/2025	—	(14)		—		—
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.67%				05/2028	17,736	19,985		0.7		17,381
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2028	4,326	4,275		0.2		4,239
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2028	2,816	2,791		0.1		2,760
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.67%				05/2028	1,081	1,188		—		1,060
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.67%				05/2028	563	586		—		519
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	C +	5.50%	(h)	9.65%				05/2026	103	106		—		100
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2026	60	60		—		59
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)	One stop	L +	5.50%	(b)	9.17%				05/2028	18	18		—		16
Oliver Street Dermatology Holdings, LLC+(7)	One stop	SF +	11.43%	(l)	15.13%				01/2023	22,787	16,786		0.7		17,090
Oliver Street Dermatology Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				01/2023	13,521	12,666		0.5		12,845
Oliver Street Dermatology Holdings, LLC+	One stop	SF +	6.25%	(l)	9.95%				01/2023	348	329		—		331
Pinnacle Treatment Centers, Inc.#+	One stop	L +	5.75%	(b)	8.56%				01/2023	18,732	18,730		0.7		18,732
Pinnacle Treatment Centers, Inc.*	One stop	L +	5.75%	(b)	8.56%				01/2023	7,553	7,548		0.3		7,553
Pinnacle Treatment Centers, Inc.#+	One stop	L +	5.75%	(b)	8.56%				01/2023	1,539	1,539		0.1		1,539
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	695	695		—		695
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	184	184		—		184
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(a)	8.81%				01/2023	145	145		—		145
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	105	105		—		105
Pinnacle Treatment Centers, Inc.+	One stop	L +	5.75%	(b)	8.56%				01/2023	37	37		—		37
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	25,694	25,514		0.8		19,270
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	312	310		—		234
PPT Management Holdings, LLC+(7)	One stop	L +	10.50%	(b)	8.28%	cash/	4.50%	PIK	12/2022	284	282		—		214
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	184	183		—		138
PPT Management Holdings, LLC+(7)	One stop	L +	8.50%	(b)	8.28%	cash/	2.50%	PIK	12/2022	90	88		—		68
PPT Management Holdings, LLC+	One stop	L +	10.50%		N/A(6)				12/2022	—	—		—		—

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, 2022

(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)
Suveto Buyer, LLC+	One stop	L +	5.00%	(b)	8.67%	09/2027		$	18,110	0.7	%	$	17,528
Suveto Buyer, LLC+	One stop	L +	5.00%	(b)	8.66%	09/2027	64	62		—		58
							470,089	459,629		16.0		405,913

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, 2022

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

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, 2022

(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)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC#	One stop	SF +	6.00%	(m)	9.19%				08/2028		$	7,604	0.3	%	$	7,602
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—	(1)		—		(1)
Barteca Restaurants, LLC+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—	(20)		—		(20)
BJH Holdings III Corp.*#+	One stop	L +	4.50%	(a)	7.58%				08/2025	50,571	51,317		2.0		49,561
BJH Holdings III Corp.+	One stop	L +	4.50%	(a)	7.59%				08/2025	70	66		—		54
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	8.37%				07/2024	7,096	7,080		0.3		7,096
Davidson Hotel Company, LLC+	One stop	L +	5.25%	(a)	8.37%				07/2024	1,092	1,090		—		1,092
Davidson Hotel Company, LLC+	One stop	L +	5.25%		N/A(6)				07/2024	—	—		—		—
EOS Fitness Opco Holdings, LLC*#+	One stop	SF +	4.75%	(m)	7.58%				01/2026	9,393	9,401		0.4		9,393
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(c)(m)	7.58%				01/2026	896	897		—		896
EOS Fitness Opco Holdings, LLC+	One stop	SF +	4.75%	(c)(m)	7.58%				01/2026	8	8		—		8
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				01/2026	—	(12)		—		—
Freddy's Frozen Custard LLC+	One stop	L +	5.00%	(b)	8.16%				03/2027	9,160	9,093		0.4		9,160
Freddy's Frozen Custard LLC+(5)	One stop	L +	5.00%		N/A(6)				03/2027	—	(1)		—		—
Harri US LLC+	One stop	L +	10.00%	(b)	8.91%	cash/	4.00%	PIK	08/2026	804	720		—		806
Harri US LLC+	One stop	L +	10.00%		N/A(6)				08/2026	—	—		—		—
Harri US LLC+(5)	One stop	L +	10.00%		N/A(6)				08/2026	—	(6)		—		4
Health Buyer, LLC+	Senior secured	SF +	5.25%	(m)	7.98%				04/2029	2,604	2,567		0.1		2,447
Health Buyer, LLC+	Senior secured	SF +	5.25%	(k)	8.03%				04/2028	2	2		—		1
SSRG Holdings, LLC+	One stop	SF +	4.75%	(l)	8.45%				11/2025	1,000	990		—		1,000
SSRG Holdings, LLC+	One stop	SF +	4.75%	(l)	8.45%				11/2025	20	20		—		20
Tropical Smoothie Cafe Holdings, LLC+	One stop	SF +	5.25%	(l)	7.98%				09/2026	19,950	19,767		0.8		19,950
Tropical Smoothie Cafe Holdings, LLC*#	One stop	SF +	5.25%	(k)(l)	8.26%				09/2026	13,695	13,553		0.6		13,695
Tropical Smoothie Cafe Holdings, LLC#	One stop	SF +	5.25%	(k)(l)	8.01%				09/2026	5,830	5,773		0.2		5,830
Tropical Smoothie Cafe Holdings, LLC+(5)	One stop	SF +	4.25%		N/A(6)				09/2026	—	(1)		—		—
										129,870	129,907		5.1		128,594
Household Durables
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	4,615	4,569		0.2		4,615
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	1,805	1,786		0.1		1,805
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	1,203	1,193		—		1,203
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	1,072	1,060		—		1,072
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.08%				01/2026	82	82		—		82
Groundworks LLC+	Senior secured	L +	5.00%	(b)	7.81%				01/2026	56	52		—		56
Groundworks LLC+	Senior secured	L +	5.00%		N/A(6)				01/2026	—	—		—		—
										8,833	8,742		0.3		8,833
Household Products
WU Holdco, Inc.#+	One stop	L +	5.50%	(b)	9.17%				03/2026	3,743	3,790		0.1		3,630
WU Holdco, Inc.+	One stop	L +	5.50%	(b)	9.17%				03/2026	1,318	1,318		0.1		1,279
WU Holdco, Inc.+	One stop	L +	5.50%	(b)	9.17%				03/2026	342	340		—		332
WU Holdco, Inc.+	One stop	L +	5.50%	(b)(c)	8.11%				03/2025	26	25		—		24
										5,429	5,473		0.2		5,265
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+	Senior secured	L +	4.75%	(a)	7.87%				04/2026	2,355	2,401		0.1		2,331
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%	(b)	8.42%				04/2026	135	134		—		134
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%	(b)	8.42%				04/2026	76	75		—		74
Arch Global CCT Holdings Corp.+	Senior secured	L +	4.75%		N/A(6)				04/2025	—	—		—		—
Dwyer Instruments, Inc.+	One stop	L +	6.00%	(b)	9.67%				07/2027	3,922	3,847		0.2		3,844
Dwyer Instruments, Inc.+	One stop	L +	5.50%	(c)	8.38%				07/2027	7	6		—		6

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, 2022

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

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, 2022

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

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, 2022

(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)
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	9.69%				10/2026		$	784	—	%	$	772
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	9.69%				10/2026	392	387		—		384
Sunstar Insurance Group, LLC+	Senior secured	SF +	6.00%	(l)	9.65%				10/2026	2	2		—		2
TigerRisk, LLC*+	One stop	L +	4.75%	(a)	7.87%				06/2027	22,662	22,485		0.9		22,662
TigerRisk, LLC+(5)	One stop	L +	4.75%		N/A(6)				06/2027	—	(1)		—		—
										232,622	231,767		8.9		225,751
Internet & Catalog Retail
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	15,012	14,899		0.6		14,562
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	8,786	8,720		0.3		8,523
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	4,357	4,324		0.2		4,226
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	2,624	2,605		0.1		2,546
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	1,691	1,677		0.1		1,641
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	397	395		—		385
Revalize, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2027	228	226		—		222
Revalize, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2027	—	(1)		—		(8)
										33,095	32,845		1.3		32,097
IT Services
Acquia, Inc.+	One stop	L +	7.00%	(a)	9.63%				10/2025	9,578	9,509		0.4		9,578
Acquia, Inc.+	One stop	L +	7.00%	(b)(c)	10.18%				10/2025	23	22		—		23
CivicPlus, LLC+	One stop	L +	6.00%	(a)	9.12%				08/2027	6,174	6,109		0.3		6,112
CivicPlus, LLC+	One stop	L +	6.00%	(a)	9.12%				08/2027	3,646	3,612		0.2		3,610
CivicPlus, LLC+	One stop	L +	6.00%	(b)	9.67%				08/2027	2,894	2,863		0.1		2,865
CivicPlus, LLC+	One stop	SF +	11.75%	(m)	14.38%				06/2034	202	197		—		200
CivicPlus, LLC+(5)	One stop	L +	6.00%		N/A(6)				08/2027	—	(1)		—		(1)
Critical Start, Inc.+	One stop	SF +	5.75%	(k)	5.65%	cash/	3.13%	PIK	05/2028	3,251	3,221		0.1		3,219
Critical Start, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—	(1)		—		(1)
Delinea Inc.+	One stop	L +	6.00%	(a)	9.12%				03/2028	16,581	16,388		0.6		15,420
Delinea Inc.#	One stop	L +	6.00%	(a)	9.12%				03/2028	9,586	9,471		0.4		8,915
Delinea Inc.+	One stop	L +	6.00%	(a)	9.12%				03/2027	118	116		—		104
Episerver, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2026	21,494	21,261		0.8		20,635
Episerver, Inc.+(8)(9)	One stop	E +	6.00%	(e)	7.19%				04/2026	17,564	20,276		0.7		16,976
Episerver, Inc.#+	One stop	L +	5.75%	(b)	9.42%				04/2026	11,937	12,007		0.5		11,460
Episerver, Inc.+	One stop	L +	5.75%	(b)	9.42%				04/2026	6,601	6,520		0.2		6,337
Episerver, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2026	—	(3)		—		(22)
Episerver, Inc.+(5)	One stop	L +	5.75%		N/A(6)				04/2026	—	(3)		—		(20)
Goldcup 31018 AB+(8)(9)(17)	One stop	E +	7.07%	(f)	3.57%	cash/	3.82%	PIK	07/2029	7,666	7,736		0.3		7,571
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				01/2029	—	(2)		—		(2)
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2029	—	(16)		—		(16)
Infinisource, Inc.#+	One stop	L +	5.25%	(c)	8.13%				10/2026	27,812	27,484		1.1		27,534
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	8,403	8,334		0.3		8,319
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	2,026	1,991		0.1		2,006
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	303	301		—		300
Infinisource, Inc.+	One stop	L +	5.25%	(b)	8.92%				10/2026	213	212		—		211
Infinisource, Inc.+	One stop	L +	5.25%	(c)	8.13%				10/2026	105	105		—		104
Infinisource, Inc.+	One stop	L +	5.25%	(b)	8.92%				10/2026	57	47		—		45
Infinisource, Inc.+(5)	One stop	L +	5.25%		N/A(6)				10/2026	—	(1)		—		(2)
Infinisource, Inc.+	One stop	L +	5.25%	(b)	8.92%				10/2026	86	75		—		85
Netwrix Corporation+	One stop	SF +	5.00%	(l)	7.90%				06/2029	3,534	3,503		0.1		3,499
Netwrix Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—	(2)		—		(2)
Netwrix Corporation+	One stop	SF +	5.00%	(l)	8.44%				06/2029	129	121		—		110

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, 2022

(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)
PCS Intermediate II Holdings, LLC+	One stop	L +	5.25%	(c)	8.62%	01/2026		$	14,122	0.6	%	$	14,201
PCS Intermediate II Holdings, LLC+	One stop	L +	5.25%	(c)	8.62%	01/2026	2,050	2,035		0.1		2,050
PCS Intermediate II Holdings, LLC+(5)	One stop	L +	5.25%		N/A(6)	01/2026	—	(1)		—		—
Recordxtechnologies, LLC#	One stop	L +	5.50%	(b)	9.17%	12/2025	728	724		—		699
Recordxtechnologies, LLC+	One stop	L +	5.50%	(b)	9.17%	12/2025	114	113		—		109
Recordxtechnologies, LLC+	One stop	L +	5.50%	(b)	9.17%	12/2025	59	58		—		55
Red Dawn SEI Buyer, Inc.+(8)(9)	Senior secured	SN +	4.50%	(i)	6.69%	11/2025	19,267	23,496		0.7		18,882
Red Dawn SEI Buyer, Inc.+	Senior secured	L +	4.50%	(c)	8.67%	11/2025	5,542	5,505		0.2		5,431
Red Dawn SEI Buyer, Inc.+	Senior secured	L +	4.25%	(c)	8.42%	11/2025	737	732		—		717
Red Dawn SEI Buyer, Inc.+	Senior secured	L +	4.25%	(c)	8.42%	11/2025	131	130		—		127
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)	11/2025	—	(2)		—		(5)
Red Dawn SEI Buyer, Inc.+(5)	Senior secured	L +	4.25%		N/A(6)	11/2025	—	(1)		—		(3)
Red Dawn SEI Buyer, Inc.+	Senior secured	L +	4.50%	(b)(c)	8.67%	11/2025	169	167		—		166
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(l)	14.30%	10/2026	1,098	1,077		—		1,098
ReliaQuest Holdings, LLC+	One stop	SF +	10.75%	(l)	14.30%	10/2026	50	50		—		50
ReliaQuest Holdings, LLC+(5)	One stop	SF +	10.75%		N/A(6)	10/2026	—	(2)		—		—
Saturn Borrower Inc.+	One stop	L +	6.50%	(b)	10.17%	09/2026	19,977	19,572		0.7		18,978
Saturn Borrower Inc.+	One stop	L +	6.50%	(b)	10.17%	09/2026	103	101		—		98
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%	(k)	9.63%	07/2027	4,789	4,789		0.2		4,789
Zarya Holdco, Inc.+	Senior secured	SF +	6.50%		N/A(6)	07/2027	—	—		—		—
							228,998	234,117		8.7		222,614

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, 2022

(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)
Leisure Products
WBZ Investment LLC#+	One stop	L +	6.25%	(b)(c)	8.13%	cash/	1.00%	PIK	09/2024		$	8,679	0.3	%	$	8,649
WBZ Investment LLC+	One stop	L +	6.25%	(b)(c)	8.13%	cash/	1.00%	PIK	09/2024	1,239	1,235		0.1		1,239
WBZ Investment LLC+	One stop	L +	6.25%	(b)(c)	8.13%	cash/	1.00%	PIK	09/2024	861	875		—		861
WBZ Investment LLC+	One stop	L +	6.25%	(c)	8.13%	cash/	1.00%	PIK	09/2024	444	452		—		444
WBZ Investment LLC+	One stop	L +	6.25%		N/A(6)				09/2024	—	—		—		—
										11,193	11,241		0.4		11,193
Life Sciences Tools & Services
Covaris Intermediate 3, LLC+	One stop	L +	4.75%	(b)	7.56%				01/2028	5,909	5,856		0.2		5,909
Covaris Intermediate 3, LLC+	One stop	L +	5.25%	(a)	8.37%				01/2028	18	18		—		18
Covaris Intermediate 3, LLC+(5)	One stop	L +	4.75%		N/A(6)				01/2028	—	(2)		—		—
PAS Parent Inc.*#+	One stop	L +	5.50%	(a)(b)	8.62%				12/2028	33,706	33,102		1.3		32,694
PAS Parent Inc.+	One stop	P +	4.50%	(a)(d)	10.07%				12/2027	161	153		—		151
PAS Parent Inc.+(5)	One stop	L +	5.50%		N/A(6)				12/2028	—	(5)		—		(8)
Reaction Biology Corporation#	One stop	SF +	5.25%	(m)	9.48%				03/2029	8,023	7,949		0.3		7,783
Reaction Biology Corporation+	One stop	SF +	5.25%	(m)	9.48%				03/2029	60	55		—		45
Reaction Biology Corporation+(5)	One stop	P +	4.25%		N/A(6)				03/2029	—	(1)		—		(5)
Unchained Labs, LLC+	Senior secured	L +	5.50%	(a)	8.62%				08/2027	999	972		0.1		999
Unchained Labs, LLC+	Senior secured	L +	5.50%	(a)	8.62%				08/2027	844	830		—		844
Unchained Labs, LLC+	Senior secured	L +	5.50%		N/A(6)				08/2027	—	—		—		—
										49,720	48,927		1.9		48,430
Machinery
Bad Boy Mowers Acquisition, LLC+	Senior secured	L +	4.25%	(b)	7.38%				03/2028	1,866	1,862		0.1		1,866
Blackbird Purchaser, Inc.*+	Senior secured	L +	4.50%	(a)	7.62%				04/2026	19,084	19,205		0.7		18,893
Blackbird Purchaser, Inc.+	Senior secured	L +	4.50%	(a)	7.62%				10/2025	58	57		—		56
Blackbird Purchaser, Inc.+(5)	Senior secured	L +	4.50%		N/A(6)				04/2026	—	(2)		—		(3)
Chase Industries, Inc.+(7)	Senior secured	L +	7.00%	(c)	9.88%				05/2025	12,059	12,117		0.4		9,853
Chase Industries, Inc.+(7)	Senior secured	L +	7.00%	(b)	10.67%				05/2025	985	1,005		—		805
Chase Industries, Inc.+(7)	Senior secured	L +	7.00%	(c)	9.80%				05/2025	350	350		—		280
										34,402	34,594		1.2		31,750
Marine
Project Nike Purchaser, LLC+	One stop	SF +	6.00%	(l)	9.55%				04/2029	19,000	18,822		0.7		18,430
Project Nike Purchaser, LLC+(5)	One stop	P +	5.00%		N/A(6)				04/2029	—	(2)		—		(8)
Project Nike Purchaser, LLC+(5)	One stop	P +	5.00%		N/A(6)				04/2029	—	(7)		—		(23)
										19,000	18,813		0.7		18,399
Media
Triple Lift, Inc.+	One stop	SF +	5.50%	(l)(m)	9.36%				05/2028	5,343	5,258		0.3		5,343
Triple Lift, Inc.+	One stop	SF +	5.50%	(m)	9.61%				05/2028	1,133	1,112		0.1		1,133
Triple Lift, Inc.+	One stop	SF +	5.75%	(j)	8.74%				05/2028	27	26		—		27
										6,503	6,396		0.4		6,503
Multiline Retail
Mills Fleet Farm Group LLC*#+	One stop	L +	6.25%	(b)	9.06%				10/2024	45,138	45,090		1.8		45,138

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, 2022

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

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, 2022

(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)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#+	One stop	SF +	5.25%	(l)	8.95%				02/2026		$	25,285	1.0	%	$	25,106
ACP Ulysses Buyer, Inc.+	One stop	SF +	5.25%	(l)	8.95%				02/2026	1,102	1,081		—		1,086
Amalthea Parent, Inc.*#+(8)(12)	One stop	L +	4.75%	(a)	7.87%				03/2027	57,245	56,732		2.2		56,673
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—	(3)		—		(3)
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—	(24)		—		(17)
Amalthea Parent, Inc.+(5)(8)(12)	One stop	SF +	4.75%		N/A(6)				03/2027	—	(3)		—		(3)
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(m)	8.36%				07/2023	2,891	2,921		0.1		2,833
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(l)	8.58%				07/2023	156	156		—		140
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.50%	(m)	9.48%				05/2029	17,179	16,853		0.7		16,835
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.50%		N/A(6)				05/2029	—	(5)		—		(5)
Caerus Midco 3 S.A.R.L.+(5)(8)(13)	One stop	SF +	5.50%		N/A(6)				05/2029	—	(25)		—		(52)
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	8.37%				10/2028	10,627	10,445		0.4		10,096
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	8.37%				10/2027	36	34		—		32
Cobalt Buyer Sub, Inc.+	One stop	L +	5.25%	(a)	8.37%				10/2028	3,240	3,177		0.1		3,062
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(i)	6.69%				08/2028	21,890	26,631		0.9		21,890
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	4.50%	(i)	6.69%				08/2028	2,653	3,004		0.1		2,653
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.50%		N/A(6)				02/2028	—	(2)		—		—
										142,507	146,257		5.5		140,326
Professional Services
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(k)(l)	7.80%				10/2027	2,996	2,945		0.1		2,996
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(k)	8.18%				09/2028	2,273	2,228		0.1		2,227
DISA Holdings Corp.+	Senior secured	SF +	5.50%	(k)	8.18%				09/2028	2	2		—		2
DISA Holdings Corp.+(5)	Senior secured	SF +	5.50%		N/A(6)				09/2028	—	(6)		—		(6)
Eliassen Group, LLC+	One stop	SF +	5.75%	(l)	9.30%				04/2028	1,444	1,431		—		1,444
Eliassen Group, LLC+	One stop	SF +	5.75%	(l)	9.13%				04/2028	4	4		—		4
Filevine, Inc.+	One stop	SF +	6.50%	(l)(m)	5.43%	cash/	2.50%	PIK	04/2027	5,265	5,197		0.2		5,270
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				04/2027	—	—		—		—
IG Investments Holdings, LLC+	One stop	L +	6.00%	(a)(b)	9.47%				09/2028	7,093	6,976		0.3		7,093
IG Investments Holdings, LLC+(5)	One stop	L +	6.00%		N/A(6)				09/2027	—	(1)		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	L +	5.25%	(a)(b)	8.06%				11/2028	7,593	7,543		0.3		7,365
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	L +	5.25%		N/A(6)				11/2028	—	(14)		—		(66)
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	L +	5.25%	(b)	8.10%				11/2028	75	74		—		68
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)	One stop	L +	5.25%		N/A(6)				11/2028	—	(18)		—		(75)
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	8.87%				12/2025	13,235	13,147		0.5		13,103
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	8.87%				12/2025	8,378	8,380		0.3		8,295
Net Health Acquisition Corp.+	One stop	L +	5.75%	(a)	8.87%				12/2025	6,706	6,741		0.3		6,639
Net Health Acquisition Corp.#	One stop	L +	5.75%	(a)	8.88%				12/2025	4,237	4,198		0.2		4,195
Net Health Acquisition Corp.*#	One stop	L +	5.75%	(a)	8.87%				12/2025	1,171	1,172		—		1,159
Net Health Acquisition Corp.+(5)	One stop	L +	5.75%		N/A(6)				12/2025	—	(2)		—		(3)
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%				04/2025	11,416	11,465		0.4		11,416
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%				04/2025	1,932	1,920		0.1		1,932
PlanSource Holdings, Inc.+	One stop	L +	6.25%	(c)	9.55%				04/2025	139	138		—		139
PlanSource Holdings, Inc.+(5)	One stop	L +	6.25%		N/A(6)				04/2025	—	(1)		—		—
ProcessMAP Corporation+	One stop	L +	6.25%	(b)	6.17%	cash/	3.75%	PIK	12/2027	3,948	3,914		0.2		3,869
ProcessMAP Corporation+(5)	One stop	L +	6.00%		N/A(6)				12/2027	—	—		—		(1)
Procure Acquireco, Inc.#+	One stop	L +	5.25%	(c)	8.00%				12/2028	17,634	17,477		0.7		17,634
Procure Acquireco, Inc.+(5)	One stop	L +	5.25%		N/A(6)				12/2028	—	(1)		—		—

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, 2022

(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)
Procure Acquireco, Inc.+(5)	One stop	L +	5.25%		N/A(6)	12/2028		$	(3)	—	%	$	—
Teaching Company, The*#+	One stop	L +	4.75%	(a)	7.69%	07/2023	17,464	17,510		0.7		17,289
Teaching Company, The+(5)	One stop	L +	4.75%		N/A(6)	07/2023	—	—		—		(2)
							113,005	112,416		4.4		111,986

All values are in US Dollars. %

Real Estate Management & Development
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	21,751	21,595	0.9	21,751
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	19,437	19,478	0.8	19,437
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	13,391	13,280	0.5	13,391
Inhabit IQ Inc.*	One stop	L +	5.75%	(a)	8.87%	07/2025	12,367	12,278	0.5	12,367
Inhabit IQ Inc.*#	One stop	L +	5.75%	(a)	8.87%	07/2025	6,518	6,548	0.3	6,518
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	3,176	3,213	0.1	3,176
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	1,395	1,410	0.1	1,395
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	1,181	1,193	—	1,181
Inhabit IQ Inc.#+	One stop	L +	5.75%	(a)	8.87%	07/2025	1,164	1,178	—	1,164
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	931	927	—	931
Inhabit IQ Inc.+	One stop	L +	5.75%	(a)	8.87%	07/2025	491	497	—	491
Inhabit IQ Inc.+	One stop	L +	5.75%		N/A(6)	07/2025	—	—	—	—
MRI Software LLC*+	One stop	L +	5.50%	(b)	9.17%	02/2026	14,360	14,279	0.6	14,216
MRI Software LLC+	One stop	L +	5.50%	(b)	9.17%	02/2026	4,952	4,905	0.2	4,903
MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	(2)	—	(3)
MRI Software LLC+(5)	One stop	L +	5.50%		N/A(6)	02/2026	—	(1)	—	(5)
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(i)	7.94%	08/2028	16,305	20,039	0.6	15,653
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.75%	(g)	8.21%	08/2028	1,912	2,172	0.1	1,836
RPL Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	02/2028	—	—	—	(2)
							119,331	122,989	4.7	118,400
Road & Rail
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%	(b)	8.92%	07/2028	4,241	4,154	0.2	4,199
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%	(a)	8.34%	07/2026	5	4	—	5
Channelside Acquisitona Co, Inc.+	One stop	L +	5.25%		N/A(6)	07/2028	—	—	—	—
Internet Truckstop Group LLC*#	One stop	L +	5.50%	(b)	9.18%	04/2025	21,564	21,843	0.8	21,564
Internet Truckstop Group LLC+	One stop	L +	5.50%	(b)	9.18%	04/2025	9,442	9,355	0.4	9,442
Internet Truckstop Group LLC+(5)	One stop	L +	5.50%		N/A(6)	04/2025	—	(2)	—	—
							35,252	35,354	1.4	35,210

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

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

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, 2022

(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)
Daxko Acquisition Corporation+(5)	One stop	L +	5.50%		N/A(6)				10/2028		$	(10)	—	%	$	(33)
Diligent Corporation*#+	One stop	L +	6.25%	(c)	9.13%				08/2025	86,292	86,221		3.4		85,426
Diligent Corporation+	One stop	L +	5.75%	(c)	8.63%				08/2025	5,964	5,925		0.2		5,832
Diligent Corporation+	One stop	L +	6.25%	(c)	8.49%				08/2025	162	161		—		158
Dragon UK Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(i)	8.19%				02/2029	12,937	15,067		0.5		12,161
Dragon UK Bidco Limited+(8)(9)(10)	One stop	C +	6.00%	(h)	10.20%				02/2029	277	293		—		261
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				02/2029	—	—		—		(6)
FirstUp, Inc.+	One stop	L +	6.75%	(b)	6.92%	cash/	3.50%	PIK	07/2027	8,916	8,848		0.4		8,916
FirstUp, Inc.+(5)	One stop	L +	9.75%		N/A(6)				07/2027	—	(1)		—		—
Gainsight, Inc.+	One stop	L +	6.75%	(b)	9.56%	PIK			07/2027	9,948	9,815		0.4		9,847
Gainsight, Inc.+(5)	One stop	L +	6.75%		N/A(6)				07/2027	—	(2)		—		(1)
GS Acquisitionco, Inc.*#+	One stop	L +	5.75%	(b)(c)	9.85%				05/2026	84,289	84,506		3.2		82,603
GS Acquisitionco, Inc.+	One stop	L +	5.75%	(c)	9.46%				05/2026	186	184		—		180
GS Acquisitionco, Inc.+(5)	One stop	L +	5.75%		N/A(6)				05/2026	—	(4)		—		(40)
GTIV, LLC+	One stop	SF +	5.25%	(m)	8.36%				02/2029	74,215	73,541		2.9		72,731
GTIV, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—	(2)		—		(5)
GTY Technology Holdings, Inc.+	One stop	SF +	6.88%	(l)	9.81%	cash/	0.63%	PIK	07/2029	3,100	3,041		0.1		3,069
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.88%		N/A(6)				07/2029	—	(2)		—		(1)
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.88%		N/A(6)				07/2029	—	(23)		—		(24)
ICIMS, Inc.+	One stop	SF +	6.75%	(l)	9.49%				08/2028	7,775	7,640		0.3		7,707
ICIMS, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				08/2028	—	(1)		—		(1)
ICIMS, Inc.+	One stop	SF +	6.75%		N/A(6)				08/2028	—	—		—		—
IQN Holding Corp. #+	One stop	SF +	5.50%	(l)	8.41%				05/2029	14,682	14,544		0.6		14,535
IQN Holding Corp. +(5)	One stop	SF +	5.50%		N/A(6)				05/2028	—	(1)		—		(1)
IQN Holding Corp. +(5)	One stop	SF +	5.50%		N/A(6)				05/2029	—	(31)		—		(3)
Island Bidco AB+(8)(9)(17)	One stop	E +	7.25%	(f)	0.23%	cash/	7.25%	PIK	07/2028	5,318	5,603		0.2		5,265
Island Bidco AB+(8)(17)	One stop	SF +	7.00%	(m)	6.09%	cash/	3.50%	PIK	07/2028	2,921	2,893		0.1		2,892
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—	—		—		—
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—	(1)		—		(1)
Juvare, LLC*	One stop	L +	6.25%	(b)	9.92%				10/2026	7,526	7,462		0.3		7,451
Juvare, LLC+	One stop	L +	6.25%	(b)	9.92%				10/2026	1,737	1,722		0.1		1,719
Juvare, LLC+	One stop	L +	6.25%	(b)	9.92%				10/2026	548	525		—		526
Juvare, LLC+	One stop	L +	6.25%	(b)	9.92%				04/2026	45	45		—		45
Kaseya Inc.+	One stop	SF +	5.75%	(m)	8.29%				06/2029	9,178	9,044		0.4		8,994
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—	(3)		—		(5)
Kaseya Inc.+(5)	One stop	SF +	5.75%		N/A(6)				06/2029	—	(5)		—		(11)
Mindbody, Inc.+	One stop	L +	8.50%	(b)	10.64%	cash/	1.50%	PIK	02/2025	50,096	50,522		2.0		50,096
Mindbody, Inc.+	One stop	L +	8.50%	(b)	10.64%	cash/	1.50%	PIK	02/2025	5,610	5,570		0.2		5,610
Mindbody, Inc.+	One stop	L +	8.00%		N/A(6)				02/2025	—	—		—		—
Ministry Brands Holdings LLC+	One stop	L +	5.50%	(b)	9.17%				12/2028	21,981	21,785		0.8		21,322
Ministry Brands Holdings LLC+(5)	One stop	L +	5.50%		N/A(6)				12/2027	—	(2)		—		(5)
Ministry Brands Holdings LLC+(5)	One stop	L +	5.50%		N/A(6)				12/2028	—	(5)		—		(18)
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%	(e)	6.00%				07/2028	6,408	7,633		0.2		6,216
Neo Bidco GMBH+(8)(13)	One stop	L +	6.00%	(b)	9.29%				01/2028	59	59		—		58
Neo Bidco GMBH+(8)(9)(13)	One stop	E +	6.00%		N/A(6)				01/2028	—	—		—		—
Newscycle Solutions, Inc.+	Senior secured	L +	7.00%	(b)	10.67%				12/2022	109	109		—		109

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, 2022

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

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, 2022

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

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, 2022

(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)
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025		$	28,542	1.1	%	$	28,178
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	4,986	4,954		0.2		4,986
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	3,532	3,477		0.1		3,532
Workforce Software, LLC+	One stop	L +	6.50%	(b)	9.57%				07/2025	118	116		—		118
Workforce Software, LLC+	One stop	L +	7.25%	(b)	7.32%	cash/	3.00%	PIK	07/2025	69	68		—		69
										1,316,756	1,316,394		51.1		1,300,853

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, 2022

(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%	(l)	9.20%	02/2028		$	25,427	1.0	%	$	25,119
Ave Holdings III, Corp+	One stop	P +	4.50%	(d)	10.75%	02/2028	14	12		—		10
Ave Holdings III, Corp+	One stop	SF +	5.50%	(l)	8.71%	02/2028	103	91		—		67
Batteries Plus Holding Corporation*#	One stop	L +	6.75%	(a)	9.87%	06/2023	21,921	21,921		0.9		21,921
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)	9.87%	06/2023	1,420	1,417		0.1		1,420
Batteries Plus Holding Corporation+	One stop	L +	6.75%	(a)(d)	9.93%	06/2023	145	145		—		145
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	11,538	11,351		0.5		11,192
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	9,975	9,880		0.4		9,676
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	7.48%	05/2028	8,342	9,483		0.4		8,271
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	2,158	2,123		0.1		2,093
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	1,435	1,421		0.1		1,392
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(l)	9.45%	05/2028	734	716		0.1		712
Consilio Midco Limited+(5)(8)(10)	One stop	SF +	5.75%		N/A(6)	05/2028	—	(2)		—		(3)
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(e)	7.48%	05/2028	35	34		—		33
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%		N/A(6)	05/2028	—	—		—		—
Cycle Gear, Inc.*#+	One stop	SF +	5.50%	(l)	9.20%	01/2026	48,851	48,738		1.9		47,874
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	20,664	20,597		0.8		20,664
Imperial Optical Midco Inc.#	One stop	L +	6.75%	(a)	9.87%	08/2023	4,767	4,746		0.2		4,767
Imperial Optical Midco Inc.#	One stop	L +	6.75%	(a)	9.87%	08/2023	4,149	4,131		0.2		4,149
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	3,590	3,604		0.2		3,590
Imperial Optical Midco Inc.*+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,798	2,792		0.1		2,798
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,763	2,751		0.1		2,763
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,238	2,229		0.1		2,238
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	2,058	2,049		0.1		2,058
Imperial Optical Midco Inc.#+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,903	1,918		0.1		1,903
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,654	1,647		0.1		1,654
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,454	1,448		0.1		1,454
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,435	1,429		0.1		1,435
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,390	1,384		0.1		1,390
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,369	1,363		0.1		1,369
Imperial Optical Midco Inc.#+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,238	1,248		—		1,238
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,145	1,140		0.1		1,145
Imperial Optical Midco Inc.*+	One stop	L +	6.75%	(a)	9.87%	08/2023	1,128	1,137		0.1		1,128
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	967	963		0.1		967
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	879	875		—		879
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	660	657		—		660
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	632	629		—		632
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	625	622		—		625
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	554	552		—		554
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	502	499		—		502
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	499	497		—		499
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	486	484		—		486
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	477	475		—		477
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	459	454		—		459
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	454	452		—		454
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	450	448		—		450
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	446	444		—		446

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, 2022

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

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, 2022

(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)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023		$	124	—	%	$	124
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	114	113		—		114
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	114	114		—		114
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	114	114		—		114
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	112	111		—		112
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	109	109		—		109
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	106	106		—		106
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	105	105		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	105	104		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	105	104		—		105
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	99	99		—		99
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	96	95		—		96
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	86	85		—		86
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	86	85		—		86
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	82	82		—		82
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	79	79		—		79
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	79	78		—		79
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75	75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75	75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75	75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	75	75		—		75
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	74	74		—		74
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	74	73		—		74
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	71	71		—		71
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	68	68		—		68
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	68	68		—		68
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	65	65		—		65
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	64	63		—		64
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	63	62		—		63
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	62	61		—		62
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	60	60		—		60
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	59	59		—		59
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	56	55		—		56
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	55	55		—		55
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	54	54		—		54
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	52	52		—		52
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	47	47		—		47
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	42	42		—		42
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	41	41		—		41
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	40	40		—		40
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	39	38		—		39
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	36	35		—		36
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	34	34		—		34
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	35	34		—		35
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	35	35		—		35
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	34	34		—		34
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	33	32		—		33
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	31	31		—		31
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	29	29		—		29

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, 2022

(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)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023		$	29	—	%	$	29
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	29	29		—		29
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	28	27		—		28
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	27	27		—		27
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	27	26		—		27
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	26	26		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	26	26		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	25	25		—		25
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	25	25		—		25
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	24	24		—		24
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	23	23		—		23
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	23	23		—		23
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	21	21		—		21
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19	19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19	19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19	19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19	19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	19	19		—		19
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	18	18		—		18
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	17	17		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	17	17		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	17	17		—		17
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	16	16		—		16
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	15	15		—		15
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	14	14		—		14
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13	12		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13	13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13	13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13	13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13	13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	13	13		—		13
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	12	11		—		12
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	11	11		—		11
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	11	11		—		11
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10	10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10	10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10	10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	10	10		—		10
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9	9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9	9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9	9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	9	9		—		9
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8	8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8	8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8	8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	8	8		—		8
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	7	7		—		7
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	6	6		—		6
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%	08/2023	6	6		—		6

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, 2022

(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)
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023		$	5	—	%	$	5
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	5	5		—		5
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	3	3		—		3
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	386	384		—		386
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	170	169		—		170
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	58	57		—		58
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	38	38		—		38
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	26	26		—		26
Imperial Optical Midco Inc.+	One stop	L +	6.75%	(a)	9.87%				08/2023	17	16		—		17
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C +	5.75%	(h)	9.92%				11/2024	16,781	17,761		0.6		16,381
Jet Equipment & Tools Ltd.*#(8)(12)	One stop	SF +	5.75%	(l)	9.45%				11/2024	12,113	12,223		0.5		11,824
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	6.00%	(l)	9.70%				11/2024	5,307	5,265		0.2		5,205
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C +	6.00%	(h)	10.17%				11/2024	4,917	5,120		0.2		4,822
Jet Equipment & Tools Ltd.#+(8)(12)	One stop	SF +	5.75%	(l)	9.45%				11/2024	4,219	4,252		0.2		4,118
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.75%	(l)	9.45%				11/2024	1,550	1,542		0.1		1,513
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.75%	(d)(k)	9.82%				11/2024	310	310		—		302
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	CP +	4.75%	(n)	10.20%				11/2024	39	43		—		38
Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	C +	6.00%	(h)	10.17%				11/2024	2,121	2,269		0.1		2,080
Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	6.50%	(l)	10.20%				11/2024	1,035	1,014		0.1		1,025
PPV Intermediate Holdings, LLC+	One stop	SF +	5.75%	(l)(m)	9.29%				08/2029	7,738	7,590		0.3		7,583
PPV Intermediate Holdings, LLC+	One stop	N/A			13.00%				08/2030	918	896		—		895
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—	(8)		—		(8)
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—	(23)		—		(19)
PPV Intermediate Holdings, LLC+(5)	One stop	N/A			13.00%				08/2030	—	(3)		—		(4)
Salon Lofts Group, LLC+	One stop	SF +	5.75%	(l)	9.30%				08/2028	3,576	3,541		0.1		3,540
Salon Lofts Group, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—	(2)		—		(2)
Salon Lofts Group, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—	(18)		—		(18)
Sola Franchise, LLC and Sola Salon Studios, LLC#+	One stop	SF +	4.75%	(l)	8.45%				10/2024	11,850	11,821		0.5		11,850
Sola Franchise, LLC and Sola Salon Studios, LLC#+	One stop	SF +	4.75%	(l)	8.45%				10/2024	1,674	1,702		0.1		1,674
Sola Franchise, LLC and Sola Salon Studios, LLC+	One stop	SF +	4.75%		N/A(6)				10/2024	—	—		—		—
Titan Fitness, LLC*#+	One stop	L +	6.75%	(a)(b)	7.56%	cash/	2.00%	PIK	02/2025	30,810	30,991		1.1		28,958
Titan Fitness, LLC+	One stop	L +	6.75%	(b)	7.00%	cash/	2.00%	PIK	02/2025	1,918	1,908		0.1		1,803
Titan Fitness, LLC+	One stop	L +	6.75%	(b)	7.00%	cash/	2.00%	PIK	02/2025	490	487		—		458
Vermont Aus Pty Ltd+(8)(11)	One stop	SF +	5.50%	(l)	9.20%				03/2028	8,342	8,228		0.3		8,342
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(g)	8.86%				03/2028	7,286	8,376		0.3		7,286
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(l)	9.31%				04/2028	8,308	8,193		0.3		8,225
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	P +	4.50%	(d)	10.75%				04/2028	69	67		—		68
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	L +	5.50%	(b)	9.31%				04/2028	7	2		—		4
										344,146	346,216		13.3		338,066

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, 2022

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

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, 2022

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Equity Investments (19)(20)
Aerospace and Defense
Tronair Parent, Inc.+	LLC units	N/A	N/A	N/A	—	$	40	—	%	$	27
Whitcraft LLC+	Common Stock	N/A	N/A	N/A	11	2,285		0.1		2,870
						2,325		0.1		2,897
Auto Components
Polk Acquisition Corp.+	LP interest	N/A	N/A	N/A	5	314		—		60
Automobiles
CG Group Holdings, LLC+	LP units	N/A	N/A	N/A	1	730		—		597
Go Car Wash Parent, Corp.+	Preferred stock	N/A	N/A	N/A	—	47		—		50
Go Car Wash Parent, Corp.+	Common Stock	N/A	N/A	N/A	—	29		—		36
MOP GM Holding, LLC+	LP units	N/A	N/A	N/A	—	330		—		481
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A	N/A	1	61		—		61
POY Holdings, LLC+	LLC units	N/A	N/A	N/A	141	141		—		278
Quick Quack Car Wash Holdings, LLC	LLC interest	N/A	N/A	N/A	—	508		0.1		1,020
						1,846		0.1		2,523
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A	N/A	177	1,769		0.1		1,536
Building Products
BECO Holding Company, Inc.+	Preferred stock	N/A	N/A	N/A	10	951		0.1		1,065
BECO Holding Company, Inc.+	LP interest	N/A	N/A	N/A	2	196		—		216
						1,147		0.1		1,281
Chemicals
Inhance Technologies Holdings LLC+	Preferred stock	N/A	N/A	N/A	2	1,960		0.1		2,196
Inhance Technologies Holdings LLC+	LLC units	N/A	N/A	N/A	—	124		—		102
						2,084		0.1		2,298
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A	N/A	540	540		—		579
EGD Security Systems, LLC +	Common Stock	N/A	N/A	N/A	855	855		0.1		803
Hydraulic Authority III Limited+(8)(9)(10)	Preferred stock	N/A	N/A	N/A	284	384		—		474
Hydraulic Authority III Limited+(8)(9)(10)	Common Stock	N/A	N/A	N/A	6	43		—		533
North Haven Stack Buyer, LLC	LLC units	N/A	N/A	N/A	359	359		—		374
PT Intermediate Holdings III, LLC+(21)	LLC units	N/A	N/A	N/A	8	767		—		822
Radwell Parent, LLC+	LP units	N/A	N/A	N/A	2	159		—		182
						3,107		0.1		3,767
Containers and Packaging
Chase Intermediate+	LP units	N/A	N/A	N/A	49	49		—		59
Diversified Consumer Services
CHHJ Midco, LLC+(21)	LLC units	N/A	N/A	N/A	19	193		—		249
DP Flores Holdings, LLC+	LLC units	N/A	N/A	N/A	70	70		—		70
EMS LINQ, LLC+	LP interest	N/A	N/A	N/A	525	525		—		483
EWC Growth Partners LLC+	LLC interest	N/A	N/A	N/A	—	12		—		5
HS Spa Holdings, Inc.+	Common Stock	N/A	N/A	N/A	479	479		—		460
Liminex, Inc.+	Common Stock	N/A	N/A	N/A	12	434		0.1		885
PADI Holdco, Inc.+	LLC interest	N/A	N/A	N/A	1	987		—		305

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)

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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Food & Staples Retailing
Benihana, Inc.+	LLC units	N/A	N/A	N/A	43	$	699	0.1	%	$	718
Cafe Rio Holding, Inc.+	Common Stock	N/A	N/A	N/A	5	603		—		758
Feeders Supply Company, LLC+(21)	Preferred stock	N/A	N/A	N/A	4	401		—		592
Feeders Supply Company, LLC+	Common Stock	N/A	N/A	N/A	—	—		—		181
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	44	217		—		211
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	N/A	20	61		—		60
Mendocino Farms, LLC+	Common Stock	N/A	N/A	N/A	168	770		0.1		1,738
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	32	389		—		155
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	N/A	2	20		—		28
Wetzel's Pretzels, LLC+	Common Stock	N/A	N/A	N/A	—	416		—		884
Wood Fired Holding Corp.+	LLC units	N/A	N/A	N/A	437	444		—		593
Wood Fired Holding Corp.+	Common Stock	N/A	N/A	N/A	437	—		0.1		1,675
						4,020		0.3		7,593
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	77	102		—		114
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	N/A	3	5		—		5
Borrower R365 Holdings, LLC+	Common Stock	N/A	N/A	N/A	1	2		—		2
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	N/A	1	2		—		2
C. J. Foods, Inc.+	Preferred stock	N/A	N/A	N/A	—	75		—		484
Kodiak Cakes, LLC+	Common Stock	N/A	N/A	N/A	—	281		—		148
Kodiak Cakes, LLC+	LLC units	N/A	N/A	N/A	191	191		—		175
Louisiana Fish Fry Products, Ltd.+	Common Stock	N/A	N/A	N/A	—	483		—		251
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	N/A	—	13		—		13
P&P Food Safety Holdings, Inc.+	Common Stock	N/A	N/A	N/A	4	356		—		208
Purfoods, LLC+	LLC interest	N/A	N/A	N/A	—	946		0.2		4,657
						2,456		0.2		6,059
Health Care Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	N/A	—	77		—		101
Blue River Pet Care, LLC+	Common Stock	N/A	N/A	N/A	—	76		—		165
CCSL Holdings, LLC+	LP interest	N/A	N/A	N/A	—	336		—		254
CMI Parent Inc.+(21)	Common Stock	N/A	N/A	N/A	—	132		—		172
CMI Parent Inc.+	Common Stock	N/A	N/A	N/A	3	3		—		279
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	N/A	335	269		—		16
Joerns Healthcare, LLC*+	Common Stock	N/A	N/A	N/A	432	4,329		—		—
						5,222		—		987

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Health Care Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A	N/A	2	$	1,099	—	%	$	386
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A	N/A	1,632	2,235		0.2		3,719
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A	N/A	889	1,023		0.1		2,176
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A	N/A	2	1,119		0.1		1,402
ADCS Clinics Intermediate Holdings, LLC+	Common Stock	N/A	N/A	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A	N/A	129	132		—		154
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A	N/A	429	327		0.1		1,252
DCA Investment Holding, LLC	LLC interest	N/A	N/A	N/A	13,890	1,025		0.1		1,809
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	140	218		0.1		905
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	—	648		—		841
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	—	61		—		64
Emerge Intermediate, Inc.+	LLC units	N/A	N/A	N/A	9	4		—		—
Encore GC Acquisition, LLC+	LLC interest	N/A	N/A	N/A	26	272		—		—
Encore GC Acquisition, LLC+	LLC units	N/A	N/A	N/A	26	52		—		—
Encorevet Group LLC+	Common Stock	N/A	N/A	N/A	—	15		—		21
Encorevet Group LLC+	LLC units	N/A	N/A	N/A	—	11		—		13
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A	N/A	—	262		—		—
Eyecare Services Partners Holdings LLC+	LLC units	N/A	N/A	N/A	—	1		—		—
Krueger-Gilbert Health Physics, LLC+	Common Stock	N/A	N/A	N/A	177	199		—		241
Midwest Veterinary Partners, LLC+	LLC units	N/A	N/A	N/A	1	1,019		—		1,156
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A	N/A	6	—		—		459
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A	N/A	—	29		—		39
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A	N/A	412	335		—		526
NDX Parent, LLC+	Common Stock	N/A	N/A	N/A	—	272		—		91
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common Stock	N/A	N/A	N/A	—	304		—		265
Oliver Street Dermatology Holdings, LLC+	LLC interest	N/A	N/A	N/A	452	234		—		—
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A	N/A	—	528		—		739
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A	N/A	4	74		—		781
Radiology Partners, Inc.+	LLC units	N/A	N/A	N/A	11	68		—		67
Radiology Partners, Inc.+	LLC interest	N/A	N/A	N/A	43	55		—		266
Sage Dental Management, LLC+	LLC units	N/A	N/A	N/A	—	249		—		222
Sage Dental Management, LLC+	LLC units	N/A	N/A	N/A	3	3		—		—
SSH Corporation+	Common Stock	N/A	N/A	N/A	—	40		—		213
Suveto Buyer, LLC+	Common Stock	N/A	N/A	N/A	6	562		—		327
						12,481		0.7		18,134

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Health Care Technology
Connexin Software, Inc.+	LLC interest	N/A	N/A	N/A	154	$	193	—	%	$	208
HSI Halo Acquisition, Inc.+	LP interest	N/A	N/A	N/A	—	288		—		389
HSI Halo Acquisition, Inc.+	LP interest	N/A	N/A	N/A	—	—		—		45
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	12	11,807		0.5		12,515
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	2	2,734		0.2		4,015
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	2	1,427		0.1		1,661
Symplr Software, Inc.+	Preferred stock	N/A	N/A	N/A	1	880		0.1		971
Symplr Software, Inc.+	LLC units	N/A	N/A	N/A	—	161		—		159
Symplr Software, Inc.+	Common Stock	N/A	N/A	N/A	177	—		—		739
Tebra Technologies, Inc.+	Warrant	N/A	N/A	N/A	169	871		—		686
Tebra Technologies, Inc.+	Warrant	N/A	N/A	N/A	53	162		—		162
Tebra Technologies, Inc.+	LLC interest	N/A	N/A	N/A	348	2,824		0.1		2,958
Tebra Technologies, Inc.+	Preferred stock	N/A	N/A	N/A	1	8		—		12
						21,355		1.0		24,520
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+	LP interest	N/A	N/A	N/A	206	206		—		285
Harri US LLC+	LLC units	N/A	N/A	N/A	83	658		—		658
Harri US LLC+	Preferred stock	N/A	N/A	N/A	71	455		—		512
Harri US LLC+	Warrant	N/A	N/A	N/A	18	106		—		129
LMP TR Holdings, LLC(21)	LLC units	N/A	N/A	N/A	712	712		0.1		2,956
SSRG Holdings, LLC+	LP interest	N/A	N/A	N/A	6	61		—		80
Tropical Smoothie Cafe Holdings, LLC+(21)	LP interest	N/A	N/A	N/A	5	246		0.1		945
						2,444		0.2		5,565
Household Durables
Groundworks LLC+	LLC interest	N/A	N/A	N/A	—	155		—		442
Insurance
Majesco+	LP interest	N/A	N/A	N/A	—	307		—		364
Majesco+	LP interest	N/A	N/A	N/A	69	—		—		43
						307		—		407
Internet and Catalog Retail
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	17	17,025		0.7		17,564
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	10	10,219		0.4		10,542
Revalize, Inc.+	Preferred stock	N/A	N/A	N/A	1	1,104		—		1,096
						28,348		1.1		29,202
IT Services
Appriss Health Intermediate Holdings, Inc+	Preferred stock	N/A	N/A	N/A	2	1,994		0.1		2,172
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	587	462		0.2		4,684
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	154	423		0.1		1,228
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A	N/A	N/A	35	291		—		285
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A	N/A	202	159		0.1		1,481
Critical Start, Inc.+	Common Stock	N/A	N/A	N/A	225	225		—		225
Episerver, Inc.+	Common Stock	N/A	N/A	N/A	75	807		—		655
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A	N/A	192	1,103		—		1,171

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Netwrix Corporation+	LLC units	N/A	N/A	N/A	9	$	18	—	%	$	20
PCS Intermediate II Holdings, LLC+	LLC interest	N/A	N/A	N/A	37	367		—		504
Red Dawn SEI Buyer, Inc.+	LP interest	N/A	N/A	N/A	13	13		—		19
Saturn Borrower Inc.+	LP units	N/A	N/A	N/A	346	346		—		109
						6,208		0.5		12,553
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A	N/A	749	210		0.1		1,715
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	67	117		—		192
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	46	80		—		131
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	38	65		—		108
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	33	58		—		95
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	15	24		—		40
WBZ Investment LLC+	LLC interest	N/A	N/A	N/A	2	2		—		4
						556		0.1		2,285
Life Sciences Tools & Services
PAS Parent Inc.+	LP interest	N/A	N/A	N/A	9	933		—		781
Reaction Biology Corporation+	LLC units	N/A	N/A	N/A	—	265		—		267
						1,198		—		1,048
Oil, Gas and Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A	N/A	3	1,632		—		1,004
W3 Co.+	Preferred stock	N/A	N/A	N/A	—	224		—		188
						1,856		—		1,192
Paper and Forest Products
Messenger, LLC+	LLC units	N/A	N/A	N/A	3	312		—		280
Messenger, LLC+	LLC units	N/A	N/A	N/A	—	—		—		—
						312		—		280
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A	N/A	N/A	502	502		0.1		943
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A	N/A	8	7,679		0.4		8,840
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A	N/A	—	168		—		154
Cobalt Buyer Sub, Inc.+	Common Stock	N/A	N/A	N/A	2	2		—		—
						8,351		0.5		9,937

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Professional Services
Brandmuscle, Inc.+	LLC interest	N/A	N/A	N/A	—	$	216	—	%	$	149
Enboarder, Inc.+(8)(11)	Preferred stock	N/A	N/A	N/A	56	573		—		620
Filevine, Inc.+	Preferred stock	N/A	N/A	N/A	221	1,401		0.1		1,479
Filevine, Inc.+	Warrant	N/A	N/A	N/A	33	49		—		153
Net Health Acquisition Corp.+	LP interest	N/A	N/A	N/A	13	1,509		0.1		1,719
Procure Acquireco, Inc.+	LP interest	N/A	N/A	N/A	—	486		—		516
						4,234		0.2		4,636
Real Estate Management & Development
Inhabit IQ Inc.+	Common Stock	N/A	N/A	N/A	62	434		—		472
SC Landco Parent, LLC+(8)	Common Stock	N/A	N/A	N/A	2	274		—		248
						708		—		720
Road & Rail
Internet Truckstop Group LLC+	LP interest	N/A	N/A	N/A	408	447		—		532
Software
Accela, Inc.+	LLC interest	N/A	N/A	N/A	670	418		—		330
Anaplan, Inc.+	LP interest	N/A	N/A	N/A	385	385		—		385
Aras Corporation+	Preferred stock	N/A	N/A	N/A	1	1,000		0.1		1,165
Aras Corporation+	LP interest	N/A	N/A	N/A	306	306		—		247
Astute Holdings, Inc.+	LP interest	N/A	N/A	N/A	—	304		—		754
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A	N/A	N/A	26	256		—		278
Bayshore Intermediate #2, L.P.+	Common Stock	N/A	N/A	N/A	4,095	4,095		0.2		3,834
Calabrio, Inc.+	LP interest	N/A	N/A	N/A	1	769		—		875
Calabrio, Inc.+	LP interest	N/A	N/A	N/A	96	0		—		0
Cloudbees, Inc.+	Preferred stock	N/A	N/A	N/A	149	1,663		0.1		1,905
Cloudbees, Inc.+	Warrant	N/A	N/A	N/A	131	247		0.1		1,342
Cloudbees, Inc.+	Preferred stock	N/A	N/A	N/A	71	466		0.1		877
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A	N/A	N/A	143	508		—		508
Diligent Corporation+	Preferred stock	N/A	N/A	N/A	17	16,587		0.7		18,299
Diligent Corporation+	Preferred stock	N/A	N/A	N/A	415	913		0.1		2,088
FirstUp, Inc.+	Common Stock	N/A	N/A	N/A	221	541		—		361
GS Acquisitionco, Inc.+	Preferred stock	N/A	N/A	N/A	26	25,344		1.1		27,141
GS Acquisitionco, Inc.+	Preferred stock	N/A	N/A	N/A	2	1,532		0.1		1,588
GS Acquisitionco, Inc.+	LP interest	N/A	N/A	N/A	1	170		—		1,038
GTY Technology Holdings, Inc.+	LP units	N/A	N/A	N/A	46	46		—		46
Impartner, Inc.+	Preferred stock	N/A	N/A	N/A	28	226		—		249
Kaseya Inc.+	Preferred stock	N/A	N/A	N/A	2	1,658		0.1		1,756
Kaseya Inc.+	LP interest	N/A	N/A	N/A	100	100		—		100
MetricStream, Inc.+	Warrant	N/A	N/A	N/A	168	263		—		147
Ministry Brands Holdings LLC+	LP interest	N/A	N/A	N/A	438	439		—		251
mParticle, Inc.+	Preferred stock	N/A	N/A	N/A	162	1,060		—		1,141
mParticle, Inc.+	Warrant	N/A	N/A	N/A	73	16		—		419
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A	N/A	N/A	4	9		—		19
Personify, Inc.+	LP interest	N/A	N/A	N/A	716	942		0.1		1,565
Project Alpha Intermediate Holding, Inc.+	Common Stock	N/A	N/A	N/A	—	964		0.1		1,386

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)

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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(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+	Preferred stock	N/A	N/A	N/A	9	$	8,508	0.4	%	$	9,086
Ave Holdings III, Corp+	LP units	N/A	N/A	N/A	1	934		0.1		888
Batteries Plus Holding Corporation+	LP interest	N/A	N/A	N/A	10	1,287		0.1		1,386
Cycle Gear, Inc.+	LLC units	N/A	N/A	N/A	27	462		—		602
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A	N/A	—	122		—		169
Imperial Optical Midco Inc.+	Preferred stock	N/A	N/A	N/A	—	46		—		62
Jet Equipment & Tools Ltd.+(8)(9)(12)	LLC interest	N/A	N/A	N/A	1	948		0.1		2,077
Pet Holdings ULC+(8)(12)	LP interest	N/A	N/A	N/A	677	450		0.1		1,732
Salon Lofts Group, LLC+	LP units	N/A	N/A	N/A	—	87		—		87
Sola Franchise, LLC and Sola Salon Studios, LLC+	LLC interest	N/A	N/A	N/A	6	682		0.1		1,848
Sola Franchise, LLC and Sola Salon Studios, LLC+	LLC interest	N/A	N/A	N/A	1	139		—		433
Southern Veterinary Partners, LLC+	Preferred stock	N/A	N/A	N/A	5	4,911		0.2		5,682
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A	N/A	—	717		0.1		1,124
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A	N/A	148	188		0.2		4,240
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A	N/A	—	37		—		39
						19,518		1.4		29,455
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+	LLC interest	N/A	N/A	N/A	97	604		—		411
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(21)	LLC interest	N/A	N/A	N/A	20	239		—		511
Georgica Pine Clothiers, LLC+	Common Stock	N/A	N/A	N/A	—	—		—		1
MakerSights, Inc.+	Preferred stock	N/A	N/A	N/A	40	218		—		218
R.G. Barry Corporation+	Preferred stock	N/A	N/A	N/A	—	161		—		183
						618		—		913
Total non-controlled/non-affiliate company equity investments						$	221,151	10.1	%	$	267,113
Total non-controlled/non-affiliate company investments						$	5,479,741	211.3	%	$	5,374,594

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, 2022

(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(22)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+	One stop	L +	6.25%		(a)	9.37%		04/2024		$	5,791	0.2	%	$	5,786
Abita Brewing Co., L.L.C.+	Second lien	L +	8.00%		(b)	11.67%		04/2024	3,730	3,723		0.1		2,051
Abita Brewing Co., L.L.C.+	One stop	L +	6.25	%		N/A(6)		04/2024	—	—		—		—
									9,516	9,514		0.3		7,837
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+(7)	One stop	L +	8.50%		(b)	12.17%		07/2023	6,502	4,074		0.2		4,733
Sloan Company, Inc., The+	One stop	L +	8.50%		(b)	12.17%		07/2023	1,585	1,585		0.1		1,585
Sloan Company, Inc., The+(7)	One stop	L +	8.50%		(b)	12.17%		07/2023	431	271		—		—
									8,518	5,930		0.3		6,318
Energy, Equipment & Services
Benetech, Inc.+(7)	One stop	SF +	6.00%		(l)	9.70%		08/2024	3,720	3,623		0.1		1,487
Benetech, Inc.+(7)	One stop	SF +	6.00%		(l)	9.70%		08/2024	1,107	1,077		—		253
									4,827	4,700		0.1		1,740
Food and Staples Retailing
Rubio's Restaurants, Inc.+	Senior secured	L +	8.00%		(b)	11.60%		12/2024	12,830	12,638		0.4		10,905
Rubio's Restaurants, Inc.+(5)	Senior secured	L +	8.00	%		N/A(6)		12/2024	—	(11)		—		(208)
									12,830	12,627		0.4		10,697
Healthcare Providers and Services
Elite Dental Partners LLC+	One stop	SF +	5.25%		(b)(l)	8.80%	PIK	06/2023	11,770	11,799		0.4		11,182
Elite Dental Partners LLC+	One stop	SF +	12.00%		(l)	15.55%	PIK	06/2023	2,991	2,991		0.1		2,961
Elite Dental Partners LLC+	One stop	SF +	5.25%		(b)(l)	8.80%	PIK	06/2023	1,269	1,269		—		1,269
									16,030	16,059		0.5		15,412
Software
Switchfly LLC+	One stop	L +	3.00%		(b)	5.28%		10/2024	6,454	6,397		0.2		4,583
Switchfly LLC+	One stop	L +	3.00%		(b)	5.28%		10/2024	539	535		—		382
Switchfly LLC+	One stop	L +	3.00%		(b)	5.28%		10/2024	40	40		—		30
Switchfly LLC+(5)	One stop	L +	8.50%		(b)	10.79%		10/2024	2	2		—		(16)
									7,035	6,974		0.2		4,979
Total non-controlled/affiliate debt investments										$	55,804	1.8	%	$	46,983

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

100 Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(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 investments(19)(20)
Beverages
Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	N/A	210	$	—	—	%	$	234
Electronic Equipment, Instruments and Components
Sloan Company, Inc., The+	Common Stock	N/A	N/A	N/A	—	41		—		—
Energy, Equipment & Services
Benetech, Inc.+	LLC interest	N/A	N/A	N/A	58	—		—		—
Benetech, Inc.+	LLC interest	N/A	N/A	N/A	58	—		—		—
						—		—		—
Food and Staples Retailing
Rubio's Restaurants, Inc.+	Preferred stock	N/A	N/A	N/A	2,779	2,276		0.1		2,059
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	886	182		—		250
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	536	110		—		151
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89	6		—		11
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	52	3		—		6
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	21	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	42	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	18	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	18	—		—		—
Rubio's Restaurants, Inc.+	Common Stock	N/A	N/A	N/A	89	—		—		—
						2,577		0.1		2,477
Healthcare Providers and Services
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—	2,902		0.2		4,042
Elite Dental Partners LLC	LLC interest	N/A	N/A	N/A	—	1,250		—		1,235
Elite Dental Partners LLC	LLC units	N/A	N/A	N/A	—	—		—		—
						4,152		0.2		5,277
Software
Switchfly LLC+	LLC interest	N/A	N/A	N/A	98,370	2,321		0.1		2,231
Switchfly LLC+	LLC units	N/A	N/A	N/A	950	950		—		487
						3,271		0.1		2,718
Total non-controlled/affiliate equity investments						$	10,041	0.4	%	$	10,706
Total non-controlled/affiliate investments						$	65,845	2.2	%	$	57,689

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

101 Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(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)
Controlled affiliate company investments(23)
Debt Investments
IT Services
MMan Acquisition Co.*+(7)	One stop	N/A	10.00%	PIK	08/2023		$	19,550	0.4	%	$	10,596
MMan Acquisition Co.+	One stop	N/A	8.00%	PIK	08/2023	1,588	1,588		0.1		1,524
MMan Acquisition Co.+	One stop	N/A	12.00%	PIK	08/2023	849	849		—		849
MMan Acquisition Co.+	One stop	N/A	12.00%	PIK	08/2023	255	255		—		255
MMan Acquisition Co.+	One stop	N/A	12.00%	PIK	08/2023	849	849		—		849
Total controlled affiliate debt investments							$	23,091	0.5	%	$	14,073
Equity Investments (19)(20)
IT Services
MMan Acquisition Co.+	Common Stock	N/A	N/A		N/A	—	$	927	—	%	$	—
Total controlled affiliate equity investments							$	927	—	%	$	—
Total controlled affiliate investments							$	24,018	0.5	%	$	14,073
Total investments							$	5,569,604	214.0	%	$	5,446,356
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)			2.8%	(24)			$	37,208	1.5	%	$	37,208
Total money market funds							$	37,208	1.5	%	$	37,208
Total Investments and Money Market Funds							$	5,606,812	215.5	%	$	5,483,564

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

102 Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2022

(In thousands)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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