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, 2025

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _ to _

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)

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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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

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

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

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

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

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

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

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

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

As of May 5, 2025, the Registrant had 266,387,616 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, 2025		September 30, 2024
	(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	8,345,620	$	8,011,824
Non-controlled affiliate company investments	263,684		211,382
Controlled affiliate company investments	11,916		12,205
Total investments, at fair value (amortized cost of $8,672,620 and $8,302,913, respectively)	8,621,220		8,235,411
Cash and cash equivalents	103,136		123,120
Foreign currencies (cost of $13,763 and $7,973, respectively)	13,791		8,044
Restricted cash and cash equivalents	129,457		227,152
Restricted foreign currencies (cost of $0 and $1,219, respectively)	—		1,236
Interest receivable	65,743		74,036
Net unrealized appreciation on derivatives	11,636		29,490
Other assets	4,882		5,267
Total Assets	$	8,949,865	$	8,703,756
Liabilities
Debt	$	4,833,150	$	4,624,791
Less unamortized debt issuance costs	(26,232)		(25,361)
Debt less unamortized debt issuance costs	4,806,918		4,599,430
Interest payable	50,473		45,701
Management and incentive fees payable	40,869		33,619
Accrued trustee fees	267		178
Accounts payable and other liabilities	7,840		10,299
Total Liabilities	4,906,367		4,689,227
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, 2025 and September 30, 2024	—		—
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 268,831,114 shares issued and outstanding as of March 31, 2025; 350,000,000 shares authorized, 264,277,128 shares issued and outstanding as of September 30, 2024	269		264
Paid in capital in excess of par	4,237,261		4,167,258
Distributable earnings (losses)	(194,032)		(152,993)
Total Net Assets	4,043,498		4,014,529
Total Liabilities and Total Net Assets	$	8,949,865	$	8,703,756
Number of common shares outstanding	268,831,114		264,277,128
Net asset value per common share	$	15.04	$	15.19

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,
	2025		2024		2025		2024
Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	188,017	$	145,838	$	386,378	$	293,910
Payment-in-kind interest income	13,512		10,691		24,077		21,060
Dividend income	7,877		4,365		16,364		8,740
Fee income	1,690		452		2,245		817
Total investment income from non-controlled/non-affiliate company investments	211,096		161,346		429,064		324,527
From non-controlled affiliate company investments:
Interest income	2,241		1,723		4,484		1,830
Payment-in-kind interest income	414		1,031		746		2,359
Fee income	18		18		49		66
Total investment income from non-controlled affiliate company investments	2,673		2,772		5,279		4,255
From controlled affiliate company investments:
Payment-in-kind interest income	119		107		238		209
Fee income	4		5		11		9
Total investment income from controlled affiliate company investments	123		112		249		218
Total investment income	213,892		164,230		434,592		329,000
Expenses
Interest and other debt financing expenses	69,911		44,125		149,554		85,685
Base management fee	21,714		13,662		43,295		27,618
Incentive fee	18,247		20,626		36,305		41,911
Professional fees	1,765		1,342		3,605		2,650
Administrative service fee	3,185		2,145		6,087		4,390
General and administrative expenses	408		384		969		765
Total expenses	115,230		82,284		239,815		163,019
Incentive fee waived (Note 3)	—		(5,157)		—		(5,157)
Net expenses	115,230		77,127		239,815		157,862
Net investment income - before tax	98,662		87,103		194,777		171,138
Excise and income tax	—		570		(475)		1,070
Net investment income - after tax	98,662		86,533		195,252		170,068
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments	(16,864)		240		(42,220)		1,149
Non-controlled affiliate company investments	—		(18,517)		—		(18,517)
Foreign currency transactions	(174)		4,459		(3,879)		4,646
Forward currency contracts	5,997		—		7,203		—
Net realized gain (loss) on investment transactions	(11,041)		(13,818)		(38,896)		(12,722)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments	(1,341)		15,644		38,744		18,691
Non-controlled affiliate company investments	(2,933)		11,854		689		(371)
Controlled affiliate company investments	(441)		(1,181)		(527)		(1,307)
Translation of assets and liabilities in foreign currencies	11,427		(10,156)		(11,546)		(3,969)
Forward currency contracts	(15,495)		4,332		6,432		(1,383)
Net change in unrealized appreciation (depreciation) on investment transactions	(8,783)		20,493		33,792		11,661
Net gain (loss) on investment transactions	(19,824)		6,675		(5,104)		(1,061)
Net realized gain (loss) on extinguishment of debt	—		—		(48)		—
(Provision) benefit for taxes on unrealized appreciation on investments	146		350		198		327
Net increase (decrease) in net assets resulting from operations	$	78,984	$	93,558	$	190,298	$	169,334
Per Common Share Data
Basic and diluted earnings per common share (Note 10)	$	0.30	$	0.55	$	0.72	$	1.00
Dividends and distributions declared per common share	$	0.39	$	0.46	$	0.87	$	0.90
Basic and diluted weighted average common shares outstanding (Note 10)	266,484,213		170,637,140		265,402,101		170,140,990

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, 2023	169,594,742	$	170	$	2,646,912	$	(99,204)	$	2,547,878
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		170,068		170,068
Net realized gain (loss) on investment transactions	—	—		—		(12,722)		(12,722)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		11,661		11,661
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		327		327
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,922,565	2		29,518		—		29,520
Distributions from distributable earnings	—	—		—		(153,092)		(153,092)
Total increase (decrease) for the six months ended March 31, 2024	1,922,565	2		29,518		16,242		45,762
Balance at March 31, 2024	171,517,307	$	172	$	2,676,430	$	(82,962)	$	2,593,640
Balance at December 31, 2023	170,585,795	$	171	$	2,661,797	$	(98,050)	$	2,563,918
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		86,533		86,533
Net realized gain (loss) on investment transactions	—	—		—		(13,818)		(13,818)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		20,493		20,493
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		350		350
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	931,512	1		14,633		—		14,634
Distributions from distributable earnings	—	—		—		(78,470)		(78,470)
Total increase (decrease) for the three months ended March 31, 2024	931,512	1		14,633		15,088		29,722
Balance at March 31, 2024	171,517,307	$	172	$	2,676,430	$	(82,962)	$	2,593,640
Balance at September 30, 2024	264,277,128	$	264	$	4,167,258	$	(152,993)	$	4,014,529
Issuance of common stock	2,408,940	3		37,431		—		37,434
Repurchases of common stock, net of commission costs	(77,777)	—		(1,130)		—		(1,130)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		195,252		195,252
Net realized gain (loss) on investment transactions	—	—		—		(38,896)		(38,896)
Net realized gain (loss) on extinguishment of debt	—	—		—		(48)		(48)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		33,792		33,792
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		198		198
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	2,222,823	2		33,702		—		33,704
Distributions from distributable earnings	—	—		—		(231,337)		(231,337)
Total increase (decrease) for the six months ended March 31, 2025	4,553,986	5		70,003		(41,039)		28,969
Balance at March 31, 2025	268,831,114	$	269	$	4,237,261	$	(194,032)	$	4,043,498
Balance at December 31, 2024	265,498,597	$	265	$	4,185,811	$	(168,532)	$	4,017,544
Issuance of common stock	2,408,940	3		37,431		—		37,434
Repurchases of common stock, net of commission costs	(77,777)	—		(1,130)		—		(1,130)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes	—	—		—		98,662		98,662
Net realized gain (loss) on investment transactions	—	—		—		(11,041)		(11,041)
Net change in unrealized appreciation (depreciation) on investment transactions	—	—		—		(8,783)		(8,783)
(Provision) benefit for taxes on unrealized appreciation on investments	—	—		—		146		146
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	1,001,354	1		15,149		—		15,150
Distributions from distributable earnings	—	—		—		(104,484)		(104,484)
Total increase (decrease) for the three months ended March 31, 2025	3,332,517	4		51,450		(25,500)		25,954
Balance at March 31, 2025	268,831,114	$	269	$	4,237,261	$	(194,032)	$	4,043,498

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

	Six months ended March 31,
	2025		2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	190,298	$	169,334
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs	5,124		4,655
Accretion of discounts and amortization of premiums on investments	(2,678)		(7,450)
Accretion of discounts and amortization of premiums on issued debt securities	1,681		455
Net realized (gain) loss on investments	42,220		17,368
Net realized (gain) loss on foreign currency transactions	3,879		(4,646)
Net realized (gain) loss on forward currency contracts	(7,203)		—
Net realized (gain) loss on extinguishment of debt	48		—
Net change in unrealized (appreciation) depreciation on investments	(38,906)		(17,013)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	11,546		3,969
Net change in unrealized (appreciation) depreciation on interest rate swap	4,697		2,772
Net change in unrealized (appreciation) depreciation on forward currency contracts	(6,432)		1,383
Proceeds from (fundings of) revolving loans, net	(5,016)		(1,658)
Fundings of investments	(1,208,048)		(147,267)
Proceeds from principal payments and sales of portfolio investments	840,343		321,264
Proceeds from settlements of forward currency contracts	10,264		—
Payment-in-kind interest capitalized	(27,921)		(23,397)
Non-cash dividends capitalized	(15,071)		(8,603)
Proceeds from non-cash dividends	3,549		—
Changes in operating assets and liabilities:
Cash collateral held at broker for derivatives	—		(4,800)
Interest receivable	8,293		(4,027)
Receivable for investments sold	—		(3,727)
Other assets	385		283
Interest payable	4,772		11,840
Management and incentive fees payable	7,250		(6,106)
Accrued trustee fees	89		(94)
Accounts payable and other liabilities	(2,459)		8,479
Net cash provided by (used in) operating activities	(179,296)		313,014
Cash flows from financing activities
Borrowings on debt	3,731,443		1,145,606
Repayments of debt	(3,496,076)		(999,698)
Capitalized debt issuance costs	(5,995)		(13,343)
Net proceeds from issuance of common stock (Note 11)	37,434		—
Purchases of common stock (Note 11)	(1,130)		—
Distributions paid	(197,633)		(123,572)
Net cash provided by (used in) financing activities	68,043		8,993
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	(111,253)		322,007
Effect of foreign currency exchange rates	(1,915)		(1,865)
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period	359,552		140,206
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period	$	246,384	$	460,348
Supplemental disclosure of cash flow information:
Cash paid during the period for interest(1)	$	133,282	$	71,205
Distributions declared for the period	231,337		153,092
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan	$	33,704	$	29,520

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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands)

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

	As of
	March 31, 2025		September 30, 2024
Cash and cash equivalents	$	103,136	$	123,120
Foreign currencies (cost of $13,763 and $7,973, respectively)	13,791		8,044
Restricted cash and cash equivalents	129,457		227,152
Restricted foreign currencies (cost of $0 and $1,219, respectively)	—		1,236
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows(1)	$	246,384	$	359,552

(1) See Note 2 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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.*+	One stop	SF +	6.50%	(i)	10.81%				02/2029		$	33,981	0.9	%	$	34,629
PPW Aero Buyer, Inc.+	One stop	SF +	5.50%	(i)	9.80%				02/2029	7,853	7,804		0.2		7,853
PPW Aero Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				02/2029	—	(78)		—		—
PPW Aero Buyer, Inc.+	One stop	P +	5.50%	(a)(i)	12.03%				02/2029	66	65		—		66
										42,121	41,772		1.1		42,548
Air Freight & Logistics
RJW Group Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.55%				11/2031	46,415	45,522		1.1		45,950
RJW Group Holdings, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				11/2031	—	(33)		—		(34)
										46,415	45,489		1.1		45,916
Airlines
Accelya Lux Finco S.A.R.L.+(8)(13)(26)	One stop	SF +	7.00%	(i)	7.40%	cash/	4.00%	PIK	12/2026	9,085	8,961		0.2		8,903
Auto Components
Arnott, LLC+	One stop	SF +	4.75%	(j)	8.97%				11/2030	4,760	4,715		0.1		4,712
Arnott, LLC+	One stop	P +	3.75%	(a)	11.25%				11/2030	134	127		—		126
Collision SP Subco, LLC+	One stop	SF +	5.50%	(i)	9.79%				01/2030	882	872		—		873
Collision SP Subco, LLC+	One stop	SF +	5.50%	(h)(j)	9.82%				01/2030	399	394		—		393
Collision SP Subco, LLC+	One stop	SF +	5.50%	(i)	9.79%				01/2030	14	13		—		13
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	8.94%				08/2027	6,791	6,744		0.2		6,248
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	8.94%				08/2027	1,374	1,354		—		1,264
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(i)	8.95%				08/2027	186	182		—		170
North Haven Falcon Buyer, LLC+(7)(26)	One stop	SF +	8.00%	(i)	7.33%	cash/	5.00%	PIK	05/2027	9,344	8,661		0.2		5,513
North Haven Falcon Buyer, LLC+(7)(26)	One stop	SF +	8.00%	(i)	7.31%	cash/	5.00%	PIK	05/2027	1,561	1,447		—		921
OEConnection, LLC*	One stop	SF +	5.00%	(h)	9.32%				04/2031	10,237	10,195		0.3		10,237
OEConnection, LLC+(5)	One stop	SF +	5.00%		N/A(6)				04/2031	—	(33)		—		—
OEConnection, LLC+	One stop	SF +	5.00%	(h)	9.32%				04/2031	1,786	1,770		—		1,786
OEConnection, LLC+(5)	One stop	SF +	5.00%		N/A(6)				04/2031	—	(7)		—		—
										37,468	36,434		0.8		32,256
Automobiles
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(i)	9.55%				06/2030	11,258	11,115		0.3		11,118
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(i)	9.56%				06/2030	396	383		—		384
CG Group Holdings, LLC*+(26)	One stop	SF +	8.75%	(i)	11.05%	cash/	2.00%	PIK	07/2027	46,149	45,967		1.2		46,149
CG Group Holdings, LLC+(26)	One stop	SF +	8.75%	(h)(i)	11.07%	cash/	2.00%	PIK	07/2026	796	790		—		796
Denali Midco 2, LLC*	One stop	SF +	5.25%	(h)	9.57%				12/2028	38,258	38,030		1.0		38,258
Denali Midco 2, LLC+(26)	Second lien	N/A			13.00%	PIK			12/2029	10,846	10,754		0.3		10,846
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	8,917	9,060		0.2		8,917
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	2,668	2,711		0.1		2,668
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,621	1,647		0.1		1,621
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,540	1,565		0.1		1,540
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,344	1,366		—		1,344
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,293	1,278		—		1,293
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,108	1,105		—		1,108
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,075	1,072		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	1,075	1,072		—		1,075
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	887	885		—		887
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	863	861		—		863
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%				12/2028	403	398		—		403

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%	12/2028		$	344	—	%	$	348
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%	12/2028	294	291		—		294
Denali Midco 2, LLC+(5)	One stop	SF +	5.25%		N/A(6)	12/2028	—	(9)		—		—
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%	12/2028	173	171		—		173
Denali Midco 2, LLC+	One stop	SF +	5.25%	(h)	9.57%	12/2028	87	85		—		87
Denali Midco 2, LLC+(5)	One stop	SF +	5.25%		N/A(6)	12/2028	—	(4)		—		—
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.55%	12/2029	1,430	1,425		0.1		1,430
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.55%	12/2029	298	297		—		298
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.55%	12/2029	252	249		—		252
High Bar Brands Operating, LLC+	Senior secured	SF +	5.25%	(i)	9.55%	12/2029	17	16		—		17
JHCC Holdings LLC*+	One stop	SF +	5.25%	(i)	9.55%	09/2027	17,799	17,745		0.4		17,799
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	6,922	6,906		0.2		6,922
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	5,152	5,222		0.1		5,152
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	4,926	4,931		0.1		4,926
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	2,778	2,796		0.1		2,778
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	1,650	1,641		—		1,650
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	730	727		—		730
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	692	689		—		692
JHCC Holdings LLC+	One stop	P +	4.25%	(a)	11.75%	09/2027	80	79		—		80
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	09/2027	2,880	2,848		0.1		2,880
MOP GM Holding, LLC^*+	One stop	SF +	5.75%	(i)	10.20%	11/2026	32,717	32,687		0.8		32,717
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.21%	11/2026	3,846	3,837		0.1		3,846
MOP GM Holding, LLC*+	One stop	SF +	5.75%	(i)	10.19%	11/2026	3,599	3,583		0.1		3,599
MOP GM Holding, LLC^*	One stop	SF +	5.75%	(i)	10.19%	11/2026	3,518	3,499		0.1		3,518
MOP GM Holding, LLC^*	One stop	SF +	5.75%	(i)	10.20%	11/2026	2,607	2,594		0.1		2,607
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.19%	11/2026	2,150	2,140		0.1		2,150
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.19%	11/2026	1,983	1,967		—		1,983
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.20%	11/2026	722	718		—		722
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.20%	11/2026	530	527		—		530
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.20%	11/2026	400	397		—		400
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.19%	11/2026	266	265		—		266
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.20%	11/2026	202	201		—		202
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.19%	11/2026	88	88		—		88
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.20%	11/2026	88	88		—		88
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—	(26)		—		—
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(i)	9.30%	07/2029	13,348	13,278		0.3		13,280
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.00%		N/A(6)	07/2029	—	(23)		—		(23)
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	5.00%		N/A(6)	07/2029	—	—		—		(6)
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.00%	(j)	9.25%	07/2029	692	682		—		685
POY Holdings, LLC^*+	One stop	SF +	5.50%	(i)	9.95%	11/2027	28,343	28,575		0.7		28,343
POY Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.95%	11/2027	3,684	3,737		0.1		3,684
POY Holdings, LLC*+	One stop	SF +	5.50%	(i)	9.95%	11/2027	1,304	1,303		—		1,304
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.94%	11/2027	869	868		—		869
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.95%	11/2027	648	648		—		648
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	9.95%	11/2027	289	289		—		289
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—	(2)		—		—
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—	(23)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	9.07%	06/2031	4,481	4,448		0.1		4,481
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	9.07%	06/2031	140	135		—		140
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)	06/2031	—	(3)		—		—
TWAS Holdings, LLC*+	One stop	SF +	6.75%	(h)	11.17%	12/2026	46,563	46,370		1.2		46,563
TWAS Holdings, LLC*+	One stop	SF +	6.75%	(h)	11.17%	12/2026	41,590	41,553		1.0		41,590
TWAS Holdings, LLC*+	One stop	SF +	6.75%	(h)	11.17%	12/2026	10,797	10,785		0.3		10,797

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
TWAS Holdings, LLC+	One stop	SF +	6.75%	(h)	11.17%		12/2026		$	8,281	0.2	%	$	8,246
TWAS Holdings, LLC+	One stop	SF +	6.75%	(h)	11.17%		12/2026	5,237	5,259		0.1		5,237
TWAS Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)		12/2026	—	(5)		—		—
Yorkshire Parent, Inc.+	One stop	SF +	5.00%	(i)	9.29%		12/2029	2,596	2,584		0.1		2,583
Yorkshire Parent, Inc.+	One stop	SF +	5.00%	(i)	9.29%		12/2029	83	56		—		55
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(i)	9.80%		12/2029	2,567	2,595		0.1		2,574
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(i)	9.80%		12/2029	711	708		—		713
Yorkshire Parent, Inc.+	One stop	SF +	5.50%	(i)	9.80%		12/2029	62	60		—		62
								401,971	401,231		9.9		401,683
Banks
Empyrean Solutions, LLC+	One stop	SF +	4.75%	(i)	9.05%		11/2031	9,283	9,239		0.2		9,283
Empyrean Solutions, LLC+(5)	One stop	SF +	4.75%		N/A(6)		11/2031	—	(7)		—		—
Empyrean Solutions, LLC+(5)	One stop	SF +	4.75%		N/A(6)		11/2031	—	(18)		—		—
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.29%		12/2029	1,736	1,758		0.1		1,736
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.29%		12/2029	329	324		—		329
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.29%		12/2029	34	33		—		34
								11,382	11,329		0.3		11,382
Beverages
Financial Information Technologies, LLC*+	One stop	SF +	5.25%	(i)	9.55%		06/2030	34,451	34,386		0.9		34,451
Financial Information Technologies, LLC+(26)	One stop	N/A			14.00%	PIK	06/2031	21,327	21,200		0.5		21,967
Financial Information Technologies, LLC+	One stop	SF +	5.25%		N/A(6)		06/2030	—	—		—		—
Financial Information Technologies, LLC+	One stop	SF +	5.25%	(i)	9.55%		06/2030	2,210	2,207		0.1		2,210
Financial Information Technologies, LLC+(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—	(1)		—		—
Spindrift Beverage Co. Inc.+	One stop	SF +	5.25%	(h)	9.56%		02/2032	7,653	7,559		0.2		7,557
Spindrift Beverage Co. Inc.+	One stop	SF +	5.25%	(i)	9.56%		02/2032	105	87		—		86
Spindrift Beverage Co. Inc.+(5)	One stop	SF +	5.25%		N/A(6)		02/2032	—	(5)		—		(11)
Watermill Express, LLC^*	One stop	SF +	5.25%	(i)	9.70%		07/2029	3,047	3,032		0.1		3,055
Watermill Express, LLC+	One stop	SF +	5.25%	(i)	9.70%		07/2029	294	294		—		295
Watermill Express, LLC+	One stop	SF +	5.25%	(i)	9.70%		07/2029	237	234		—		237
Watermill Express, LLC+	One stop	SF +	5.25%	(i)	9.70%		07/2029	735	731		—		737
Watermill Express, LLC+	One stop	SF +	5.25%	(i)	9.70%		07/2029	369	368		—		369
Watermill Express, LLC+	One stop	SF +	4.75%	(i)	9.21%		07/2029	1,103	1,092		—		1,103
Winebow Holdings, Inc.*+	One stop	SF +	6.25%	(h)	10.67%		12/2027	9,299	9,137		0.2		8,463
								80,830	80,321		2.0		80,519

All values are in US Dollars.

Building Products
BECO Holding Company, Inc.*+	One stop	SF +	5.25%	(i)	9.70%				11/2028	40,788	41,343	1.0	40,788
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				11/2027	—	(2)	—	—
										40,788	41,341	1.0	40,788
Capital Markets
BlueMatrix Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				01/2031	2,527	2,550	0.1	2,514
BlueMatrix Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				01/2031	9,975	9,927	0.2	9,925
BlueMatrix Holdings, LLC+	One stop	SF +	5.75%		N/A(6)				01/2031	—	—	—	—
BlueMatrix Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				01/2031	—	(7)	—	(5)
										12,502	12,470	0.3	12,434
Chemicals
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	6.96%	cash/	4.00%	PIK	06/2025	15,443	13,972	0.3	12,818
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	6.96%	cash/	4.00%	PIK	06/2025	14,023	13,496	0.3	11,639
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	6.96%	cash/	4.00%	PIK	06/2025	2,727	2,619	0.1	2,264
Inhance Technologies Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	6.96%	cash/	4.00%	PIK	06/2025	320	303	—	263
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(h)	9.07%				03/2029	9,790	9,705	0.2	9,790
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(h)	9.07%				03/2029	115	86	—	115
Krayden Holdings, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				03/2029	—	(43)	—	—

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	E +	6.25%	(d)	5.63%	cash/	3.00%	PIK	09/2028		$	51,002	1.2	%	$	47,883
PHM NL SP Bidco B.V.+(8)(10)(26)	One stop	SF +	6.75%	(g)	8.31%	cash/	3.00%	PIK	09/2028	20,296	19,557		0.5		19,281
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	SN +	6.75%	(f)	8.21%	cash/	3.00%	PIK	09/2028	11,272	11,040		0.3		10,708
PHM NL SP Bidco B.V.+(8)(9)(10)(26)	One stop	E +	6.75%	(d)	6.40%	cash/	3.00%	PIK	09/2028	5,260	5,216		0.1		5,002
										129,649	126,953		3.0		119,763
Commercial Services & Supplies
BradyIFS Holdings, LLC^+	One stop	SF +	5.00%	(i)	9.29%				10/2029	5,196	5,261		0.2		5,196
BradyIFS Holdings, LLC+	One stop	SF +	5.00%	(i)	9.29%				10/2029	33	32		—		33
CI (Quercus) Intermediate Holdings, LLC*+	One stop	SF +	5.00%	(i)	9.30%				06/2031	29,375	29,067		0.8		29,375
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—	(18)		—		—
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—	(41)		—		—
CHA Vision Holdings, Inc. +	One stop	SF +	5.00%	(i)	9.29%				01/2031	1,064	1,060		0.1		1,064
CHA Vision Holdings, Inc. +	One stop	SF +	5.00%	(i)	9.29%				01/2031	145	144		—		145
CHA Vision Holdings, Inc. +	One stop	SF +	5.00%		N/A(6)				01/2030	—	—		—		—
Kleinfelder Intermediate, LLC+	One stop	SF +	5.00%	(i)	9.29%				09/2030	4,066	3,975		0.1		4,066
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	5.00%		N/A(6)				09/2028	—	(7)		—		—
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	5.00%		N/A(6)				09/2030	—	(5)		—		—
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	1,519	1,508		0.1		1,524
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.30%				07/2027	158	157		—		158
North Haven Stack Buyer, LLC*+	Senior secured	SF +	5.25%	(i)	9.56%				07/2027	1,557	1,543		0.1		1,557
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.30%				07/2027	333	316		—		333
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	283	281		—		283
North Haven Stack Buyer, LLC+	Second lien	N/A			9.75%				01/2028	23	10		—		23
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	12,222	12,210		0.3		12,222
North Haven Stack Buyer, LLC+(26)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	2,307	2,290		0.1		2,313
North Haven Stack Buyer, LLC*+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	1,473	1,465		0.1		1,473
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	1,411	1,404		—		1,411

All values are in US Dollars.

North Haven Stack Buyer, LLC*	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	4,117	4,107	0.1	4,117
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	1,364	1,360	—	1,364
North Haven Stack Buyer, LLC*	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	1,358	1,355	—	1,358
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	200	199	—	200
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	100	99	—	100
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	673	667	—	673
North Haven Stack Buyer, LLC*+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	2,270	2,259	0.1	2,270
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	482	479	—	482
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.30%				07/2027	906	901	—	906
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.30%				07/2027	685	682	—	685
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.30%				07/2027	759	755	—	759
Profile Products LLC+	One stop	SF +	5.75%	(j)	10.29%				11/2027	9,006	8,941	0.2	8,916
Profile Products LLC+(8)	One stop	SF +	5.50%	(j)	10.04%				11/2027	1,825	1,806	—	1,807
Profile Products LLC+	One stop	P +	4.75%	(a)	12.25%				11/2027	84	83	—	84
Profile Products LLC+	One stop	P +	4.50%	(a)	12.00%				11/2027	6	6	—	6
PSC Parent, Inc.*+	One stop	SF +	5.25%	(h)	9.57%				04/2031	5,478	5,468	0.1	5,478
PSC Parent, Inc.+	One stop	SF +	5.25%	(a)(h)	9.67%				04/2030	497	492	—	497
PSC Parent, Inc.+	One stop	SF +	5.25%	(h)	9.56%				04/2031	510	504	—	510
PSC Parent, Inc.+	One stop	SF +	5.25%	(h)	9.57%				04/2031	913	909	—	913
PT Intermediate Holdings III, LLC+(26)	One stop	SF +	5.00%	(i)	7.55%	cash/	1.75%	PIK	04/2030	12,342	12,368	0.3	12,342
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	4.75%		N/A(6)				04/2030	—	(1)	—	—
Radwell Parent, LLC^*	One stop	SF +	5.50%	(i)	9.80%				03/2029	34,115	33,829	0.8	33,774
Radwell Parent, LLC*+	One stop	SF +	5.50%	(i)	9.80%				03/2029	32,790	32,837	0.8	32,462
Radwell Parent, LLC+	One stop	SF +	5.50%	(i)	9.80%				03/2029	330	288	—	318

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Radwell Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)		03/2029		$	(1)	—	%	$	(7)
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%	(j)	9.76%		06/2028	2,632	2,614		0.1		2,632
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%	(j)	9.61%		06/2028	530	530		—		530
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%		N/A(6)		06/2028	—	—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%	(j)	9.64%		06/2028	494	493		—		494
Trinity Air Consultants Holdings Corporation+	One stop	SF +	4.50%	(h)	8.82%		06/2028	249	247		—		249
WRE Holding Corp.*	One stop	SF +	5.00%	(j)	9.22%		07/2031	16,432	16,284		0.4		16,432
WRE Holding Corp.+	One stop	SF +	5.00%	(i)(j)	9.40%		07/2031	1,502	1,482		—		1,502
WRE Holding Corp.+(5)	One stop	SF +	5.00%		N/A(6)		07/2030	—	(21)		—		—
								193,814	192,673		4.8		193,029
Communications Equipment
Lightning Finco Limited+(8)(15)	One stop	SF +	5.50%	(g)	10.24%		09/2028	14,802	14,779		0.4		14,802
Lightning Finco Limited+(8)(9)(15)	One stop	E +	5.50%	(d)	7.96%		09/2028	1,643	1,745		—		1,643
								16,445	16,524		0.4		16,445
Construction & Engineering
Consor Intermediate II, LLC*+	One stop	SF +	4.50%	(i)	8.80%		05/2031	4,751	4,759		0.1		4,751
Consor Intermediate II, LLC+(5)	One stop	SF +	4.50%		N/A(6)		05/2031	—	(13)		—		—
Consor Intermediate II, LLC+(5)	One stop	SF +	4.50%		N/A(6)		05/2031	—	(3)		—		—
Royal Holdco Corporation+	One stop	SF +	4.50%	(i)	8.79%		12/2030	6,011	5,952		0.2		5,951
Royal Holdco Corporation+(5)	One stop	SF +	4.50%		N/A(6)		12/2030	—	(5)		—		(5)
Royal Holdco Corporation+(5)	One stop	SF +	4.50%		N/A(6)		12/2030	—	(10)		—		(20)
								10,762	10,680		0.3		10,677
Containers & Packaging
Chase Intermediate*+	One stop	SF +	4.75%	(i)	9.04%		10/2028	49,079	49,711		1.2		49,079
Chase Intermediate+	One stop	SF +	4.75%	(i)	9.04%		10/2028	80	78		—		80
Chase Intermediate+	One stop	SF +	4.75%	(h)(i)	9.05%		10/2028	1,607	1,603		—		1,607
Fortis Solutions Group, LLC^*+	One stop	SF +	5.50%	(i)	9.90%		10/2028	51,862	51,519		1.3		51,862
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.90%		10/2028	170	84		—		170
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.90%		10/2028	141	83		—		141
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	9.90%		10/2027	272	265		—		272
Packaging Coordinators Midco, Inc.+	One stop	SF +	4.75%	(i)	9.04%		01/2032	5,272	5,259		0.2		5,193
Packaging Coordinators Midco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)		01/2032	—	(1)		—		(8)
Packaging Coordinators Midco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)		01/2032	—	—		—		(32)
Packaging Coordinators Midco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)		01/2032	—	—		—		(187)
Packaging Coordinators Midco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)		01/2032	—	—		—		(1)
								108,483	108,601		2.7		108,176
Diversified Consumer Services
Any Hour, LLC*	One stop	SF +	5.25%	(i)	9.55%		05/2030	9,020	8,962		0.2		8,660
Any Hour, LLC+(26)	One stop	N/A			13.00%	PIK	05/2031	3,069	3,020		0.1		2,945
Any Hour, LLC+	One stop	SF +	5.25%	(i)	9.51%		05/2030	512	500		—		474
Any Hour, LLC+	One stop	SF +	5.25%	(i)	9.55%		05/2030	255	238		—		150
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.31%		10/2030	8,856	8,791		0.2		8,856
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.31%		10/2030	4,411	4,480		0.1		4,411
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.31%		10/2030	1,050	1,037		—		1,050
Apex Service Partners, LLC+	One stop	SF +	5.00%	(i)	9.31%		10/2029	68	67		—		68
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.70%		08/2027	1,730	1,715		0.1		1,730
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.70%		08/2027	1,659	1,640		0.1		1,659
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.70%		08/2027	1,197	1,193		—		1,197
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.70%		08/2027	1,182	1,174		—		1,182
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.70%		08/2027	820	813		—		820

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Certus Pest, Inc.*	One stop	SF +	5.25%	(i)	9.70%				08/2027		$	711	—	%	$	723
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.70%				08/2027	704	701		—		704
Certus Pest, Inc.*+	One stop	SF +	5.25%	(i)	9.70%				08/2027	416	412		—		416
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.69%				08/2027	394	393		—		394
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.70%				08/2027	260	256		—		260
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.70%				08/2027	142	136		—		142
Certus Pest, Inc.+	One stop	SF +	5.25%	(i)	9.70%				08/2027	60	59		—		60
Certus Pest, Inc.+	One stop	SF +	5.25%		N/A(6)				08/2027	—	—		—		—
Certus Pest, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				08/2027	—	(53)		—		—
CHHJ Midco, LLC*+	Senior secured	SF +	5.00%	(i)	9.45%				01/2026	3,712	3,707		0.1		3,712
CHHJ Midco, LLC+	Senior secured	SF +	5.00%		N/A(6)				01/2026	—	—		—		—
CHVAC Services Investment, LLC*+	One stop	SF +	5.00%	(i)	9.30%				05/2030	5,035	4,958		0.1		5,011
CHVAC Services Investment, LLC+	One stop	SF +	5.00%	(i)	9.29%				05/2030	1,332	1,302		—		1,317
CHVAC Services Investment, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—	(4)		—		(2)
CHVAC Services Investment, LLC+(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—	(43)		—		(44)
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(h)	9.56%				07/2027	5,518	5,464		0.2		5,518
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	2,388	2,377		0.1		2,388
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.56%				07/2027	2,327	2,313		0.1		2,327
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.56%				07/2027	1,525	1,517		0.1		1,525
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	1,376	1,374		—		1,376
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.56%				07/2027	1,148	1,142		—		1,148
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.55%				07/2027	1,077	1,071		—		1,077
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	1,041	1,040		—		1,041
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.56%				07/2027	917	916		—		917
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.25%	(i)	9.54%				07/2027	692	688		—		692
COP Hometown Acquisitions, Inc.+(5)	Senior secured	SF +	5.25%		N/A(6)				07/2027	—	(2)		—		—
EMS LINQ, LLC^+	One stop	SF +	6.25%	(i)	10.66%				12/2027	13,835	13,863		0.4		13,835
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	10.66%				12/2027	150	149		—		150
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.95%				07/2029	4,366	4,370		0.1		4,323
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.95%				07/2029	1,263	1,243		—		1,251
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	9.95%				07/2029	30	29		—		28
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2026	1,079	1,079		—		1,037
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2026	920	918		—		883
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2026	102	102		—		98
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2026	38	38		—		36
FPG Intermediate Holdco, LLC+(7)(26)	One stop	SF +	6.75%	(j)	5.47%	cash/	5.75%	PIK	03/2027	22,756	21,857		0.3		12,971
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75%	(i)(j)	5.43%	cash/	5.75%	PIK	03/2027	873	873		—		873
FPG Intermediate Holdco, LLC+(26)	One stop	SF +	6.75%	(j)	5.22%	cash/	5.75%	PIK	03/2027	54	53		—		54
FSS Buyer LLC+	One stop	SF +	5.00%	(h)	9.32%				08/2028	7,627	7,614		0.2		7,627
FSS Buyer LLC+	One stop	SF +	5.00%		N/A(6)				08/2027	—	—		—		—
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.56%				06/2029	11,491	11,473		0.3		11,491
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(i)	9.54%				06/2029	337	335		—		337
HS Spa Holdings, Inc.+	One stop	P +	4.25%	(a)(h)	10.70%				06/2028	68	66		—		68
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.50%	(i)	9.19%	cash/	0.75%	PIK	09/2026	3,388	3,381		0.1		3,388
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.50%	(j)	9.26%	cash/	0.75%	PIK	09/2026	1,996	1,990		—		1,996
Learn-it Systems, LLC+(26)	Senior secured	SF +	5.50%	(j)	9.26%	cash/	0.75%	PIK	09/2026	850	848		—		850
Learn-it Systems, LLC+	Senior secured	SF +	4.75%	(j)	9.25%				09/2026	16	16		—		16
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.69%				11/2026	35,561	35,533		0.9		35,561
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.69%				11/2026	23,457	23,401		0.6		23,457
Liminex, Inc.^+	One stop	SF +	6.25%	(i)	10.69%				11/2026	20,270	20,548		0.5		20,270
Liminex, Inc.+	One stop	SF +	6.25%	(i)	10.69%				11/2026	15,913	15,768		0.4		15,913
Litera Bidco, LLC*	One stop	SF +	5.00%	(h)	9.32%				05/2028	5,175	5,185		0.1		5,175
Litera Bidco, LLC+	One stop	SF +	5.00%	(h)	9.32%				05/2028	2,066	2,060		0.1		2,066

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Litera Bidco, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2028		$	(1)	—	%	$	—
Litera Bidco, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—	(1)		—		—
Mario Purchaser, LLC*+	One stop	SF +	5.75%	(h)	10.17%				04/2029	11,325	11,277		0.3		10,985
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.17%				04/2029	5,214	5,239		0.1		5,058
Mario Purchaser, LLC+(26)	One stop	SF +	10.75%	(h)	15.17%	PIK			04/2032	4,784	4,801		0.1		4,784
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.17%				04/2029	453	416		—		316
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.18%				04/2028	54	53		—		50
NSG Buyer, Inc. *+	One stop	SF +	5.00%	(h)	9.32%				11/2029	37,020	36,777		0.9		37,020
NSG Buyer, Inc. +	One stop	SF +	5.00%	(h)	9.32%				11/2028	145	139		—		145
NSG Buyer, Inc. +(5)	One stop	SF +	5.00%		N/A(6)				11/2029	—	(3)		—		—
NSG Buyer, Inc. +(5)	One stop	SF +	5.00%		N/A(6)				11/2029	—	(38)		—		—
PADI Holdco, Inc.*	One stop	SF +	4.75%	(i)	9.21%				01/2029	21,243	20,972		0.6		21,243
PADI Holdco, Inc.+(8)(9)	One stop	E +	4.75%	(c)	7.25%				01/2029	19,456	20,266		0.5		19,456
PADI Holdco, Inc.+(8)(9)	One stop	A +	5.25%	(e)	9.40%				01/2029	7,117	7,115		0.2		7,117
PADI Holdco, Inc.+	One stop	SF +	4.75%	(i)	9.19%				01/2029	818	808		—		818
PADI Holdco, Inc.+	One stop	SF +	4.75%	(i)	9.21%				01/2029	500	492		—		500
PADI Holdco, Inc.+	One stop	SF +	4.75%	(i)	9.19%				01/2029	169	167		—		169
Provenance Buyer LLC*+	One stop	SF +	5.50%	(i)	9.90%				06/2027	20,689	20,543		0.5		19,655
Provenance Buyer LLC*+	One stop	SF +	5.50%	(i)	9.90%				06/2027	13,938	13,879		0.3		13,242
Provenance Buyer LLC+	One stop	SF +	5.50%	(i)	9.90%				06/2027	212	209		—		200
RW AM Holdco LLC+	One stop	SF +	5.25%	(i)	9.65%				04/2028	26,233	25,575		0.6		22,823
RW AM Holdco LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—	(13)		—		(40)
Severin Acquisition, LLC+(26)	One stop	SF +	5.00%	(h)	7.07%	cash/	2.25%	PIK	10/2031	35,503	35,177		0.9		35,503
Severin Acquisition, LLC+	One stop	SF +	4.75%	(h)(i)	9.06%				10/2031	667	625		—		667
Severin Acquisition, LLC+(26)	One stop	SF +	5.00%	(h)	7.07%	cash/	2.25%	PIK	10/2031	500	466		—		500
Stellar Brands, LLC+	Senior secured	SF +	4.50%	(j)	8.72%				02/2031	7,187	7,134		0.2		7,133
Stellar Brands, LLC+(5)	Senior secured	SF +	4.50%		N/A(6)				02/2031	—	(5)		—		(5)
Virginia Green Acquisition, LLC*+	One stop	SF +	5.25%	(j)	9.47%				12/2030	2,403	2,441		0.1		2,403
Virginia Green Acquisition, LLC+	One stop	SF +	5.25%	(j)	9.51%				12/2030	169	168		—		169
Virginia Green Acquisition, LLC+	One stop	SF +	5.25%		N/A(6)				12/2029	—	—		—		—
										454,096	451,535		10.8		437,569
Diversified Financial Services
Baker Tilly Advisory Group, LP+	One stop	SF +	4.75%	(h)	9.07%				06/2031	3,284	3,242		0.1		3,284
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—	(9)		—		—
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—	(3)		—		—
Banker's Toolbox, Inc.*+	One stop	SF +	4.50%	(i)	8.80%				07/2027	20,463	20,424		0.5		20,463
Banker's Toolbox, Inc.+	One stop	SF +	4.50%		N/A(6)				07/2027	—	—		—		—
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25%	(d)	7.85%				07/2031	16,114	15,970		0.4		16,114
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(26)	Subordinated debt	E +	8.00%	(c)	2.62%	cash/	8.00%	PIK	07/2032	1,994	1,973		0.1		1,994
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25%		N/A(6)				07/2031	—	—		—		—
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25%		N/A(6)				07/2031	—	—		—		—
Corsair Blade IV S.A R.L.+(8)(13)(26)	One stop	SF +	5.75%	(i)	9.80%	cash/	0.25%	PIK	12/2030	3,648	3,648		0.1		3,612
Corsair Blade IV S.A R.L.+(8)(9)(13)(26)	One stop	SN +	5.75%	(f)	9.96%	cash/	0.25%	PIK	12/2030	1,128	872		—		841
Finastra USA, Inc.+(8)(10)	One stop	SF +	7.25%	(j)	11.43%				09/2029	5,347	5,274		0.1		5,373
Finastra USA, Inc.+(8)(10)	One stop	SF +	7.25%	(j)	11.43%				09/2029	26	25		—		24
Flash Topco, Inc.+	One stop	SF +	6.00%	(i)	10.39%				10/2028	17,006	16,788		0.4		17,006
Flash Topco, Inc.+	One stop	SF +	6.00%	(i)	10.29%				10/2028	3,395	3,379		0.1		3,395
Flash Topco, Inc.+	One stop	SF +	6.50%	(h)(i)	10.81%				10/2028	140	137		—		140
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.50%	(h)	8.83%				11/2028	8,052	8,083		0.2		8,052
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.75%	(h)	9.07%				11/2028	523	521		—		523
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00%		N/A(6)				01/2032	—	—		—		—
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00%		N/A(6)				01/2032	—	—		—		—

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Medlar Bidco Limited+(8)(9)(21)	One stop	SN +	5.00%		N/A(6)	01/2032		$	—	—	%	$	—
Wealth Enhancement Group, LLC+	One stop	SF +	5.00%	(i)	9.29%	10/2028	3,977	3,972		0.1		3,977
Wealth Enhancement Group, LLC+	One stop	SF +	5.00%	(i)	9.29%	10/2028	2,868	2,864		0.1		2,868
Wealth Enhancement Group, LLC+(5)	One stop	SF +	5.00%		N/A(6)	10/2028	—	(2)		—		—
Wealth Enhancement Group, LLC+(5)	One stop	SF +	5.00%		N/A(6)	10/2028	—	(19)		—		—
							87,965	87,139		2.2		87,666

All values are in US Dollars.

Diversified Telecommunication Services
NTI Connect, LLC*+	Senior secured	SF +	5.00%	(i)	9.45%				07/2027	1,529	1,523	—	1,529
Electric Utilities
Smart Energy Systems, Inc.+(26)	One stop	SF +	7.50%	(j)	8.01%	cash/	3.75%	PIK	01/2030	6,318	6,180	0.2	6,205
Smart Energy Systems, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				01/2030	—	(10)	—	(25)
										6,318	6,170	0.2	6,180
Electrical Equipment
Power Grid Holdings, Inc.+	One stop	SF +	4.75%	(i)	9.05%				12/2030	1,418	1,403	—	1,418
Power Grid Holdings, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				12/2030	—	(2)	—	—
Wildcat TopCo, Inc.+	One stop	SF +	5.00%	(i)	9.30%				11/2031	23,419	23,198	0.6	23,419
Wildcat TopCo, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—	(40)	—	—
Wildcat TopCo, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—	(20)	—	—
										24,837	24,539	0.6	24,837
Electronic Equipment, Instruments & Components
CST Holding Company+	One stop	SF +	5.00%	(h)	9.42%				11/2028	33,889	33,064	0.8	33,889
CST Holding Company+(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—	(3)	—	—
										33,889	33,061	0.8	33,889	Food & Staples Retailing
---	---	---	---	---	---	---	---	---	---	---
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.82%	03/2030	995	993	—	995
Mendocino Farms, LLC+	One stop	SF +	5.50%		N/A(6)	03/2030	—	—	—	—
Mendocino Farms, LLC+	One stop	SF +	5.50%		N/A(6)	03/2030	—	—	—	—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.82%	03/2030	110	110	—	110
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	9.82%	03/2030	112	111	—	112
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.79%	02/2031	1,286	1,281	0.1	1,286
PDI TA Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.79%	02/2031	12	12	—	12
PDI TA Holdings, Inc.+	One stop	SF +	5.50%		N/A(6)	02/2031	—	—	—	—
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.95%	07/2025	2,293	2,289	0.1	2,367
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.95%	07/2025	512	512	—	529
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.95%	07/2025	338	338	—	349
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.95%	07/2025	190	190	—	196
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	11.95%	07/2025	—	—	—	2
Wineshipping.com LLC+	One stop	SF +	5.75%	(i)	10.21%	10/2027	9,648	9,517	0.2	8,009
Wineshipping.com LLC+	One stop	SF +	5.75%	(j)	10.45%	10/2027	264	259	—	219
Wineshipping.com LLC+	One stop	SF +	5.75%	(a)(i)(j)	10.46%	10/2027	146	142	—	118
							15,906	15,754	0.4	14,304

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Food Products
Blast Bidco Inc.+	One stop	SF +	6.00%	(i)	10.30%				10/2030		$	4,824	0.1	%	$	4,881
Blast Bidco Inc.+(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—	(6)		—		—
Borrower R365 Holdings, LLC^+	One stop	SF +	6.00%	(i)	10.45%				06/2027	18,823	18,814		0.5		18,823
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.45%				06/2027	1,556	1,547		—		1,556
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.45%				06/2027	231	231		—		231
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.00%		N/A(6)				06/2027	—	(1)		—		—
Eagle Family Foods Group, LLC+	One stop	SF +	5.00%	(i)	9.29%				08/2030	12,946	12,830		0.3		12,946
Eagle Family Foods Group, LLC+(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—	(14)		—		—
Kodiak Cakes, LLC^*+	Senior secured	SF +	5.25%	(i)	9.54%				06/2028	46,145	45,793		1.2		46,145
Kodiak Cakes, LLC+(5)	Senior secured	SF +	5.25%		N/A(6)				06/2028	—	(4)		—		—
Louisiana Fish Fry Products, Ltd.*+	One stop	SF +	6.25%	(i)	10.70%				07/2027	13,630	13,600		0.3		13,493
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(i)	10.70%				07/2027	182	179		—		178
MAPF Holdings, Inc.^+	One stop	SF +	6.50%	(i)	10.80%				12/2026	51,707	51,557		1.2		49,120
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	10.80%				12/2026	460	453		—		430
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	10.80%				12/2026	1,657	1,632		—		1,574
MAPF Holdings, Inc.+(26)	One stop	N/A			19.00%	PIK			12/2026	2,044	2,023		0.1		1,700
P&P Food Safety Holdings, Inc.*+	One stop	SF +	6.00%	(i)	10.45%				12/2026	24,684	24,655		0.6		24,684
P&P Food Safety Holdings, Inc.+	One stop	SF +	6.00%	(i)	10.45%				12/2026	30	29		—		30
Wizard Bidco Limited+(8)(10)	One stop	SF +	6.50%	(i)	10.80%				03/2029	22,740	22,649		0.6		22,740
Wizard Bidco Limited+(8)(9)(10)(26)	One stop	SN +	5.50%	(f)	8.46%	cash/	1.50%	PIK	03/2029	10,681	10,675		0.3		10,681
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.50%	(f)	10.96%				03/2029	8,039	7,722		0.2		8,039
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.71%				09/2028	194	183		—		194
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				03/2029	—	(38)		—		—
										220,630	219,333		5.4		217,445

All values are in US Dollars.

Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+	One stop	SF +	4.75%	(h)	9.07%	06/2028	7,050	7,011	0.2	7,050
Aspen Medical Products, LLC+	One stop	SF +	4.75%	(h)	9.07%	06/2028	458	455	—	458
Aspen Medical Products, LLC+(5)	One stop	SF +	4.75%		N/A(6)	06/2028	—	(1)	—	—
Aspen Medical Products, LLC+	One stop	SF +	4.75%	(h)	9.07%	06/2028	895	886	—	895
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.20%	(g)	10.77%	08/2028	7,745	7,749	0.2	7,745
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.20%	(c)	8.74%	08/2028	4,482	4,789	0.1	4,482
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	5.95%	(g)	10.52%	08/2028	1,912	1,912	0.1	1,912
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.20%	(f)	10.77%	08/2028	1,307	1,346	—	1,307
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.20%	(c)	8.57%	08/2028	1,070	1,089	—	1,070
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.20%	(f)	10.77%	08/2028	553	524	—	553
Belmont Instrument, LLC*+	One stop	SF +	5.25%	(i)	9.55%	08/2028	14,430	14,336	0.4	14,430
Belmont Instrument, LLC+	One stop	SF +	5.25%	(i)	9.55%	08/2028	20	18	—	20
Blades Buyer, Inc.*+	Senior secured	SF +	5.00%	(i)	9.42%	03/2028	12,222	12,189	0.3	12,222
Blades Buyer, Inc.*+	Senior secured	SF +	5.25%	(i)	9.67%	03/2028	1,734	1,722	—	1,734
Blades Buyer, Inc.+	Senior secured	SF +	5.00%	(i)	9.42%	03/2028	1,402	1,394	—	1,402
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(h)	9.17%	03/2028	106	103	—	104
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%	08/2029	12	12	—	12
Blue River Pet Care, LLC+	One stop	SF +	5.75%		N/A(6)	08/2029	—	—	—	—
Blue River Pet Care, LLC*+	One stop	SF +	5.75%	(h)	10.17%	08/2029	62,614	62,454	1.6	62,614
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%	08/2029	12,398	12,509	0.3	12,398
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%	08/2029	2,891	2,916	0.1	2,891
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%	08/2029	2,779	2,804	0.1	2,779
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%	08/2029	2,751	2,776	0.1	2,751
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%	08/2029	2,114	2,134	0.1	2,114

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029		$	1,248	—	%	$	1,252
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029	415	413		—		415
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029	300	297		—		300
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029	294	292		—		294
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029	299	297		—		299
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029	257	256		—		257
Blue River Pet Care, LLC+	One stop	SF +	5.75%	(h)	10.17%				08/2029	227	226		—		227
CCSL Holdings, LLC*(8)	One stop	SF +	5.50%	(h)	9.82%				12/2028	20,952	20,909		0.5		20,952
CCSL Holdings, LLC*+(8)	One stop	SF +	5.50%	(h)	9.82%				12/2028	5,656	5,670		0.1		5,656
CCSL Holdings, LLC+(8)(9)	One stop	SN +	5.50%	(f)	9.96%				12/2028	3,440	3,339		0.1		3,440
CCSL Holdings, LLC+(8)	One stop	SF +	5.50%	(h)	9.82%				12/2028	3,480	3,452		0.1		3,480
CCSL Holdings, LLC*+(8)	One stop	SF +	5.50%	(h)	9.82%				12/2028	2,891	2,867		0.1		2,891
CCSL Holdings, LLC+(8)	One stop	SF +	5.50%	(h)	9.83%				12/2028	370	368		—		370
CCSL Holdings, LLC+(5)(8)	One stop	SF +	5.50%		N/A(6)				12/2028	—	(5)		—		—
CCSL Holdings, LLC+(8)(9)	One stop	E +	5.50%	(b)	7.86%				12/2028	31,881	31,882		0.8		31,881
CCSL Holdings, LLC+(8)(9)	One stop	E +	5.50%	(b)	7.86%				12/2028	6,245	6,016		0.2		6,245
CMI Parent Inc.*	One stop	SF +	5.00%	(h)	9.32%				12/2026	22,468	22,387		0.6		22,468
CMI Parent Inc.^*	One stop	SF +	5.00%	(h)	9.32%				12/2026	19,784	19,874		0.5		19,784
CMI Parent Inc.^*	Senior secured	SF +	5.00%	(h)	9.32%				12/2026	9,483	9,501		0.2		9,483
CMI Parent Inc.*+	One stop	SF +	5.00%	(h)	9.32%				12/2026	8,898	8,911		0.2		8,898
CMI Parent Inc.+	One stop	SF +	5.00%		N/A(6)				12/2026	—	—		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(i)	9.81%				06/2031	7,891	7,821		0.2		7,891
HuFriedy Group Acquisition, LLC+(5)	One stop	SF +	5.50%		N/A(6)				05/2030	—	(7)		—		—
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(i)	9.80%				06/2031	1,431	1,404		—		1,431
JHC Investment Intermediate Holdings, LLC+(26)	One stop	SF +	8.75%	(i)	7.14%	cash/	6.00%	PIK	03/2029	1,199	1,199		—		1,199
JHC Investment Intermediate Holdings, LLC+(26)	One stop	SF +	8.75%	(h)(i)	13.14%	PIK			03/2029	895	692		—		850
TIDI Legacy Products, Inc.+	One stop	SF +	5.25%	(h)	9.57%				12/2029	3,502	3,562		0.1		3,502
TIDI Legacy Products, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—	—		—		—
TIDI Legacy Products, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—	—		—		—
YI, LLC+	One stop	SF +	5.75%	(i)	10.05%				12/2029	4,407	4,406		0.1		4,407
YI, LLC+(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—	(1)		—		—
YI, LLC+(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—	(8)		—		—
										298,862	298,395		7.4		298,815

All values are in US Dollars.

Healthcare Providers & Services
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.67%		12/2027	8,627	8,584	0.2	8,627
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.67%		12/2027	8,111	8,147	0.2	8,111
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	9.66%		12/2027	3,135	3,154	0.1	3,135
AAH TOPCO, LLC +(26)	Subordinated debt	N/A			11.50%	PIK	12/2031	2,890	2,782	0.1	2,804
AAH TOPCO, LLC +(5)	One stop	SF +	5.25%		N/A(6)		12/2027	—	(1)	—	—
AAH TOPCO, LLC +(5)	One stop	SF +	5.00%		N/A(6)		03/2031	—	(43)	—	(44)
Active Day, Inc.*+	One stop	SF +	5.00%	(h)	9.42%		05/2026	17,298	17,244	0.5	17,298
Active Day, Inc.+	One stop	SF +	5.00%	(i)	9.30%		05/2026	6,627	6,565	0.2	6,627
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.42%		05/2026	1,335	1,332	0.1	1,335
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.42%		05/2026	861	858	—	861
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.42%		05/2026	686	684	—	686
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.42%		05/2026	605	604	—	605
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.42%		05/2026	595	593	—	595
Active Day, Inc.+	One stop	SF +	5.25%		N/A(6)		05/2026	—	—	—	—
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.42%		05/2026	—	—	—	—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.45%		03/2027	16,095	16,033	0.4	16,014
Acuity Eyecare Holdings, LLC+(26)	One stop	N/A			16.50%	PIK	06/2027	15,503	15,409	0.4	15,697

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027		$	3,960	0.1	%	$	3,975
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	3,541	3,527		0.1		3,541
Acuity Eyecare Holdings, LLC*+	One stop	SF +	6.25%	(i)	10.70%				03/2027	3,504	3,489		0.1		3,504
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	3,122	3,110		0.1		3,122
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2027	1,996	1,988		0.1		1,986
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	1,819	1,812		0.1		1,819
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.45%				03/2027	1,018	1,014		—		1,013
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	441	439		—		441
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00%	(i)	10.70%	cash/	6.75%	PIK	03/2027	287	286		—		321
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.44%				03/2027	211	210		—		210
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	162	162		—		162
Acuity Eyecare Holdings, LLC+(26)	One stop	SF +	13.00%	(i)	10.70%	cash/	6.75%	PIK	03/2027	112	111		—		125
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(i)	10.70%				03/2027	107	107		—		107
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	10.70%				03/2027	1	1		—		1
Acuity Eyecare Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				03/2027	—	(1)		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	16,803	16,965		0.4		16,803
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+	One stop	SF +	6.00%	(i)	10.41%				03/2027	6,385	6,393		0.2		6,385
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+	One stop	SF +	6.00%	(i)	10.41%				03/2027	5,338	5,338		0.1		5,338
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	3,646	3,627		0.1		3,646
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)	Subordinated debt	N/A			13.75%	PIK			03/2028	1,394	1,388		—		1,394
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	10.39%				03/2027	833	832		—		833
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	10.39%				03/2027	394	394		—		394
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	SF +	6.00%		N/A(6)				03/2027	—	(1)		—		—
Bamboo US Bidco LLC+	One stop	SF +	5.25%	(i)	9.54%				09/2030	2,726	2,671		0.1		2,726
Bamboo US Bidco LLC+(8)(9)	One stop	E +	5.25%	(c)	7.86%				09/2030	1,835	1,752		0.1		1,835
Bamboo US Bidco LLC+	One stop	SF +	5.25%	(h)(i)	9.55%				09/2030	417	416		—		417
Bamboo US Bidco LLC+(5)	One stop	SF +	5.25%		N/A(6)				09/2030	—	(6)		—		—
Bamboo US Bidco LLC+	One stop	SF +	5.25%		N/A(6)				09/2030	—	—		—		—
Bamboo US Bidco LLC+(5)	One stop	SF +	5.25%		N/A(6)				10/2029	—	(11)		—		—
Benefit Plan Administrators of Eau Claire, LLC*	One stop	SF +	5.00%	(i)	9.31%				11/2030	13,038	12,962		0.3		12,956
Benefit Plan Administrators of Eau Claire, LLC+	One stop	SF +	5.00%	(h)	9.32%				11/2030	10,000	9,938		0.2		9,938
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop	SF +	5.00%		N/A(6)				11/2030	—	(13)		—		(14)
Benefit Plan Administrators of Eau Claire, LLC+(5)	One stop	SF +	5.00%		N/A(6)				11/2030	—	(42)		—		(45)
Community Care Partners, LLC+	One stop	SF +	6.00%	(h)	10.44%				06/2026	3,472	3,423		0.1		3,472
CRH Healthcare Purchaser, Inc.*+	Senior secured	SF +	5.75%	(i)	10.20%				06/2027	23,282	23,239		0.6		23,282
CRH Healthcare Purchaser, Inc.*+	Senior secured	SF +	5.75%	(i)	10.20%				06/2027	6,286	6,267		0.2		6,286
CRH Healthcare Purchaser, Inc.*+	Senior secured	SF +	5.75%	(i)	10.20%				06/2027	5,638	5,630		0.2		5,638
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	5.75%	(i)	10.20%				06/2027	4,258	4,246		0.1		4,258
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	5.75%	(i)	10.05%				06/2027	30	30		—		30
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.25%	(j)	9.68%				04/2031	771	758		—		771
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.71%				04/2031	462	446		—		462
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop	SF +	5.25%		N/A(6)				04/2031	—	(1)		—		—
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop	SF +	5.25%		N/A(6)				10/2030	—	(2)		—		—
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	15,593	15,294		0.4		15,436

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027		$	7,984	0.2	%	$	8,056
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	4,209	4,151		0.1		4,167
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	2,140	2,100		0.1		2,119
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	1,889	1,864		—		1,870
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	1,176	1,144		—		1,165
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	977	945		—		967
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	962	939		—		952
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	921	899		—		912
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	834	814		—		825
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	423	409		—		419
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	358	349		—		354
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	175	171		—		173
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.21%				02/2027	168	163		—		167
Encorevet Group LLC+	One stop	SF +	8.75%	(i)	13.21%				02/2027	155	155		—		157
Encorevet Group LLC+(26)	One stop	N/A			13.00%	PIK			05/2027	102	96		—		98
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.20%				02/2027	94	92		—		94
ERC Topco Holdings, LLC+(26)	One stop	SF +	6.50%	(i)	11.06%	PIK			03/2030	7,246	6,667		0.2		6,667
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(i)	10.06%				03/2030	1,069	992		—		1,069
ERC Topco Holdings, LLC+	One stop	SF +	5.50%	(i)	10.06%				03/2030	76	76		—		76
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.82%				03/2027	10,597	11,333		0.3		10,597
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.82%				03/2027	3,830	4,095		0.1		3,830
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.82%				03/2027	2,608	2,802		0.1		2,609
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.82%				03/2027	2,484	2,664		0.1		2,484
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)	One stop	SF +	5.75%	(i)	10.19%				03/2027	1,105	1,104		—		1,105
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)	One stop	SF +	5.75%	(i)	10.19%				03/2027	554	554		—		554
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	8.82%				03/2027	453	474		—		453
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(j)	9.26%				12/2026	2,520	2,537		0.1		2,520
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%	(j)	9.26%				12/2026	1,196	1,190		—		1,196
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—	—		—		—
Klick Inc.*+(8)(12)	Senior secured	SF +	4.50%	(h)	8.82%				03/2028	13,558	13,581		0.3		13,558
Klick Inc.+(8)(12)	Senior secured	SF +	4.50%	(h)	8.82%				03/2028	3,171	3,157		0.1		3,171
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)				03/2028	—	(2)		—		—
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	2,585	2,579		0.1		2,585
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	2,375	2,367		0.1		2,375
Krueger-Gilbert Health Physics, LLC*	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	1,517	1,518		—		1,517
Krueger-Gilbert Health Physics, LLC*+	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	1,390	1,386		—		1,390
Krueger-Gilbert Health Physics, LLC+	One stop	SF +	5.75%	(i)	10.05%				05/2026	668	666		—		668
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	611	610		—		611
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	90	90		—		90
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				05/2026	8	7		—		8
LOV Acquisition LLC+	Senior secured	SF +	4.50%	(h)	8.82%				11/2031	25,123	25,003		0.6		25,123
LOV Acquisition LLC+(5)	Senior secured	SF +	4.50%		N/A(6)				11/2031	—	(13)		—		—
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)(26)	One stop	CA +	6.00%	(l)	6.98%	cash/	2.00%	PIK	05/2028	24,771	27,968		0.6		24,523
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.50%	(i)	9.95%				05/2028	5,851	5,788		0.1		5,764
New Look Corporation and New Look Vision Group Inc. *+(8)(12)	One stop	SF +	5.50%	(i)	9.95%				05/2028	4,128	4,058		0.1		4,066
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50%	(l)	8.48%				05/2028	1,535	1,689		—		1,520

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50%	(l)	8.48%				05/2028		$	865	—	%	$	792
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	One stop	CA +	5.50%	(l)	8.50%				05/2026	159	147		—		156
New Look Corporation and New Look Vision Group Inc. +(8)(12)(26)	One stop	SF +	6.00%	(i)	8.45%	cash/	2.00%	PIK	05/2028	131	126		—		129
New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)	One stop	SF +	5.50%		N/A(6)				05/2026	—	(2)		—		(2)
Pinnacle Treatment Centers, Inc.*	One stop	SF +	5.75%	(i)	10.06%				01/2027	18,233	18,050		0.5		18,233
Pinnacle Treatment Centers, Inc.*+	One stop	SF +	5.75%	(i)	10.06%				01/2027	12,212	12,126		0.3		12,212
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	2,455	2,437		0.1		2,455
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	2,372	2,355		0.1		2,372
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	1,499	1,488		—		1,499
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	1,361	1,352		—		1,361
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	677	672		—		677
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	530	525		—		530
Pinnacle Treatment Centers, Inc.+	One stop	P +	4.50%	(a)	12.00%				01/2027	522	502		—		522
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	178	178		—		178
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.75%	(i)	10.06%				01/2027	102	101		—		102
Premise Health Holding Corp.+	One stop	SF +	5.50%	(i)	9.80%				03/2031	1,385	1,379		—		1,385
Premise Health Holding Corp.+(5)	One stop	SF +	5.50%		N/A(6)				03/2030	—	(1)		—		—
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.19%				05/2027	24,969	25,018		0.6		24,969
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.19%				05/2027	2,581	2,568		0.1		2,581
Pyramid Healthcare Acquisition Corp.*+	One stop	SF +	4.75%	(i)	9.21%				05/2027	2,158	2,152		0.1		2,158
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	1,187	1,184		—		1,187
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.20%				05/2027	1,086	1,083		—		1,086
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.19%				05/2027	733	731		—		733
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.19%				05/2027	244	243		—		244
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.19%				05/2027	215	214		—		215
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.19%				05/2027	201	200		—		201
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.21%				05/2027	201	200		—		201
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.19%				05/2027	79	79		—		79
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	9.20%				05/2027	40	39		—		40
Suveto Buyer, LLC*+	One stop	SF +	4.75%	(h)	9.07%				09/2027	27,601	27,595		0.7		27,601
Suveto Buyer, LLC+	One stop	SF +	4.75%	(h)	9.07%				09/2027	8,094	7,988		0.2		8,094
Suveto Buyer, LLC+(5)	One stop	SF +	4.75%		N/A(6)				09/2027	—	(2)		—		—
										481,108	482,900		11.9		479,533

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Healthcare Technology
Amberfield Acquisition Co.*+	One stop	SF +	5.50%	(i)	9.80%				05/2030		$	7,108	0.2	%	$	7,138
Amberfield Acquisition Co.+	One stop	SF +	5.50%	(i)	9.80%				05/2030	176	167		—		176
Amberfield Acquisition Co.+(5)	One stop	SF +	5.50%		N/A(6)				05/2030	—	(2)		—		—
Color Intermediate, LLC*+	Senior secured	SF +	4.75%	(i)	9.15%				10/2029	17,477	17,439		0.5		17,477
Connexin Software, Inc.+	One stop	SF +	8.50%	(i)	12.95%				03/2027	11,759	11,737		0.3		11,759
Connexin Software, Inc.+	One stop	SF +	8.50%		N/A(6)				03/2027	—	—		—		—
Crow River Buyer, Inc.+	One stop	SF +	6.00%	(i)	10.29%				01/2029	6,032	6,017		0.2		6,032
Crow River Buyer, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				01/2029	—	(1)		—		—
Crow River Buyer, Inc.+	One stop	SF +	6.00%	(h)	10.32%				01/2029	8,700	8,619		0.2		8,700
ESO Solution, Inc.^+	One stop	SF +	6.75%	(i)	11.07%				05/2027	11,360	11,381		0.3		11,360
ESO Solution, Inc.+	One stop	SF +	6.75%	(i)	11.07%				05/2027	3,803	3,747		0.1		3,803
ESO Solution, Inc.+	One stop	SF +	6.75%	(i)	11.07%				03/2027	108	108		—		108
GHX Ultimate Parent Corporation+	One stop	SF +	4.75%	(i)	9.05%				12/2031	54,019	53,499		1.3		54,019
GHX Ultimate Parent Corporation+(5)	One stop	SF +	4.75%		N/A(6)				12/2031	—	(48)		—		—
HealthEdge Software, Inc.+	One stop	SF +	4.75%	(i)	9.07%				07/2031	19,315	19,142		0.5		19,315
HealthEdge Software, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—	(23)		—		—
HealthEdge Software, Inc.+	One stop	SF +	4.75%	(i)	9.07%				07/2031	8,521	8,442		0.2		8,521
Kona Buyer, LLC+	One stop	SF +	4.50%	(i)	8.79%				07/2031	15,792	15,650		0.4		15,792
Kona Buyer, LLC+(5)	One stop	SF +	7.00%		N/A(6)				07/2031	—	(17)		—		—
Kona Buyer, LLC+	One stop	SF +	4.50%	(i)	8.79%				07/2031	927	909		—		927
Kona Buyer, LLC+(5)	One stop	SF +	7.00%		N/A(6)				07/2031	—	(21)		—		—
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.75%	(f)	10.21%				02/2031	612	600		—		606
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.96%				02/2031	283	278		—		274
Lacker Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.25%		N/A(6)				08/2030	—	(2)		—		(1)
Neptune Holdings, Inc.*	One stop	SF +	4.50%	(i)	8.80%				09/2030	16,098	16,189		0.4		16,098
Neptune Holdings, Inc.+	One stop	SF +	4.50%		N/A(6)				08/2029	—	—		—		—
Netsmart Technologies, Inc.+(26)	One stop	SF +	4.95%	(h)	6.82%	cash/	2.45%	PIK	08/2031	52,019	51,551		1.3		52,019
Netsmart Technologies, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				08/2031	—	(64)		—		—
Netsmart Technologies, Inc.+(5)	One stop	SF +	6.95%		N/A(6)				08/2031	—	(31)		—		—
Plasma Buyer LLC+	One stop	SF +	5.75%	(i)	10.05%				05/2029	7,995	7,838		0.2		7,915
Plasma Buyer LLC+	One stop	SF +	6.25%	(i)	10.55%				05/2029	302	298		—		299
Plasma Buyer LLC+	One stop	SF +	5.75%	(i)	10.05%				05/2028	92	89		—		90
QF Holdings, Inc.+	One stop	SF +	5.00%	(i)	9.29%				12/2027	929	925		—		929
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	11,348	11,338		0.3		11,461
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	11,046	11,003		0.3		11,157
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	7,278	7,271		0.2		7,350
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	1,871	1,870		—		1,890
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	1,663	1,662		—		1,680
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	1,248	1,246		—		1,260
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	1,040	1,038		—		1,050
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	832	831		—		840
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	166	166		—		167
Tebra Technologies, Inc.+(26)	One stop	SF +	8.00%	(i)	8.95%	cash/	3.50%	PIK	06/2025	88	88		—		90
Transaction Data Systems, Inc.^*+	One stop	SF +	4.50%	(i)	8.95%				02/2026	74,989	74,911		1.9		74,989
Transaction Data Systems, Inc.+	One stop	SF +	4.50%		N/A(6)				02/2026	—	—		—		—
Veranex, Inc.+(7)(26)	Senior secured	SF +	6.75%	(j)	5.29%	cash/	5.75%	PIK	04/2028	3,515	3,247		0.1		2,532
Veranex, Inc.+(7)(26)	Senior secured	SF +	6.75%	(j)	5.39%	cash/	5.75%	PIK	04/2028	415	304		—		299
Veranex, Inc.+(7)(26)	Senior secured	SF +	6.75%	(j)	5.27%	cash/	5.75%	PIK	04/2028	106	86		—		76
										359,062	356,585		8.9		358,197

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC*+	One stop	SF +	6.00%	(i)	10.46%				08/2028		$	13,586	0.4	%	$	13,610
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	10.44%				08/2028	686	682		—		686
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	10.45%				08/2028	469	434		—		469
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	10.45%				08/2028	170	168		—		170
BJH Holdings III Corp.*+	One stop	SF +	5.00%	(i)	9.33%				08/2027	70,109	69,949		1.8		70,109
BJH Holdings III Corp.+	One stop	SF +	5.00%	(i)	9.33%				08/2027	5,589	5,520		0.2		5,589
BJH Holdings III Corp.+	One stop	SF +	5.00%	(i)	9.30%				08/2027	381	371		—		381
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.19%				09/2028	17,911	17,910		0.5		17,552
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.19%				09/2028	3,193	3,180		0.1		3,129
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.19%				09/2028	2,145	2,145		0.1		2,102
Cafe Rio Holding, Inc.*	One stop	SF +	5.75%	(i)	10.19%				09/2028	1,361	1,361		—		1,334
Cafe Rio Holding, Inc.*+	One stop	SF +	5.75%	(i)	10.19%				09/2028	1,202	1,202		—		1,178
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(h)(i)	10.20%				09/2028	182	182		—		176
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.19%				09/2028	172	172		—		169
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.19%				09/2028	124	123		—		121
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.19%				09/2028	98	98		—		96
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.19%				09/2028	97	96		—		95
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.19%				09/2028	78	78		—		76
Cafe Rio Holding, Inc.+	One stop	SF +	5.75%	(i)	10.19%				09/2028	49	49		—		48
Cafe Rio Holding, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				09/2028	—	(1)		—		—
EOS Fitness Opco Holdings, LLC*+	One stop	SF +	5.25%	(i)	9.54%				01/2028	11,011	10,999		0.3		11,011
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(h)(i)	9.55%				01/2028	7,482	7,434		0.2		7,482
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	2,816	2,798		0.1		2,816
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	1,792	1,780		0.1		1,792
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	1,765	1,756		0.1		1,765
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	1,479	1,471		0.1		1,479
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	1,229	1,224		—		1,229
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	1,088	1,085		—		1,088
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	1,063	1,058		—		1,063
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(h)(i)	9.57%				01/2028	849	807		—		849
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				01/2028	601	597		—		601
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%		N/A(6)				01/2028	—	—		—		—
ESN Venture Holdings, LLC*+	One stop	SF +	5.75%	(i)	10.05%				10/2028	5,381	5,328		0.1		5,381
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.06%				10/2028	1,593	1,583		0.1		1,593
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				10/2028	919	914		—		919
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				10/2028	813	805		—		813
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				10/2028	440	438		—		440
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.04%				10/2028	386	336		—		386
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				10/2028	374	370		—		374
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				10/2028	209	202		—		209
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.05%				10/2028	182	181		—		182
Freddy's Frozen Custard LLC+	One stop	SF +	5.00%	(i)	9.30%				03/2027	1,391	1,388		—		1,391
Freddy's Frozen Custard LLC+	One stop	SF +	5.00%		N/A(6)				03/2027	—	—		—		—
GFP Atlantic Holdco 2, LLC+	One stop	SF +	6.00%	(i)	10.33%				11/2029	1,072	1,070		—		1,072
GFP Atlantic Holdco 2, LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—	(2)		—		—
Harri US LLC^+(26)	One stop	SF +	10.00%	(i)	10.46%	cash/	4.00%	PIK	08/2026	1,277	1,234		—		1,267
Harri US LLC+(26)	One stop	SF +	10.00%	(i)	10.46%	cash/	4.00%	PIK	08/2026	864	855		—		857
Harri US LLC+(26)	One stop	SF +	10.00%	(i)	10.46%	cash/	4.00%	PIK	08/2026	838	831		—		832
Harri US LLC+(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—	(1)		—		—
Harri US LLC+(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—	(28)		—		(10)
Health Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.55%				04/2029	3,882	3,873		0.1		3,882
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	9.80%				04/2029	1,772	1,751		—		1,772

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	9.80%				04/2029		$	880	—	%	$	890
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	9.80%				04/2029	129	128		—		129
Health Buyer, LLC+	Senior secured	SF +	5.25%		N/A(6)				04/2028	—	—		—		—
PB Group Holdings, LLC+(26)	One stop	SF +	5.50%	(h)	7.07%	cash/	2.75%	PIK	08/2030	37,241	37,076		0.9		37,241
PB Group Holdings, LLC+	One stop	SF +	5.00%	(h)	9.32%				08/2030	513	493		—		513
Rooster BidCo Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	9.46%				03/2032	4,789	4,753		0.1		4,753
Rooster BidCo Limited+(5)(8)(9)(10)	One stop	SN +	5.00%		N/A(6)				03/2032	—	—		—		(7)
Rooster BidCo Limited+(5)(8)(9)(10)	One stop	SN +	5.00%		N/A(6)				03/2032	—	(26)		—		(26)
SDC Holdco, LLC*	One stop	SF +	4.75%	(i)	9.05%				06/2031	21,736	21,640		0.6		21,737
SDC Holdco, LLC+(26)	Second lien	SF +	8.50%	(i)	12.80%	PIK			06/2032	3,563	3,541		0.1		3,563
SDC Holdco, LLC+(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—	(9)		—		—
SSRG Holdings, LLC*	One stop	SF +	4.75%	(i)	9.05%				11/2027	12,470	12,421		0.3		12,470
SSRG Holdings, LLC*+	One stop	SF +	4.75%	(i)	9.05%				11/2027	7,742	7,802		0.2		7,743
SSRG Holdings, LLC+	One stop	SF +	4.75%	(i)	9.05%				11/2027	1,453	1,447		—		1,453
SSRG Holdings, LLC+	One stop	SF +	4.75%	(i)	9.05%				11/2027	611	609		—		611
Super REGO, LLC+(26)	Subordinated debt	N/A			15.00%	PIK			03/2030	68	67		—		68
YE Brands Holding, LLC*+	One stop	SF +	4.75%	(i)	9.05%				10/2027	17,543	17,707		0.4		17,543
YE Brands Holding, LLC+	One stop	SF +	4.75%	(i)	9.05%				10/2027	965	960		—		965
YE Brands Holding, LLC+	One stop	SF +	4.75%		N/A(6)				10/2027	—	—		—		—
										279,907	278,931		6.9		279,271
Household Products
WU Holdco, Inc.*+	One stop	SF +	5.00%	(i)	9.30%				03/2027	4,823	4,840		0.1		4,823
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.30%				03/2027	1,704	1,701		—		1,704
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.30%				03/2027	443	441		—		443
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.30%				03/2027	2,223	2,214		0.1		2,223
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.30%				03/2027	130	130		—		130
										9,323	9,326		0.2		9,323
Industrial Conglomerates
Arch Global CCT Holdings Corp.*+	Senior secured	SF +	4.75%	(i)	9.15%				04/2026	3,176	3,171		0.1		3,145
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(i)	9.15%				04/2026	638	628		—		632
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(i)	9.15%				04/2026	594	584		—		587
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(i)	9.15%				04/2025	99	98		—		99
Dwyer Instruments, Inc.+(8)(9)	One stop	E +	5.00%	(c)	7.33%				07/2029	49,100	47,407		1.2		49,100
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	9.05%				07/2029	1,493	1,479		0.1		1,493
Dwyer Instruments, Inc.+(5)(8)(9)	One stop	E +	5.00%		N/A(6)				07/2029	—	(44)		—		—
Dwyer Instruments, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				07/2029	—	(30)		—		—
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	9.05%				07/2029	5,798	5,781		0.2		5,798
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	9.05%				07/2029	174	147		—		174
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	9.05%				07/2029	1,470	1,456		0.1		1,470
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	9.05%				07/2029	470	466		—		470
Dwyer Instruments, Inc.+	One stop	SF +	4.75%	(i)	9.05%				07/2029	551	542		—		551
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(i)	9.30%				06/2031	11,514	11,412		0.3		11,399
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(i)	9.30%				06/2030	226	213		—		215
Essential Services Holdings Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—	(10)		—		(23)
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—	(52)		—		—
Excelitas Technologies Corp.+	One stop	SF +	5.25%	(h)	9.57%				08/2029	10,022	9,964		0.2		10,022
Excelitas Technologies Corp.+(8)(9)	One stop	E +	5.25%	(b)	7.61%				08/2029	1,855	1,784		—		1,855
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25%		N/A(6)				08/2028	—	(2)		—		—
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—	(2)		—		—
										87,180	84,992		2.2		86,987

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Insurance
Accession Risk Management Group, Inc.^*+	One stop	SF +	4.75%	(i)	9.04%	11/2029		$	36,881	0.9	%	$	36,876
Accession Risk Management Group, Inc.^*+	One stop	SF +	4.75%	(i)	9.04%	11/2029	9,450	9,365		0.2		9,450
Accession Risk Management Group, Inc.*+	One stop	SF +	4.75%	(i)	9.05%	11/2029	8,319	8,312		0.2		8,319
Accession Risk Management Group, Inc.+	One stop	SF +	4.75%	(i)	9.04%	11/2029	8,032	7,996		0.2		8,032
Accession Risk Management Group, Inc.*+	One stop	SF +	4.75%	(i)	9.05%	11/2029	7,813	7,811		0.2		7,813
Accession Risk Management Group, Inc.*+	One stop	SF +	4.75%	(i)	9.05%	11/2029	5,222	5,274		0.1		5,222
Accession Risk Management Group, Inc.+	One stop	SF +	4.75%	(i)	9.05%	11/2029	618	532		—		618
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75%		N/A(6)	11/2029	—	(13)		—		—
Alera Group, Inc.^*+	One stop	SF +	5.25%	(h)	9.57%	10/2028	35,234	35,286		0.9		35,234
Alera Group, Inc.+	One stop	SF +	5.25%	(h)	9.57%	10/2028	10,013	10,011		0.3		10,013
Alera Group, Inc.+	One stop	SF +	5.25%	(h)	9.57%	10/2028	3,997	4,055		0.1		3,997
Alera Group, Inc.+	One stop	SF +	5.75%	(h)	10.07%	10/2028	3,479	3,486		0.1		3,487
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.65%	07/2027	4,445	4,455		0.1		4,445
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.65%	07/2027	1,324	1,322		—		1,324
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.65%	07/2027	1,117	1,114		—		1,117
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.65%	07/2027	161	161		—		161
AMBA Buyer, Inc.+	One stop	SF +	5.25%		N/A(6)	07/2027	—	—		—		—
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.25%	(i)	9.54%	03/2028	561	552		—		561
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.25%	(i)	9.56%	03/2028	378	378		—		378
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.25%	(i)	9.54%	03/2028	92	85		—		92
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.25%	(i)	9.54%	03/2028	60	59		—		60
Captive Resources Midco, LLC+	One stop	SF +	4.75%	(h)	9.07%	07/2029	23,291	23,268		0.6		23,291
Captive Resources Midco, LLC+(5)	One stop	SF +	4.75%		N/A(6)	07/2028	—	(2)		—		—
Disco Parent, Inc.+	One stop	SF +	7.50%	(i)	11.81%	03/2029	9,240	9,160		0.2		9,240
Disco Parent, Inc.+(5)	One stop	SF +	7.50%		N/A(6)	03/2029	—	(1)		—		—
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	12/2030	1,727	1,760		0.1		1,730
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	12/2030	1,586	1,590		—		1,590
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	9.55%	12/2029	12	12		—		12
Doxa Insurance Holdings LLC+(5)	One stop	SF +	5.00%		N/A(6)	12/2030	—	(24)		—		—
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	8.36%	04/2031	1,059	1,033		—		1,059
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	8.36%	04/2031	195	184		—		195
Illumifin Corporation+(26)	One stop	SF +	6.00%	(i)	10.55%	09/2027	4,670	4,486		0.1		4,390
Integrated Specialty Coverages, LLC+	One stop	SF +	4.75%	(i)	9.05%	07/2030	10,189	10,113		0.3		10,189
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	4.75%		N/A(6)	07/2029	—	(1)		—		—
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	4.75%		N/A(6)	07/2030	—	(4)		—		—
Integrity Marketing Acquisition, LLC*+	One stop	SF +	5.00%	(i)	9.31%	08/2028	44,989	44,665		1.1		44,989
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	5.00%		N/A(6)	08/2028	—	(3)		—		—
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	5.00%		N/A(6)	08/2028	—	(11)		—		—
J.S. Held Holdings, LLC^*+	One stop	SF +	5.50%	(i)	9.95%	06/2028	38,027	37,657		0.9		38,027
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(i)	9.95%	06/2028	6,960	6,870		0.2		6,960
J.S. Held Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	06/2028	—	(8)		—		—
Keystone Agency Partners LLC+	One stop	SF +	4.75%	(i)	9.05%	05/2027	3,540	3,520		0.1		3,504
Keystone Agency Partners LLC+	One stop	SF +	5.00%	(h)	9.29%	05/2027	3,040	3,012		0.1		3,010
Keystone Agency Partners LLC+	One stop	SF +	4.75%	(i)	9.05%	05/2027	2,865	2,845		0.1		2,836
Keystone Agency Partners LLC+	One stop	SF +	4.75%	(i)	9.05%	05/2027	2,860	2,902		0.1		2,832
Keystone Agency Partners LLC+	One stop	SF +	4.75%	(i)	9.05%	05/2027	2,028	2,022		—		2,008
Keystone Agency Partners LLC+	One stop	SF +	4.75%	(i)	9.05%	05/2027	615	614		—		609
Keystone Agency Partners LLC+(5)	One stop	SF +	5.00%		N/A(6)	05/2027	—	(26)		—		(57)
Majesco^*	One stop	SF +	4.75%	(i)	9.05%	09/2028	28,101	28,132		0.7		28,101
Majesco+(5)	One stop	SF +	4.75%		N/A(6)	09/2027	—	(1)		—		—
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	6.25%	(b)(c)	8.78%	02/2029	1,118	1,113		—		1,153
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(h)	10.06%	11/2029	2,270	2,304		0.1		2,270

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(h)	10.06%				11/2029		$	469	—	%	$	470
Oakbridge Insurance Agency LLC+	One stop	SF +	5.75%	(h)	10.07%				11/2029	28	28		—		28
Pareto Health Intermediate Holdings, Inc.*+	One stop	SF +	5.00%	(j)	9.28%				05/2030	74,461	73,896		1.8		74,461
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				06/2029	—	(1)		—		—
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—	(55)		—		—
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.45%				10/2028	15,366	15,364		0.4		15,366
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.45%				10/2028	3,141	3,129		0.1		3,141
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.30%				10/2028	2,399	2,389		0.1		2,399
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(h)	9.42%				10/2028	107	100		—		107
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.46%				02/2028	23,090	25,253		0.6		23,149
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.46%				02/2028	19,380	20,600		0.5		19,428
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.45%				02/2028	8,898	9,233		0.2		8,922
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.46%				02/2028	7,578	8,401		0.2		7,598
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	8.43%				02/2027	180	181		—		180
People Corporation+(5)(8)(9)(12)	One stop	CA +	5.25%		N/A(6)				02/2028	—	(71)		—		—
World Insurance Associates, LLC+(5)	One stop	SF +	5.00%		N/A(6)				04/2030	—	(20)		—		(40)
World Insurance Associates, LLC+(5)	One stop	SF +	5.00%		N/A(6)				04/2030	—	(3)		—		(3)
										480,671	483,196		11.9		480,343
Internet & Direct Marketing Retail
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	10.19%				04/2027	20,404	20,124		0.4		17,751
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	10.19%				04/2027	11,942	11,760		0.3		10,390
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	10.19%				04/2027	5,921	5,831		0.1		5,151
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	10.19%				04/2027	3,567	3,497		0.1		3,104
Revalize, Inc.+	One stop	SF +	5.75%	(i)	10.19%				04/2027	2,428	2,375		0.1		2,112
Revalize, Inc.+	One stop	SF +	5.75%	(i)	10.19%				04/2027	2,384	2,293		—		2,075
Revalize, Inc.+	One stop	SF +	5.75%	(i)	10.19%				04/2027	228	216		—		198
Revalize, Inc.+	One stop	SF +	5.75%	(i)	10.19%				04/2027	274	259		—		214
										47,148	46,355		1.0		40,995
IT Services
Acquia, Inc.^*+	One stop	SF +	7.00%	(i)	11.44%				10/2026	12,020	11,995		0.3		12,020
Acquia, Inc.+	One stop	SF +	7.00%	(i)	11.44%				10/2026	1,083	1,078		—		1,083
Acquia, Inc.+	One stop	SF +	7.00%	(i)	11.45%				10/2026	112	112		—		112
CivicPlus, LLC^+	One stop	SF +	5.75%	(i)	10.21%				08/2027	9,175	9,188		0.2		9,175
CivicPlus, LLC+	One stop	SF +	5.75%	(i)	10.21%				08/2027	5,430	5,441		0.1		5,430
CivicPlus, LLC+	One stop	SF +	5.75%	(i)	10.21%				08/2027	4,301	4,307		0.1		4,301
CivicPlus, LLC+(26)	One stop	SF +	11.75%	(j)	17.00%	PIK			06/2034	600	596		—		606
CivicPlus, LLC+	One stop	SF +	6.00%		N/A(6)				08/2027	—	—		—		—
Critical Start, Inc.+(26)	One stop	SF +	6.75%	(i)	7.41%	cash/	3.63%	PIK	05/2028	5,352	5,348		0.1		5,298
Critical Start, Inc.+(26)	One stop	SF +	6.75%	(i)	7.41%	cash/	3.63%	PIK	05/2028	2,457	2,431		0.1		2,433
Critical Start, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				05/2028	—	(1)		—		(2)
Delinea Inc.^*	One stop	SF +	5.75%	(i)	10.20%				03/2028	22,492	22,499		0.6		22,492
Delinea Inc.^*	One stop	SF +	5.75%	(i)	10.20%				03/2028	13,058	13,060		0.3		13,058
Delinea Inc.+	One stop	SF +	5.75%	(i)	10.20%				03/2028	11,443	11,430		0.3		11,443
Delinea Inc.+(5)	One stop	SF +	5.75%		N/A(6)				03/2027	—	(1)		—		—
Goldcup 31018 AB+(8)(9)(17)(26)	One stop	E +	6.50%	(c)(d)	9.15%	PIK			07/2029	14,240	13,693		0.3		14,098
Goldcup 31018 AB+(8)(9)(17)(26)	One stop	E +	6.50%	(d)	9.15%	PIK			07/2029	1,329	1,304		—		1,306
Goldcup 31018 AB+(8)(9)(17)	One stop	E +	6.25%	(d)	9.02%				01/2029	216	209		—		214
Kentik Technologies, Inc.+(26)	Second lien	SF +	12.25%	(i)	16.55%	PIK			11/2029	53	50		—		51
Kentik Technologies, Inc.+(5)	Second lien	SF +	12.25%		N/A(6)				11/2029	—	(1)		—		(2)
Netwrix Corporation*+	One stop	SF +	4.75%	(i)	9.06%				06/2029	7,935	7,940		0.2		7,935
Netwrix Corporation+	One stop	SF +	4.75%	(i)	9.06%				06/2029	385	385		—		385
Netwrix Corporation+	One stop	SF +	4.75%	(i)	9.06%				06/2029	91	88		—		91

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Netwrix Corporation+(5)	One stop	SF +	4.75%		N/A(6)				06/2029		$	(1)	—	%	$	—
Optimizely North America, Inc.+	One stop	SF +	5.00%	(h)	9.32%				10/2031	38,320	37,960		1.0		38,320
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.25%	(b)	7.61%				10/2031	14,678	14,591		0.4		14,678
Optimizely North America, Inc.+(8)(9)	One stop	SN +	5.50%	(f)	9.96%				10/2031	5,773	5,740		0.2		5,773
Optimizely North America, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				10/2031	—	(93)		—		—
PDQ Intermediate, Inc.+(26)	Subordinated debt	N/A			13.75%	PIK			10/2031	122	121		—		122
Recordxtechnologies, LLC*+	One stop	SF +	5.25%	(i)	9.55%				12/2027	18,776	18,937		0.5		18,777
Recordxtechnologies, LLC*	One stop	SF +	5.25%	(i)	9.55%				12/2027	12,490	12,394		0.3		12,490
Recordxtechnologies, LLC+	One stop	SF +	5.25%	(i)	9.55%				12/2027	1,760	1,775		—		1,760
Recordxtechnologies, LLC+	One stop	SF +	5.25%	(i)	9.55%				12/2027	889	883		—		889
Recordxtechnologies, LLC+	One stop	SF +	5.25%	(i)	9.55%				12/2027	2	—		—		2
ReliaQuest Holdings, LLC+(26)	One stop	SF +	6.75%	(i)	7.41%	cash/	3.63%	PIK	04/2031	11,928	11,930		0.3		11,928
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)				04/2031	—	(4)		—		—
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				04/2031	—	(1)		—		—
Saturn Borrower Inc.*+	One stop	SF +	6.00%	(i)	10.30%				11/2028	27,463	27,039		0.7		27,052
Saturn Borrower Inc.+(5)	One stop	SF +	6.00%		N/A(6)				11/2028	—	(8)		—		(7)
WPEngine, Inc.+	One stop	SF +	6.50%	(i)	10.82%				08/2029	5,438	5,421		0.2		5,438
WPEngine, Inc.+	One stop	SF +	6.50%		N/A(6)				08/2029	—	—		—		—
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(i)	10.81%				07/2027	7,211	7,251		0.2		7,211
Zarya Holdco, Inc.+	One stop	SF +	6.50%	(i)	10.81%				07/2027	1,406	1,399		—		1,406
Zarya Holdco, Inc.+	One stop	SF +	6.50%		N/A(6)				07/2027	—	—		—		—
										258,028	256,485		6.4		257,366

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Leisure Products
Crunch Holdings, LLC*	One stop	SF +	4.50%	(h)	8.82%				09/2031		$	56,714	1.4	%	$	56,978
Crunch Holdings, LLC+(5)	One stop	SF +	4.50%		N/A(6)				09/2031	—	(37)		—		—
Movement Holdings, LLC+(8)(10)	One stop	SF +	5.25%	(i)	9.55%				03/2030	837	835		—		837
Movement Holdings, LLC+(8)(10)	One stop	SF +	5.25%		N/A(6)				03/2030	—	—		—		—
Movement Holdings, LLC+(5)(8)(10)	One stop	SF +	5.25%		N/A(6)				03/2030	—	(2)		—		—
WBZ Investment, LLC+	One stop	SF +	6.75%	(i)	11.20%				03/2027	7,753	7,753		0.2		7,753
WBZ Investment, LLC+	One stop	SF +	6.75%	(i)	11.20%				03/2027	1,709	1,709		0.1		1,709
WBZ Investment, LLC+	One stop	SF +	6.75%	(i)	11.20%				03/2027	1,188	1,188		—		1,188
WBZ Investment, LLC+	One stop	SF +	6.75%	(i)	11.20%				03/2027	628	628		—		628
WBZ Investment, LLC+	One stop	SF +	6.75%		N/A(6)				03/2027	—	—		—		—
										69,093	68,788		1.7		69,093
Life Sciences Tools & Services
Celerion Buyer, Inc.*+	One stop	SF +	5.00%	(i)	9.30%				11/2029	31,022	30,723		0.8		31,022
Celerion Buyer, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—	(1)		—		—
Celerion Buyer, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2029	—	(72)		—		—
Celerion Buyer, Inc.*	One stop	SF +	5.00%	(i)	9.30%				11/2029	22,012	21,808		0.5		22,012
Graphpad Software, LLC+	One stop	SF +	4.75%	(i)	9.05%				06/2031	8,825	8,785		0.2		8,825
Graphpad Software, LLC+(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—	(4)		—		—
Graphpad Software, LLC+	One stop	SF +	4.75%	(i)	9.05%				06/2031	221	211		—		221
PAS Parent Inc.+(5)	One stop	SF +	4.75%		N/A(6)				12/2028	—	(16)		—		—
PAS Parent Inc.*+	One stop	SF +	4.75%	(h)	9.07%				12/2028	55,235	55,254		1.4		55,235
PAS Parent Inc.+	One stop	SF +	4.75%	(h)	9.07%				12/2027	8	3		—		8
PAS Parent Inc.+	One stop	SF +	4.75%	(h)	9.07%				12/2028	2,929	2,947		0.1		2,929
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(h)	9.87%				08/2027	1,393	1,381		—		1,379
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(h)	9.87%				08/2027	1,176	1,163		—		1,164
Unchained Labs, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				08/2027	—	(1)		—		—
										122,821	122,181		3.0		122,795
Machinery
AI Titan Parent, Inc.+	One stop	SF +	4.75%	(h)	9.07%				08/2031	10,508	10,412		0.3		10,508
AI Titan Parent, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—	(10)		—		—
AI Titan Parent, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—	(12)		—		—
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(i)	9.80%				12/2030	4,454	4,530		0.1		4,454
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(i)	9.80%				12/2030	493	493		—		493
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(h)(i)	9.81%				12/2029	35	35		—		35
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00%	(i)	9.95%	cash/	1.50%	PIK	11/2026	13,765	13,635		0.3		13,215
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00%	(i)	9.95%	cash/	1.50%	PIK	11/2026	1,301	1,284		—		1,249
Chase Industries, Inc.+(26)(27)	Senior secured	SF +	7.00%	(i)	9.95%	cash/	1.50%	PIK	11/2026	294	287		—		273
										30,850	30,654		0.7		30,227
Marine
Project Nike Purchaser, LLC*+	One stop	SF +	5.00%	(i)	9.30%				04/2029	33,694	33,848		0.9		33,694
Project Nike Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.30%				04/2029	746	743		—		746
Project Nike Purchaser, LLC+	One stop	SF +	5.00%	(i)	9.30%				04/2029	236	234		—		236
										34,676	34,825		0.9		34,676
Media
Lotus Topco, Inc.*	One stop	SF +	4.75%	(i)	9.05%				06/2030	5,138	5,104		0.1		5,138
Lotus Topco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—	(7)		—		—
Lotus Topco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—	(17)		—		—
Triple Lift, Inc.^*	One stop	SF +	5.75%	(i)	10.20%				05/2028	7,262	7,169		0.2		6,972
Triple Lift, Inc.*+	One stop	SF +	5.75%	(i)	10.20%				05/2028	1,548	1,520		—		1,487
Triple Lift, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				05/2028	—	(4)		—		(6)
										13,948	13,765		0.3		13,591

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Oil, Gas & Consumable Fuels
Envernus, Inc.+	One stop	SF +	5.50%	(h)	9.82%				12/2029		$	5,347	0.1	%	$	5,265
Envernus, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—	—		—		—
Envernus, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—	—		—		—
										5,265	5,347		0.1		5,265
Paper & Forest Products
Messenger, LLC*+	One stop	SF +	5.25%	(i)	9.70%				12/2027	14,397	14,414		0.4		14,397
Messenger, LLC+(8)(9)	One stop	SN +	5.25%	(f)	9.81%				12/2027	894	876		—		894
Messenger, LLC+	One stop	SF +	5.25%	(i)	9.70%				12/2027	520	519		—		520
Messenger, LLC+(8)(9)	One stop	SN +	5.25%		N/A(6)				12/2027	—	—		—		—
Messenger, LLC*+	One stop	SF +	5.25%	(h)	9.67%				12/2027	1,508	1,532		—		1,508
Messenger, LLC+	One stop	SF +	5.25%	(i)	9.70%				12/2027	756	756		—		756
Messenger, LLC+	One stop	SF +	5.25%		N/A(6)				12/2027	—	—		—		—
										18,075	18,097		0.4		18,075
Personal Products
IMPLUS Footcare, LLC+(7)(26)	One stop	SF +	9.25%	(i)	12.20%	cash/	1.50%	PIK	07/2025	30,580	30,464		0.4		18,348
IMPLUS Footcare, LLC+(7)(26)	One stop	SF +	9.25%	(i)	12.20%	cash/	1.50%	PIK	07/2025	5,223	5,203		0.1		3,134
IMPLUS Footcare, LLC+(7)(26)	One stop	SF +	9.25%	(i)	12.20%	cash/	1.50%	PIK	07/2025	753	739		—		452
										36,556	36,406		0.5		21,934

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*+	One stop	SF +	5.50%	(i)	9.80%				02/2029		$	30,000	0.7	%	$	30,144
ACP Ulysses Buyer, Inc.*+	One stop	SF +	5.50%	(i)	9.80%				02/2029	1,303	1,287		—		1,303
Amalthea Parent, Inc.^*+(8)(12)	One stop	SF +	5.00%	(i)	9.57%				03/2027	87,191	85,156		2.1		83,704
Amalthea Parent, Inc.+(8)(12)	One stop	SF +	5.00%	(h)	9.44%				03/2027	540	518		—		520
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(j)	9.25%				07/2026	2,243	2,234		0.1		2,243
Apothecary Products, LLC+	Senior secured	SF +	5.00%	(i)	9.31%				07/2026	78	75		—		78
Caerus Midco 3 S.A.R.L.*+(8)	One stop	SF +	5.00%	(i)	9.30%				05/2029	29,261	29,293		0.7		29,261
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)	9.30%				05/2029	4,851	4,854		0.1		4,851
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)(j)	9.30%				05/2029	4,476	4,433		0.1		4,476
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(i)(j)	9.30%				05/2029	710	706		—		710
Caerus Midco 3 S.A.R.L.+(8)	One stop	SF +	5.00%	(h)	9.33%				05/2029	14	11		—		14
Cobalt Buyer Sub, Inc.*+	One stop	SF +	5.50%	(i)	9.81%				10/2028	14,760	14,718		0.4		14,761
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(i)	9.81%				10/2028	4,950	4,934		0.1		4,950
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(i)	9.81%				10/2028	3,739	3,674		0.1		3,739
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(i)	9.81%				10/2027	146	132		—		146
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(i)	9.81%				10/2028	6,365	6,297		0.2		6,365
Cobalt Buyer Sub, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—	(68)		—		—
Creek Parent, Inc.+	One stop	SF +	5.25%	(h)	9.57%				12/2031	56,829	55,875		1.4		56,829
Creek Parent, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				12/2031	—	(135)		—		—
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88%	(f)	8.20%	cash/	1.13%	PIK	08/2028	36,632	37,656		0.9		35,351
Spark Bidco Limited+(8)(9)(10)	Senior secured	SN +	6.00%	(f)	10.46%				08/2028	5,368	5,134		0.1		5,368
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88%	(f)	8.20%	cash/	1.13%	PIK	08/2028	4,441	3,987		0.1		4,285
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00%	(i)	10.30%				08/2028	3,991	3,984		0.1		3,991
Spark Bidco Limited+(8)(9)(10)(26)	Senior secured	SN +	4.88%	(f)	8.20%	cash/	1.13%	PIK	08/2028	3,885	3,648		0.1		3,749
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.88%		N/A(6)				02/2028	—	(5)		—		(6)
										301,917	298,398		7.3		296,832
Professional Services
ALKU Intermediate Holdings, LLC+	One stop	SF +	6.25%	(j)	10.47%				5/1/2029	6,763	6,787		0.2		6,813
ALKU Intermediate Holdings, LLC+	One stop	SF +	5.50%	(j)	9.72%				5/1/2029	748	740		—		748
bswift, LLC+	One stop	SF +	4.75%	(i)	9.04%				11/1/2028	7,643	7,628		0.2		7,643
bswift, LLC+	One stop	SF +	4.75%	(i)	9.07%				11/1/2028	10,000	9,949		0.3		10,000
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(j)	9.25%				10/1/2027	8,017	8,031		0.2		8,017
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(j)	9.28%				10/1/2027	3,480	3,437		0.1		3,480
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(j)	9.28%				10/1/2027	1,034	1,026		—		1,034
Citrin Cooperman Advisors LLC+	One stop	SF +	5.25%	(i)(j)	9.73%				10/1/2027	1,741	1,741		0.1		1,741
Citrin Cooperman Advisors LLC+	One stop	SF +	5.25%	(j)	9.63%				10/1/2027	252	252		—		252
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	9.32%				9/1/2028	5,215	5,186		0.1		5,215
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	9.32%				9/1/2028	803	795		—		803
DISA Holdings Corp.+	One stop	SF +	5.00%	(i)	9.32%				9/1/2028	687	680		—		687
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	9.32%				9/1/2028	608	602		—		608
DISA Holdings Corp.+(26)	Subordinated debt	SF +	8.50%	(i)	10.82%	cash/	2.00%	PIK	3/1/2029	104	103		—		104
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	9.31%				9/1/2028	590	583		—		590
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	9.31%				9/1/2028	34	32		—		34
Eclipse Buyer, Inc.+	One stop	SF +	4.75%	(h)	9.06%				9/1/2031	14,283	14,151		0.4		14,283
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				9/1/2031	—	(64)		—		—
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				9/1/2031	—	(11)		—		—
Eliassen Group, LLC+	One stop	SF +	5.75%	(i)	10.05%				4/1/2028	2,137	2,123		0.1		2,094
Eliassen Group, LLC+	One stop	SF +	5.75%	(i)	10.05%				4/1/2028	145	143		—		141
Filevine, Inc.^+(26)	One stop	SF +	6.50%	(i)	8.46%	cash/	2.50%	PIK	4/1/2027	8,346	8,377		0.2		8,451
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				4/1/2027	—	—		—		—
IG Investments Holdings, LLC+	One stop	SF +	5.00%	(i)	9.29%				9/1/2028	12,941	12,894		0.3		12,941

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
IG Investments Holdings, LLC+	One stop	SF +	5.00%		N/A(6)				9/1/2028		$	—	—	%	$	—
NBG Acquisition Corp. and NBG-P Acquisition Corp.^*+	One stop	SF +	5.50%	(i)	9.94%				11/1/2028	33,850	33,518		0.8		32,497
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.50%	(i)	9.95%				11/1/2028	787	782		—		756
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.50%	(i)	9.95%				11/1/2028	434	426		—		414
PlanSource Holdings, Inc.*+	One stop	SF +	5.50%	(i)	9.83%				12/1/2026	14,234	14,213		0.4		14,234
PlanSource Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.83%				12/1/2026	2,416	2,408		0.1		2,416
PlanSource Holdings, Inc.+	One stop	SF +	5.50%	(i)	9.83%				12/1/2026	695	693		—		695
PlanSource Holdings, Inc.+	One stop	SF +	5.50%		N/A(6)				12/1/2026	—	—		—		—
Procure Acquireco, Inc.*+	One stop	SF +	4.75%	(i)	9.06%				12/1/2028	24,796	24,842		0.6		24,796
Procure Acquireco, Inc.+	One stop	SF +	4.75%	(i)	9.06%				12/1/2028	1,140	1,140		—		1,140
Procure Acquireco, Inc.+	One stop	SF +	4.75%		N/A(6)				12/1/2028	—	—		—		—
Procure Acquireco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				12/1/2028	—	(75)		—		—
Procure Acquireco, Inc.+	One stop	SF +	4.75%	(i)	9.05%				12/1/2028	3,479	3,463		0.1		3,479
Teaching Company, The+	One stop	SF +	5.75%	(i)	10.19%				1/1/2026	13,524	13,524		0.3		13,388
Teaching Company, The+(5)	One stop	SF +	5.75%		N/A(6)				1/1/2026	—	—		—		(2)
Varicent Intermediate Holdings Corporation+(8)(12)(26)	One stop	SF +	6.00%	(i)	7.05%	cash/	3.25%	PIK	8/1/2031	49,508	48,857		1.2		49,508
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop	SF +	5.50%		N/A(6)				8/1/2031	—	(85)		—		—
Varicent Intermediate Holdings Corporation+(5)(8)(12)	One stop	SF +	6.00%		N/A(6)				8/1/2031	—	(70)		—		—
										230,434	228,821		5.7		229,000

All values are in US Dollars. %

Real Estate Management & Development
Inhabit IQ Inc.+	One stop	SF +	4.50%	(h)	8.82%	01/2032	6,890	6,873	0.2	6,873
Inhabit IQ Inc.+(5)	One stop	SF +	4.50%		N/A(6)	01/2032	—	(3)	—	(3)
Inhabit IQ Inc.+(5)	One stop	SF +	4.50%		N/A(6)	01/2032	—	(5)	—	(5)
MRI Software, LLC^*+	One stop	SF +	4.75%	(i)	9.05%	02/2027	32,907	33,072	0.8	32,907
MRI Software, LLC^*+	One stop	SF +	4.75%	(i)	9.05%	02/2027	13,086	13,173	0.3	13,086
MRI Software, LLC+	One stop	SF +	4.75%	(i)	9.05%	02/2027	176	159	—	176
MRI Software, LLC+	One stop	SF +	4.75%	(i)	9.05%	02/2027	3,032	2,956	0.1	3,032
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.96%	08/2028	5,845	5,852	0.1	5,845
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.96%	08/2028	26,979	28,281	0.7	26,979
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(e)	9.67%	08/2028	10,996	11,767	0.2	10,997
RPL Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(e)	9.67%	08/2028	2,670	3,038	0.1	2,670
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	02/2028	—	—	—	—
							102,581	105,163	2.5	102,557
Road & Rail
Internet Truckstop Group, LLC*	One stop	SF +	5.50%	(i)	9.95%	04/2027	28,632	28,644	0.7	28,345
Internet Truckstop Group, LLC*+	One stop	SF +	5.50%	(i)	9.95%	04/2027	12,553	12,496	0.3	12,427
Internet Truckstop Group, LLC+(5)	One stop	SF +	5.50%		N/A(6)	04/2027	—	(2)	—	(3)
							41,185	41,138	1.0	40,769

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Software
Anaplan, Inc.^+	One stop	SF +	5.00%	(i)	9.30%				06/2029		$	24,830	0.6	%	$	24,618
Anaplan, Inc.+	One stop	SF +	5.00%	(i)	9.30%				06/2029	12,968	12,940		0.3		12,968
Anaplan, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				06/2028	—	(1)		—		—
Appfire Technologies, LLC^*+	One stop	SF +	5.00%	(i)	9.30%				03/2028	57,524	57,439		1.4		57,524
Appfire Technologies, LLC+(5)	One stop	SF +	5.00%		N/A(6)				03/2028	—	(2)		—		—
Appfire Technologies, LLC+(5)	One stop	SF +	5.00%		N/A(6)				03/2028	—	(30)		—		—
Appfire Technologies, LLC+(5)	One stop	SF +	5.00%		N/A(6)				03/2028	—	(106)		—		—
Aras Corporation^+	One stop	SF +	6.25%	(i)	10.55%				04/2029	28,596	28,601		0.7		28,596
Aras Corporation+	One stop	SF +	6.25%	(i)	10.55%				04/2029	2,000	1,982		0.1		2,000
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.71%				06/2029	5,616	5,364		0.2		5,616
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	9.71%				06/2029	2,931	2,731		0.1		2,931
Arrow Buyer, Inc.+	One stop	SF +	5.75%	(i)	10.05%				07/2030	24,977	24,823		0.6		24,977
Arrow Buyer, Inc.+	One stop	SF +	5.75%	(i)	10.05%				07/2030	1,637	1,632		0.1		1,637
Arrow Buyer, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				07/2030	—	(23)		—		—
Artifact Bidco, Inc.+	One stop	SF +	4.50%	(i)	8.80%				05/2031	1,489	1,475		0.1		1,489
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				05/2031	—	(2)		—		—
Artifact Bidco, Inc.+	One stop	SF +	4.50%		N/A(6)				05/2030	—	—		—		—
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—	(1)		—		—
Auvik Networks Inc.^+(8)(12)(26)	One stop	SF +	6.25%	(i)	7.29%	cash/	3.25%	PIK	07/2027	10,841	10,865		0.3		10,841
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25%	(i)	7.29%	cash/	3.25%	PIK	07/2027	1,949	1,943		0.1		1,949
Auvik Networks Inc.+(8)(12)(26)	One stop	SF +	6.25%	(i)	7.29%	cash/	3.25%	PIK	07/2027	993	989		—		993
Auvik Networks Inc.+(8)(12)	One stop	SF +	6.00%		N/A(6)				07/2027	—	—		—		—
Azul Systems, Inc.*	Senior secured	SF +	4.50%	(i)	8.95%				04/2027	9,492	9,638		0.2		9,492
Azul Systems, Inc.+	Senior secured	SF +	4.50%		N/A(6)				04/2026	—	—		—		—
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(h)	10.82%				03/2031	973	963		—		973
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(h)	10.82%				03/2031	428	422		—		428
Azurite Intermediate Holdings, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				03/2031	—	(2)		—		—
Baxter Planning Systems, LLC+(26)	One stop	SF +	6.25%	(j)	7.30%	cash/	3.38%	PIK	05/2031	4,130	4,129		0.1		4,130
Baxter Planning Systems, LLC+(5)	One stop	SF +	6.25%		N/A(6)				05/2031	—	(5)		—		—
Baxter Planning Systems, LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2031	—	(4)		—		—
Bayshore Intermediate #2, L.P.^+(26)	One stop	SF +	6.25%	(i)	7.18%	cash/	3.38%	PIK	10/2028	121,692	121,625		3.0		121,692
Bayshore Intermediate #2, L.P.+(5)	One stop	SF +	5.75%		N/A(6)				10/2027	—	(2)		—		—
BestPass, Inc.+	One stop	SF +	5.25%	(h)	9.57%				08/2031	52,602	52,364		1.3		52,602
BestPass, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—	(24)		—		—
BestPass, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—	(31)		—		—
Bloomerang, LLC+	One stop	SF +	6.00%	(i)	10.30%				12/2029	4,142	4,176		0.1		4,142
Bloomerang, LLC+	One stop	SF +	6.00%	(i)	10.31%				12/2029	414	404		—		414
Bloomerang, LLC+(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—	(1)		—		—
Bottomline Technologies, Inc.+	One stop	SF +	5.25%	(i)	9.55%				05/2029	40,853	40,662		1.0		40,853
Bottomline Technologies, Inc.+	One stop	SF +	5.75%	(i)	10.05%				05/2029	5,073	5,007		0.2		5,073
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—	(4)		—		—
Bullhorn, Inc.*+	One stop	SF +	5.00%	(h)	9.32%				10/2029	77,997	77,813		2.0		77,997
Bullhorn, Inc.*+	One stop	SF +	5.00%	(h)	9.32%				10/2029	3,190	3,224		0.1		3,190
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.32%				10/2029	1,643	1,663		0.1		1,643
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.32%				10/2029	736	733		—		736
Bullhorn, Inc.+	One stop	SF +	5.00%	(h)	9.32%				10/2029	587	585		—		587
Bullhorn, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				10/2029	—	(2)		—		—
Burning Glass Intermediate Holdings Company, Inc.*	One stop	SF +	5.00%	(i)	9.45%				06/2028	11,232	11,207		0.3		11,232
Burning Glass Intermediate Holdings Company, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				06/2026	—	(1)		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%	(i)	10.30%				01/2029	8,332	8,276		0.2		8,332

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%	(i)	10.30%				01/2029		$	2,175	0.1	%	$	2,204
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)	One stop	SF +	6.00%		N/A(6)				01/2029	—	—		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)	One stop	SF +	6.00%		N/A(6)				01/2029	—	(1)		—		—
Calabrio, Inc.^+	One stop	SF +	5.50%	(i)	9.81%				04/2027	74,295	74,352		1.9		74,295
Calabrio, Inc.+	One stop	SF +	5.50%	(i)	9.81%				04/2027	5,459	5,530		0.2		5,459
Calabrio, Inc.+	One stop	SF +	5.50%	(i)	9.81%				04/2027	202	201		—		202
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.96%				08/2030	5,227	5,140		0.1		5,227
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	9.96%				08/2030	740	708		—		740
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(e)	9.62%				08/2030	313	324		—		313
Camelia Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)				08/2030	—	(27)		—		—
CB Buyer, Inc.+	One stop	SF +	5.00%	(i)	9.30%				07/2031	49,233	48,806		1.2		49,233
CB Buyer, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				07/2031	—	(47)		—		—
CB Buyer, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				07/2031	—	(60)		—		—
Coupa Holdings, LLC+	One stop	SF +	5.25%	(i)	9.54%				02/2030	31,799	31,520		0.8		31,799
Coupa Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2029	—	(1)		—		—
Coupa Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				02/2030	—	(18)		—		—
Crewline Buyer, Inc.+	One stop	SF +	6.75%	(h)	11.07%				11/2030	10,857	10,825		0.3		10,857
Crewline Buyer, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				11/2030	—	(1)		—		—
Daxko Acquisition Corporation^*	One stop	SF +	5.00%	(h)	9.32%				10/2028	39,255	39,235		1.0		39,255
Daxko Acquisition Corporation*+	One stop	SF +	5.00%	(h)	9.32%				10/2028	3,310	3,285		0.1		3,310
Daxko Acquisition Corporation+	One stop	SF +	5.00%	(h)	9.32%				10/2028	198	196		—		198
Daxko Acquisition Corporation+	One stop	SF +	5.00%	(h)	9.32%				10/2028	133	116		—		133
Daxko Acquisition Corporation+(5)	One stop	SF +	5.00%		N/A(6)				10/2028	—	(10)		—		—
Denali Bidco Limited+(8)(9)(10)	One stop	SN +	5.00%	(f)	9.46%				08/2030	7,595	7,537		0.2		7,595
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(c)	7.36%				08/2030	2,581	2,582		0.1		2,581
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(c)	7.36%				08/2030	1,843	1,840		0.1		1,843
Denali Bidco Limited+(8)(9)(10)	One stop	E +	5.00%	(c)	7.36%				08/2030	720	713		—		720
Denali Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.00%		N/A(6)				08/2030	—	(2)		—		—
Diligent Corporation+	One stop	SF +	5.00%	(i)	9.31%				08/2030	8,985	8,969		0.2		8,985
Diligent Corporation+	One stop	SF +	5.00%	(i)	9.31%				08/2030	1,541	1,530		—		1,541
Diligent Corporation+(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—	(9)		—		—
Diligent Corporation+(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—	(6)		—		—
Einstein Parent, Inc.+	One stop	SF +	6.50%	(i)	10.79%				01/2031	9,063	8,887		0.2		8,881
Einstein Parent, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				01/2031	—	(18)		—		(19)
Espresso Bidco, Inc.+	One stop	SF +	5.25%	(i)	9.55%				03/2032	18,098	17,827		0.5		17,827
Espresso Bidco, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				03/2032	—	(37)		—		(75)
Espresso Bidco, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				03/2032	—	(33)		—		(33)
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(i)	9.05%				09/2030	4,894	4,784		0.1		4,894
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(i)	9.05%				09/2030	4,461	4,421		0.1		4,461
Evergreen IX Borrower 2023, LLC+(5)	One stop	SF +	4.75%		N/A(6)				10/2029	—	(11)		—		—
FirstUp, Inc.^+	One stop	SF +	6.75%	(i)	11.05%				07/2027	13,126	13,104		0.3		12,994
FirstUp, Inc.+	One stop	SF +	6.75%	(i)	11.05%				07/2027	1,251	1,241		—		1,239
FirstUp, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				07/2027	—	(1)		—		(2)
Gainsight, Inc.^+	One stop	SF +	6.00%	(i)	10.46%				07/2027	17,981	18,002		0.4		17,846
Gainsight, Inc.+	One stop	SF +	6.00%	(i)	10.46%				07/2027	128	127		—		124
GS Acquisitionco, Inc.^*+	One stop	SF +	5.25%	(i)	9.55%				05/2028	122,100	122,407		3.0		122,100
GS Acquisitionco, Inc.+	One stop	SF +	5.25%	(i)	9.55%				05/2028	73	72		—		73
GS Acquisitionco, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				05/2028	—	(1)		—		—
GTIV, LLC*+	One stop	SF +	4.75%	(i)	9.05%				02/2029	72,355	71,956		1.8		70,908
GTIV, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2029	—	(1)		—		(5)
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.81%	cash/	4.13%	PIK	07/2029	8,876	8,746		0.2		8,743

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.79%	cash/	4.13%	PIK	07/2029		$	5,203	0.1	%	$	5,132
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.79%	cash/	4.13%	PIK	07/2029	3,406	3,377		0.1		3,355
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.81%	cash/	4.13%	PIK	07/2029	1,016	1,003		—		1,001
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.79%	cash/	4.13%	PIK	07/2029	624	621		—		614
GTY Technology Holdings, Inc.+(26)	One stop	SF +	6.63%	(i)	6.80%	cash/	4.13%	PIK	07/2029	434	434		—		427
GTY Technology Holdings, Inc.+	One stop	P +	5.00%	(a)(i)	11.95%				07/2029	216	198		—		195
Gurobi Optimization, LLC+	One stop	SF +	4.50%	(i)	8.80%				09/2031	51,664	51,188		1.3		51,664
Gurobi Optimization, LLC+(5)	One stop	SF +	4.50%		N/A(6)				09/2031	—	(40)		—		—
Hornet Security Holding GMBH+(8)(9)(10)	One stop	E +	4.75%	(d)	7.21%				02/2031	727	719		—		727
Hornet Security Holding GMBH+(8)(9)(10)	One stop	E +	4.75%	(d)	7.21%				02/2031	485	479		—		485
Hornet Security Holding GMBH+(8)(9)(10)	One stop	E +	4.75%	(b)	7.14%				08/2030	35	31		—		35
Hornet Security Holding GMBH+(5)(8)(9)(10)	One stop	E +	6.50%		N/A(6)				02/2031	—	(3)		—		—
Hyland Software, Inc.*+	One stop	SF +	5.00%	(h)	9.32%				09/2030	47,005	47,755		1.2		47,005
Hyland Software, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				09/2029	—	(1)		—		—
Icefall Parent, Inc.+	One stop	SF +	6.50%	(i)	10.79%				01/2030	1,407	1,399		—		1,407
Icefall Parent, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				01/2030	—	(1)		—		—
ICIMS, Inc.*+(26)	One stop	SF +	5.75%	(i)	10.04%				08/2028	12,478	12,430		0.3		12,229
ICIMS, Inc.+	One stop	SF +	5.75%	(i)	10.04%				08/2028	36	33		—		28
IQN Holding Corp. *+	One stop	SF +	5.25%	(i)	9.56%				05/2029	22,770	22,821		0.6		22,771
IQN Holding Corp. +	One stop	SF +	5.25%	(i)	9.56%				05/2028	128	127		—		128
Island Bidco AB+(8)(9)(17)(26)	One stop	E +	7.25%	(d)	2.58%	cash/	7.25%	PIK	07/2028	10,842	10,671		0.3		10,842
Island Bidco AB+(8)(17)(26)	One stop	SF +	7.00%	(j)	7.78%	cash/	3.50%	PIK	07/2028	4,874	4,886		0.1		4,874
Island Bidco AB+(8)(17)(26)	One stop	SF +	7.00%	(j)	7.78%	cash/	3.50%	PIK	07/2028	3,597	3,583		0.1		3,597
Island Bidco AB+(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—	—		—		—
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—	—		—		—
Juvare, LLC+	One stop	SF +	6.25%	(i)	10.71%				10/2026	10,538	10,532		0.3		10,432
Juvare, LLC+	One stop	SF +	6.25%	(i)	10.71%				10/2026	2,432	2,419		0.1		2,407
Juvare, LLC+	One stop	SF +	6.25%	(i)	10.71%				10/2026	769	763		—		761
Juvare, LLC+	One stop	SF +	6.25%	(i)	10.71%				04/2026	100	100		—		100
LeadsOnline, LLC^+	One stop	SF +	4.75%	(i)	9.06%				02/2028	12,983	13,129		0.3		12,983
LeadsOnline, LLC+	One stop	SF +	4.75%	(i)	9.06%				02/2028	2,291	2,317		0.1		2,291
LeadsOnline, LLC+	One stop	SF +	4.75%	(i)	9.05%				02/2028	664	662		—		664
LeadsOnline, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2028	—	(1)		—		—
Lighthouse Bidco GMBH+(8)(9)(19)	One stop	E +	5.00%	(c)	7.36%				12/2031	18,488	17,714		0.5		18,488
Lighthouse Bidco GMBH+(8)(9)(19)	One stop	E +	5.00%		N/A(6)				06/2031	—	—		—		—
Lighthouse Bidco GMBH+(5)(8)(9)(19)	One stop	E +	5.00%		N/A(6)				12/2031	—	(104)		—		—
LogicMonitor, Inc.+	One stop	SF +	5.50%	(i)	9.79%				11/2031	53,749	53,431		1.3		53,749
LogicMonitor, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				11/2031	—	(40)		—		—
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.90%				01/2030	9,834	10,426		0.2		9,834
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.90%				12/2029	1,490	1,484		—		1,490
Matrix42 Holding GMBH+(8)(9)(19)	One stop	E +	6.25%	(d)	8.90%				01/2030	767	766		—		767
Matrix42 Holding GMBH+(5)(8)(9)(19)	One stop	E +	6.25%		N/A(6)				01/2030	—	(1)		—		—
Matrix42 Holding GMBH+(8)(19)	One stop	SF +	6.25%		N/A(6)				01/2028	—	—		—		—
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.50%	(c)	8.00%				11/2031	15,917	15,323		0.4		15,917
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)	One stop	SF +	5.50%	(i)	9.81%				11/2031	11,017	10,860		0.3		11,017
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)	One stop	E +	5.50%	(c)	8.00%				11/2031	129	90		—		129
Metatiedot Bidco Oy & Metatiedot US, LLC+(5)(8)(9)(16)	One stop	E +	5.50%		N/A(6)				11/2030	—	(45)		—		—
Mindbody, Inc.+	One stop	SF +	7.00%	(i)	11.44%				09/2025	61,966	62,065		1.5		61,966
Mindbody, Inc.+	One stop	SF +	7.00%	(i)	11.44%				09/2025	2,134	2,134		0.1		2,134
Mindbody, Inc.+	One stop	SF +	7.00%		N/A(6)				09/2025	—	—		—		—
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(h)	9.92%				12/2028	30,911	30,809		0.7		30,292

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(h)	9.92%				12/2028		$	2,911	0.1	%	$	2,850
Ministry Brands Holdings LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2027	—	(3)		—		(6)
Navex TopCo, Inc.+	One stop	SF +	5.50%	(h)	9.82%				11/2030	5,356	5,443		0.1		5,356
Navex TopCo, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—	(1)		—		—
Naviga Inc.+(7)	Senior secured	SF +	7.00%	(i)	11.30%				09/2025	160	147		—		64
Onit, Inc.+	One stop	SF +	4.75%	(i)	9.05%				01/2032	5,415	5,362		0.1		5,361
Onit, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				01/2032	—	(8)		—		(8)
Onit, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				01/2032	—	(12)		—		(24)
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)	One stop	E +	6.00%	(c)	8.36%				11/2029	2,091	2,036		0.1		2,102
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(5)(8)(9)(14)	One stop	E +	5.25%		N/A(6)				11/2029	—	(57)		—		(58)
Panzura, LLC+(26)	One stop	N/A			4.00%	cash/	11.00%	PIK	08/2027	126	115		—		112
Personify, Inc.+	One stop	SF +	4.75%	(i)	9.05%				09/2028	18,577	18,492		0.5		18,577
Personify, Inc.*	One stop	SF +	4.75%	(i)	9.05%				09/2028	13,770	13,692		0.3		13,770
Personify, Inc.*+	One stop	SF +	4.75%	(i)	9.05%				09/2028	9,755	9,695		0.2		9,755
Personify, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				09/2028	—	(3)		—		—
Pineapple German Bidco GMBH+(8)(19)(26)	One stop	SF +	6.25%	(i)	10.55%				01/2031	15,046	14,903		0.4		15,046
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.25%	(c)	8.61%				01/2031	4,886	4,537		0.1		4,886
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.50%	(c)	8.86%				01/2031	1,050	1,038		—		1,055
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.50%	(c)	8.86%				01/2031	325	317		—		326
Pineapple German Bidco GMBH+(8)(19)(26)	One stop	SF +	6.25%	(i)	10.55%				01/2031	77	75		—		78
Pineapple German Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.50%	(c)	8.86%				01/2031	72	71		—		72
PING Identity Holding Corp.+	One stop	SF +	4.75%	(i)	9.05%				10/2029	15,069	15,034		0.4		15,069
PING Identity Holding Corp.+(5)	One stop	SF +	4.75%		N/A(6)				10/2028	—	(1)		—		—
Pluralsight, LLC+(26)	One stop	SF +	7.50%	(i)	11.83%	PIK			08/2029	6,349	6,139		0.2		6,285
Pluralsight, LLC+(26)	One stop	SF +	4.50%	(i)	7.33%	cash/	1.50%	PIK	08/2029	4,004	3,899		0.1		3,964
Pluralsight, LLC+(26)	One stop	SF +	4.50%	(i)	7.33%	cash/	1.50%	PIK	08/2029	2,002	2,002		—		1,982
Pluralsight, LLC+(5)	One stop	SF +	4.50%		N/A(6)				08/2029	—	—		—		(10)
Pluralsight, LLC+(5)	One stop	SF +	4.50%		N/A(6)				08/2029	—	—		—		(25)
ProcessUnity Holdings, LLC^+	One stop	SF +	6.50%	(i)	10.81%				09/2028	6,014	6,023		0.1		6,014
ProcessUnity Holdings, LLC+	One stop	SF +	6.75%	(i)	11.06%				09/2028	4,240	4,220		0.1		4,240
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(i)	10.81%				09/2028	2,864	2,844		0.1		2,864
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(i)	10.81%				09/2028	1,203	1,199		—		1,203
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%		N/A(6)				09/2028	—	—		—		—
QAD, Inc.*+	One stop	SF +	4.75%	(h)	9.07%				11/2027	43,040	43,565		1.1		43,040
QAD, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				11/2027	—	(2)		—		—
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.56%				06/2029	7,368	7,308		0.2		7,368
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.56%				06/2029	4,450	4,412		0.1		4,450
Quant Buyer, Inc.*+	One stop	SF +	5.25%	(i)	9.56%				06/2029	4,338	4,323		0.1		4,338
Quant Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.57%				06/2029	100	96		—		100
Quant Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—	(43)		—		—
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.05%	(f)	7.96%	cash/	2.55%	PIK	07/2029	20,302	19,302		0.5		19,947
Rainforest Bidco Limited+(8)(10)(26)	One stop	SF +	6.05%	(g)	7.81%	cash/	2.55%	PIK	07/2029	3,714	3,691		0.1		3,649
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.80%	(f)	8.46%	cash/	2.80%	PIK	07/2029	2,120	1,964		0.1		2,120
Rainforest Bidco Limited+(8)(9)(10)(26)	One stop	SN +	6.05%	(f)	7.96%	cash/	2.55%	PIK	07/2029	1,492	1,406		—		1,466
Riskonnect Parent, LLC*+	One stop	SF +	4.75%	(j)	8.97%				12/2028	45,402	45,840		1.1		45,402
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.97%				12/2028	2,131	2,147		0.1		2,131
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.97%				12/2028	819	813		—		819
Riskonnect Parent, LLC+	One stop	SF +	4.75%	(j)	8.97%				12/2028	576	567		—		576
Riskonnect Parent, LLC+(5)	One stop	SF +	4.75%		N/A(6)				12/2028	—	(4)		—		—

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Riskonnect Parent, LLC+(5)	One stop	SF +	4.75%		N/A(6)				12/2028		$	(9)	—	%	$	—
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%	(i)	10.55%				05/2027	13,056	12,970		0.3		13,056
Rodeo Buyer Company & Absorb Software Inc.^+(8)(12)	One stop	SF +	6.25%	(i)	10.70%				05/2027	7,616	7,606		0.2		7,616
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)	One stop	SF +	6.25%		N/A(6)				05/2027	—	—		—		—
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—	(2)		—		—
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.50%	(c)	8.29%				07/2029	49,455	47,199		1.2		49,455
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.75%	(c)	8.50%				07/2029	4,041	3,981		0.1		4,051
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.75%	(c)	8.43%				07/2029	1,490	1,490		—		1,494
Sonatype, Inc.^+	One stop	SF +	5.50%	(h)	9.81%				01/2028	69,460	69,583		1.7		69,460
Sonatype, Inc.+	One stop	SF +	5.50%		N/A(6)				01/2028	—	—		—		—
Spartan Buyer Acquisition Co.^*+(26)	One stop	SF +	7.50%	(i)	10.81%	cash/	1.00%	PIK	06/2027	44,705	44,548		1.1		44,258
Spartan Buyer Acquisition Co.+(26)	One stop	SF +	7.50%	(i)	10.81%	cash/	1.00%	PIK	06/2027	2,851	2,822		0.1		2,822
Spartan Buyer Acquisition Co.+(5)(26)	One stop	P +	6.50%	(a)	13.00%	cash/	1.00%	PIK	06/2027	2	(1)		—		(2)
Telesoft Holdings LLC^*+	One stop	SF +	5.75%	(h)	10.17%				12/2026	21,074	21,265		0.5		21,074
Telesoft Holdings LLC+	One stop	SF +	6.25%	(h)	10.67%				12/2026	1,424	1,436		—		1,424
Telesoft Holdings LLC+	One stop	SF +	5.75%	(h)	10.17%				12/2026	74	73		—		74
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%	(h)	10.42%				07/2028	4,800	4,781		0.1		4,800
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—	—		—		—
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(i)	8.90%	cash/	1.00%	PIK	06/2027	4,182	4,176		0.1		3,470
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(i)	8.90%	cash/	1.00%	PIK	06/2027	1,109	1,109		—		920
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(i)	8.90%	cash/	1.00%	PIK	06/2027	696	696		—		578
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(i)	8.90%	cash/	1.00%	PIK	06/2027	522	522		—		433
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(i)	8.90%	cash/	1.00%	PIK	06/2027	192	192		—		160
TI Intermediate Holdings, LLC+(26)	Senior secured	SF +	5.50%	(i)	8.90%	cash/	1.00%	PIK	06/2027	91	91		—		74
Togetherwork Holdings, LLC*+	One stop	SF +	5.00%	(h)	9.32%				05/2031	27,833	27,790		0.7		27,833
Togetherwork Holdings, LLC+	One stop	SF +	5.00%	(h)	9.32%				05/2031	698	666		—		698
Togetherwork Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2031	—	(15)		—		—
Transform Bidco Limited+(8)(10)	One stop	SF +	7.00%	(i)	11.29%				01/2031	5,405	5,481		0.1		5,284
Transform Bidco Limited+(8)(10)	One stop	SF +	7.00%	(h)	11.31%				01/2031	4,308	4,223		0.1		4,211
Transform Bidco Limited+(8)(9)(10)	One stop	A +	7.00%	(e)	11.12%				01/2031	3,806	3,937		0.1		3,721
Transform Bidco Limited+(8)(9)(10)	One stop	SN +	7.00%	(f)	11.46%				01/2031	615	602		—		601
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				06/2030	—	(2)		—		(2)
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				01/2031	—	(80)		—		(159)
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				01/2031	—	(36)		—		(97)
Tricentis Operations Holdings, Inc.+(26)	One stop	SF +	6.25%	(i)	5.67%	cash/	4.88%	PIK	02/2032	7,554	7,517		0.2		7,516
Tricentis Operations Holdings, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				02/2032	—	(5)		—		(5)
Tricentis Operations Holdings, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				02/2032	—	(7)		—		(8)
Vantage Bidco GMBH+(8)(9)(19)(26)	One stop	E +	6.25%	(c)	5.48%	cash/	3.13%	PIK	04/2031	8,504	8,390		0.2		8,504
Vantage Bidco GMBH+(5)(8)(9)(19)	One stop	E +	6.25%		N/A(6)				10/2030	—	(13)		—		—
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	5.25%	(d)	7.84%				07/2031	7,163	7,156		0.2		7,199
Varinem German Midco GMBH+(5)(8)(9)(19)	One stop	E +	5.25%		N/A(6)				07/2031	—	—		—		(38)
Vendavo, Inc.+	One stop	SF +	5.75%	(i)	10.15%				09/2027	27,236	26,809		0.6		25,602
Vendavo, Inc.+	One stop	SF +	5.75%	(i)(j)	10.13%				09/2027	1,554	1,535		—		1,404
Vendavo, Inc.+	One stop	SF +	5.75%	(i)	10.15%				09/2027	993	989		—		933
Viper Bidco, Inc.+	One stop	SF +	5.00%	(i)	9.30%				11/2031	38,081	37,900		0.9		38,081
Viper Bidco, Inc.+(8)(9)	One stop	SN +	5.00%	(f)	9.46%				11/2031	18,014	17,471		0.4		18,014
Viper Bidco, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—	(18)		—		—
Viper Bidco, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2031	—	(23)		—		—
WebPT, Inc.+	One stop	SF +	6.25%	(i)	10.66%				01/2028	931	923		—		912
Zendesk, Inc.^+	One stop	SF +	5.00%	(i)	9.30%				11/2028	28,508	28,267		0.7		28,508
Zendesk, Inc.+	One stop	SF +	5.00%		N/A(6)				11/2028	—	—		—		—

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)		Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Zendesk, Inc.+	One stop	SF +	5.00%	N/A(6)	11/2028		$	—	—	%	$	—
						2,106,938	2,096,363		51.9		2,098,273

All values are in US Dollars.

Specialty Retail
Ave Holdings III, Corp*+	One stop	SF +	5.25%	(j)	9.72%				02/2028	23,300	23,092	0.6	22,834
Ave Holdings III, Corp+	One stop	SF +	5.25%	(j)	9.72%				02/2028	6,076	6,172	0.2	5,955
Ave Holdings III, Corp+	One stop	SF +	5.25%	(j)	9.72%				02/2028	798	797	—	783
Ave Holdings III, Corp+(5)	One stop	SF +	5.25%		N/A(6)				02/2028	—	(1)	—	(6)
Biscuit Parent, LLC*+	One stop	SF +	4.75%	(i)	9.05%				02/2031	20,105	19,928	0.5	20,105
Biscuit Parent, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—	(1)	—	—
Biscuit Parent, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—	(44)	—	—
Cavender Stores L.P.*	Senior secured	SF +	5.00%	(i)	9.30%				10/2029	5,431	5,393	0.1	5,431
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	36,907	37,809	0.9	36,907
Consilio Midco Limited*+(8)(10)	One stop	SF +	5.75%	(i)	10.20%				05/2028	15,604	15,578	0.4	15,604
Consilio Midco Limited*+(8)(10)	One stop	SF +	5.75%	(i)	10.20%				05/2028	15,507	15,558	0.4	15,507
Consilio Midco Limited*(8)(10)	One stop	SF +	5.75%	(i)	10.20%				05/2028	2,919	2,900	0.1	2,919
Consilio Midco Limited*(8)(10)	One stop	SF +	5.75%	(i)	10.20%				05/2028	1,941	1,934	0.1	1,941
Consilio Midco Limited*+(8)(10)	One stop	SF +	5.75%	(i)	10.20%				05/2028	992	983	—	992
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.80%				05/2028	888	880	—	888
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	484	483	—	484
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	214	214	—	214
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.80%				05/2028	204	202	—	204
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(i)	10.20%				05/2028	160	159	—	160
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	126	126	—	126
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	122	122	—	122
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	110	111	—	110
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	81	80	—	81
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	9.80%				05/2028	65	59	—	65
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	8.61%				05/2028	58	57	—	58
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%		N/A(6)				05/2028	—	—	—	—
CVP Holdco, Inc.+	One stop	SF +	4.75%	(h)	9.07%				06/2031	13,529	13,408	0.3	13,529
CVP Holdco, Inc.+	One stop	SF +	4.75%	(h)	9.07%				06/2031	92	76	—	92
CVP Holdco, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				06/2030	—	(13)	—	—
Cycle Gear, Inc.+	One stop	SF +	6.75%	(i)	11.21%				04/2026	46,529	46,213	1.2	46,529
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75%	(j)	8.97%				12/2030	11,656	11,600	0.3	11,656
Metal Supermarkets US Buyer, LLC+(8)(12)	One stop	SF +	4.75%	(j)	8.97%				12/2030	139	133	—	139
PetVet Care Centers LLC*+	One stop	SF +	6.00%	(h)	10.32%				11/2030	4,716	4,753	0.1	4,480
PetVet Care Centers LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—	(2)	—	(4)
PetVet Care Centers LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—	(6)	—	—
PPV Intermediate Holdings, LLC*+	One stop	SF +	5.75%	(i)	10.06%				08/2029	14,118	14,048	0.4	14,118
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			14.75%	PIK			08/2030	9,607	9,670	0.3	9,799
PPV Intermediate Holdings, LLC+	One stop	SF +	5.25%	(i)	9.56%				08/2029	5,515	5,427	0.1	5,515
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK			08/2030	1,926	1,896	—	1,926
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK			08/2030	445	440	—	445
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK			08/2030	81	77	—	81
PPV Intermediate Holdings, LLC+(26)	One stop	N/A			13.75%	PIK			08/2030	81	81	—	81
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—	(8)	—	—
Radiance Borrower, LLC+(26)	One stop	SF +	5.75%	(h)	7.32%	cash/	2.75%	PIK	06/2031	21,752	21,609	0.5	21,752
Radiance Borrower, LLC+	One stop	SF +	5.25%	(h)	9.57%				06/2031	205	190	—	205
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	5,229	5,234	0.1	5,256
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	3,255	3,227	0.1	3,287
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	1,726	1,712	0.1	1,744

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029		$	1,432	0.1	%	$	1,466
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	844	823		—		852
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	628	623		—		635
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	537	535		—		540
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	499	495		—		501
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	349	347		—		351
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	342	340		—		343
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	288	280		—		288
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	270	269		—		272
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	249	248		—		250
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	169	168		—		170
Salon Lofts Group, LLC+(26)	Second lien	SF +	9.00%	(i)	13.30%	PIK			09/2029	160	159		—		162
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	154	153		—		156
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	113	113		—		114
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	105	104		—		105
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	85	85		—		86
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.05%				08/2028	79	78		—		79
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—	(4)		—		3
Salon Lofts Group, LLC+(5)(26)	Second lien	SF +	9.00%		N/A(6)				09/2029	—	(23)		—		41
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.25%		N/A(6)				08/2028	—	(36)		—		—
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^*+(8)(12)	One stop	SF +	5.25%	(i)	9.55%				12/2029	29,361	29,110		0.7		29,361
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	CA +	5.25%	(l)	7.91%				12/2029	7,520	7,897		0.2		7,520
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.25%	(i)	9.55%				12/2029	1,637	1,571		—		1,637
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(12)	One stop	SF +	5.25%	(a)(i)	9.76%				12/2028	631	625		—		631
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(9)(12)	One stop	CA +	5.25%	(l)	7.91%				12/2028	12	12		—		12
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	5.45%	cash/	6.25%	PIK	10/2026	40,873	40,121		0.8		31,471
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	5.45%	cash/	6.25%	PIK	10/2026	2,965	2,884		0.1		2,283
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(h)(i)	5.45%	cash/	6.25%	PIK	10/2026	510	484		—		318
Titan Fitness, LLC+(26)	One stop	SF +	7.25%	(i)	6.95%	cash/	4.75%	PIK	10/2026	12	—		—		12
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	9.93%				03/2028	8,507	9,924		0.2		8,507
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	9.93%				03/2028	8,323	9,213		0.2		8,323
VSG Acquisition Corp. and Sherrill, Inc.*+	One stop	SF +	6.00%	(i)	10.57%				04/2028	12,051	11,857		0.3		12,051
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	6.00%	(i)	10.57%				04/2028	2,085	2,057		0.1		2,085
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	6.00%	(i)	10.57%				04/2028	1,610	1,558		—		1,610
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	6.00%	(i)	10.57%				04/2028	54	48		—		54
										395,159	395,906		9.5		384,403

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00%	(j)	10.45%				03/2028		$	2,327	0.1	%	$	2,254
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00%	(j)	10.45%				03/2028	1,170	1,160		—		1,123
Dollfus Mieg Company, Inc.+(8)(10)	One stop	SF +	6.00%	(j)	10.45%				03/2028	1,027	1,019		—		986
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.81%	cash/	0.50%	PIK	09/2025	9,950	9,932		0.3		9,950
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.81%	cash/	0.50%	PIK	09/2025	3,998	3,990		0.1		3,998
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.81%	cash/	0.50%	PIK	09/2025	2,058	2,054		0.1		2,058
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.81%	cash/	0.50%	PIK	09/2025	683	682		—		683
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.81%	cash/	0.50%	PIK	09/2025	312	312		—		312
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.81%	cash/	0.50%	PIK	09/2025	299	298		—		299
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.82%	cash/	0.50%	PIK	09/2025	600	598		—		600
Elite Sportswear, L.P.+(26)	Senior secured	SF +	6.75%	(i)	10.82%	cash/	0.50%	PIK	09/2025	21	21		—		21
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.95%				11/2026	9,158	9,105		0.2		9,181
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.95%				11/2026	6,342	6,305		0.2		6,358
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.95%				11/2026	982	976		—		984
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.95%				11/2026	882	876		—		884
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.95%				11/2026	619	615		—		620
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	9.95%				11/2026	2	—		—		2
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(h)	10.94%				07/2029	1,296	1,296		—		1,296
Shoes For Crews Global, LLC+(26)	Senior secured	SF +	7.00%	(h)	6.44%	cash/	5.00%	PIK	07/2029	738	714		—		738
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(h)	10.94%				07/2029	419	419		—		419
Shoes For Crews Global, LLC+(5)	Senior secured	SF +	6.50%		N/A(6)				07/2029	—	(31)		—		—
										42,903	42,668		1.0		42,766
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.21%	cash/	3.25%	PIK	06/2028	20,242	20,014		0.5		18,825
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.21%	cash/	3.25%	PIK	06/2028	20,996	20,605		0.5		19,527
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.25%	(i)	8.46%	cash/	3.25%	PIK	06/2028	6,232	6,092		0.1		5,859
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.16%	cash/	3.25%	PIK	06/2028	2,570	2,480		0.1		2,390
Marcone Yellowstone Buyer Inc.+(26)	One stop	SF +	7.00%	(i)	8.21%	cash/	3.25%	PIK	06/2028	6,726	6,466		0.1		6,255
										56,766	55,657		1.3		52,856
Transportation Infrastructure
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(h)	9.32%				02/2032	7,427	7,381		0.2		7,380
LDS Intermediate Holdings, LLC+	One stop	SF +	5.00%	(h)	9.32%				02/2032	147	140		—		140
LDS Intermediate Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				02/2032	—	(9)		—		(9)
										7,574	7,512		0.2		7,511
Water Utilities
S.J. Electro Systems, LLC*	Senior secured	SF +	4.75%	(i)	9.19%				06/2027	24,348	24,201		0.6		24,348
S.J. Electro Systems, LLC*+	Senior secured	SF +	4.75%	(i)	9.19%				06/2027	18,680	18,636		0.5		18,680
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(i)	9.19%				06/2027	1,179	1,171		—		1,179
S.J. Electro Systems, LLC+(5)	Senior secured	SF +	4.75%		N/A(6)				06/2027	—	(50)		—		—
Vessco Midco Holdings, LLC*	One stop	SF +	4.75%	(h)(j)	9.05%				07/2031	22,500	22,297		0.6		22,500
Vessco Midco Holdings, LLC+	One stop	SF +	4.75%	(h)(j)	9.06%				07/2031	1,975	1,941		—		1,975
Vessco Midco Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—	(23)		—		—
										68,682	68,173		1.7		68,682
Total non-controlled/non-affiliate company debt investments										7,973,597	7,940,860		194.8		7,878,073

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Equity investments (22)(23)
Aerospace & Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		02/2023	N/A	93	$	948	—	%	$	710
Tronair Parent, Inc.+	LLC units	N/A	N/A		07/2021	N/A	—	40		—		68
								988		—		778
Air Freight & Logistics
RJW Group Holdings, Inc.+	LP units	N/A	N/A		11/2024	N/A	4,370	4,370		0.1		4,370
Auto Components
Arnott, LLC+	LP units	N/A	N/A		12/2024	N/A	—	350		—		350
Polk Acquisition Corp.+	LP interest	N/A	N/A		06/2016	N/A	5	314		—		—
								664		—		350
Automobiles
CAP-KSI Holdings, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	645	645		—		687
CAP-KSI Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	645	—		—		88
CG Group Holdings, LLC+	LP units	N/A	N/A		07/2021	N/A	1	983		—		888
Go Car Wash Parent, Corp.+(24)	Preferred stock	N/A	17.00%	Non-Cash	04/2022	N/A	—	3,484		0.1		3,397
Go Car Wash Parent, Corp.+	Common stock	N/A	N/A		04/2022	N/A	—	553		—		—
MOP GM Holding, LLC+	LP units	N/A	N/A		11/2020	N/A	—	499		—		451
MOP GM Holding, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	—	34		—		40
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		07/2022	N/A	1	103		—		156
POY Holdings, LLC+	LLC units	N/A	N/A		11/2022	N/A	446	820		—		809
Quick Quack Car Wash Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	1,085	1,085		0.1		1,292
Quick Quack Car Wash Holdings, LLC+	LLC units	N/A	N/A		06/2024	N/A	215	215		—		247
Yorkshire Parent, Inc.+	LP units	N/A	N/A		12/2023	N/A	—	544		—		625
								8,965		0.2		8,680
Beverages
Spindrift Beverage Co. Inc.+	LP units	N/A	N/A		02/2025	N/A	2	2,039		0.1		2,039
Biotechnology
Cobepa BlueSky Aggregator, SCSp+(24)	LP units	N/A	N/A		10/2023	N/A	4	40		—		42
Cobepa BlueSky Aggregator, SCSp+(24)	Preferred stock	N/A	15.00%	Non-Cash	04/2024	N/A	5	56		—		57
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A		12/2021	N/A	219	1,899		—		514
								1,995		—		613
Building Products
BECO Holding Company, Inc.+(24)	Preferred stock	N/A	11.75%	Non-Cash	11/2021	N/A	132	19,083		0.5		19,284
BECO Holding Company, Inc.+	LP interest	N/A	N/A		11/2021	N/A	10	1,218		—		917
								20,301		0.5		20,201
Chemicals
Inhance Technologies Holdings, LLC+	Preferred stock	N/A	N/A		12/2021	N/A	12	7,283		0.1		3,304
Inhance Technologies Holdings, LLC+	LLC units	N/A	N/A		07/2018	N/A	—	124		—		—
								7,407		0.1		3,304

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A		10/2021	N/A	773	$	836	—	%	$	1,076
CHA Vision Holdings, Inc. +	LP units	N/A	N/A		01/2024	N/A	—	461		—		531
Franchise Brands plc+(8)(9)(10)(24)(25)	Common stock	N/A	N/A		04/2023	N/A	51	113		—		94
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		07/2021	N/A	516	637		—		996
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		12/2021	N/A	16	1,787		0.1		1,874
Radwell Parent, LLC+	LP units	N/A	N/A		03/2022	N/A	4	477		—		396
								4,311		0.1		4,967
Containers & Packaging
Chase Intermediate+	LP units	N/A	N/A		04/2022	N/A	217	209		—		398
Diversified Consumer Services
CHHJ Midco, LLC+(24)	LLC units	N/A	N/A		01/2021	N/A	27	311		—		447
CHVAC Services Investment, LLC+	Common stock	N/A	N/A		05/2024	N/A	105	267		—		417
DP Flores Holdings, LLC+	LLC units	N/A	N/A		09/2022	N/A	106	98		—		156
EMS LINQ, LLC+	LP interest	N/A	N/A		12/2021	N/A	761	758		—		486
EWC Growth Partners LLC+	LLC interest	N/A	N/A		03/2020	N/A	—	12		—		—
HS Spa Holdings, Inc.+	Common stock	N/A	N/A		05/2022	N/A	729	732		—		731
Liminex, Inc.+	Common stock	N/A	N/A		11/2020	N/A	17	634		—		532
NSG Buyer, Inc. +(8)	LP units	N/A	N/A		11/2022	N/A	3	2,992		0.1		3,658
PADI Holdco, Inc.+(24)	LLC interest	N/A	N/A		07/2017	N/A	1	945		0.1		1,424
Project Alpha Intermediate Holdings, Inc.+(24)	Preferred stock	N/A	9.00%	Non-Cash	08/2016	N/A	—	1,228		0.1		1,679
Project Alpha Intermediate Holdings, Inc.+	Common stock	N/A	N/A		08/2016	N/A	202	329		—		808
Virginia Green Acquisition, LLC+	LP units	N/A	N/A		12/2023	N/A	397	407		—		471
								8,713		0.3		10,809
Electric Utilities
Smart Energy Systems, Inc.+	Warrant	N/A	N/A		01/2025	N/A	18	96		—		96
Electrical Equipment
Wildcat TopCo, Inc.+	LP units	N/A	N/A		12/2024	N/A	503	503		—		503
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A		03/2014	N/A	—	372		—		—
Inventus Power, Inc.+	LLC units	N/A	N/A		04/2018	N/A	—	88		—		242
Inventus Power, Inc.+	LP interest	N/A	N/A		05/2019	N/A	—	20		—		61
Inventus Power, Inc.+	Common stock	N/A	N/A		03/2014	N/A	—	—		—		—
								480		—		303

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Food & Staples Retailing
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	08/2015	N/A	44	$	217	—	%	$	271
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	02/2016	N/A	20	61		—		60
Mendocino Farms, LLC+	Common stock	N/A	N/A	06/2018	N/A	227	1,041		—		1,392
PDI TA Holdings, Inc.+	Preferred stock	N/A	N/A	02/2023	N/A	135	4,613		0.2		6,035
Ruby Slipper Cafe LLC, The+	LLC units	N/A	N/A	06/2024	N/A	3	47		—		50
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	01/2018	N/A	38	423		—		151
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	08/2020	N/A	2	28		—		50
							6,430		0.2		8,009
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2021	N/A	107	195		—		282
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	6	14		—		15
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	01/2022	N/A	4	9		—		11
Borrower R365 Holdings, LLC+	Common stock	N/A	N/A	06/2022	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2022	N/A	2	4		—		5
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	LP units	N/A	N/A	05/2023	N/A	—	1		—		1
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	04/2024	N/A	21	73		—		64
Kodiak Cakes, LLC+	Common stock	N/A	N/A	06/2021	N/A	—	557		—		1,629
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	07/2021	N/A	—	599		—		229
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	09/2022	N/A	—	24		—		36
P&P Food Safety Holdings, Inc.+	Preferred stock	N/A	N/A	03/2024	N/A	—	31		—		39
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	12/2020	N/A	5	434		—		333
Purfoods, LLC+	LLC interest	N/A	N/A	05/2016	N/A	—	945		0.2		5,975
							2,892		0.2		8,627
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	06/2019	N/A	—	98		—		103
Blue River Pet Care, LLC+	Common stock	N/A	N/A	08/2019	N/A	—	734		—		782
CCSL Holdings, LLC+(8)	LP interest	N/A	N/A	12/2020	N/A	—	500		—		642
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	—	557		—		651
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	8	483		0.1		905
JHC Investment Intermediate Holdings, LLC+	LLC units	N/A	N/A	03/2024	N/A	5,293	—		—		832
							2,372		0.1		3,915

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Healthcare Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		12/2015	N/A	2	$	1,099	0.1	%	$	1,740
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A		03/2017	N/A	1,632	2,235		0.2		5,098
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		05/2021	N/A	889	1,023		0.1		3,255
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		05/2016	N/A	2	1,119		—		1,230
ADCS Clinics Intermediate Holdings, LLC+	Common stock	N/A	N/A		05/2016	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		03/2021	N/A	180	192		—		134
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A		12/2018	N/A	531	456		—		743
DCA Investment Holding, LLC(7)(24)	Preferred stock	N/A	8.00%	Non-Cash	12/2022	N/A	1,142	659		—		593
DCA Investment Holding, LLC	Common stock	N/A	N/A		12/2022	N/A	12	5		—		—
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	749		—		—
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	79		—		97
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	11	4		—		—
Encorevet Group LLC+	Preferred stock	N/A	N/A		05/2024	N/A	3	261		—		147
ERC Topco Holdings, LLC+	LLC units	N/A	N/A		03/2025	N/A	3	4,841		0.2		4,841
Krueger-Gilbert Health Physics, LLC+	Common stock	N/A	N/A		05/2019	N/A	239	324		—		600
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		06/2017	N/A	412	335		—		701
NDX Parent, LLC+	Common stock	N/A	N/A		06/2021	N/A	—	278		—		7
NDX Parent, LLC+	Preferred stock	N/A	N/A		01/2023	N/A	84	88		—		56
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)	Common stock	N/A	N/A		05/2021	N/A	—	409		—		297
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	—	528		—		901
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	4	74		—		119
Pyramid Healthcare Acquisition Corp.+	Common stock	N/A	N/A		05/2021	N/A	257	310		—		347
Radiology Partners, Inc.+	LLC units	N/A	N/A		02/2018	N/A	11	68		—		84
Radiology Partners, Inc.+	LLC interest	N/A	N/A		09/2014	N/A	43	55		—		333
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	—	249		—		477
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	3	3		—		—
Suveto Buyer, LLC+	Common stock	N/A	N/A		11/2021	N/A	8	727		—		529
								16,176		0.6		22,329

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Healthcare Technology
Amberfield Acquisition Co.+	LLC units	N/A			N/A		05/2024	N/A	446	$	449	—	%	$	446
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2018	N/A	180	228		—		319
Connexin Software, Inc.+	LLC units	N/A			N/A		02/2024	N/A	12	16		—		26
HSI Halo Acquisition, Inc.+(24)	Preferred stock	N/A			10.00%	Non-Cash	10/2019	N/A	—	115		—		244
HSI Halo Acquisition, Inc.+	LP interest	N/A			N/A		10/2019	N/A	—	14		—		75
Symplr Software, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	10/2021	N/A	15	20,104		0.5		19,251
Symplr Software, Inc.+(24)	Preferred stock	SF +	10.50%	(i)	14.80%	Non-Cash	11/2018	N/A	3	6,036		0.2		6,866
Symplr Software, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	12/2020	N/A	2	2,528		0.1		2,555
Symplr Software, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	06/2021	N/A	1	1,524		—		1,494
Symplr Software, Inc.+	LLC units	N/A			N/A		09/2021	N/A	—	161		—		174
Symplr Software, Inc.+	Common stock	N/A			N/A		11/2018	N/A	219	237		—		998
Tebra Technologies, Inc.+	LLC interest	N/A			N/A		07/2022	N/A	348	2,824		0.1		4,458
Tebra Technologies, Inc.+	Warrant	N/A			N/A		03/2019	N/A	169	871		—		649
Tebra Technologies, Inc.+	Warrant	N/A			N/A		06/2017	N/A	53	162		—		5
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		09/2018	N/A	1	8		—		12
										35,277		0.9		37,572
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+	Common stock	N/A			N/A		09/2017	N/A	5	603		—		446
Freddy's Frozen Custard LLC+	LP interest	N/A			N/A		03/2021	N/A	287	384		—		823
Harri US LLC+	LLC units	N/A			N/A		02/2022	N/A	119	892		—		785
Harri US LLC+	Preferred stock	N/A			N/A		10/2021	N/A	102	649		—		650
Harri US LLC+	Warrant	N/A			N/A		10/2021	N/A	34	171		—		217
Harri US LLC+	Preferred stock	N/A			N/A		10/2023	N/A	96	1,141		0.1		1,473
Harri US LLC+	Warrant	N/A			N/A		03/2024	N/A	9	69		—		144
Harri US LLC+	Warrant	N/A			N/A		02/2025	N/A	10	—		—		—
LMP TR Holdings, LLC	LLC units	N/A			N/A		05/2013	N/A	712	712		—		1,059
PB Group Holdings, LLC+	LP units	N/A			N/A		08/2024	N/A	383	886		—		1,118
Rooster BidCo Limited+(8)(10)	Preferred stock	N/A			N/A		03/2025	N/A	1,258	1,301		0.1		1,301
SSRG Holdings, LLC+	LP interest	N/A			N/A		11/2019	N/A	46	604		—		682
										7,412		0.2		8,698
Insurance
Accession Risk Management Group, Inc.+(24)	Preferred stock	N/A			13.25%	Non-Cash	08/2023	N/A	9	10,668		0.3		10,668
Majesco+(24)	Preferred stock	N/A			9.00%	Non-Cash	09/2020	N/A	—	562		—		639
Majesco+	LP interest	N/A			N/A		09/2020	N/A	97	94		—		484
Oakbridge Insurance Agency LLC+	LP units	N/A			N/A		11/2023	N/A	20	404		—		492
										11,728		0.3		12,283
Internet & Direct Marketing Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	25	26,216		0.5		20,250
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	15	15,735		0.3		12,154
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2022	N/A	11	11,050		0.2		7,926
Revalize, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	4	4,285		0.1		3,019
										57,286		1.1		43,349
IT Services
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		02/2020	N/A	804	2,398		0.2		8,455
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		10/2020	N/A	211	931		0.1		2,217
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		07/2021	N/A	48	408		—		509

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		08/2020	N/A	277	$	779	0.1	%	$	2,767
Critical Start, Inc.+	Common stock	N/A	N/A		05/2022	N/A	343	379		—		197
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A		09/2021	N/A	509	2,933		0.1		2,924
Kentik Technologies, Inc.+	Warrant	N/A	N/A		11/2024	N/A	—	3		—		3
Netwrix Corporation+	LLC units	N/A	N/A		06/2022	N/A	7	19		—		20
Optimizely North America, Inc.+	Common stock	N/A	N/A		10/2018	N/A	92	1,016		—		1,553
Saturn Borrower Inc.+	LP units	N/A	N/A		09/2020	N/A	520	470		—		758
								9,336		0.5		19,403
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		09/2012	N/A	749	210		0.1		1,798
Movement Holdings, LLC+(8)(10)	LLC units	N/A	N/A		03/2024	N/A	—	152		—		111
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	82	141		—		76
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	56	96		—		53
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	47	78		—		42
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	41	70		—		37
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	18	29		—		16
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	2	2		—		2
								778		0.1		2,135
Life Sciences Tools & Services
Celerion Buyer, Inc.+(24)	LP units	N/A	N/A		11/2022	N/A	1,302	1,096		—		890
Celerion Buyer, Inc.+	LP units	N/A	N/A		11/2022	N/A	1,302	188		0.1		1,961
PAS Parent Inc.+	LP interest	N/A	N/A		12/2021	N/A	15	1,651		—		1,820
PAS Parent Inc.+	Preferred stock	N/A	N/A		03/2023	N/A	2	267		—		329
								3,202		0.1		5,000
Oil, Gas & Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		03/2017	N/A	3	1,632		—		1,596
W3 Co.+	Preferred stock	N/A	N/A		01/2019	N/A	—	224		—		255
								1,856		—		1,851
Paper & Forest Products
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	8	667		—		741
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	1	—		—		—
								667		—		741
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)	LP interest	N/A	N/A		03/2021	N/A	701	605		—		447
Cobalt Buyer Sub, Inc.+(24)	Preferred stock	N/A	13.75%	Non-Cash	10/2021	N/A	11	17,127		0.5		18,254
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A		10/2021	N/A	—	246		—		241
Cobalt Buyer Sub, Inc.+	Common stock	N/A	N/A		10/2021	N/A	3	2		—		—
Creek Parent, Inc.+	LP interest	N/A	N/A		12/2024	N/A	3,372	3,372		0.1		3,572
								21,352		0.6		22,514

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Professional Services
Eclipse Buyer, Inc.+(24)	Preferred stock	N/A			12.50%	Non-Cash	09/2024	N/A	—	$	1,713	0.1	%	$	1,743
Enboarder, Inc.+(8)(11)	Preferred stock	N/A			N/A		01/2022	N/A	83	859		—		566
Filevine, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	362	2,867		0.1		4,692
Filevine, Inc.+	Warrant	N/A			N/A		04/2022	N/A	54	224		—		589
Filevine, Inc.+	Preferred stock	N/A			N/A		05/2024	N/A	21	176		—		275
Net Health Acquisition Corp.+	LP interest	N/A			N/A		12/2017	N/A	14	1,684		0.1		2,357
Procure Acquireco, Inc.+	LP interest	N/A			N/A		12/2021	N/A	—	901		—		1,236
										8,424		0.3		11,458
Real Estate Management & Development
Inhabit IQ Inc.+	Common stock	N/A			N/A		01/2018	N/A	2	528		—		750
SC Landco Parent, LLC+	Common stock	N/A			N/A		09/2022	N/A	2	274		—		253
										802		—		1,003
Road & Rail
Internet Truckstop Group, LLC+	LP interest	N/A			N/A		04/2019	N/A	554	587		—		383
Software
Anaplan, Inc.+	LP interest	N/A			N/A		06/2022	N/A	962	1,254		—		1,568
Aras Corporation+(24)	Preferred stock	N/A			12.00%	Non-Cash	04/2021	N/A	1	2,070		0.1		2,227
Aras Corporation+	LP interest	N/A			N/A		04/2021	N/A	427	446		—		666
Astute Holdings, Inc.+	LP interest	N/A			N/A		04/2019	N/A	—	520		—		433
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		07/2021	N/A	37	405		—		544
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		02/2023	N/A	4	46		—		62
Bayshore Intermediate #2, L.P.+	Common stock	N/A			N/A		10/2021	N/A	5,841	5,890		0.2		7,109
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	1	1,157		—		1,134
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	134	0		—		0
CB Buyer, Inc.+	LP units	N/A			N/A		07/2024	N/A	258	258		—		182
Cloudbees, Inc.+	Preferred stock	N/A			N/A		11/2021	N/A	179	2,007		0.1		2,086
Cloudbees, Inc.+	Warrant	N/A			N/A		05/2018	N/A	158	445		—		1,089
Cloudbees, Inc.+	Preferred stock	N/A			N/A		06/2018	N/A	86	602		—		799
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		08/2022	N/A	220	855		—		1,039
Denali Bidco Limited+(8)(10)	LP interest	N/A			N/A		08/2023	N/A	431	610		—		902
Diligent Corporation+(24)	Preferred stock	N/A			10.50%	Non-Cash	04/2021	N/A	24	31,950		0.8		33,359
Diligent Corporation+	Preferred stock	N/A			N/A		04/2016	N/A	415	912		0.1		2,211
Energy Worldnet, LLC+	LLC units	N/A			N/A		02/2025	N/A	50	52		—		52
FirstUp, Inc.+	Common stock	N/A			N/A		07/2021	N/A	305	661		—		210
FirstUp, Inc.+	Preferred stock	N/A			N/A		03/2025	N/A	14	27		—		27
GS Acquisitionco, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	04/2021	N/A	35	47,662		1.3		50,362
GS Acquisitionco, Inc.+(24)	Preferred stock	N/A			11.00%	Non-Cash	11/2021	N/A	5	6,083		0.3		6,258
GS Acquisitionco, Inc.+	LP interest	N/A			N/A		09/2021	N/A	1	363		—		1,200
GS Acquisitionco, Inc.+(24)	Preferred stock	SF +	10.50%	(i)	14.80%	Non-Cash	08/2023	N/A	—	129		—		130
GTY Technology Holdings, Inc.+	LP units	N/A			N/A		07/2022	N/A	73	91		—		168
Gurobi Optimization, LLC+	Common stock	N/A			N/A		09/2024	N/A	—	709		—		835
Impartner, Inc.+	Preferred stock	N/A			N/A		10/2021	N/A	39	307		—		200
Kaseya Inc.+(24)	Preferred stock	SF +	10.75%	(i)	15.03%	Non-Cash	06/2022	N/A	3	3,929		0.1		3,903
Kaseya Inc.+	LP interest	N/A			N/A		06/2022	N/A	250	252		—		287

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
LogicMonitor, Inc.+	LP interest	N/A			N/A		12/2024	N/A	250	$	250	—	%	$	257
Ministry Brands Holdings LLC+	LP interest	N/A			N/A		12/2021	N/A	799	774		—		649
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		10/2019	N/A	6	17		—		16
Onit, Inc.+	Warrant	N/A			N/A		02/2023	N/A	—	14		—		16
Panzura, LLC+	LLC units	N/A			N/A		03/2025	N/A	2	6		—		—
Personify, Inc.+	LP interest	N/A			N/A		09/2018	N/A	879	1,396		0.1		2,139
Pluralsight, LLC+	LLC units	N/A			N/A		08/2024	N/A	1,988	3,663		0.1		4,330
QAD, Inc.+(24)	Preferred stock	N/A			9.00%	Non-Cash	11/2021	N/A	1	1,300		—		1,263
QAD, Inc.+	Common stock	N/A			N/A		11/2021	N/A	68	134		—		—
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	—	358		—		214
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		07/2023	N/A	—	27		—		35
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	4	21		—		0
Riskonnect Parent, LLC+(24)	Preferred stock	N/A			11.00%	Non-Cash	04/2022	N/A	26	34,310		0.9		34,669
Riskonnect Parent, LLC+	LP interest	N/A			N/A		11/2021	N/A	1,382	1,412		0.1		1,588
Riskonnect Parent, LLC+(24)	Preferred stock	SF +	10.50%	(i)	14.80%	Non-Cash	07/2022	N/A	—	991		—		1,006
Riskonnect Parent, LLC+(24)	Preferred stock	N/A			10.50%	Non-Cash	06/2024	N/A	—	54		—		57
Rokt Inc.+	Common stock	N/A			N/A		01/2025	N/A	20	683		—		683
SnapLogic, Inc.+	Preferred stock	N/A			N/A		09/2019	N/A	344	1,028		0.1		2,048
SnapLogic, Inc.+	Warrant	N/A			N/A		09/2019	N/A	131	162		—		527
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		12/2020	N/A	1	794		—		501
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		12/2022	N/A	—	110		—		126
Telesoft Holdings LLC+	LP interest	N/A			N/A		12/2019	N/A	137	129		—		120
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		07/2022	N/A	—	82		—		80
Togetherwork Holdings, LLC+	Preferred stock	N/A			N/A		07/2024	N/A	307	1,342		—		1,442
Tricentis Operations Holdings, Inc.+	LP interest	N/A			N/A		02/2025	N/A	40	40		—		40
Zendesk, Inc.+	LP units	N/A			N/A		11/2022	N/A	63	708		—		624
										159,497		4.3		171,472

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Specialty Retail
Ave Holdings III, Corp+(24)	Preferred stock	N/A	11.50%	Non-Cash	02/2022	N/A	15	$	19,362	0.5	%	$	18,648
Ave Holdings III, Corp+	LP units	N/A	N/A		02/2022	N/A	2	1,737		—		311
Batteries Plus Holding Corporation+	LP interest	N/A	N/A		07/2016	N/A	10	1,287		—		1,360
Cycle Gear, Inc.+	LLC units	N/A	N/A		02/2016	N/A	2,002	481		—		275
Cycle Gear, Inc.+	Preferred stock	N/A	N/A		01/2023	N/A	75	75		—		150
Metal Supermarkets US Buyer, LLC+(8)(12)	Preferred stock	N/A	N/A		12/2024	N/A	3	347		—		323
Metal Supermarkets US Buyer, LLC+(8)(12)	LLC units	N/A	N/A		12/2024	N/A	1	—		—		—
Pet Holdings ULC+(8)(12)(24)	LP interest	N/A	N/A		04/2015	N/A	677	383		—		633
Salon Lofts Group, LLC+	LP units	N/A	N/A		08/2022	N/A	—	129		—		93
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	5	1,119		0.2		5,071
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	—	243		—		421
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	52	81		—		259
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	4	15		—		21
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	—	11		—		50
Southern Veterinary Partners, LLC+(24)	Preferred stock	N/A	10.00%	Non-Cash	12/2024	N/A	—	2		—		4
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	1	—		—		3
Southern Veterinary Partners, LLC+	LLC units	N/A	N/A		12/2024	N/A	—	—		—		—
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		04/2022	N/A	—	57		—		80
								25,329		0.7		27,702
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(24)	LLC interest	N/A	N/A		11/2015	N/A	20	239		—		394
Georgica Pine Clothiers, LLC+	Common stock	N/A	N/A		08/2020	N/A	—	—		—		2
MakerSights, Inc.+	Preferred stock	N/A	N/A		06/2021	N/A	56	265		—		106
Shoes For Crews Global, LLC+	LLC units	N/A	N/A		06/2024	N/A	2	1,083		—		1,190
								1,587		—		1,692
Total non-controlled/non-affiliate company equity investments								434,031		11.6		467,547
Total non-controlled/non-affiliate company investments								8,374,891		206.4		8,345,620

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Non-controlled/affiliate company investments(28)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(26)	One stop	SF +	1.00%	(i)	5.30%	PIK			06/2027		$	7,071	0.1	%	$	4,359
Abita Brewing Co., L.L.C.+(7)(26)	Second lien	SF +	1.00%	(i)	5.30%	PIK			06/2027	5,086	3,724		—		407
Abita Brewing Co., L.L.C.+(26)	One stop	SF +	1.00%	(h)(i)(j)	5.34%	PIK			06/2027	2,054	2,054		0.1		1,788
										14,528	12,849		0.2		6,554
Energy, Equipment & Services
Benetech, Inc.+(7)(26)	One stop	SF +	1.00%	(i)	5.30%	PIK			08/2027	4,860	3,623		0.1		1,944
Benetech, Inc.+(7)(26)	One stop	SF +	1.00%	(i)	5.30%	PIK			08/2027	1,076	732		—		79
										5,936	4,355		0.1		2,023
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+(26)	One stop	SF +	6.00%	(i)	5.46%	cash/	5.00%	PIK	11/2029	2,777	2,777		0.1		2,777
G & H Wire Company, Inc.+	One stop	SF +	6.00%		N/A(6)				11/2029	—	—		—		—
										2,777	2,777		0.1		2,777
Healthcare Providers & Services
Bayside Opco, LLC+	One stop	SF +	7.25%	(i)	11.70%				06/2026	12,786	12,743		0.3		12,786
Bayside Opco, LLC+(26)	Subordinated debt	SF +	10.00%	(i)	14.45%	PIK			06/2026	5,426	5,123		0.1		5,426
Bayside Opco, LLC+	One stop	SF +	7.25%	(i)	11.70%				06/2026	4,524	4,430		0.1		4,523
Bayside Opco, LLC+	One stop	SF +	7.00%		N/A(6)				06/2026	—	—		—		—
Elite Dental Partners LLC+(7)(26)	One stop	SF +	5.25%	(i)	9.70%	PIK			09/2025	17,519	13,029		0.1		5,081
Elite Dental Partners LLC+(7)(26)	One stop	SF +	12.00%	(i)	16.45%	PIK			09/2025	10,595	7,225		0.1		3,708
Elite Dental Partners LLC+(26)	One stop	SF +	5.25%	(i)	9.70%	PIK			09/2025	1,889	1,889		0.1		1,889
Opening Day Borrower 111 LLC+	One stop	SF +	6.25%	(i)	10.70%				05/2027	3,761	3,761		0.1		3,761
SPF Borrower LLC+(26)	One stop	SF +	6.25%	(i)	8.70%	cash/	2.00%	PIK	02/2028	16,191	16,191		0.4		16,191
SPF Borrower LLC+(26)	One stop	SF +	9.50%	(i)	13.95%	PIK			02/2028	8,625	8,625		0.2		8,625
SPF Borrower LLC+	One stop	SF +	6.25%		N/A(6)				02/2028	—	—		—		—
										81,316	73,016		1.5		61,990
Life Sciences Tools & Services
Reaction Biology Corporation+(26)	One stop	SF +	4.75%	(i)	4.30%	cash/	4.75%	PIK	03/2029	2,793	2,793		0.1		2,793
Reaction Biology Corporation+(26)	One stop	SF +	4.75%	(i)	4.30%	cash/	4.75%	PIK	03/2029	419	419		—		419
										3,212	3,212		0.1		3,212
Multiline Retail
Fleet Farm Group, LLC+(26)	Senior secured	SF +	5.50%	(i)	9.79%	PIK				5,147	5,147		0.1		5,147
Software
Switchfly LLC+(26)	One stop	N/A			1.00%	PIK			10/2026	1,419	1,419		—		1,277
Specialty Retail
Chestnut Optical Midco, Inc.+	One stop	SF +	1.00%	(i)	5.30%				06/2029	45,064	41,241		1.0		42,135
Chestnut Optical Midco, Inc.+(5)	One stop	SF +	1.00%		N/A(6)				06/2029	—	—		—		(183)
Chestnut Optical Midco, Inc.+(5)	One stop	SF +	1.00%	(i)	5.30%				06/2029	939	939		—		(37)
										46,003	42,180		1.0		41,915
Total non-controlled/affiliate company debt investments										160,338	144,955		3.1		124,895

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, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Equity investments(22)(23)
Beverages
Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	02/2021	N/A	210	$	—	—	%	$	—
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+	LLC units	N/A	N/A	11/2024	N/A	159	3,810		0.1		4,129
Healthcare Providers & Services
Bayside Opco, LLC+	LLC units	N/A	N/A	05/2023	N/A	6	2,592		0.2		9,038
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	2,902		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	1,250		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A	09/2020	N/A	—	—		—		—
Opening Day Borrower 111 LLC+	Preferred stock	N/A	N/A	09/2024	N/A	181	21,172		0.5		18,810
Opening Day Borrower 111 LLC+	LLC units	N/A	N/A	04/2023	N/A	181	7,836		0.1		2,350
SPF Borrower LLC+	LLC units	N/A	N/A	02/2024	N/A	—	9,347		0.3		12,786
							45,099		1.1		42,984
Life Sciences Tools & Services
Reaction Biology Corporation+	LLC units	N/A	N/A	03/2025	N/A	139	4,980		0.1		4,977
Multiline Retail
Fleet Farm Group, LLC	LLC units	N/A	N/A	12/2024	N/A	129	23,874		0.6		24,413
Software
Switchfly LLC+	LLC interest	N/A	N/A	09/2018	N/A	98,370	2,321		—		813
Switchfly LLC+	Preferred stock	N/A	N/A	09/2024	N/A	7,275	5,375		0.1		5,723
Switchfly LLC+	LLC units	N/A	N/A	03/2022	N/A	950	950		—		588
							8,646		0.1		7,124
Specialty Retail
Chestnut Optical Midco, Inc.+	LLC units	N/A	N/A	06/2024	N/A	189	53,764		1.4		55,162
Total non-controlled/affiliate company equity investments							140,173		3.4		138,789
Total non-controlled/affiliate company investments							285,128		6.5		263,684

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2025

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Controlled affiliate company investments(29)
Debt investments
IT Services
MMan Acquisition Co.+(26)	One stop	N/A	8.00%	PIK		03/2026		$	2,052	0.1	%	$	1,909
MMan Acquisition Co.+(26)	One stop	N/A	12.00%	PIK		03/2026	1,139	1,139		—		1,138
MMan Acquisition Co.+(26)	One stop	N/A	12.00%	PIK		03/2026	1,224	1,224		—		1,224
MMan Acquisition Co.+(26)	One stop	N/A	12.00%	PIK		03/2026	354	354		—		354
Total controlled affiliate company debt investments							4,769	4,769		0.1		4,625
Equity investments(22)(23)
IT Services
MMan Acquisition Co.+	Preferred stock	N/A	N/A		09/2024	N/A	—	7,832		0.2		7,291
Total controlled affiliate equity investments								7,832		0.2		7,291
Total controlled affiliate company investments								12,601		0.3		11,916
Total investments								8,672,620		213.2		8,621,220
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund <br>Institutional Shares (CUSIP 09248U718)			4.22%	(30)				$	62,303	1.5	%	$	62,303
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio <br>Institutional Share Class (CUSIP 61747C582)			4.21%	(30)				6,526		0.2		6,526
Morgan Stanley US Dollar Liquidity Fund <br>Institutional Distributing Share Class (CUSIP L64887109)			4.37%	(30)				47,213		1.2		47,213
Allspring Government Money Market Fund <br>Select Share Class (CUSIP 949921126)			4.27%	(30)				2,041		0.1		2,041
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)			4.14%	(30)				63,250		1.6		63,250
Total money market funds								181,333		4.6		181,333
Total investments and money market funds								$	8,853,953	217.8	%	$	8,802,553

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, 2025

(Dollar and share amounts in thousands)

^	Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022 Debt Securitization (as defined in Note 7).
*	Denotes that all or a portion of the loan collateralizes the notes offered in the 2024 Debt Securitization (as defined in Note 7).
+	Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).

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

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.50% as of March 31, 2025.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 2.36% as of March 31, 2025.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.34% as of March 31, 2025.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.34% as of March 31, 2025.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.13% as of March 31, 2025.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.46% as of March 31, 2025.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.41% as of March 31, 2025.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.32% as of March 31, 2025.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.29% as of March 31, 2025.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.19% as of March 31, 2025.

(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.77% as of March 31, 2025.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.66% as of March 31, 2025.

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

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

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

(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, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

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

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2025, total non-qualifying assets at fair value represented 14.4% of the Company's total assets calculated in accordance with the 1940 Act.

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

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

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

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

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

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

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

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

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

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

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

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

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

(22) 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, 2025

(Dollar and share amounts in thousands)

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

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

(25) The fair value of this investment was valued using Level 1 inputs. See Note 6.

(26) 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, 2025.

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

(28) 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, 2025 were as follows:

Portfolio Company	Fair value as of September 30, 2024		Gross additions(a)		Gross reductions(b)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Fair value as of March 31, 2025		Interest, dividend and fee income
Abita Brewing Co. LLC	$	6,000	$	4,525	$	(3,252)	$	(719)	$	—	$	6,554	$	46
Bayside Opco, LLC	29,127		569		(79)		2,156		—		31,773		1,624
Benetech, Inc.	1,793		269		(459)		420		—		2,023		8
Chestnut Optical Midco, Inc.(c)	93,864		1,388		—		1,825		—		97,077		1,709
Elite Dental Partners LLC	11,696		1,761		(1,669)		(1,110)		—		10,678		96
Fleet Farm Group LLC	—		29,020		—		540		—		29,560		98
G & H Wire Company, Inc	—		6,587		—		319		—		6,906		102
Opening Day Borrower 111 LLC	24,936		8,137		(4,377)		(3,775)		—		24,921		78
Reaction Biology Corporation	—		8,192		—		(3)		—		8,189		13
SPF Borrower LLC	36,653		456		(164)		657		—		37,602		1,492
Switchfly LLC	7,313		709		—		379		—		8,401		13
Total Non-Controlled Affiliates	$	211,382	$	61,613	$	(10,000)	$	689	$	—	$	263,684	$	5,279
(a)	Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
---	---
(b)	Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(c)	Formerly known as Imperial Optical Midco Inc.

(29) 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, 2025 were as follows:

Portfolio Company	Fair value as of September 30, 2024		Gross additions(a)		Gross reductions(b)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Fair value as of March 31, 2025		Interest, dividend and fee income
MMan Acquisition Co.	$	12,205	$	238	$	—	$	(527)	$	—	$	11,916	$	249
Total Controlled Affiliates	$	12,205	$	238	$	—	$	(527)	$	—	$	11,916	$	249
(a)	Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
---	---
(b)	Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

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

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.~+	One stop	SF +	6.50%	(h)(i)	11.24%				02/2029		$	34,130	0.9	%	$	34,892
PPW Aero Buyer, Inc.+	One stop	SF +	5.50%	(i)	10.10%				02/2029	4,292	4,262		0.1		4,292
PPW Aero Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				02/2029	—	(87)		—		—
PPW Aero Buyer, Inc.+	One stop	SF +	6.50%	(a)(h)(i)	12.20%				02/2029	52	51		—		52
										38,721	38,356		1.0		39,236
Airlines
Accelya Lux Finco S.A.R.L.<+(8)(13)(25)	One stop	SF +	7.00%	(i)	7.70%	cash/	4.00%	PIK	12/2026	8,903	8,808		0.2		8,547
Auto Components
Collision SP Subco, LLC<+	One stop	SF +	5.50%	(i)	10.75%				01/2030	886	875		—		886
Collision SP Subco, LLC+	One stop	SF +	5.50%	(h)(j)	10.36%				01/2030	162	157		—		162
Collision SP Subco, LLC+	One stop	SF +	5.50%	(i)	10.75%				01/2030	14	13		—		14
Covercraft Parent III, Inc.&+	Senior secured	SF +	4.50%	(i)	9.97%				08/2027	6,826	6,781		0.2		6,621
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(h)	9.45%				08/2027	1,381	1,360		—		1,339
Covercraft Parent III, Inc.+	Senior secured	SF +	4.50%	(h)	9.62%				08/2027	60	56		—		54
North Haven Falcon Buyer, LLC<+(25)	One stop	SF +	8.00%	(i)	8.12%	cash/	5.00%	PIK	05/2027	9,106	8,415		0.2		7,285
North Haven Falcon Buyer, LLC+(25)	One stop	SF +	8.00%	(i)	8.00%	cash/	5.00%	PIK	05/2027	1,525	1,408		—		1,220
OEConnection, LLC~+	One stop	SF +	5.25%	(h)	10.10%				04/2031	10,288	10,243		0.3		10,288
OEConnection, LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2031	—	(8)		—		—
OEConnection, LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2031	—	(8)		—		—
Polk Acquisition Corp.*#+(25)	Senior secured	SF +	7.50%	(h)	10.20%	cash/	2.25%	PIK	12/2024	18,598	18,542		0.4		17,297
Polk Acquisition Corp.+(25)	Senior secured	SF +	7.50%	(h)	10.20%	cash/	2.25%	PIK	12/2024	110	110		—		102
Polk Acquisition Corp.+(25)	Senior secured	SF +	7.50%	(h)	10.20%	cash/	2.25%	PIK	12/2024	119	119		—		108
										49,075	48,063		1.1		45,376
Automobiles
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(i)	9.85%				06/2030	6,584	6,490		0.2		6,584
CAP-KSI Holdings, LLC+	One stop	SF +	5.25%	(h)	10.10%				06/2030	182	167		—		182
CG Group Holdings, LLC*#~<+(25)	One stop	SF +	8.75%	(i)	11.35%	cash/	2.00%	PIK	07/2027	45,910	45,698		1.1		45,452
CG Group Holdings, LLC+(25)	One stop	SF +	8.75%	(h)	11.60%	cash/	2.00%	PIK	07/2026	704	698		—		698
Denali Midco 2, LLC~+	One stop	SF +	6.00%	(h)	10.95%				12/2027	44,627	44,451		1.1		44,627
Denali Midco 2, LLC&<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	10,401	10,591		0.3		10,401
Denali Midco 2, LLC&+	One stop	SF +	6.00%	(h)	10.95%				12/2027	3,113	3,170		0.1		3,113
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,891	1,926		0.1		1,891
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,797	1,829		0.1		1,797
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,568	1,597		0.1		1,568
Denali Midco 2, LLC<+	One stop	SF +	6.50%	(h)	11.45%				12/2027	1,508	1,492		0.1		1,508
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,292	1,292		—		1,292
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,254	1,254		—		1,254
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,254	1,254		—		1,254
Denali Midco 2, LLC<+	One stop	SF +	6.00%	(h)	10.95%				12/2027	1,034	1,034		—		1,034
Denali Midco 2, LLC+	One stop	SF +	6.50%	(h)	11.45%				12/2027	469	465		—		469
Denali Midco 2, LLC+	One stop	SF +	6.50%	(h)	11.45%				12/2027	406	401		—		406
Denali Midco 2, LLC+	One stop	SF +	5.75%	(h)	10.70%				12/2027	394	394		—		394
Denali Midco 2, LLC+	One stop	SF +	6.50%	(h)	11.45%				12/2027	343	340		—		343

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Denali Midco 2, LLC+	One stop	SF +	6.50%	(h)	11.45%	12/2027		$	200	—	%	$	201
Denali Midco 2, LLC+	One stop	SF +	6.00%	(h)	10.95%	12/2027	200	197		—		200
Denali Midco 2, LLC+	One stop	SF +	6.50%	(h)	11.45%	12/2027	101	100		—		101
Denali Midco 2, LLC+(5)	One stop	SF +	5.75%		N/A(6)	12/2027	—	(4)		—		—
High Bar Brands Operating, LLC<+	Senior secured	SF +	5.00%	(i)	9.60%	12/2029	1,435	1,430		0.1		1,435
High Bar Brands Operating, LLC<+	Senior secured	SF +	5.00%	(i)	9.60%	12/2029	299	298		—		299
High Bar Brands Operating, LLC+	Senior secured	SF +	5.00%	(i)	9.60%	12/2029	254	250		—		254
High Bar Brands Operating, LLC+(5)	Senior secured	SF +	5.25%		N/A(6)	12/2029	—	(1)		—		—
JHCC Holdings LLC~+	One stop	SF +	5.25%	(i)	9.85%	09/2027	17,889	17,792		0.5		17,889
JHCC Holdings LLC<+	One stop	SF +	5.25%	(i)	9.85%	09/2027	5,179	5,262		0.1		5,179
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.85%	09/2027	4,951	4,950		0.1		4,951
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.87%	09/2027	3,714	3,691		0.1		3,714
JHCC Holdings LLC+	One stop	SF +	5.25%	(i)	9.92%	09/2027	2,797	2,819		0.1		2,797
JHCC Holdings LLC<+	One stop	SF +	5.25%	(i)	9.85%	09/2027	1,659	1,642		—		1,659
JHCC Holdings LLC<+	One stop	SF +	5.25%	(i)	9.85%	09/2027	732	727		—		732
JHCC Holdings LLC<+	One stop	SF +	5.25%	(i)	9.85%	09/2027	695	693		—		695
JHCC Holdings LLC+	One stop	P +	4.25%	(a)	12.25%	09/2027	66	64		—		66
MOP GM Holding, LLC*#~^+	One stop	SF +	5.75%	(i)	10.50%	11/2026	32,888	32,862		0.8		32,559
MOP GM Holding, LLC&+	One stop	SF +	5.75%	(j)	11.33%	11/2026	3,866	3,858		0.1		3,827
MOP GM Holding, LLC~+	One stop	SF +	5.75%	(j)	11.09%	11/2026	3,617	3,597		0.1		3,581
MOP GM Holding, LLC^+	One stop	SF +	5.75%	(j)	11.09%	11/2026	3,537	3,516		0.1		3,502
MOP GM Holding, LLC^+	One stop	SF +	5.75%	(i)	10.50%	11/2026	2,621	2,604		0.1		2,594
MOP GM Holding, LLC&+	One stop	SF +	5.75%	(j)	11.09%	11/2026	2,161	2,149		0.1		2,140
MOP GM Holding, LLC&+	One stop	SF +	5.75%	(j)	11.09%	11/2026	1,993	1,975		—		1,973
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.50%	11/2026	726	721		—		718
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.50%	11/2026	533	530		—		528
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)(j)	10.62%	11/2026	400	397		—		396
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.09%	11/2026	267	265		—		264
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.50%	11/2026	203	202		—		201
MOP GM Holding, LLC+	One stop	SF +	5.75%	(i)	10.50%	11/2026	89	88		—		88
MOP GM Holding, LLC+	One stop	SF +	5.75%	(j)	11.09%	11/2026	89	88		—		88
MOP GM Holding, LLC+(5)	One stop	SF +	5.75%		N/A(6)	11/2026	—	(34)		—		—
National Express Wash Parent Holdco, LLC&+	One stop	SF +	5.50%	(i)	10.74%	07/2029	9,620	9,560		0.2		9,428
National Express Wash Parent Holdco, LLC+	One stop	SF +	5.50%	(j)	9.75%	07/2029	140	135		—		132
National Express Wash Parent Holdco, LLC+(5)	One stop	SF +	6.00%		N/A(6)	07/2029	—	(2)		—		—
POY Holdings, LLC#^&<+	One stop	SF +	5.50%	(i)	10.25%	11/2027	28,489	28,766		0.7		28,489
POY Holdings, LLC<+	One stop	SF +	5.50%	(i)	10.25%	11/2027	3,703	3,764		0.1		3,703
POY Holdings, LLC~+	One stop	SF +	5.50%	(i)	10.25%	11/2027	1,311	1,311		—		1,311
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	10.89%	11/2027	873	873		—		873
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	10.25%	11/2027	651	651		—		651
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	10.29%	11/2027	291	291		—		291
POY Holdings, LLC+	One stop	SF +	5.50%	(i)	10.29%	11/2027	31	29		—		31
POY Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	11/2027	—	(28)		—		—
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	9.60%	06/2031	3,608	3,578		0.1		3,608
Quick Quack Car Wash Holdings, LLC+	One stop	SF +	4.75%	(h)	9.60%	06/2031	140	129		—		140
Quick Quack Car Wash Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)	06/2031	—	(3)		—		—

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
TWAS Holdings, LLC#&<	One stop	SF +	6.75%	(h)	11.70%		12/2026		$	46,658	1.2	%	$	46,804
TWAS Holdings, LLC*~&+	One stop	SF +	6.75%	(h)	11.70%		12/2026	41,809	41,768		1.0		41,809
TWAS Holdings, LLC<+	One stop	SF +	6.75%	(h)	11.70%		12/2026	10,854	10,845		0.3		10,854
TWAS Holdings, LLC<+	One stop	SF +	6.75%	(h)	11.70%		12/2026	8,288	8,354		0.2		8,288
TWAS Holdings, LLC<+	One stop	SF +	6.75%	(h)	11.70%		12/2026	5,264	5,306		0.1		5,264
TWAS Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)		12/2026	—	(6)		—		—
Yorkshire Parent, Inc.<+	One stop	SF +	6.00%	(i)	10.60%		12/2029	2,634	2,672		0.1		2,634
Yorkshire Parent, Inc.+(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—	(1)		—		—
Yorkshire Parent, Inc.+(5)	One stop	SF +	6.00%		N/A(6)		12/2029	—	(1)		—		—
								382,403	382,120		9.5		381,208
Banks
OSP Hamilton Purchaser, LLC<+	One stop	SF +	5.00%	(i)	10.25%		12/2029	1,745	1,769		0.1		1,745
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%	(i)	10.26%		12/2029	331	325		—		331
OSP Hamilton Purchaser, LLC+	One stop	SF +	5.00%		N/A(6)		12/2029	—	—		—		—
								2,076	2,094		0.1		2,076
Beverages
Financial Information Technologies, LLC~&<+	One stop	SF +	5.25%	(i)	9.85%		06/2030	34,626	34,555		0.9		34,626
Financial Information Technologies, LLC+(25)	One stop	N/A			14.00%	PIK	06/2031	19,894	19,758		0.5		19,894
Financial Information Technologies, LLC+(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—	(1)		—		—
Financial Information Technologies, LLC<+	One stop	SF +	5.25%	(i)	9.85%		06/2030	2,221	2,218		0.1		2,221
Financial Information Technologies, LLC+(5)	One stop	SF +	5.25%		N/A(6)		06/2030	—	(1)		—		—
Watermill Express, LLC^+	One stop	SF +	5.75%	(i)	10.50%		07/2029	3,064	3,046		0.1		3,072
Watermill Express, LLC+	One stop	SF +	5.75%	(i)	10.50%		07/2029	296	296		—		297
Watermill Express, LLC+	One stop	SF +	5.75%	(i)	10.96%		07/2029	111	108		—		111
Watermill Express, LLC<+	One stop	SF +	5.75%	(i)	10.50%		07/2029	739	735		—		742
Watermill Express, LLC+	One stop	SF +	5.75%	(i)	10.60%		07/2029	371	369		—		371
Watermill Express, LLC+	One stop	SF +	5.00%	(i)	9.75%		07/2029	582	569		—		564
Winebow Holdings, Inc.~<	One stop	SF +	6.25%	(h)	11.20%		12/2027	9,354	9,247		0.2		8,887
								71,258	70,899		1.8		70,785

All values are in US Dollars.

Building Products
BECO Holding Company, Inc.#~&<+	One stop	SF +	5.25%	(i)	10.00%				11/2028	40,999	41,632	1.0	40,999
BECO Holding Company, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				11/2027	—	(2)	—	—
										40,999	41,630	1.0	40,999
Capital Markets
BlueMatrix Holdings, LLC~+	One stop	SF +	5.25%	(i)	9.85%				01/2031	2,540	2,564	0.1	2,540
BlueMatrix Holdings, LLC+	One stop	SF +	5.25%		N/A(6)				01/2031	—	—	—	—
BlueMatrix Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				01/2031	—	(7)	—	—
										2,540	2,557	0.1	2,540
Chemicals
Inhance Technologies Holdings, LLC#<+(25)	One stop	SF +	6.50%	(i)	7.98%	cash/	4.00%	PIK	12/2024	15,132	14,768	0.3	12,257
Inhance Technologies Holdings, LLC#&(25)	One stop	SF +	6.50%	(i)	7.98%	cash/	4.00%	PIK	12/2024	13,742	13,204	0.3	11,130
Inhance Technologies Holdings, LLC<+(25)	One stop	SF +	6.50%	(i)	7.98%	cash/	4.00%	PIK	12/2024	2,673	2,563	0.1	2,165
Inhance Technologies Holdings, LLC+(25)	One stop	SF +	6.50%	(i)	7.98%	cash/	4.00%	PIK	12/2024	314	297	—	251
Krayden Holdings, Inc.+	Senior secured	SF +	4.75%	(h)	9.60%				03/2029	9,840	9,743	0.3	9,741
Krayden Holdings, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				03/2029	—	(33)	—	(34)
Krayden Holdings, Inc.+(5)	Senior secured	SF +	4.75%		N/A(6)				03/2029	—	(48)	—	(49)

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
PHM NL SP Bidco B.V.+(8)(9)(14)(25)	One stop	E +	9.25%	(d)	9.41%	cash/	3.00%	PIK	09/2028		$	50,266	1.1	%	$	46,023
PHM NL SP Bidco B.V.+(8)(14)(25)	One stop	SF +	9.25%	(g)	11.33%	cash/	3.00%	PIK	09/2028	19,993	19,250		0.4		17,994
PHM NL SP Bidco B.V.+(8)(9)(14)(25)	One stop	SN +	6.75%	(f)	8.70%	cash/	3.00%	PIK	09/2028	11,497	10,881		0.3		10,348
PHM NL SP Bidco B.V.+(8)(9)(14)(25)	One stop	E +	6.75%	(d)	7.50%	cash/	3.00%	PIK	09/2028	5,332	5,138		0.1		4,807
										129,659	126,029		2.9		114,633
Commercial Services & Supplies
BradyIFS Holdings, LLC^+	One stop	SF +	6.00%	(i)	11.25%				10/2029	4,842	4,926		0.1		4,842
BradyIFS Holdings, LLC+	One stop	SF +	6.00%	(h)(i)	11.18%				10/2029	382	381		—		382
CI (Quercus) Intermediate Holdings, LLC~<+	One stop	SF +	5.00%	(i)	9.63%				06/2031	27,427	27,109		0.7		27,427
CI (Quercus) Intermediate Holdings, LLC+	One stop	SF +	5.00%	(i)	10.05%				06/2031	53	34		—		53
CI (Quercus) Intermediate Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—	(50)		—		—
Encore Holdings, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2028	4,564	4,501		0.1		4,575
Encore Holdings, LLC<+	One stop	SF +	5.50%	(i)	10.20%				11/2028	907	895		—		910
Encore Holdings, LLC+	One stop	SF +	5.25%	(i)	10.11%				11/2028	1,170	1,163		—		1,170
FR Vision Holdings, Inc.<+	One stop	SF +	5.50%	(i)	10.78%				01/2031	1,070	1,066		—		1,070
FR Vision Holdings, Inc.+	One stop	SF +	5.50%	(i)	10.78%				01/2031	90	89		—		90
FR Vision Holdings, Inc.+	One stop	SF +	5.50%		N/A(6)				01/2030	—	—		—		—
Kleinfelder Intermediate, LLC<+	One stop	SF +	6.25%	(i)	11.31%				09/2030	4,087	3,987		0.1		4,087
Kleinfelder Intermediate, LLC+	One stop	P +	4.00%	(a)	12.00%				09/2028	120	112		—		120
Kleinfelder Intermediate, LLC+(5)	One stop	SF +	5.00%		N/A(6)				09/2030	—	(5)		—		—
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.31%				07/2027	1,564	1,549		0.1		1,568
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.60%				07/2027	158	132		—		158
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.53%				07/2027	284	281		—		285
North Haven Stack Buyer, LLC+(5)	Second lien	N/A			N/A(6)				01/2028	—	(15)		—		—
North Haven Stack Buyer, LLC*#~<	Senior secured	SF +	5.25%	(i)	10.50%				07/2027	12,284	12,271		0.3		12,315
North Haven Stack Buyer, LLC+(25)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	2,277	2,257		0.1		2,290
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.85%				07/2027	1,481	1,472		0.1		1,485
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.53%				07/2027	1,418	1,410		0.1		1,422

All values are in US Dollars.

North Haven Stack Buyer, LLC#~	Senior secured	SF +	5.25%	(i)	10.50%				07/2027	4,139	4,126	0.1	4,149
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.50%				07/2027	1,371	1,366	—	1,374
North Haven Stack Buyer, LLC#~	Senior secured	SF +	5.25%	(i)	10.50%				07/2027	1,366	1,361	—	1,369
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.37%				07/2027	200	200	—	201
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.50%				07/2027	100	100	—	100
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	10.34%				07/2027	166	157	—	166
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.85%				07/2027	2,281	2,268	0.1	2,287
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.25%	(i)	9.85%				07/2027	485	481	—	485
North Haven Stack Buyer, LLC+(25)	Second lien	N/A			10.00%	cash/	2.50%	PIK	01/2028	1,501	1,481	0.1	1,511
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.59%				07/2027	910	904	—	910
North Haven Stack Buyer, LLC+	Senior secured	SF +	5.00%	(i)	9.67%				07/2027	689	684	—	689
Profile Products LLC<+	One stop	SF +	5.50%	(h)	10.70%				11/2027	9,052	8,974	0.2	8,600
Profile Products LLC<+(8)	One stop	SF +	5.50%	(h)	10.70%				11/2027	1,835	1,811	—	1,743
Profile Products LLC+	One stop	P +	4.50%	(a)	12.50%				11/2027	72	71	—	68
Profile Products LLC+(5)	One stop	SF +	5.75%		N/A(6)				11/2027	—	(1)	—	(4)
PSC Parent, Inc.~+	One stop	SF +	5.25%	(h)	10.42%				04/2031	5,505	5,495	0.2	5,505
PSC Parent, Inc.+	One stop	SF +	5.25%	(a)(h)	10.36%				04/2030	377	372	—	377
PSC Parent, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				04/2031	—	(6)	—	—
PSC Parent, Inc.+	One stop	SF +	5.25%	(h)	10.10%				04/2031	917	913	—	917
PT Intermediate Holdings III, LLC<+(25)	One stop	SF +	5.00%	(i)	7.85%	cash/	1.75%	PIK	04/2030	12,234	12,262	0.3	12,234
PT Intermediate Holdings III, LLC+(5)	One stop	SF +	4.75%		N/A(6)				04/2030	—	(1)	—	—
Radwell Parent, LLC#^+	One stop	SF +	5.50%	(i)	10.10%				03/2029	34,289	33,967	0.8	33,947
Radwell Parent, LLC&<+	One stop	SF +	5.50%	(i)	10.10%				03/2029	32,407	32,458	0.8	32,083
Radwell Parent, LLC+	One stop	SF +	5.50%	(i)	10.10%				03/2029	248	199	—	235

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Radwell Parent, LLC+	One stop	SF +	5.50%	(i)	10.10%		03/2029		$	551	—	%	$	540
Trinity Air Consultants Holdings Corporation<+	One stop	SF +	5.25%	(i)	10.61%		06/2028	2,632	2,610		0.1		2,632
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%	(j)	10.40%		06/2028	530	530		—		530
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%		N/A(6)		06/2028	—	—		—		—
Trinity Air Consultants Holdings Corporation+	One stop	SF +	5.25%	(j)	10.45%		06/2028	494	492		—		494
WRE Holding Corp.+	One stop	SF +	5.00%	(j)	9.25%		07/2031	16,514	16,355		0.4		16,514
WRE Holding Corp.+	One stop	SF +	5.00%	(j)	9.81%		07/2031	241	219		—		241
WRE Holding Corp.+(5)	One stop	SF +	5.00%		N/A(6)		07/2030	—	(23)		—		—
								195,286	193,941		4.8		194,146
Communications Equipment
Lightning Finco Limited+(8)(10)	One stop	SF +	5.50%	(g)	10.76%		09/2028	14,802	14,775		0.4		14,802
Lightning Finco Limited+(8)(9)(10)	One stop	E +	5.50%	(d)	9.17%		09/2028	1,692	1,744		—		1,692
								16,494	16,519		0.4		16,494
Construction & Engineering
Consor Intermediate II, LLC~+	One stop	SF +	4.75%	(i)	9.35%		05/2031	4,050	4,062		0.1		4,050
Consor Intermediate II, LLC+(5)	One stop	SF +	4.75%		N/A(6)		05/2031	—	(17)		—		—
Consor Intermediate II, LLC+(5)	One stop	SF +	4.75%		N/A(6)		05/2031	—	(3)		—		—
								4,050	4,042		0.1		4,050
Containers & Packaging
Chase Intermediate#~&<+	One stop	SF +	4.75%	(i)	10.00%		10/2028	49,331	50,053		1.2		49,331
Chase Intermediate+(5)	One stop	SF +	4.75%		N/A(6)		10/2028	—	(2)		—		—
Chase Intermediate+	One stop	SF +	4.75%	(i)	9.90%		10/2028	938	932		—		938
Fortis Solutions Group, LLC*#~^&+	One stop	SF +	5.50%	(i)	10.20%		10/2028	51,533	51,172		1.3		50,501
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	10.20%		10/2028	199	101		—		70
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(i)	10.20%		10/2028	141	76		—		138
Fortis Solutions Group, LLC+	One stop	SF +	5.50%	(a)(i)	10.78%		10/2027	162	153		—		152
								102,304	102,485		2.5		101,130
Diversified Consumer Services
Any Hour, LLC~+	One stop	SF +	5.00%	(i)	9.60%		05/2030	9,066	9,001		0.2		8,975
Any Hour, LLC+(25)	One stop	N/A			13.00%	PIK	05/2031	2,876	2,824		0.1		2,847
Any Hour, LLC+	One stop	SF +	5.00%	(i)	9.90%		05/2030	303	290		—		294
Any Hour, LLC+	One stop	SF +	5.00%	(i)	10.28%		05/2030	257	238		—		230
Apex Service Partners, LLC<+	One stop	SF +	5.00%	(h)	9.86%		10/2030	4,434	4,508		0.1		4,390
Apex Service Partners, LLC+	One stop	SF +	5.00%	(h)	9.86%		10/2030	1,545	1,476		0.1		1,406
Apex Service Partners, LLC+	One stop	SF +	5.00%	(h)	9.86%		10/2030	1,055	1,041		—		1,045
Apex Service Partners, LLC+	One stop	SF +	5.00%	(h)	9.86%		10/2029	38	36		—		38
Certus Pest, Inc.#~	One stop	SF +	5.75%	(i)	10.50%		02/2026	1,730	1,715		0.1		1,730
Certus Pest, Inc.#~	One stop	SF +	5.75%	(i)	10.50%		02/2026	1,659	1,638		0.1		1,659
Certus Pest, Inc.+	One stop	SF +	5.75%	(i)	10.50%		02/2026	1,197	1,197		—		1,197
Certus Pest, Inc.#~	One stop	SF +	5.75%	(i)	10.50%		02/2026	1,182	1,176		—		1,182
Certus Pest, Inc.~+	One stop	SF +	5.75%	(i)	10.50%		02/2026	820	814		—		820
Certus Pest, Inc.#~	One stop	SF +	5.75%	(i)	10.50%		02/2026	723	709		—		723
Certus Pest, Inc.+	One stop	SF +	5.75%	(i)	10.50%		02/2026	704	701		—		704
Certus Pest, Inc.~+	One stop	SF +	5.75%	(i)	10.50%		02/2026	416	412		—		416
Certus Pest, Inc.+	One stop	SF +	5.75%	(i)	10.50%		02/2026	260	255		—		260
Certus Pest, Inc.+	One stop	SF +	5.75%	(i)	10.50%		02/2026	142	133		—		142
Certus Pest, Inc.+	One stop	SF +	5.75%	(i)	10.50%		02/2026	60	58		—		60
Certus Pest, Inc.+	One stop	SF +	5.75%		N/A(6)		02/2026	—	—		—		—
CHHJ Midco, LLC#~	Senior secured	SF +	5.00%	(j)	10.51%		01/2026	3,732	3,724		0.1		3,732
CHHJ Midco, LLC+	Senior secured	SF +	5.00%		N/A(6)		01/2026	—	—		—		—
CHVAC Services Investment, LLC~+	One stop	SF +	5.00%	(i)	9.60%		05/2030	2,945	2,922		0.1		2,945

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
CHVAC Services Investment, LLC+	One stop	SF +	5.00%	(i)	9.60%				05/2030		$	1,329	—	%	$	1,371
CHVAC Services Investment, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—	(3)		—		—
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25%	(i)	10.73%				07/2027	2,400	2,387		0.1		2,400
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25%	(i)	10.73%				07/2027	2,339	2,322		0.1		2,339
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25%	(i)	10.72%				07/2027	1,533	1,523		0.1		1,533
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25%	(i)	10.68%				07/2027	1,083	1,076		—		1,083
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25%	(i)	10.73%				07/2027	1,154	1,147		—		1,154
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.25%	(i)	10.65%				07/2027	696	690		—		696
COP Hometown Acquisitions, Inc.+(5)	Senior secured	SF +	5.25%		N/A(6)				07/2027	—	(2)		—		—
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50%	(g)(i)	10.83%				07/2027	1,383	1,381		—		1,383
COP Hometown Acquisitions, Inc.<+	Senior secured	SF +	5.50%	(i)	10.75%				07/2027	1,045	1,043		—		1,045
COP Hometown Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	10.74%				07/2027	922	920		—		922
EMS LINQ, LLC^+	One stop	SF +	6.25%	(i)	11.41%				12/2027	13,835	13,868		0.4		13,835
EMS LINQ, LLC+	One stop	SF +	6.25%	(i)	11.41%				12/2027	96	95		—		96
Entomo Brands Acquisitions, Inc.<+	Senior secured	SF +	5.50%	(i)	10.25%				07/2029	4,389	4,392		0.1		4,389
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	10.25%				07/2029	30	29		—		30
Entomo Brands Acquisitions, Inc.+	Senior secured	SF +	5.50%	(i)	10.25%				07/2029	1,263	1,240		—		1,263
EWC Growth Partners LLC<+	One stop	SF +	6.00%	(i)	10.75%				03/2026	959	956		—		939
EWC Growth Partners LLC&+	One stop	SF +	6.00%	(i)	10.75%				03/2026	1,125	1,125		—		1,103
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.75%				03/2026	38	38		—		36
EWC Growth Partners LLC+	One stop	SF +	6.00%	(i)	10.75%				03/2026	107	107		—		105
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	6.75%	(j)	7.25%	cash/	4.00%	PIK	03/2027	14,093	13,790		0.3		10,992
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	6.75%	(j)	7.25%	cash/	4.00%	PIK	03/2027	7,800	7,491		0.2		6,084
FPG Intermediate Holdco, LLC+(25)	One stop	SF +	6.75%	(h)(j)	7.81%	cash/	4.00%	PIK	03/2027	126	125		—		126
FSS Buyer LLC&+	One stop	SF +	5.00%	(h)	9.85%				08/2028	7,666	7,652		0.2		7,666
FSS Buyer LLC+	One stop	SF +	5.00%		N/A(6)				08/2027	—	—		—		—
HS Spa Holdings, Inc.<+	One stop	SF +	5.25%	(i)	10.31%				06/2029	11,550	11,530		0.3		11,550
HS Spa Holdings, Inc.+	One stop	SF +	5.25%	(a)(h)	11.15%				06/2028	64	62		—		64
HS Spa Holdings, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—	(2)		—		—
Learn-it Systems, LLC<+(25)	Senior secured	SF +	5.25%	(i)	7.25%	cash/	2.75%	PIK	09/2026	3,381	3,377		0.1		3,381
Learn-it Systems, LLC+(25)	Senior secured	SF +	5.25%	(i)	7.25%	cash/	2.75%	PIK	09/2026	1,991	1,985		0.1		1,991
Learn-it Systems, LLC+(25)	Senior secured	SF +	5.25%	(i)	7.25%	cash/	2.75%	PIK	09/2026	847	844		—		847
Learn-it Systems, LLC+	Senior secured	SF +	5.25%		N/A(6)				09/2026	—	—		—		—
Liminex, Inc.<+	One stop	SF +	7.25%	(i)	12.46%				11/2026	35,650	35,614		0.9		35,650
Liminex, Inc.<+	One stop	SF +	7.25%	(i)	12.46%				11/2026	23,516	23,443		0.6		23,516
Liminex, Inc.<+	One stop	SF +	7.25%	(i)	12.46%				11/2026	15,953	15,763		0.4		15,953
Liminex, Inc.^<+	One stop	SF +	7.25%	(i)	12.46%				11/2026	20,321	20,685		0.5		20,321
Litera Bidco, LLC~+	One stop	SF +	5.00%	(h)	9.85%				05/2028	5,201	5,213		0.1		5,201
Litera Bidco, LLC+	One stop	SF +	5.00%	(h)	9.85%				05/2028	1,060	1,053		—		1,060
Litera Bidco, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—	(2)		—		—
Litera Bidco, LLC+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—	(1)		—		—
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.70%				04/2029	456	414		—		410
Mario Purchaser, LLC<+	One stop	SF +	5.75%	(h)	10.70%				04/2029	11,384	11,329		0.3		11,270
Mario Purchaser, LLC+(25)	One stop	SF +	10.75%	(h)	15.70%	PIK			04/2032	4,428	4,447		0.1		4,384
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.70%				04/2029	5,241	5,268		0.1		5,188
Mario Purchaser, LLC+	One stop	SF +	5.75%	(h)	10.70%				04/2028	14	14		—		14
NSG Buyer, Inc. *#&+	One stop	SF +	6.25%	(h)	11.20%				11/2029	34,332	34,267		0.9		34,589
NSG Buyer, Inc. +(5)	One stop	SF +	5.50%		N/A(6)				11/2029	—	(2)		—		—
NSG Buyer, Inc. +(5)	One stop	SF +	6.25%		N/A(6)				11/2028	—	(1)		—		—
NSG Buyer, Inc. +	One stop	SF +	5.50%	(h)	10.35%				11/2029	1,785	1,779		0.1		1,785
PADI Holdco, Inc.*#	One stop	SF +	6.25%	(i)	11.46%				01/2027	21,353	21,136		0.5		21,353
PADI Holdco, Inc.+(8)(9)	One stop	E +	6.25%	(c)	9.76%				01/2027	20,130	20,416		0.5		20,130
PADI Holdco, Inc.+	One stop	SF +	6.25%	(i)	11.66%				01/2027	823	814		—		823

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
PADI Holdco, Inc.+	One stop	SF +	6.25%	(i)	11.35%				01/2027		$	168	—	%	$	170
PADI Holdco, Inc.+	One stop	SF +	6.25%	(i)	11.67%				01/2027	214	212		—		214
Provenance Buyer LLC*#~<+	One stop	SF +	5.50%	(h)	10.45%				06/2027	20,797	20,617		0.5		19,756
Provenance Buyer LLC#&	One stop	SF +	5.50%	(h)	10.45%				06/2027	14,010	13,953		0.3		13,309
Provenance Buyer LLC+	One stop	SF +	5.50%	(h)	10.45%				06/2027	125	121		—		112
RW AM Holdco LLC#&+	One stop	SF +	5.25%	(i)	9.95%				04/2028	26,368	25,712		0.6		24,523
RW AM Holdco LLC+(5)	One stop	SF +	5.25%		N/A(6)				04/2028	—	(13)		—		(22)
Virginia Green Acquisition, LLC<+	One stop	SF +	5.25%	(j)	9.50%				12/2030	2,416	2,456		0.1		2,416
Virginia Green Acquisition, LLC+	One stop	SF +	5.25%		N/A(6)				12/2029	—	—		—		—
Virginia Green Acquisition, LLC+	One stop	SF +	5.25%	(j)	9.50%				12/2030	99	98		—		99
										384,276	382,358		9.4		375,442
Diversified Financial Services
Avalara, Inc.<+	One stop	SF +	6.25%	(i)	10.85%				10/2028	18,170	18,095		0.5		18,170
Avalara, Inc.+(5)	One stop	SF +	7.25%		N/A(6)				10/2028	—	(2)		—		—
Baker Tilly Advisory Group, LP+	One stop	SF +	5.00%	(h)	9.85%				06/2031	3,301	3,255		0.1		3,301
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—	(10)		—		—
Baker Tilly Advisory Group, LP+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—	(4)		—		—
Banker's Toolbox, Inc.&+	One stop	SF +	4.50%	(i)	9.10%				07/2027	20,569	20,521		0.5		20,569
Banker's Toolbox, Inc.+	One stop	SF +	4.50%		N/A(6)				07/2027	—	—		—		—
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25%	(d)	8.84%				07/2031	16,585	15,959		0.4		16,430
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(25)	Subordinated debt	E +	8.00%	(d)	3.59%	cash/	8.00%	PIK	07/2032	1,935	1,861		0.1		1,916
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25%		N/A(6)				07/2031	—	—		—		—
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)	One stop	E +	5.25%		N/A(6)				07/2031	—	—		—		—
Finastra USA, Inc.<+	One stop	SF +	7.25%	(i)	12.18%				09/2029	5,373	5,292		0.1		5,393
Finastra USA, Inc.+	One stop	SF +	7.25%	(i)	12.18%				09/2029	46	45		—		46
Flash Topco, Inc.*&	One stop	SF +	5.75%	(i)	11.10%				10/2028	17,094	16,883		0.4		16,240
Flash Topco, Inc.+	One stop	SF +	6.50%	(i)	11.71%				10/2028	143	141		—		136
Flash Topco, Inc.+	One stop	SF +	6.50%	(i)	11.72%				12/2024	75	74		—		74
Higginbotham Insurance Agency, Inc.<+	One stop	SF +	4.50%	(h)	9.35%				11/2028	8,093	8,128		0.2		8,093
Higginbotham Insurance Agency, Inc.+	One stop	SF +	4.75%	(h)	9.60%				11/2028	220	218		—		220
										91,604	90,456		2.3		90,588

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Diversified Telecommunication Services
NTI Connect, LLC<+	Senior secured	SF +	5.00%	(i)	9.75%	07/2027		$	1,521	—	%	$	1,529
Electrical Equipment
Power Grid Holdings, Inc.<+	One stop	SF +	4.75%	(i)	10.00%	12/2030	1,425	1,408		—		1,425
Power Grid Holdings, Inc.+(5)	One stop	SF +	4.75%		N/A(6)	12/2030	—	(2)		—		—
							1,425	1,406		—		1,425
Electronic Equipment, Instruments & Components
CST Holding Company&<	One stop	SF +	5.00%	(h)	9.95%	11/2028	34,063	33,123		0.8		34,063
CST Holding Company+(5)	One stop	SF +	5.00%		N/A(6)	11/2028	—	(3)		—		—
							34,063	33,120		0.8		34,063

All values are in US Dollars.

Food & Staples Retailing
Mendocino Farms, LLC<+	One stop	SF +	5.50%	(h)	10.35%	03/2030	1,001	998	—	1,001
Mendocino Farms, LLC+(5)	One stop	SF +	5.50%		N/A(6)	03/2030	—	(1)	—	—
Mendocino Farms, LLC+	One stop	SF +	5.50%		N/A(6)	03/2030	—	—	—	—
Mendocino Farms, LLC+	One stop	SF +	5.50%	(h)	10.35%	03/2030	112	111	—	112
PDI TA Holdings, Inc.<+	One stop	SF +	5.25%	(h)(i)	10.47%	02/2031	1,143	1,138	—	1,143
PDI TA Holdings, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	02/2031	—	(1)	—	—
PDI TA Holdings, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	02/2031	—	(1)	—	—
Ruby Slipper Cafe LLC, The*+	One stop	SF +	7.50%	(i)	12.25%	07/2025	2,304	2,295	0.1	2,304
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	12.25%	07/2025	515	513	—	515
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	12.25%	07/2025	340	339	—	340
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	12.25%	07/2025	190	190	—	190
Ruby Slipper Cafe LLC, The+	One stop	SF +	7.50%	(i)	12.25%	07/2025	—	—	—	—
Wineshipping.com LLC&+	One stop	SF +	5.75%	(j)	10.74%	10/2027	9,674	9,545	0.3	9,190
Wineshipping.com LLC+	One stop	SF +	5.75%	(i)	11.20%	10/2027	265	259	—	251
Wineshipping.com LLC+	One stop	SF +	5.75%	(a)(i)	11.20%	10/2027	146	142	—	138
							15,690	15,527	0.4	15,184

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Food Products
Blast Bidco Inc.<+	One stop	SF +	6.00%	(i)	10.60%				10/2030		$	4,843	0.1	%	$	4,905
Blast Bidco Inc.+(5)	One stop	SF +	6.00%		N/A(6)				10/2029	—	(7)		—		—
Borrower R365 Holdings, LLC^+	One stop	SF +	6.00%	(i)	10.75%				06/2027	18,823	18,811		0.5		18,823
Borrower R365 Holdings, LLC<+	One stop	SF +	6.00%	(i)	10.75%				06/2027	1,556	1,545		—		1,556
Borrower R365 Holdings, LLC+	One stop	SF +	6.00%	(i)	10.75%				06/2027	231	231		—		231
Borrower R365 Holdings, LLC+(5)	One stop	SF +	6.00%		N/A(6)				06/2027	—	(1)		—		—
Eagle Family Foods Group, LLC+	One stop	SF +	5.00%	(i)	10.33%				08/2030	13,432	13,301		0.3		13,298
Eagle Family Foods Group, LLC+	One stop	SF +	5.00%	(i)	10.33%				08/2030	201	187		—		186
Kodiak Cakes, LLC^+	Senior secured	SF +	5.25%	(i)	10.50%				06/2028	46,378	45,974		1.2		46,378
Kodiak Cakes, LLC+(5)	Senior secured	SF +	5.25%		N/A(6)				06/2028	—	(5)		—		—
Louisiana Fish Fry Products, Ltd.*~<+	One stop	SF +	6.25%	(i)	11.00%				07/2027	13,700	13,669		0.4		13,564
Louisiana Fish Fry Products, Ltd.+	One stop	SF +	6.25%	(i)	11.00%				07/2027	196	193		—		192
MAPF Holdings, Inc.*#~^&+	One stop	SF +	6.50%	(i)	11.25%				12/2026	51,975	51,816		1.2		46,258
MAPF Holdings, Inc.+	One stop	SF +	6.50%	(i)	11.25%				12/2026	600	593		—		534
MAPF Holdings, Inc.<+	One stop	SF +	6.50%	(i)	11.25%				12/2026	1,666	1,640		—		1,482
MAPF Holdings, Inc.+	One stop	N/A			19.00%				12/2026	1,214	1,187		—		1,076
P&P Food Safety Holdings, Inc.*~&+	One stop	SF +	6.00%	(i)	10.75%				12/2026	24,812	24,779		0.6		24,068
P&P Food Safety Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				12/2026	—	(2)		—		(6)
Ultimate Baked Goods Midco LLC<+	One stop	SF +	6.25%	(i)	11.41%				08/2027	9,314	9,329		0.2		9,314
Ultimate Baked Goods Midco LLC+	One stop	SF +	6.25%	(i)	11.40%				08/2027	48	31		—		48
Ultimate Baked Goods Midco LLC+	One stop	SF +	5.50%	(i)	10.66%				08/2027	1,926	1,917		—		1,926
Whitebridge Pet Brands, LLC*#&+	One stop	SF +	4.75%	(h)	9.70%				07/2027	26,358	26,339		0.7		26,358
Whitebridge Pet Brands, LLC+(5)	One stop	SF +	4.75%		N/A(6)				07/2027	—	(1)		—		—
Wizard Bidco Limited<+(8)(10)	One stop	SF +	6.00%	(i)	10.60%				03/2029	22,740	22,637		0.6		22,740
Wizard Bidco Limited<+(8)(9)(10)(25)	One stop	SN +	5.00%	(f)	8.45%	cash/	1.50%	PIK	03/2029	10,977	10,583		0.3		10,483
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	6.00%	(f)	10.95%				03/2029	8,322	7,718		0.2		8,322
Wizard Bidco Limited+(8)(9)(10)	One stop	SN +	4.75%	(f)	9.70%				09/2028	200	183		—		192
Wizard Bidco Limited+(5)(8)(9)(10)	One stop	SN +	6.00%		N/A(6)				03/2029	—	(43)		—		—
										259,574	257,447		6.3		251,928

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Healthcare Equipment & Supplies
Aspen Medical Products, LLC#~+	One stop	SF +	4.75%	(h)	9.81%				06/2025		$	5,023	0.1	%	$	5,013
Aspen Medical Products, LLC<+	One stop	SF +	4.75%	(h)	9.81%				06/2025	321	320		—		321
Aspen Medical Products, LLC+	One stop	SF +	4.75%		N/A(6)				06/2025	—	—		—		—
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.20%	(g)	11.29%				08/2028	7,744	7,750		0.2		7,638
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.20%	(c)	9.76%				08/2028	4,614	4,789		0.1		4,550
Baduhenna Bidco Limited+(8)(10)	One stop	SF +	6.20%	(g)	11.29%				08/2028	1,912	1,912		0.1		1,886
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.20%	(f)	11.27%				08/2028	1,353	1,342		—		1,334
Baduhenna Bidco Limited+(8)(9)(10)	One stop	E +	6.20%	(c)	9.55%				08/2028	1,101	1,087		—		1,086
Baduhenna Bidco Limited+(8)(9)(10)	One stop	SN +	6.25%	(f)	11.20%				08/2028	572	518		—		537
Belmont Instrument, LLC*#&	One stop	SF +	6.25%	(i)	10.85%				08/2028	14,504	14,397		0.4		14,504
Belmont Instrument, LLC+	One stop	SF +	6.25%	(i)	10.85%				08/2028	66	63		—		66
Blades Buyer, Inc.#~<+	Senior secured	SF +	5.00%	(h)	10.30%				03/2028	12,285	12,244		0.3		12,285
Blades Buyer, Inc.<+	Senior secured	SF +	5.25%	(h)	10.55%				03/2028	1,743	1,729		—		1,743
Blades Buyer, Inc.<+	Senior secured	SF +	5.00%	(h)	10.30%				03/2028	1,409	1,401		—		1,409
Blades Buyer, Inc.+	Senior secured	SF +	4.75%	(h)	10.05%				03/2028	60	57		—		58
Blue River Pet Care, LLC*#~&+	One stop	SF +	5.00%	(h)	9.95%				07/2026	62,942	63,036		1.6		62,942
Blue River Pet Care, LLC<+	One stop	SF +	5.00%	(h)	9.95%				07/2026	12,462	12,676		0.3		12,462
Blue River Pet Care, LLC<+	One stop	SF +	5.00%	(h)	9.95%				07/2026	2,905	2,956		0.1		2,905
Blue River Pet Care, LLC<+	One stop	SF +	5.00%	(h)	9.95%				07/2026	2,793	2,841		0.1		2,793
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.95%				07/2026	2,765	2,813		0.1		2,765
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.95%				07/2026	2,125	2,161		0.1		2,125
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.95%				07/2026	1,258	1,258		—		1,258
Blue River Pet Care, LLC+	One stop	SF +	5.00%	(h)	9.95%				07/2026	417	416		—		417
Blue River Pet Care, LLC+	One stop	P +	4.00%	(a)(h)	11.19%				07/2026	150	148		—		150
Blue River Pet Care, LLC+(5)	One stop	SF +	5.00%		N/A(6)				07/2026	—	(3)		—		—
CCSL Holdings, LLC*#~(8)	One stop	SF +	5.75%	(h)	10.60%				12/2028	21,060	21,007		0.5		20,903
CCSL Holdings, LLC<+(8)	One stop	SF +	5.75%	(h)	10.60%				12/2028	5,685	5,701		0.1		5,642
CCSL Holdings, LLC<+(8)(9)	One stop	SN +	5.75%	(f)	10.70%				12/2028	3,579	3,350		0.1		3,552
CCSL Holdings, LLC+(8)	One stop	SF +	5.75%	(h)	10.60%				12/2028	3,497	3,467		0.1		3,472
CCSL Holdings, LLC+(8)	One stop	SF +	5.75%	(h)	10.60%				12/2028	2,906	2,878		0.1		2,884
CCSL Holdings, LLC+(8)	One stop	SF +	5.75%	(h)	10.60%				12/2028	120	118		—		116
CCSL Holdings, LLC+(5)(8)	One stop	SF +	5.75%		N/A(6)				12/2028	—	(6)		—		(7)
CCSL Holdings, LLC+(5)(8)(9)	One stop	E +	5.75%		N/A(6)				12/2028	—	—		—		(247)
CCSL Holdings, LLC+(5)(8)(9)	One stop	E +	5.75%		N/A(6)				12/2028	—	(46)		—		(48)
CMI Parent Inc.+	One stop	SF +	5.00%	(h)	9.85%				12/2026	22,581	22,476		0.6		22,468
CMI Parent Inc.~^+	One stop	SF +	5.00%	(h)	9.85%				12/2026	19,888	20,037		0.5		19,789
CMI Parent Inc.^+	Senior secured	SF +	5.00%	(h)	9.85%				12/2026	9,533	9,588		0.2		9,485
CMI Parent Inc.<+	One stop	SF +	5.00%	(h)	9.85%				12/2026	8,943	8,993		0.2		8,899
CMI Parent Inc.+(5)	One stop	SF +	5.00%		N/A(6)				12/2026	—	(1)		—		(3)
G & H Wire Company, Inc.+(7)(25)	One stop	SF +	9.00%	(i)	6.21%	cash/	8.00%	PIK	12/2025	12,622	11,929		0.2		6,564
G & H Wire Company, Inc.+(7)(25)	One stop	SF +	9.00%	(i)	6.21%	cash/	8.00%	PIK	12/2025	106	100		—		34
HuFriedy Group Acquisition, LLC+	One stop	SF +	5.50%	(i)	10.56%				06/2031	7,931	7,855		0.2		7,851
HuFriedy Group Acquisition, LLC+(5)	One stop	SF +	5.50%		N/A(6)				05/2030	—	(8)		—		(9)
HuFriedy Group Acquisition, LLC+(5)	One stop	SF +	5.50%		N/A(6)				06/2031	—	(16)		—		(17)
JHC Investment Intermediate Holdings, LLC+(25)	One stop	SF +	8.75%	(i)	7.45%	cash/	6.00%	PIK	03/2029	1,351	1,351		—		1,351
JHC Investment Intermediate Holdings, LLC+(7)(25)	One stop	SF +	8.75%	(i)	13.45%	PIK			03/2029	856	542		—		684
TIDI Legacy Products, Inc.<+	One stop	SF +	5.50%	(h)	10.35%				12/2029	3,520	3,584		0.1		3,520
TIDI Legacy Products, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—	—		—		—
TIDI Legacy Products, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—	—		—		—
YI, LLC<+	One stop	SF +	5.75%	(h)	10.87%				12/2029	4,430	4,428		0.1		4,430
YI, LLC+(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—	(1)		—		—
YI, LLC+(5)	One stop	SF +	5.75%		N/A(6)				12/2029	—	(9)		—		—
										269,122	268,251		6.5		261,560

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Healthcare Providers & Services
AAH TOPCO, LLC <+	One stop	SF +	5.25%	(h)	10.20%				12/2027		$	8,621	0.2	%	$	8,672
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	10.22%				12/2027	8,152	8,194		0.2		8,152
AAH TOPCO, LLC +(25)	Subordinated debt	N/A			11.50%	PIK			12/2031	2,730	2,614		0.1		2,566
AAH TOPCO, LLC +	One stop	SF +	5.25%	(h)	10.22%				12/2027	1,483	1,504		0.1		1,483
AAH TOPCO, LLC +(5)	One stop	SF +	5.50%		N/A(6)				12/2027	—	(1)		—		—
Active Day, Inc.#+	One stop	SF +	5.00%	(h)	9.95%				08/2025	17,388	17,342		0.4		17,388
Active Day, Inc.#+	One stop	SF +	5.00%	(h)	9.95%				08/2025	1,343	1,339		—		1,343
Active Day, Inc.*#	One stop	SF +	5.00%	(h)	9.95%				08/2025	865	863		—		865
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.95%				08/2025	689	687		—		689
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.95%				08/2025	608	606		—		608
Active Day, Inc.*#	One stop	SF +	5.00%	(h)	9.95%				08/2025	597	596		—		597
Active Day, Inc.+	One stop	SF +	5.25%		N/A(6)				08/2025	—	—		—		—
Active Day, Inc.+	One stop	SF +	5.00%	(h)	9.95%				08/2025	—	—		—		—
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	10.92%				03/2026	16,177	16,111		0.4		16,177
Acuity Eyecare Holdings, LLC+(25)	One stop	N/A			16.50%	PIK			06/2027	14,304	14,189		0.4		14,733
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.00%				03/2026	3,996	3,983		0.1		3,996
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.14%				03/2026	3,559	3,548		0.1		3,559
Acuity Eyecare Holdings, LLC#+	One stop	SF +	6.25%	(i)	11.00%				03/2026	3,504	3,493		0.1		3,504
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.00%				03/2026	3,138	3,140		0.1		3,138
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	11.22%				03/2026	2,006	1,995		—		2,006
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.00%				03/2026	1,829	1,833		—		1,829
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	11.15%				03/2026	1,023	1,019		—		1,023
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.00%				03/2026	443	442		—		443
Acuity Eyecare Holdings, LLC+(25)	One stop	SF +	13.00%	(i)	11.00%	cash/	6.75%	PIK	03/2026	279	278		—		279
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.00%	(i)	11.39%				03/2026	212	211		—		212
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.00%				03/2026	163	163		—		163
Acuity Eyecare Holdings, LLC+	Senior secured	SF +	6.25%	(i)	11.58%				03/2026	108	107		—		108
Acuity Eyecare Holdings, LLC+(25)	One stop	SF +	13.00%	(i)	11.12%	cash/	6.75%	PIK	03/2026	109	108		—		109
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%	(i)	11.00%				03/2026	1	1		—		1
Acuity Eyecare Holdings, LLC+	One stop	SF +	6.25%		N/A(6)				03/2026	—	—		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75%	PIK			03/2028	15,672	15,862		0.4		15,672
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC~+	One stop	SF +	6.00%	(i)	11.16%				03/2027	6,419	6,429		0.2		6,419
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+	One stop	SF +	6.00%	(i)	11.16%				03/2027	5,365	5,366		0.1		5,365
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75%	PIK			03/2028	3,400	3,378		0.1		3,400
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)	Subordinated debt	N/A			13.75%	PIK			03/2028	1,300	1,293		—		1,300
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	11.35%				03/2027	837	836		—		837
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	One stop	SF +	6.00%	(i)	11.35%				03/2027	397	397		—		397
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)	One stop	SF +	6.00%		N/A(6)				03/2027	—	(1)		—		—
Bamboo US Bidco LLC<+(25)	One stop	SF +	6.75%	(i)	8.62%	cash/	3.38%	PIK	09/2030	2,716	2,655		0.1		2,689
Bamboo US Bidco LLC<+(8)(9)(25)	One stop	E +	6.75%	(c)	7.01%	cash/	3.38%	PIK	09/2030	1,882	1,752		0.1		1,863
Bamboo US Bidco LLC+(25)	One stop	SF +	6.75%	(i)	8.56%	cash/	3.38%	PIK	09/2030	201	196		—		197
Bamboo US Bidco LLC+(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—	(13)		—		(4)
Community Care Partners, LLC<+	One stop	SF +	6.00%	(h)	10.96%				06/2026	3,490	3,445		0.1		3,385
CRH Healthcare Purchaser, Inc.<+	Senior secured	SF +	6.25%	(i)	11.00%				06/2025	23,379	23,408		0.6		23,379
CRH Healthcare Purchaser, Inc.~<	Senior secured	SF +	6.25%	(i)	11.00%				06/2025	6,318	6,305		0.2		6,318
CRH Healthcare Purchaser, Inc.~+	Senior secured	SF +	6.25%	(i)	11.00%				06/2025	5,667	5,684		0.2		5,667
CRH Healthcare Purchaser, Inc.<+	Senior secured	SF +	6.25%	(i)	11.00%				06/2025	4,281	4,273		0.1		4,281

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
CRH Healthcare Purchaser, Inc.+	Senior secured	SF +	6.25%	(i)	10.98%				06/2025		$	240	—	%	$	240
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	One stop	SF +	5.50%	(j)	10.81%				04/2031	771	757		—		764
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%				04/2031	478	445		—		473
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)	Senior secured	SF +	5.50%		N/A(6)				10/2024	—	—		—		—
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop	SF +	5.50%		N/A(6)				04/2031	—	(2)		—		(2)
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)	One stop	SF +	5.50%		N/A(6)				10/2030	—	(2)		—		(1)
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	15,592	15,351		0.4		15,047
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	8,137	8,013		0.2		7,852
Encorevet Group LLC~+	One stop	SF +	6.75%	(i)	11.96%				02/2027	4,209	4,143		0.1		4,061
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	2,140	2,108		0.1		2,065
Encorevet Group LLC~+	One stop	SF +	6.75%	(i)	11.96%				02/2027	1,888	1,859		0.1		1,823
Encorevet Group LLC~+	One stop	SF +	6.75%	(i)	11.96%				02/2027	1,176	1,137		—		1,135
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	977	945		—		943
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	962	939		—		928
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	921	898		—		888
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	833	814		—		804
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	422	409		—		408
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	358	349		—		345
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	175	171		—		169
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.96%				02/2027	168	163		—		162
Encorevet Group LLC+	One stop	SF +	6.75%	(i)	11.73%				02/2027	94	92		—		90
Encorevet Group LLC+(25)	One stop	N/A			13.00%	PIK			05/2027	95	89		—		89
Encorevet Group LLC+	One stop	SF +	8.75%	(i)	13.50%				02/2027	5	5		—		5
ERC Topco Holdings, LLC&<+(7)(25)	One stop	SF +	6.25%	(i)	7.60%	cash/	3.25%	PIK	11/2028	26,963	22,760		0.4		16,178
ERC Topco Holdings, LLC+(7)(25)	One stop	SF +	6.25%	(i)	8.38%	cash/	3.25%	PIK	11/2027	232	195		—		112
ERC Topco Holdings, LLC&<+(7)(25)	One stop	SF +	6.25%	(i)	4.60%	cash/	6.25%	PIK	11/2028	459	376		—		275
ERC Topco Holdings, LLC+(7)(25)	One stop	SF +	6.25%	(i)	4.60%	cash/	6.25%	PIK	11/2028	2	2		—		2
FYI Optical Acquisitions, Inc. & FYI USA, Inc.<+(8)(9)(12)	One stop	CA +	5.75%	(k)	10.36%				03/2027	11,272	11,322		0.3		11,272
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	10.36%				03/2027	4,074	4,107		0.1		4,074
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	10.36%				03/2027	2,775	2,811		0.1		2,774
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	10.36%				03/2027	2,642	2,673		0.1		2,642
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)	One stop	SF +	5.75%	(i)	11.15%				03/2027	1,105	1,104		—		1,105
FYI Optical Acquisitions, Inc. & FYI USA, Inc.<+(8)(12)	One stop	SF +	5.75%	(i)	11.15%				03/2027	554	554		—		554
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)	One stop	CA +	5.75%	(k)	10.36%				03/2027	481	473		—		481
Heartland Veterinary Partners LLC<+	Senior secured	SF +	4.75%	(h)	9.70%				12/2026	2,533	2,556		0.1		2,507
Heartland Veterinary Partners LLC<+	Senior secured	SF +	4.75%	(h)	9.70%				12/2026	1,202	1,196		—		1,190
Heartland Veterinary Partners LLC+	Senior secured	SF +	4.75%		N/A(6)				12/2026	—	—		—		—
Klick Inc.&+(8)(12)	Senior secured	SF +	4.50%	(i)	9.20%				03/2028	13,629	13,657		0.4		13,629
Klick Inc.+(5)(8)(12)	Senior secured	SF +	4.50%		N/A(6)				03/2028	—	(2)		—		—
Klick Inc.+(8)(12)	Senior secured	SF +	4.50%	(i)	9.10%				03/2028	3,179	3,163		0.1		3,179

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Krueger-Gilbert Health Physics, LLC~+	Senior secured	SF +	5.75%	(i)	10.50%				05/2026		$	2,589	0.1	%	$	2,599
Krueger-Gilbert Health Physics, LLC~+	Senior secured	SF +	5.75%	(i)	10.50%				05/2026	2,386	2,377		0.1		2,386
Krueger-Gilbert Health Physics, LLC~+	Senior secured	SF +	5.75%	(i)	10.50%				05/2026	1,526	1,527		0.1		1,526
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(i)	10.50%				05/2026	1,395	1,388		—		1,395
Krueger-Gilbert Health Physics, LLC<+	Senior secured	SF +	5.75%	(i)	10.50%				05/2026	615	614		—		615
Krueger-Gilbert Health Physics, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				05/2026	—	(1)		—		—
Krueger-Gilbert Health Physics, LLC+	Senior secured	SF +	5.75%	(i)	10.50%				05/2026	90	90		—		90
Krueger-Gilbert Health Physics, LLC+	One stop	SF +	5.75%	(i)	10.50%				05/2026	671	668		—		671
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.<+(8)(9)(12)(25)	One stop	CA +	6.00%	(l)	8.25%	cash/	2.00%	PIK	05/2028	26,214	27,849		0.6		25,165
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#<(8)(12)	One stop	SF +	5.50%	(i)	10.25%				05/2028	5,882	5,818		0.1		5,646
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#<+(8)(12)	One stop	SF +	5.50%	(i)	10.25%				05/2028	4,150	4,075		0.1		3,984
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	CA +	5.50%	(l)	9.75%				05/2028	1,641	1,695		—		1,576
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	CA +	5.50%	(l)	9.75%				05/2028	855	868		—		821
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)(25)	One stop	SF +	6.00%	(i)	8.75%	cash/	2.00%	PIK	05/2028	130	125		—		125
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	One stop	CA +	5.50%	(l)	9.80%				05/2026	76	58		—		65
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(12)	One stop	SF +	5.50%		N/A(6)				05/2026	—	(2)		—		(4)
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	18,333	18,088		0.5		18,333
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	12,277	12,148		0.3		12,277
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	2,467	2,440		0.1		2,467
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	2,383	2,362		0.1		2,383
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	1,508	1,489		—		1,508
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	1,368	1,353		—		1,368
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	680	672		—		680
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	533	528		—		533
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	180	178		—		180
Pinnacle Treatment Centers, Inc.+	One stop	SF +	5.50%	(i)	10.56%				01/2027	103	101		—		103
Pinnacle Treatment Centers, Inc.+	One stop	P +	4.25%	(a)	12.25%				01/2027	290	269		—		290
Premise Health Holding Corp.<+	One stop	SF +	5.50%	(j)	10.76%				03/2031	1,391	1,385		—		1,391
Premise Health Holding Corp.+(5)	One stop	SF +	5.50%		N/A(6)				03/2030	—	(1)		—		—
Pyramid Healthcare Acquisition Corp.#&+	One stop	SF +	4.75%	(i)	10.15%				05/2027	25,098	25,160		0.6		25,098
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	10.15%				05/2027	2,595	2,579		0.1		2,595
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	10.03%				05/2027	2,170	2,163		0.1		2,170
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	9.96%				05/2027	1,192	1,188		—		1,192
Pyramid Healthcare Acquisition Corp.+	One stop	SF +	4.75%	(i)	10.10%				05/2027	1,092	1,088		—		1,092
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	10.15%				05/2027	738	735		—		738
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	10.15%				05/2027	245	244		—		245
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	10.15%				05/2027	216	215		—		216
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	10.15%				05/2027	202	201		—		202
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	9.96%				05/2027	202	201		—		202
Pyramid Healthcare Acquisition Corp.<+	One stop	SF +	4.75%	(i)	10.15%				05/2027	79	79		—		79
Pyramid Healthcare Acquisition Corp.+(5)	One stop	SF +	4.75%		N/A(6)				05/2027	—	(1)		—		—
Suveto Buyer, LLC+	One stop	SF +	4.25%	(h)	9.20%				09/2027	27,743	27,736		0.7		27,639
Suveto Buyer, LLC+	One stop	SF +	4.25%	(a)(h)	9.58%				09/2027	196	193		—		194
										436,956	432,652		10.5		422,905

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, 2024

(Dollar and share amounts in thousands)

Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost	Percentage<br>of Net<br>Assets	Fair<br><br>Value (4)
Healthcare Technology
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Alegeus Technologies Holdings Corp.+	Senior secured	SF +	8.25%	(i)	13.46%				09/2026	$	535	$	532	—	%	$	535
Amberfield Acquisition Co.&<+	One stop	SF +	5.00%	(i)	9.60%				05/2030	4,866		4,856		0.1		4,866
Amberfield Acquisition Co.+(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(31)		—		—
Amberfield Acquisition Co.+(5)	One stop	SF +	5.00%		N/A(6)				05/2030	—		(2)		—		—
Color Intermediate, LLC<+	Senior secured	SF +	4.75%	(i)	9.45%				10/2029	17,565		17,523		0.4		17,565
Connexin Software, Inc.<+	One stop	SF +	8.50%	(i)	13.25%				03/2027	11,759		11,732		0.3		11,759
Connexin Software, Inc.+	One stop	SF +	8.50%		N/A(6)				03/2027	—		—		—		—
Crow River Buyer, Inc.<+	One stop	SF +	7.75%	(h)(i)	13.00%				01/2029	6,032		6,016		0.2		6,032
Crow River Buyer, Inc.+	One stop	SF +	7.75%	(i)	12.85%				01/2029	26		25		—		26
ESO Solution, Inc.^<+	One stop	SF +	7.00%	(i)	12.06%				05/2027	11,360		11,387		0.3		11,360
ESO Solution, Inc.+	One stop	SF +	7.00%	(i)	12.06%				05/2027	3,803		3,734		0.1		3,803
ESO Solution, Inc.+	One stop	SF +	7.00%	(i)(j)	11.96%				03/2027	78		77		—		78
HealthEdge Software, Inc.+	One stop	SF +	4.75%	(h)	9.85%				07/2031	19,412		19,224		0.5		19,218
HealthEdge Software, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(25)		—		(26)
HealthEdge Software, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				07/2031	—		(42)		—		(43)
Kona Buyer, LLC+	One stop	SF +	4.50%	(i)	9.78%				07/2031	15,832		15,678		0.4		15,674
Kona Buyer, LLC+(5)	One stop	SF +	4.50%		N/A(6)				07/2031	—		(18)		—		(19)
Kona Buyer, LLC+	One stop	SF +	4.50%		N/A(6)				07/2031	—		—		—		—
Kona Buyer, LLC+(5)	One stop	SF +	4.50%		N/A(6)				07/2031	—		(23)		—		(23)
Lacker Bidco Limited<+(8)(9)(10)	One stop	SN +	5.25%	(f)	10.20%				02/2031	634		599		—		634
Lacker Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	10.20%				02/2031	142		133		—		142
Lacker Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.25%		N/A(6)				08/2030	—		(2)		—		—
Neptune Holdings, Inc.~+	One stop	SF +	5.75%	(i)	10.35%				09/2030	16,180		16,362		0.4		16,180
Neptune Holdings, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—		(1)		—		—
Netsmart Technologies, Inc.+(25)	One stop	SF +	5.20%	(h)	7.35%	cash/	2.70%	PIK	08/2031	51,325		50,821		1.3		50,812
Netsmart Technologies, Inc.+(5)	One stop	SF +	5.20%		N/A(6)				08/2031	—		(69)		—		(70)
Netsmart Technologies, Inc.+(5)	One stop	SF +	5.20%		N/A(6)				08/2031	—		(34)		—		(34)
Plasma Buyer LLC<+	One stop	SF +	5.75%	(i)	10.35%				05/2029	8,036		7,876		0.2		7,795
Plasma Buyer LLC+	One stop	SF +	6.25%	(i)	10.88%				05/2029	182		177		—		173
Plasma Buyer LLC+	One stop	SF +	5.75%	(i)	10.35%				05/2028	62		59		—		60
QF Holdings, Inc.+	One stop	SF +	5.00%	(i)	10.35%				12/2027	931		926		—		931
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	11,150		11,119		0.3		11,261
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	10,853		10,720		0.3		10,962
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	7,151		7,131		0.2		7,222
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	1,839		1,834		—		1,857
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	1,634		1,630		—		1,651
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	1,226		1,222		—		1,238
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	1,022		1,019		—		1,031
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	817		815		—		825
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	163		162		—		164
Tebra Technologies, Inc.+(25)	One stop	SF +	8.00%	(i)	9.25%	cash/	3.50%	PIK	06/2025	86		86		—		88
Transaction Data Systems, Inc.*#~^+	One stop	SF +	4.50%	(i)	9.25%				02/2026	75,488		75,367		1.9		75,488
Transaction Data Systems, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				02/2026	—		(2)		—		—
Veranex, Inc.<+(7)(25)	Senior secured	SF +	6.75%	(j)	7.65%	cash/	4.25%	PIK	04/2028	3,385		3,320		0.1		2,403
Veranex, Inc.+(7)(25)	Senior secured	SF +	6.75%	(j)	7.81%	cash/	4.25%	PIK	04/2028	399		305		—		284
Veranex, Inc.+(7)(25)	Senior secured	SF +	6.75%	(j)	7.57%	cash/	4.25%	PIK	04/2028	102		88		—		72
										284,075		282,306		7.0		281,974

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC#~+	One stop	SF +	6.00%	(i)	11.21%				08/2028		$	13,652	0.4	%	$	13,680
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	11.40%				08/2028	690	685		—		690
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	10.75%				08/2028	471	432		—		471
Barteca Restaurants, LLC+	One stop	SF +	6.00%	(i)	10.85%				08/2028	40	38		—		40
BJH Holdings III Corp.~&<+	One stop	SF +	4.50%	(i)	9.97%				08/2027	70,467	70,805		1.8		69,940
BJH Holdings III Corp.+	One stop	SF +	4.50%	(h)(i)	9.88%				08/2027	675	670		—		666
Cafe Rio Holding, Inc.*#+	One stop	SF +	5.50%	(h)	10.45%				09/2028	18,006	18,005		0.4		17,827
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(h)	10.45%				09/2028	3,210	3,195		0.2		3,178
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(h)	10.45%				09/2028	2,157	2,157		0.1		2,135
Cafe Rio Holding, Inc.*#	One stop	SF +	5.50%	(h)	10.45%				09/2028	1,369	1,369		—		1,355
Cafe Rio Holding, Inc.#+	One stop	SF +	5.50%	(h)	10.45%				09/2028	1,208	1,208		—		1,196
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	187	187		—		185
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	173	173		—		171
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	124	123		—		123
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	99	98		—		98
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	97	96		—		96
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	78	78		—		78
Cafe Rio Holding, Inc.+	One stop	SF +	5.50%	(h)	10.45%				09/2028	50	50		—		49
Cafe Rio Holding, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				09/2028	—	(1)		—		(1)
Davidson Hotel Company, LLC&+	One stop	SF +	5.25%	(h)	10.20%				07/2025	6,716	6,731		0.2		6,716
Davidson Hotel Company, LLC+	One stop	SF +	5.25%	(h)	10.20%				07/2025	1,160	1,159		—		1,160
Davidson Hotel Company, LLC+	One stop	SF +	5.25%		N/A(6)				07/2025	—	—		—		—
EOS Fitness Opco Holdings, LLC#~+	One stop	SF +	5.25%	(h)	10.10%				01/2028	11,063	11,051		0.3		10,981
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(i)	9.92%				01/2028	2,830	2,809		0.1		2,809
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(h)(i)	10.19%				01/2028	1,802	1,786		0.1		1,788
EOS Fitness Opco Holdings, LLC<+	One stop	SF +	5.25%	(h)	10.10%				01/2028	1,773	1,762		0.1		1,761
EOS Fitness Opco Holdings, LLC<+	One stop	SF +	5.25%	(h)	10.10%				01/2028	1,486	1,475		0.1		1,475
EOS Fitness Opco Holdings, LLC<+	One stop	SF +	5.25%	(h)	10.10%				01/2028	1,235	1,230		—		1,226
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(h)	10.10%				01/2028	1,093	1,090		—		1,084
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(h)	10.10%				01/2028	1,069	1,061		—		1,061
EOS Fitness Opco Holdings, LLC+	One stop	SF +	5.25%	(h)(i)	10.10%				01/2028	450	446		—		446
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				01/2028	—	—		—		(1)
EOS Fitness Opco Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				01/2028	—	(106)		—		(106)
ESN Venture Holdings, LLC*~&	One stop	SF +	5.75%	(i)	10.35%				10/2028	5,409	5,348		0.1		5,409
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.93%				10/2028	924	919		—		924
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.35%				10/2028	817	809		—		817
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.35%				10/2028	375	372		—		375
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.85%				10/2028	265	261		—		265
ESN Venture Holdings, LLC+	One stop	SF +	5.75%	(i)	10.35%				10/2028	209	201		—		209
ESN Venture Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				10/2028	—	(69)		—		—
Freddy's Frozen Custard LLC<+	One stop	SF +	5.00%	(h)	10.20%				03/2027	1,397	1,393		—		1,397
Freddy's Frozen Custard LLC+	One stop	SF +	5.00%	(h)	10.20%				03/2027	10	9		—		10
GFP Atlantic Holdco 2, LLC<+	One stop	SF +	6.00%	(i)	11.13%				11/2027	1,078	1,076		—		1,078
GFP Atlantic Holdco 2, LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2027	—	(3)		—		—
Harri US LLC^+(25)	One stop	SF +	10.00%	(i)	11.21%	cash/	4.00%	PIK	08/2026	1,251	1,193		—		1,211
Harri US LLC+(25)	One stop	SF +	10.00%	(i)	11.21%	cash/	4.00%	PIK	08/2026	847	835		—		821
Harri US LLC+(25)	One stop	SF +	10.00%	(i)	11.21%	cash/	4.00%	PIK	08/2026	822	811		—		797
Harri US LLC+(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—	(1)		—		(2)
Harri US LLC+(5)	One stop	SF +	10.00%		N/A(6)				08/2026	—	(39)		—		(41)
Health Buyer, LLC<+	Senior secured	SF +	5.25%	(i)	9.85%				04/2029	3,893	3,881		0.1		3,853
Health Buyer, LLC<+	Senior secured	SF +	5.50%	(i)	10.10%				04/2029	1,776	1,753		0.1		1,776
Health Buyer, LLC+	Senior secured	SF +	5.50%	(i)	10.10%				04/2029	714	703		—		714

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Health Buyer, LLC+	Senior secured	SF +	5.25%		N/A(6)				04/2028		$	—	—	%	$	—
Health Buyer, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				04/2029	—	(1)		—		—
PB Group Holdings, LLC+(25)	One stop	SF +	5.50%	(h)	7.60%	cash/	2.75%	PIK	08/2030	36,728	36,547		0.9		36,544
PB Group Holdings, LLC+(5)	One stop	SF +	5.00%		N/A(6)				08/2030	—	(22)		—		(22)
SDC Holdco, LLC+	One stop	SF +	5.00%	(i)	9.60%				06/2031	21,737	21,632		0.6		21,737
SDC Holdco, LLC+(25)	Second lien	SF +	8.50%	(i)	13.10%	PIK			06/2032	3,340	3,317		0.1		3,340
SDC Holdco, LLC+	One stop	SF +	5.00%	(i)	9.66%				06/2031	192	183		—		192
SSRG Holdings, LLC+	One stop	SF +	5.00%	(i)	10.25%				11/2027	12,533	12,473		0.3		12,470
SSRG Holdings, LLC~&+	One stop	SF +	5.00%	(i)	9.60%				11/2027	7,784	7,878		0.2		7,744
SSRG Holdings, LLC+	One stop	SF +	5.00%	(i)	9.60%				11/2027	817	806		—		804
SSRG Holdings, LLC<+	One stop	SF +	5.00%	(i)	9.60%				11/2027	613	611		—		611
Super REGO, LLC+(25)	Subordinated debt	N/A			15.00%	PIK			03/2030	108	106		—		108
YE Brands Holding, LLC~<+	One stop	SF +	4.75%	(i)	9.35%				10/2027	17,632	17,828		0.4		17,632
YE Brands Holding, LLC+	One stop	SF +	4.75%	(i)	9.40%				10/2027	933	927		—		933
YE Brands Holding, LLC+	One stop	SF +	4.75%	(i)	9.47%				10/2027	54	54		—		54
										265,716	265,305		6.6		264,137
Household Products
WU Holdco, Inc.~+	One stop	SF +	5.00%	(i)	9.60%				03/2027	4,849	4,867		0.1		4,849
WU Holdco, Inc.<+	One stop	SF +	5.00%	(i)	9.60%				03/2027	1,713	1,709		0.1		1,713
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.60%				03/2027	446	443		—		446
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.60%				03/2027	1,567	1,557		—		1,567
WU Holdco, Inc.+	One stop	SF +	5.00%	(i)	9.73%				03/2027	61	60		—		61
										8,636	8,636		0.2		8,636
Industrial Conglomerates
Arch Global CCT Holdings Corp.#<+	Senior secured	SF +	4.75%	(i)	9.44%				04/2026	3,193	3,194		0.1		3,128
Arch Global CCT Holdings Corp.<+	Senior secured	SF +	4.75%	(i)	9.45%				04/2026	642	632		—		629
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(i)	9.44%				04/2026	596	587		—		585
Arch Global CCT Holdings Corp.+	Senior secured	SF +	4.75%	(a)(i)	9.58%				04/2025	93	93		—		93
Dwyer Instruments, Inc.<+	One stop	SF +	5.75%	(i)	10.45%				07/2027	5,827	5,824		0.2		5,827
Dwyer Instruments, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				07/2027	—	(1)		—		—
Dwyer Instruments, Inc.+	One stop	SF +	5.75%	(i)	10.45%				07/2027	1,477	1,465		—		1,477
Dwyer Instruments, Inc.<+	One stop	SF +	5.75%	(i)	10.45%				07/2027	472	468		—		472
Dwyer Instruments, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				07/2027	—	(2)		—		—
Essential Services Holdings Corporation+	One stop	SF +	5.00%	(i)	10.29%				06/2031	11,514	11,403		0.3		11,399
Essential Services Holdings Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2030	—	(13)		—		(14)
Essential Services Holdings Corporation+(5)	One stop	SF +	5.00%		N/A(6)				06/2031	—	(11)		—		(23)
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—	(58)		—		(84)
Excelitas Technologies Corp.<+	One stop	SF +	5.25%	(i)	9.85%				08/2029	10,022	9,958		0.2		9,920
Excelitas Technologies Corp.<+(8)(9)	One stop	E +	5.25%	(c)	8.60%				08/2029	1,919	1,792		—		1,901
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25%		N/A(6)				08/2028	—	(3)		—		(4)
Excelitas Technologies Corp.+(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—	(3)		—		(3)
Specialty Measurement Bidco Limited<+(8)(10)	One stop	SF +	6.25%	(g)	11.34%				11/2027	11,146	11,110		0.3		11,146
Specialty Measurement Bidco Limited<+(8)(9)(10)	One stop	E +	6.25%	(c)	9.76%				11/2027	10,428	10,847		0.3		10,428
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.76%				11/2027	5,129	4,905		0.1		5,129
Specialty Measurement Bidco Limited<+(8)(10)	One stop	SF +	6.50%	(g)	11.59%				11/2027	2,020	2,045		0.1		2,040
Specialty Measurement Bidco Limited<+(8)(10)	One stop	SF +	6.50%	(g)	11.59%				11/2027	3,767	3,736		0.1		3,805
Specialty Measurement Bidco Limited+(8)(9)(10)	One stop	E +	6.50%	(c)	10.01%				11/2027	4,543	4,431		0.1		4,588
										72,788	72,399		1.8		72,439

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Insurance
Accession Risk Management Group, Inc.*#~^+	One stop	SF +	4.75%	(i)	9.96%				11/2029		$	37,068	0.9	%	$	36,885
Accession Risk Management Group, Inc.~^+	One stop	SF +	4.75%	(i)	9.81%				11/2029	9,499	9,399		0.2		9,453
Accession Risk Management Group, Inc.&+	One stop	SF +	4.75%	(i)	9.69%				11/2029	8,361	8,353		0.2		8,319
Accession Risk Management Group, Inc.&<+	One stop	SF +	4.75%	(i)	9.53%				11/2029	5,249	5,307		0.1		5,223
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				11/2029	—	(17)		—		(13)
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				11/2029	—	(4)		—		(3)
Accession Risk Management Group, Inc.+	One stop	SF +	4.75%	(i)	9.79%				11/2029	7,243	7,242		0.2		7,207
Accession Risk Management Group, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				11/2029	—	(134)		—		(111)
Alera Group, Inc.^<+	One stop	SF +	5.25%	(h)	10.10%				10/2028	35,416	35,476		0.9		35,416
Alera Group, Inc.&+	One stop	SF +	5.25%	(h)	10.10%				10/2028	10,065	10,064		0.3		10,065
Alera Group, Inc.&+	One stop	SF +	5.25%	(h)	10.10%				10/2028	4,018	4,083		0.1		4,018
Alera Group, Inc.+	One stop	SF +	5.75%	(h)	10.60%				10/2028	1,063	1,082		—		1,080
AMBA Buyer, Inc.&+	One stop	SF +	5.25%	(i)	9.95%				07/2027	4,468	4,479		0.1		4,468
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.95%				07/2027	1,330	1,328		—		1,330
AMBA Buyer, Inc.<+	One stop	SF +	5.25%	(i)	9.95%				07/2027	1,122	1,118		—		1,122
AMBA Buyer, Inc.+	One stop	SF +	5.25%		N/A(6)				07/2027	—	—		—		—
AMBA Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.95%				07/2027	162	162		—		162
Ben Nevis Midco Limited<+(8)(10)	One stop	SF +	5.50%	(h)	10.35%				03/2028	561	551		—		561
Ben Nevis Midco Limited<+(8)(10)	One stop	SF +	5.50%	(i)	10.56%				03/2028	378	378		—		378
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(h)	10.34%				03/2028	60	59		—		60
Ben Nevis Midco Limited+(8)(10)	One stop	SF +	5.50%	(h)	10.36%				03/2028	92	85		—		92
Captive Resources Midco, LLC<+(25)	One stop	SF +	5.25%	(h)	10.10%				07/2029	15,470	15,443		0.4		15,470
Captive Resources Midco, LLC+(5)	One stop	SF +	5.25%		N/A(6)				07/2028	—	(2)		—		—
Disco Parent, Inc.<+	One stop	SF +	7.50%	(i)	12.56%				03/2029	6,246	6,215		0.2		6,246
Disco Parent, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				03/2029	—	(1)		—		—
Doxa Insurance Holdings LLC<+	One stop	SF +	5.25%	(i)	10.06%				12/2030	1,735	1,772		—		1,739
Doxa Insurance Holdings LLC+	One stop	SF +	5.50%		N/A(6)				12/2029	—	—		—		—
Doxa Insurance Holdings LLC+	One stop	SF +	5.25%	(i)	10.22%				12/2030	1,434	1,439		—		1,438
Doxa Insurance Holdings LLC+(5)	One stop	SF +	5.00%		N/A(6)				12/2030	—	(27)		—		—
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	9.39%				04/2031	1,089	1,032		—		1,079
Gimlet Bidco GMBH+(8)(9)(19)	One stop	E +	5.75%	(c)	9.39%				04/2031	81	69		—		76
Illumifin Corporation<+(25)	One stop	SF +	7.00%	(i)	6.54%	cash/	6.00%	PIK	09/2027	4,565	4,376		0.1		4,018
Integrated Specialty Coverages, LLC<+	One stop	SF +	6.00%	(h)(i)(j)	10.98%				07/2030	5,051	5,021		0.1		5,051
Integrated Specialty Coverages, LLC+(5)	One stop	SF +	6.00%		N/A(6)				07/2029	—	(1)		—		—
Integrated Specialty Coverages, LLC+	One stop	SF +	6.00%	(h)(i)(j)	10.88%				07/2030	1,008	987		—		1,008
Integrity Marketing Acquisition, LLC~&+	One stop	SF +	5.00%	(i)	10.07%				08/2028	44,556	44,205		1.1		44,110
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	5.00%		N/A(6)				08/2028	—	(4)		—		(4)
Integrity Marketing Acquisition, LLC+(5)	One stop	SF +	5.00%		N/A(6)				08/2028	—	(14)		—		(39)
J.S. Held Holdings, LLC~^<+	One stop	SF +	5.50%	(i)	10.25%				12/2026	22,378	22,364		0.6		22,154
J.S. Held Holdings, LLC&+	One stop	SF +	5.50%	(i)	10.25%				12/2026	5,400	5,384		0.1		5,346
J.S. Held Holdings, LLC<+	One stop	SF +	5.50%	(i)	10.25%				12/2026	5,223	5,207		0.1		5,171
J.S. Held Holdings, LLC<+	One stop	SF +	5.50%	(i)	10.25%				12/2026	5,055	5,046		0.1		5,005
J.S. Held Holdings, LLC+	One stop	SF +	5.50%	(i)	10.25%				12/2026	160	158		—		159
J.S. Held Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2026	—	(6)		—		(6)
Keystone Agency Partners LLC<+	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	3,558	3,534		0.1		3,558
Keystone Agency Partners LLC+	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	2,039	2,031		0.1		2,039
Keystone Agency Partners LLC&+	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	2,875	2,926		0.1		2,875
Keystone Agency Partners LLC<+	Senior secured	SF +	5.00%	(i)	9.60%				05/2027	618	617		—		618

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Keystone Agency Partners LLC+	Senior secured	SF +	5.00%	(i)	9.60%				05/2027		$	2,086	0.1	%	$	2,108
Majesco~^<	One stop	SF +	4.75%	(i)	9.35%				09/2028	28,248	28,283		0.7		28,248
Majesco+(5)	One stop	SF +	4.75%		N/A(6)				09/2027	—	(1)		—		—
MRH Trowe Germany GMBH+(8)(9)(19)	One stop	E +	6.00%	(c)	9.49%				02/2029	789	768		—		789
Norvax, LLC^<+(8)	Senior secured	SF +	8.00%	(h)	12.95%				09/2025	39,654	38,981		1.0		38,860
Norvax, LLC<+(8)	Senior secured	SF +	8.00%	(h)	12.95%				09/2025	12,271	12,048		0.3		12,026
Oakbridge Insurance Agency LLC<+	One stop	SF +	5.50%	(h)	10.66%				11/2029	2,281	2,320		0.1		2,281
Oakbridge Insurance Agency LLC+	One stop	P +	4.50%	(a)(h)	12.07%				11/2029	30	30		—		30
Oakbridge Insurance Agency LLC+	One stop	SF +	5.50%	(h)	10.66%				11/2029	91	90		—		91
Pareto Health Intermediate Holdings, Inc.&+	One stop	SF +	6.25%	(i)	10.85%				05/2030	22,115	22,045		0.6		22,115
Pareto Health Intermediate Holdings, Inc.+	One stop	SF +	6.25%	(i)	10.85%				05/2030	7,372	7,348		0.2		7,372
Pareto Health Intermediate Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				06/2029	—	(1)		—		—
Patriot Growth Insurance Services, LLC&<+	One stop	SF +	5.00%	(i)	9.75%				10/2028	15,445	15,443		0.4		15,368
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(i)	9.75%				10/2028	3,156	3,142		0.1		3,141
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.00%	(h)	9.95%				10/2028	35	27		—		35
Patriot Growth Insurance Services, LLC+	One stop	SF +	5.75%	(i)	10.35%				10/2028	1,481	1,476		—		1,447
People Corporation<+(8)(9)(12)	One stop	CA +	5.25%	(l)	9.83%				02/2028	24,688	25,371		0.6		24,688
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	9.83%				02/2028	20,716	20,701		0.5		20,716
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	9.83%				02/2028	8,101	8,442		0.2		8,101
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	9.59%				02/2028	6,802	6,703		0.2		6,802
People Corporation+(8)(9)(12)	One stop	CA +	5.25%	(l)	7.37%				02/2027	71	71		—		71
										450,152	449,223		11.1		447,112
Internet & Direct Marketing Retail
Revalize, Inc.~^+	One stop	SF +	5.75%	(i)	11.15%				04/2027	20,510	20,188		0.5		19,279
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	11.15%				04/2027	12,005	11,826		0.3		11,284
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	11.15%				04/2027	5,952	5,863		0.1		5,595
Revalize, Inc.^+	One stop	SF +	5.75%	(i)	11.15%				04/2027	3,585	3,513		0.1		3,370
Revalize, Inc.<+	One stop	SF +	5.75%	(i)	11.15%				04/2027	2,440	2,385		0.1		2,294
Revalize, Inc.<+	One stop	SF +	5.75%	(i)	11.15%				04/2027	2,396	2,312		—		2,253
Revalize, Inc.+	One stop	SF +	5.75%	(i)	11.15%				04/2027	234	221		—		219
Revalize, Inc.+	One stop	SF +	5.75%	(i)	10.80%				04/2027	252	236		—		224
										47,374	46,544		1.1		44,518
IT Services
Acquia, Inc.^+	One stop	SF +	7.00%	(i)	12.46%				10/2025	12,020	12,030		0.3		12,020
Acquia, Inc.+	One stop	SF +	7.00%	(i)	12.47%				10/2025	44	44		—		44
Acquia, Inc.+	One stop	SF +	7.00%	(i)	12.46%				10/2025	1,083	1,080		—		1,083
CivicPlus, LLC^+(25)	One stop	SF +	5.75%	(i)	10.96%				08/2027	9,175	9,190		0.2		9,175
CivicPlus, LLC<+(25)	One stop	SF +	5.75%	(i)	10.96%				08/2027	5,430	5,442		0.2		5,430
CivicPlus, LLC<+(25)	One stop	SF +	5.75%	(i)	10.96%				08/2027	4,301	4,308		0.1		4,301
CivicPlus, LLC+(25)	One stop	SF +	11.75%	(i)(j)	17.00%	PIK			06/2034	552	548		—		552
CivicPlus, LLC+	One stop	SF +	8.50%		N/A(6)				08/2027	—	—		—		—
Critical Start, Inc.<+(25)	One stop	SF +	6.75%	(i)	8.40%	cash/	3.63%	PIK	05/2028	5,254	5,252		0.1		5,201
Critical Start, Inc.<+(25)	One stop	SF +	6.75%	(i)	8.40%	cash/	3.63%	PIK	05/2028	2,413	2,384		0.1		2,388
Critical Start, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				05/2028	—	(1)		—		(2)
Delinea Inc.^+	One stop	SF +	5.75%	(i)	10.50%				03/2028	22,609	22,618		0.6		22,609
Delinea Inc.#^	One stop	SF +	5.75%	(i)	10.50%				03/2028	13,127	13,128		0.3		13,127
Delinea Inc.+(5)	One stop	SF +	5.75%		N/A(6)				03/2027	—	(1)		—		—
Delinea Inc.<	One stop	SF +	6.00%	(i)	10.75%				03/2028	11,500	11,486		0.3		11,500
Goldcup 31018 AB<+(8)(9)(17)(25)	One stop	E +	6.50%	(d)	10.18%	PIK			07/2029	14,282	13,351		0.4		14,283
Goldcup 31018 AB+(8)(9)(17)(25)	One stop	E +	6.50%	(d)	10.18%	PIK			07/2029	1,332	1,269		—		1,332

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Goldcup 31018 AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				01/2029		$	(1)	—	%	$	—
Netwrix Corporation*&+	One stop	SF +	5.50%	(i)	10.56%				06/2029	7,975	7,980		0.2		7,975
Netwrix Corporation+(5)	One stop	SF +	5.50%		N/A(6)				06/2029	—	(1)		—		—
Netwrix Corporation+	One stop	SF +	5.50%	(i)	10.56%				06/2029	386	384		—		422
Optimizely North America, Inc.#^<	One stop	SF +	5.25%	(i)	10.00%				04/2026	25,860	25,849		0.6		25,860
Optimizely North America, Inc.+(8)(9)	One stop	E +	5.50%	(c)	8.85%				04/2026	23,933	24,037		0.6		23,933
Optimizely North America, Inc.*#^	One stop	SF +	5.25%	(i)	10.00%				04/2026	14,317	14,346		0.4		14,317
Optimizely North America, Inc.*<	One stop	SF +	5.25%	(i)	10.00%				04/2026	7,956	7,951		0.2		7,956
Optimizely North America, Inc.+	One stop	SF +	5.25%		N/A(6)				04/2026	—	—		—		—
PDQ Intermediate, Inc.+(25)	Subordinated debt	N/A			13.75%	PIK			10/2031	114	113		—		114
Recordxtechnologies, LLC#~<	One stop	SF +	5.25%	(i)	9.85%				12/2027	18,874	19,063		0.5		18,874
Recordxtechnologies, LLC+	One stop	SF +	5.25%	(i)	9.85%				12/2027	1,769	1,786		—		1,769
Recordxtechnologies, LLC+	One stop	SF +	5.25%	(i)	9.85%				12/2027	2	—		—		2
Recordxtechnologies, LLC<+	One stop	SF +	5.25%	(i)	9.85%				12/2027	894	886		—		894
Recordxtechnologies, LLC+	One stop	SF +	5.25%	(i)	9.85%				12/2027	12,553	12,439		0.3		12,553
ReliaQuest Holdings, LLC<+(25)	One stop	SF +	6.75%	(i)	8.37%	cash/	3.63%	PIK	04/2031	11,710	11,711		0.3		11,710
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.75%		N/A(6)				04/2031	—	(5)		—		—
ReliaQuest Holdings, LLC+(5)	One stop	SF +	6.25%		N/A(6)				04/2031	—	(2)		—		—
Saturn Borrower Inc.~<+	One stop	SF +	6.50%	(i)	11.25%				09/2026	27,535	27,313		0.7		26,983
Saturn Borrower Inc.+	One stop	SF +	6.50%	(h)(i)	11.28%				09/2026	444	437		—		434
WPEngine, Inc.<+	One stop	SF +	6.50%	(i)	11.62%				08/2029	5,438	5,419		0.1		5,438
WPEngine, Inc.+	One stop	SF +	6.50%		N/A(6)				08/2029	—	—		—		—
Zarya Holdco, Inc.<+	One stop	SF +	6.50%	(i)	11.56%				07/2027	1,413	1,406		—		1,385
Zarya Holdco, Inc.<+	One stop	SF +	6.50%	(i)	11.56%				07/2027	7,247	7,296		0.2		7,102
Zarya Holdco, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				07/2027	—	—		—		(2)
										271,542	270,535		6.7		270,762

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Leisure Products
Crunch Holdings, LLC+	One stop	SF +	4.75%	(h)	9.61%				09/2031		$	56,836	1.4	%	$	56,836
Crunch Holdings, LLC+(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—	(39)		—		(39)
Movement Holdings, LLC<+	One stop	SF +	5.25%	(h)	10.10%				03/2030	841	839		—		841
Movement Holdings, LLC+	One stop	SF +	5.25%		N/A(6)				03/2030	—	—		—		—
Movement Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				03/2030	—	(2)		—		—
WBZ Investment, LLC#&+(25)	One stop	SF +	6.75%	(i)	11.50%				03/2027	7,804	7,804		0.2		7,804
WBZ Investment, LLC&+(25)	One stop	SF +	6.75%	(i)	11.50%				03/2027	1,717	1,717		0.1		1,717
WBZ Investment, LLC&+(25)	One stop	SF +	6.75%	(i)	11.50%				03/2027	1,194	1,194		—		1,194
WBZ Investment, LLC&+(25)	One stop	SF +	6.75%	(i)	11.50%				03/2027	628	628		—		628
WBZ Investment, LLC+	One stop	SF +	6.75%		N/A(6)				03/2027	—	—		—		—
										69,305	68,977		1.7		68,981
Life Sciences Tools & Services
Celerion Buyer, Inc.*#~	One stop	SF +	5.50%	(i)	10.73%				11/2029	29,605	29,352		0.7		29,605
Celerion Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				11/2028	—	(1)		—		—
Celerion Buyer, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				11/2029	—	(68)		—		—
Graphpad Software, LLC+	One stop	SF +	4.75%	(i)	9.35%				06/2031	8,869	8,826		0.2		8,869
Graphpad Software, LLC+(5)	One stop	SF +	4.75%		N/A(6)				06/2031	—	(4)		—		—
Graphpad Software, LLC+	One stop	SF +	4.75%	(i)	9.35%				06/2031	222	211		—		222
PAS Parent Inc.+(5)	One stop	SF +	5.00%		N/A(6)				12/2028	—	(18)		—		(39)
PAS Parent Inc.*#~&<+	One stop	SF +	5.00%	(h)	9.85%				12/2028	55,514	55,532		1.4		54,960
PAS Parent Inc.+	One stop	SF +	5.00%	(h)	9.85%				12/2027	130	124		—		124
PAS Parent Inc.+	One stop	SF +	5.00%	(h)	9.85%				12/2028	2,643	2,664		0.1		2,608
Reaction Biology Corporation#+(7)(25)	One stop	SF +	6.90%	(i)	7.10%	cash/	4.40%	PIK	03/2029	8,600	8,374		0.2		6,622
Reaction Biology Corporation+(7)(25)	One stop	SF +	6.90%	(i)	7.10%	cash/	4.40%	PIK	03/2029	2,861	2,482		0.1		2,203
Reaction Biology Corporation+(7)(25)	One stop	SF +	6.90%	(i)	7.10%	cash/	4.40%	PIK	03/2029	1,903	1,650		—		1,465
Reaction Biology Corporation+(7)(25)	One stop	SF +	6.90%	(i)	7.10%	cash/	4.40%	PIK	03/2029	306	278		—		236
Unchained Labs, LLC+	Senior secured	SF +	5.50%	(h)	10.40%				08/2027	1,400	1,387		—		1,372
Unchained Labs, LLC<+	Senior secured	SF +	5.50%	(h)	10.40%				08/2027	1,182	1,167		—		1,158
Unchained Labs, LLC+(5)	Senior secured	SF +	5.50%		N/A(6)				08/2027	—	(1)		—		(2)
										113,235	111,955		2.7		109,403
Machinery
AI Titan Parent, Inc.+	One stop	SF +	4.75%	(i)	9.81%				08/2031	10,508	10,405		0.3		10,403
AI Titan Parent, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—	(10)		—		(11)
AI Titan Parent, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				08/2031	—	(13)		—		(13)
Blackbird Purchaser, Inc.<+	One stop	SF +	5.50%	(i)	10.10%				12/2030	4,476	4,559		0.1		4,476
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(i)	10.10%				12/2030	265	264		—		265
Blackbird Purchaser, Inc.+	One stop	SF +	5.50%	(i)	10.10%				12/2029	15	15		—		15
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00%	(i)	10.25%	cash/	1.50%	PIK	05/2025	13,837	13,816		0.3		13,145
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00%	(i)	10.25%	cash/	1.50%	PIK	05/2025	1,308	1,300		—		1,242
Chase Industries, Inc.+(25)(26)	Senior secured	SF +	7.00%	(i)	10.25%	cash/	1.50%	PIK	05/2025	255	250		—		228
										30,664	30,586		0.7		29,750
Marine
Project Nike Purchaser, LLC&+	One stop	SF +	5.25%	(i)	9.85%				04/2029	33,867	34,038		0.9		33,529
Project Nike Purchaser, LLC<+	One stop	SF +	5.25%	(i)	9.85%				04/2029	750	747		—		742
Project Nike Purchaser, LLC+	One stop	SF +	5.25%	(i)	9.85%				04/2029	250	248		—		246
										34,867	35,033		0.9		34,517
Media
Lotus Topco, Inc.+	One stop	SF +	4.75%	(j)	9.00%				06/2030	5,164	5,127		0.1		5,164
Lotus Topco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				06/2030	—	(7)		—		—

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets			Fair<br><br>Value (4)
Lotus Topco, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				06/2030		$	(18)	$	—	%	$	—
Triple Lift, Inc.^+	One stop	SF +	5.75%	(i)	10.71%				05/2028	7,300	7,203		0.2			7,008
Triple Lift, Inc.<+	One stop	SF +	5.75%	(i)	10.71%				05/2028	1,557	1,526		—			1,495
Triple Lift, Inc.+	One stop	SF +	5.75%	(i)	11.20%				05/2028	54	52		—			50
										14,075	13,883		0.3			13,717
Multiline Retail
Fleet Farm Group, LLC*#+(7)	One stop	SF +	7.00%	(j)	12.56%				12/2026	43,652	43,416		0.8			31,866
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)	One stop	SF +	6.50%	(h)	11.45%				05/2025	25,451	25,549		0.7			25,451
3ES Innovation, Inc.+(8)(12)	One stop	SF +	6.50%		N/A(6)				05/2025	—	—		—			—
Envernus, Inc.<+	One stop	SF +	5.50%	(h)	10.35%				12/2029	5,131	5,222		0.1			5,131
Envernus, Inc.+	One stop	SF +	5.50%	(h)	10.35%				12/2029	5	5		—			5
Envernus, Inc.+	One stop	SF +	5.50%		N/A(6)				12/2029	—	—		—			—
Project Power Buyer, LLC*#~<+	One stop	SF +	6.75%	(i)	11.35%				05/2026	53,171	53,103		1.3			53,171
Project Power Buyer, LLC+	One stop	SF +	6.75%		N/A(6)				05/2025	—	—		—			—
										83,758	83,879		2.1			83,758
Paper & Forest Products
Messenger, LLC#~<+	One stop	SF +	5.75%	(i)	10.50%				12/2027	14,397	14,417		0.4			14,397
Messenger, LLC+(8)(9)	One stop	SN +	5.75%	(f)	10.80%				12/2027	926	875		—			926
Messenger, LLC+	One stop	SF +	5.75%	(i)	10.50%				12/2027	520	519		—			520
Messenger, LLC+(8)(9)	One stop	SN +	5.75%		N/A(6)				12/2027	—	—		—			—
Messenger, LLC~+	One stop	SF +	5.75%	(i)	11.15%				12/2027	1,508	1,537		0.1			1,508
Messenger, LLC<+	One stop	SF +	5.75%	(i)	10.50%				12/2027	756	756		—			756
Messenger, LLC+	One stop	SF +	5.75%		N/A(6)				12/2027	—	—		—			—
										18,107	18,104		0.5			18,107
Personal Products
IMPLUS Footcare, LLC+(25)	One stop	SF +	8.75%	(i)	12.51%	cash/	1.00%	PIK	07/2025	30,500	30,500		0.7			27,450
IMPLUS Footcare, LLC+(25)	One stop	SF +	8.75%	(i)	12.51%	cash/	1.00%	PIK	07/2025	5,209	5,209		0.1			4,688
IMPLUS Footcare, LLC*+(25)	One stop	SF +	8.75%	(i)	12.51%	cash/	1.00%	PIK	07/2025	751	751		—			675
										36,460	36,460		0.8			32,813

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#~&	One stop	SF +	5.50%	(i)	10.75%				02/2029		$	29,977	0.8	%	$	30,144
ACP Ulysses Buyer, Inc.*<	One stop	SF +	5.50%	(i)	10.75%				02/2029	1,303	1,285		—		1,303
Amalthea Parent, Inc.*#~^&<+(8)	One stop	SF +	5.00%	(j)	10.75%				03/2027	87,644	85,520		2.1		82,385
Amalthea Parent, Inc.+(8)	One stop	SF +	5.00%	(h)	9.96%				03/2027	360	338		—		328
Apothecary Products, LLC+	Senior secured	SF +	5.75%	(j)	10.59%				07/2025	2,321	2,310		0.1		2,321
Apothecary Products, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				07/2025	—	(3)		—		—
Caerus Midco 3 S.A.R.L.<+(8)(13)	One stop	SF +	5.00%	(i)	9.60%				05/2029	29,411	29,445		0.7		29,117
Caerus Midco 3 S.A.R.L.<+(8)(13)	One stop	SF +	5.00%	(i)	9.60%				05/2029	4,876	4,879		0.1		4,827
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00%	(i)	9.60%				05/2029	1,986	1,962		—		1,941
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00%	(i)	9.60%				05/2029	315	311		—		308
Caerus Midco 3 S.A.R.L.+(8)(13)	One stop	SF +	5.00%	(h)	9.87%				05/2029	262	259		—		256
Cobalt Buyer Sub, Inc.&+	One stop	SF +	5.50%	(h)	10.35%				10/2028	14,836	14,789		0.4		14,651
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(h)	10.35%				10/2028	4,975	4,957		0.1		4,913
Cobalt Buyer Sub, Inc.<+	One stop	SF +	5.50%	(h)	10.35%				10/2028	3,758	3,684		0.1		3,711
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(h)	10.35%				10/2027	146	130		—		128
Cobalt Buyer Sub, Inc.+	One stop	SF +	5.50%	(h)	10.35%				10/2028	6,397	6,319		0.2		6,317
Cobalt Buyer Sub, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				10/2028	—	(78)		—		(80)
Spark Bidco Limited<+(8)(9)(10)(25)	Senior secured	SN +	4.88%	(f)	8.70%	cash/	1.13%	PIK	08/2028	37,712	37,449		0.9		36,204
Spark Bidco Limited<+(8)(9)(10)	Senior secured	SN +	6.00%	(f)	10.95%				08/2028	5,558	5,133		0.1		5,558
Spark Bidco Limited+(8)(9)(10)(25)	Senior secured	SN +	4.88%	(f)	8.70%	cash/	1.13%	PIK	08/2028	4,571	3,962		0.1		4,388
Spark Bidco Limited+(8)(10)	Senior secured	SF +	6.00%	(i)	10.60%				08/2028	3,991	3,984		0.1		3,991
Spark Bidco Limited+(8)(9)(10)(25)	Senior secured	SN +	4.88%	(f)	8.70%	cash/	1.13%	PIK	08/2028	3,999	3,624		0.1		3,840
Spark Bidco Limited+(5)(8)(9)(10)	Senior secured	SN +	4.88%		N/A(6)				02/2028	—	(5)		—		(8)
										244,565	240,231		5.9		236,543
Professional Services
ALKU Intermediate Holdings, LLC<+	One stop	SF +	6.25%	(j)	10.50%				5/1/2029	6,797	6,824		0.2		6,882
ALKU Intermediate Holdings, LLC<+	One stop	SF +	5.50%	(j)	9.75%				5/1/2029	751	743		—		751
bswift, LLC<+	One stop	SF +	6.38%	(i)	11.68%				11/1/2028	7,681	7,664		0.2		7,817
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(i)	10.32%				10/1/2027	8,058	8,077		0.2		8,058
Citrin Cooperman Advisors LLC&+	One stop	SF +	5.00%	(i)	10.32%				10/1/2027	3,498	3,449		0.1		3,498
Citrin Cooperman Advisors LLC+	One stop	SF +	5.00%	(i)	10.42%				10/1/2027	1,038	1,029		—		1,038
Citrin Cooperman Advisors LLC+	One stop	SF +	5.25%	(i)	10.67%				10/1/2027	664	663		—		664
Citrin Cooperman Advisors LLC<+	One stop	SF +	5.25%	(i)	10.67%				10/1/2027	253	253		—		253
DISA Holdings Corp.<+	Senior secured	SF +	5.00%	(i)	10.02%				9/1/2028	5,242	5,207		0.1		5,242
DISA Holdings Corp.<+	Senior secured	SF +	5.00%	(i)	10.02%				9/1/2028	808	796		—		808
DISA Holdings Corp.+	One stop	SF +	5.00%	(i)	10.02%				9/1/2028	691	682		—		691
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	10.02%				9/1/2028	611	604		—		611
DISA Holdings Corp.+(25)	Subordinated debt	SF +	8.50%	(h)	11.51%	cash/	2.00%	PIK	3/1/2029	104	103		—		104
DISA Holdings Corp.+	Senior secured	SF +	5.00%	(i)	10.11%				9/1/2028	70	65		—		70
DISA Holdings Corp.+(5)	Senior secured	SF +	5.00%		N/A(6)				9/1/2028	—	(2)		—		—
Eclipse Buyer, Inc.+	One stop	SF +	4.75%	(i)	9.74%				9/1/2031	14,283	14,141		0.4		14,140
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				9/1/2031	—	(69)		—		(18)
Eclipse Buyer, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				9/1/2031	—	(12)		—		(12)
Eliassen Group, LLC<+	One stop	SF +	5.75%	(i)	10.35%				4/1/2028	2,149	2,132		0.1		2,084
Eliassen Group, LLC+	One stop	SF +	5.75%	(i)	10.88%				4/1/2028	145	144		—		140
Filevine, Inc.^+(25)	One stop	SF +	6.50%	(i)	9.47%	cash/	2.50%	PIK	4/1/2027	8,241	8,279		0.2		8,344
Filevine, Inc.+	One stop	SF +	6.50%		N/A(6)				4/1/2027	—	—		—		—
IG Investments Holdings, LLC&+	One stop	SF +	6.00%	(i)	11.35%				9/1/2028	9,122	9,107		0.2		9,122
IG Investments Holdings, LLC&+	One stop	SF +	6.00%	(i)	11.35%				9/1/2028	782	776		—		782
IG Investments Holdings, LLC+	One stop	SF +	6.00%		N/A(6)				9/1/2027	—	—		—		—
NBG Acquisition Corp. and NBG-P Acquisition Corp.#~^&<	One stop	SF +	5.25%	(i)	10.65%				11/1/2028	34,023	33,720		0.8		33,004

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25%	(i)	10.72%				11/1/2028		$	785	—	%	$	767
NBG Acquisition Corp. and NBG-P Acquisition Corp.+	One stop	SF +	5.25%	(i)	10.65%				11/1/2028	306	298		—		292
PlanSource Holdings, Inc.<+	One stop	SF +	6.25%	(j)	11.64%				6/1/2025	14,234	14,287		0.4		14,091
PlanSource Holdings, Inc.<+	One stop	SF +	6.25%	(j)	11.64%				6/1/2025	2,416	2,413		0.1		2,391
PlanSource Holdings, Inc.+	One stop	SF +	6.25%	(j)	11.64%				6/1/2025	695	695		—		689
PlanSource Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				6/1/2025	—	—		—		(3)
Procure Acquireco, Inc.#~&+	One stop	SF +	5.00%	(j)	9.99%				12/1/2028	24,925	24,975		0.6		24,925
Procure Acquireco, Inc.+	One stop	SF +	5.00%	(i)	9.75%				12/1/2028	1,145	1,145		—		1,145
Procure Acquireco, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				12/1/2028	—	(1)		—		—
Teaching Company, The+	One stop	SF +	5.75%	(j)	11.09%				1/1/2026	13,614	13,614		0.4		13,614
Teaching Company, The+	One stop	SF +	5.75%		N/A(6)				1/1/2026	—	—		—		—
Varicent Intermediate Holdings Corporation+(25)	One stop	SF +	6.00%	(i)	7.35%	cash/	3.25%	PIK	8/1/2031	46,971	46,283		1.2		46,267
Varicent Intermediate Holdings Corporation+(5)	One stop	SF +	6.00%		N/A(6)				8/1/2031	—	(91)		—		(93)
Varicent Intermediate Holdings Corporation+(5)	One stop	SF +	6.00%		N/A(6)				8/1/2031	—	(89)		—		(90)
										210,108	208,689		5.2		208,068

All values are in US Dollars. %

Real Estate Management & Development
Inhabit IQ Inc.&<	One stop	SF +	5.50%	(h)	10.45%	07/2025	37,583	37,792	1.0	37,583
Inhabit IQ Inc.#~+	One stop	SF +	5.50%	(h)	10.45%	07/2025	21,694	21,725	0.6	21,694
Inhabit IQ Inc.~+	One stop	SF +	5.50%	(h)	10.45%	07/2025	15,607	15,632	0.4	15,607
Inhabit IQ Inc.*^	One stop	SF +	5.50%	(h)	10.45%	07/2025	21,366	21,484	0.5	21,366
Inhabit IQ Inc.*#~	One stop	SF +	5.50%	(h)	10.45%	07/2025	7,460	7,456	0.2	7,460
Inhabit IQ Inc.<+	One stop	SF +	5.50%	(h)	10.45%	07/2025	3,988	3,998	0.1	3,988
Inhabit IQ Inc.#<+	One stop	SF +	5.50%	(h)	10.45%	07/2025	1,745	1,744	—	1,745
Inhabit IQ Inc.#<+	One stop	SF +	5.50%	(h)	10.45%	07/2025	1,478	1,477	—	1,478
Inhabit IQ Inc.#<+	One stop	SF +	5.50%	(h)	10.45%	07/2025	1,461	1,461	—	1,461
Inhabit IQ Inc.<+	One stop	SF +	5.50%	(h)	10.45%	07/2025	1,166	1,165	—	1,166
Inhabit IQ Inc.<+	One stop	SF +	5.50%	(h)	10.45%	07/2025	614	614	—	614
Inhabit IQ Inc.+	One stop	SF +	5.50%		N/A(6)	07/2025	—	—	—	—
Inhabit IQ Inc.<	One stop	SF +	5.50%	(h)	10.45%	07/2025	680	680	—	680
MRI Software, LLC*~^+	One stop	SF +	4.75%	(i)	9.35%	02/2027	28,915	29,128	0.7	28,625
MRI Software, LLC~^&+	One stop	SF +	4.75%	(i)	9.35%	02/2027	13,155	13,261	0.3	13,023
MRI Software, LLC+(5)	One stop	SF +	4.75%		N/A(6)	02/2027	—	(25)	—	(31)
MRI Software, LLC+	One stop	SF +	4.75%	(i)	9.35%	02/2027	947	942	—	938
MRI Software, LLC+	One stop	SF +	4.75%	(i)	9.35%	02/2027	3,217	3,134	0.1	3,086
RPL Bidco Limited<+(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%	08/2028	6,052	5,865	0.2	6,052
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%	08/2028	27,932	28,284	0.7	27,932
RPL Bidco Limited<+(8)(9)(10)	One stop	A +	5.50%	(e)	9.85%	08/2028	12,173	11,762	0.3	12,173
RPL Bidco Limited<+(8)(9)(10)	One stop	A +	5.50%	(e)	9.87%	08/2028	2,955	3,036	0.1	2,955
RPL Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	02/2028	—	—	—	—
							210,188	210,615	5.2	209,595
Road & Rail
Internet Truckstop Group, LLC~+	One stop	SF +	5.50%	(i)	10.25%	04/2027	28,632	28,669	0.7	28,346
Internet Truckstop Group, LLC&+	One stop	SF +	5.50%	(i)	10.25%	04/2027	12,553	12,523	0.3	12,427
Internet Truckstop Group, LLC+(5)	One stop	SF +	5.50%		N/A(6)	04/2027	—	(3)	—	(3)
							41,185	41,189	1.0	40,770

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Software
Anaplan, Inc.^<+	One stop	SF +	5.25%	(i)	9.85%				06/2029		$	24,917	0.6	%	$	24,680
Anaplan, Inc.+	One stop	SF +	5.25%	(i)	9.85%				06/2029	13,000	12,969		0.3		13,000
Anaplan, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				06/2028	—	(1)		—		—
Appfire Technologies, LLC~^+	One stop	SF +	4.75%	(i)	9.35%				03/2028	55,159	55,072		1.4		55,159
Appfire Technologies, LLC+	One stop	SF +	4.75%	(i)	9.35%				03/2028	1,603	1,562		0.1		1,603
Appfire Technologies, LLC+(5)	One stop	SF +	4.75%		N/A(6)				03/2028	—	(3)		—		—
Appfire Technologies, LLC+(5)	One stop	SF +	4.75%		N/A(6)				03/2028	—	(124)		—		—
Aras Corporation^<+(25)	One stop	SF +	5.50%	(i)	10.10%				04/2029	28,740	28,732		0.7		28,740
Aras Corporation+	One stop	SF +	5.50%	(i)	10.10%				04/2029	1,217	1,195		—		1,217
Armstrong Bidco Limited<+(8)(9)(10)	One stop	SN +	5.25%	(f)	10.20%				06/2029	5,815	5,361		0.2		5,815
Armstrong Bidco Limited+(8)(9)(10)	One stop	SN +	5.25%	(f)	10.20%				06/2029	3,034	2,728		0.1		3,034
Arrow Buyer, Inc.<+	One stop	SF +	5.75%	(i)	10.35%				07/2030	25,104	24,934		0.6		25,104
Arrow Buyer, Inc.+	One stop	SF +	5.75%	(i)	10.35%				07/2030	1,645	1,640		0.1		1,645
Arrow Buyer, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				07/2030	—	(25)		—		—
Artifact Bidco, Inc.+	One stop	SF +	4.50%	(i)	9.10%				05/2031	1,489	1,475		0.1		1,474
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				05/2031	—	(2)		—		(2)
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—	(1)		—		(1)
Artifact Bidco, Inc.+(5)	One stop	SF +	4.50%		N/A(6)				05/2030	—	(1)		—		(1)
Auvik Networks Inc.^+(8)(12)(25)	One stop	SF +	6.25%	(i)	8.25%	cash/	3.25%	PIK	07/2027	10,663	10,693		0.3		10,663
Auvik Networks Inc.<+(8)(12)(25)	One stop	SF +	6.25%	(i)	8.25%	cash/	3.25%	PIK	07/2027	1,918	1,911		0.1		1,918
Auvik Networks Inc.<+(8)(12)(25)	One stop	SF +	6.25%	(i)	8.25%	cash/	3.25%	PIK	07/2027	976	972		—		976
Auvik Networks Inc.+(8)(12)	One stop	SF +	6.00%		N/A(6)				07/2027	—	—		—		—
Axiom Merger Sub Inc.<+	One stop	SF +	4.75%	(j)	10.31%				04/2026	6,717	6,695		0.2		6,666
Axiom Merger Sub Inc.+(8)(9)	One stop	E +	4.75%	(c)(d)	8.58%				04/2026	2,764	2,749		0.1		2,743
Axiom Merger Sub Inc.<+	One stop	SF +	4.75%	(j)	10.31%				04/2026	1,218	1,211		—		1,209
Axiom Merger Sub Inc.+	One stop	SF +	4.75%	(j)	9.96%				04/2026	175	174		—		174
Axiom Merger Sub Inc.+	One stop	SF +	4.75%		N/A(6)				10/2025	—	—		—		—
Axiom Merger Sub Inc.+(5)	One stop	SF +	4.75%		N/A(6)				04/2026	—	(92)		—		(98)
Azul Systems, Inc.~	Senior secured	SF +	4.50%	(i)	9.25%				04/2027	9,492	9,675		0.3		9,492
Azul Systems, Inc.+	Senior secured	SF +	4.50%		N/A(6)				04/2026	—	—		—		—
Azurite Intermediate Holdings, Inc.+	One stop	SF +	6.50%	(h)	11.35%				03/2031	622	614		—		622
Azurite Intermediate Holdings, Inc.<+	One stop	SF +	6.50%	(h)	11.35%				03/2031	428	422		—		428
Azurite Intermediate Holdings, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				03/2031	—	(2)		—		—
Baxter Planning Systems, LLC<+(25)	One stop	SF +	6.25%	(i)	8.12%	cash/	3.38%	PIK	05/2031	4,060	4,059		0.1		4,060
Baxter Planning Systems, LLC+(5)	One stop	SF +	6.25%		N/A(6)				05/2031	—	(5)		—		—
Baxter Planning Systems, LLC+(5)	One stop	SF +	5.75%		N/A(6)				05/2031	—	(4)		—		—
Bayshore Intermediate #2, L.P.^+(25)	One stop	SF +	7.75%	(i)	13.13%	PIK			10/2028	117,557	117,481		2.9		117,557
Bayshore Intermediate #2, L.P.+(5)	One stop	SF +	6.75%		N/A(6)				10/2027	—	(2)		—		—
BestPass, Inc.+	One stop	SF +	5.25%	(h)	10.10%				08/2031	52,867	52,609		1.3		52,602
BestPass, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—	(25)		—		(26)
BestPass, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				08/2031	—	(34)		—		(35)
Bloomerang, LLC<+	One stop	SF +	6.00%	(h)	10.85%				12/2029	4,142	4,180		0.1		4,142
Bloomerang, LLC+(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—	(1)		—		—
Bloomerang, LLC+(5)	One stop	SF +	6.00%		N/A(6)				12/2029	—	(12)		—		—
Bonterra LLC^<+	One stop	SF +	7.00%	(i)	11.60%				09/2027	92,893	92,384		2.3		91,501
Bonterra LLC+	One stop	SF +	7.00%	(i)	11.94%				09/2027	7,599	7,487		0.2		7,485
Bonterra LLC+(25)	One stop	SF +	7.75%	(i)	12.35%	PIK			09/2027	3,836	3,793		0.1		3,778
Bonterra LLC+	One stop	SF +	7.00%	(i)	11.64%				09/2027	232	227		—		226
Bottomline Technologies, Inc.<+	One stop	SF +	5.25%	(h)	10.10%				05/2029	41,062	40,846		1.0		40,652
Bottomline Technologies, Inc.<+	One stop	SF +	5.75%	(h)	10.60%				05/2029	5,098	5,024		0.1		5,112
Bottomline Technologies, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				05/2028	—	(5)		—		(6)
Bullhorn, Inc.~&+	One stop	SF +	5.00%	(h)	9.85%				10/2029	77,997	77,728		2.0		77,997

All values are in US Dollars.

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Bullhorn, Inc.~<	One stop	SF +	5.00%	(h)	9.85%	10/2029		$	3,228	0.1	%	$	3,190
Bullhorn, Inc.&+	One stop	SF +	5.00%	(h)	9.85%	10/2029	1,643	1,664		0.1		1,643
Bullhorn, Inc.<+	One stop	SF +	5.00%	(h)	9.85%	10/2029	736	733		—		736
Bullhorn, Inc.<+	One stop	SF +	5.00%	(h)	9.85%	10/2029	587	584		—		587
Bullhorn, Inc.+(5)	One stop	SF +	5.00%		N/A(6)	10/2029	—	(2)		—		—
Burning Glass Intermediate Holdings Company, Inc.#~+	One stop	SF +	5.00%	(h)	9.95%	06/2028	12,431	12,402		0.3		12,431
Burning Glass Intermediate Holdings Company, Inc.+(5)	One stop	SF +	5.00%		N/A(6)	06/2026	—	(1)		—		—
Bynder BidCo, Inc.& Bynder BidCo B.V.<+(8)(14)	One stop	SF +	7.25%	(i)	12.53%	01/2029	8,332	8,270		0.2		8,332
Bynder BidCo, Inc.& Bynder BidCo B.V.<+(8)(14)	One stop	SF +	7.25%	(i)	12.53%	01/2029	2,204	2,172		0.1		2,204
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)		—		—
Calabrio, Inc.^<+	One stop	SF +	5.50%	(i)	10.56%	04/2027	74,669	74,739		1.9		74,669
Calabrio, Inc.<+	One stop	SF +	5.50%	(i)	10.56%	04/2027	5,487	5,575		0.2		5,487
Calabrio, Inc.+(5)	One stop	SF +	5.50%		N/A(6)	04/2027	—	(2)		—		—
Camelia Bidco Limited<+(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%	08/2030	5,411	5,138		0.1		5,411
Camelia Bidco Limited+(8)(9)(10)	One stop	SN +	5.50%	(f)	10.45%	08/2030	766	707		—		766
Camelia Bidco Limited+(8)(9)(10)	One stop	A +	5.50%	(e)	9.93%	08/2030	346	324		—		346
Camelia Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	08/2030	—	(29)		—		—
CB Buyer, Inc.+	One stop	SF +	5.25%	(i)	9.85%	07/2031	46,611	46,161		1.2		46,611
CB Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	07/2031	—	(51)		—		—
CB Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)	07/2031	—	(63)		—		—
Coupa Holdings, LLC<+	One stop	SF +	5.50%	(i)	10.75%	02/2030	31,960	31,650		0.8		31,960
Coupa Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	02/2029	—	(1)		—		—
Coupa Holdings, LLC+(5)	One stop	SF +	5.50%		N/A(6)	02/2030	—	(20)		—		—
Crewline Buyer, Inc.<+	One stop	SF +	6.75%	(i)	11.35%	11/2030	5,403	5,452		0.1		5,403
Crewline Buyer, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	11/2030	—	(1)		—		—
Daxko Acquisition Corporation~^+	One stop	SF +	5.00%	(h)	9.85%	10/2028	39,458	39,434		1.0		39,458
Daxko Acquisition Corporation&+	One stop	SF +	5.00%	(h)	9.85%	10/2028	3,328	3,298		0.1		3,328
Daxko Acquisition Corporation+	One stop	SF +	5.00%	(h)	9.85%	10/2028	199	197		—		199
Daxko Acquisition Corporation+	One stop	P +	4.00%	(a)	12.00%	10/2028	64	52		—		64
Daxko Acquisition Corporation+(5)	One stop	SF +	5.00%		N/A(6)	10/2028	—	(20)		—		—
Denali Bidco Limited<+(8)(9)(10)	One stop	SN +	6.00%	(f)	10.95%	08/2030	7,864	7,541		0.2		7,903
Denali Bidco Limited+(8)(9)(10)	One stop	E +	6.00%	(c)	9.35%	08/2030	2,657	2,583		0.1		2,669
Denali Bidco Limited<+(8)(9)(10)	One stop	E +	6.00%	(c)	9.35%	08/2030	1,897	1,839		0.1		1,906
Denali Bidco Limited<+(8)(9)(10)	One stop	E +	5.50%	(c)	8.85%	08/2030	741	713		—		741
Denali Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.50%		N/A(6)	08/2030	—	(2)		—		—
Diligent Corporation<+	One stop	SF +	5.00%	(j)	10.09%	08/2030	8,985	8,967		0.2		8,985
Diligent Corporation+	One stop	SF +	5.00%	(j)	10.09%	08/2030	1,541	1,530		0.1		1,541
Diligent Corporation+(5)	One stop	SF +	5.00%		N/A(6)	08/2030	—	(11)		—		—
Diligent Corporation+(5)	One stop	SF +	5.00%		N/A(6)	08/2030	—	(6)		—		—
Dragon UK Bidco Limited<+(8)(9)(10)	One stop	SN +	5.75%	(f)	10.70%	02/2029	23,038	22,316		0.6		22,807
Dragon UK Bidco Limited+(8)(9)(10)	One stop	CA +	5.75%	(k)	9.67%	02/2029	4,493	4,440		0.1		4,447
Dragon UK Bidco Limited+(5)(8)(9)(10)	One stop	SN +	5.75%		N/A(6)	02/2029	—	(34)		—		(19)
Evergreen IX Borrower 2023, LLC<+	One stop	SF +	4.75%	(i)	9.35%	09/2030	4,919	4,798		0.1		4,869
Evergreen IX Borrower 2023, LLC+	One stop	SF +	4.75%	(i)	9.35%	09/2030	4,483	4,439		0.1		4,438
Evergreen IX Borrower 2023, LLC+(5)	One stop	SF +	4.75%		N/A(6)	10/2029	—	(13)		—		(4)
FirstUp, Inc.^+(25)	One stop	SF +	6.75%	(i)	11.35%	07/2027	13,126	13,138		0.3		12,863
FirstUp, Inc.<+(25)	One stop	SF +	6.75%	(i)	11.35%	07/2027	1,251	1,242		—		1,226
FirstUp, Inc.+(5)	One stop	SF +	6.75%		N/A(6)	07/2027	—	(1)		—		(4)

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Gainsight, Inc.^+(25)	One stop	SF +	6.00%	(i)	11.40%	PIK			07/2027		$	18,006	0.4	%	$	17,981
Gainsight, Inc.+(25)	One stop	SF +	6.00%	(i)	11.40%	PIK			07/2027	128	127		—		128
GS Acquisitionco, Inc.~^&<+	One stop	SF +	5.25%	(i)	9.85%				05/2028	122,743	123,093		3.0		121,514
GS Acquisitionco, Inc.+	One stop	SF +	5.25%	(i)	9.85%				05/2028	70	68		—		65
GS Acquisitionco, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				05/2028	—	(1)		—		(3)
GTIV, LLC+	One stop	SF +	4.75%	(j)	10.01%				02/2029	72,727	72,274		1.8		72,000
GTIV, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2029	—	(2)		—		(3)
GTY Technology Holdings, Inc.<+(25)	One stop	SF +	6.88%	(i)	7.18%	cash/	4.30%	PIK	07/2029	5,100	5,092		0.1		5,049
GTY Technology Holdings, Inc.<+(25)	One stop	SF +	6.88%	(h)	7.54%	cash/	4.30%	PIK	07/2029	3,330	3,298		0.1		3,296
GTY Technology Holdings, Inc.+(25)	One stop	SF +	6.88%	(i)	7.18%	cash/	4.30%	PIK	07/2029	611	608		—		605
GTY Technology Holdings, Inc.+(25)	One stop	SF +	7.13%	(i)	7.92%	cash/	4.45%	PIK	07/2029	424	424		—		424
GTY Technology Holdings, Inc.+(5)	One stop	SF +	6.25%		N/A(6)				07/2029	—	(2)		—		(2)
GTY Technology Holdings, Inc.+(5)	One stop	SF +	7.13%		N/A(6)				07/2029	—	(2)		—		—
Gurobi Optimization, LLC+	One stop	SF +	4.75%	(h)(i)	9.47%				09/2031	52,763	52,240		1.3		52,235
Gurobi Optimization, LLC+(5)	One stop	SF +	4.75%		N/A(6)				09/2031	—	(44)		—		(44)
Hornet Security Holding GMBH<+(8)(9)(19)(25)	One stop	E +	7.00%	(d)	5.91%	cash/	4.50%	PIK	02/2031	748	719		—		748
Hornet Security Holding GMBH<+(8)(9)(19)(25)	One stop	E +	7.00%	(c)(d)	5.91%	cash/	4.50%	PIK	02/2031	498	480		—		498
Hornet Security Holding GMBH+(5)(8)(9)(19)	One stop	E +	6.50%		N/A(6)				08/2030	—	(1)		—		—
Hornet Security Holding GMBH+(5)(8)(9)(19)	One stop	E +	6.50%		N/A(6)				02/2031	—	(3)		—		—
Hyland Software, Inc.~&<+	One stop	SF +	6.00%	(h)	10.85%				09/2030	47,242	48,060		1.2		47,242
Hyland Software, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				09/2029	—	(1)		—		—
Icefall Parent, Inc.<+	One stop	SF +	6.50%	(h)	11.35%				01/2030	1,407	1,399		—		1,407
Icefall Parent, Inc.+(5)	One stop	SF +	6.50%		N/A(6)				01/2030	—	(1)		—		—
ICIMS, Inc.<+(25)	One stop	SF +	5.75%	(h)(i)	10.67%				08/2028	12,469	12,419		0.3		11,845
ICIMS, Inc.+	One stop	SF +	5.75%	(h)	10.62%				08/2028	96	93		—		80
ICIMS, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				08/2028	—	(7)		—		(103)
IQN Holding Corp. #&+	One stop	SF +	5.25%	(i)	10.31%				05/2029	22,887	22,944		0.6		22,887
IQN Holding Corp. +	One stop	SF +	5.25%	(i)	10.31%				05/2028	52	52		—		52
Island Bidco AB<+(8)(9)(17)(25)	One stop	E +	7.25%	(b)(d)	3.65%	cash/	7.25%	PIK	07/2028	10,768	10,302		0.3		10,768
Island Bidco AB<+(8)(17)(25)	One stop	SF +	7.00%	(j)	8.76%	cash/	3.50%	PIK	07/2028	4,791	4,804		0.1		4,791
Island Bidco AB+(8)(17)(25)	One stop	SF +	7.00%	(i)(j)	8.76%	cash/	3.50%	PIK	07/2028	3,535	3,519		0.1		3,535
Island Bidco AB+(5)(8)(9)(17)	One stop	E +	6.50%		N/A(6)				07/2028	—	(1)		—		—
Island Bidco AB+(8)(17)	One stop	SF +	6.50%		N/A(6)				07/2028	—	—		—		—
Juvare, LLC*~	One stop	SF +	6.25%	(i)	11.46%				10/2026	10,537	10,531		0.3		10,221
Juvare, LLC&+	One stop	SF +	6.25%	(i)	11.46%				10/2026	2,432	2,417		0.1		2,359
Juvare, LLC+	One stop	SF +	6.25%	(i)	11.46%				10/2026	769	761		—		745
Juvare, LLC+	One stop	SF +	6.25%	(i)	11.46%				04/2026	100	100		—		98
Kaseya Inc.^<+(25)	One stop	SF +	5.50%	(i)	10.75%				06/2029	23,506	23,702		0.6		23,506
Kaseya Inc.+	One stop	SF +	5.50%	(i)	10.78%				06/2029	271	266		—		271
Kaseya Inc.+(25)	One stop	SF +	5.50%	(i)	10.10%				06/2029	136	134		—		136
Kaseya Inc.+	One stop	SF +	5.50%	(i)	10.75%				06/2029	86	83		—		86
LeadsOnline, LLC^+	One stop	SF +	4.75%	(i)	10.17%				02/2028	13,049	13,221		0.3		13,049
LeadsOnline, LLC<+	One stop	SF +	4.75%	(i)	10.17%				02/2028	2,303	2,332		0.1		2,303
LeadsOnline, LLC<+	One stop	SF +	4.75%	(i)	9.45%				02/2028	667	665		—		667
LeadsOnline, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2028	—	(1)		—		—
Matrix42 Holding GMBH<+(8)(9)(13)	One stop	E +	6.25%	(d)	9.92%				01/2030	10,121	10,417		0.3		10,121
Matrix42 Holding GMBH<+(8)(9)(13)	One stop	E +	6.25%	(d)	9.92%				12/2029	1,533	1,483		—		1,533
Matrix42 Holding GMBH<+(8)(9)(13)	One stop	E +	6.25%	(d)	9.92%				01/2030	789	765		—		789
Matrix42 Holding GMBH+(5)(8)(9)(13)	One stop	E +	6.25%		N/A(6)				01/2030	—	(1)		—		—
Matrix42 Holding GMBH+(8)(13)	One stop	SF +	6.25%		N/A(6)				01/2028	—	—		—		—
Mindbody, Inc.<+	One stop	SF +	7.00%	(i)	12.40%				09/2025	61,966	62,207		1.5		61,966
Mindbody, Inc.<+	One stop	SF +	7.00%	(i)	12.40%				09/2025	2,134	2,133		0.1		2,134

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Mindbody, Inc.+	One stop	SF +	7.00%		N/A(6)				09/2025		$	—	—	%	$	—
Ministry Brands Holdings LLC<+	One stop	SF +	5.50%	(h)	10.45%				12/2028	31,070	30,952		0.8		30,448
Ministry Brands Holdings LLC+	One stop	SF +	5.50%	(h)	10.45%				12/2028	2,923	2,926		0.1		2,864
Ministry Brands Holdings LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2027	—	(4)		—		(6)
Navex TopCo, Inc.<+	One stop	SF +	5.50%	(h)	10.60%				11/2030	5,382	5,477		0.1		5,382
Navex TopCo, Inc.+(5)	One stop	SF +	5.75%		N/A(6)				11/2028	—	(1)		—		—
Naviga Inc.+(7)	Senior secured	SF +	7.00%	(h)	12.25%				12/2024	160	147		—		48
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(5)(8)(9)(14)	One stop	E +	5.75%		N/A(6)				11/2029	—	(26)		—		—
Panzura, LLC+(25)	One stop	N/A			4.00%	cash/	15.00%	PIK	08/2027	118	106		—		98
Personify, Inc.*#~+	One stop	SF +	5.25%	(i)	10.00%				09/2025	13,866	13,895		0.3		13,866
Personify, Inc.#&	One stop	SF +	5.25%	(i)	10.00%				09/2025	9,810	9,828		0.2		9,810
Personify, Inc.+	One stop	SF +	5.25%		N/A(6)				09/2025	—	—		—		—
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	1,052	1,012		—		1,042
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	250	237		—		247
Pineapple German Bidco GMBH+(8)(9)(19)(25)	One stop	E +	7.00%	(c)	10.51%	PIK			01/2031	72	69		—		72
PING Identity Holding Corp.<+	One stop	SF +	4.75%	(i)	9.35%				10/2029	15,145	15,105		0.4		15,145
PING Identity Holding Corp.+(5)	One stop	SF +	4.75%		N/A(6)				10/2028	—	(1)		—		—
Pluralsight, LLC+(25)	One stop	SF +	7.50%	(i)	12.57%	PIK			08/2029	5,963	5,730		0.1		5,725
Pluralsight, LLC+(25)	One stop	SF +	4.50%	(i)	8.12%	cash/	1.50%	PIK	08/2029	3,975	3,859		0.1		3,856
Pluralsight, LLC+(25)	One stop	SF +	4.50%	(i)	9.62%	cash/	1.50%	PIK	08/2029	1,988	1,988		—		1,928
Pluralsight, LLC+(5)	One stop	SF +	4.50%		N/A(6)				08/2029	—	—		—		(30)
Pluralsight, LLC+(5)	One stop	SF +	4.50%		N/A(6)				08/2029	—	—		—		(75)
ProcessUnity Holdings, LLC^+	One stop	SF +	6.50%	(h)	11.35%				09/2028	6,014	6,025		0.1		6,014
ProcessUnity Holdings, LLC<+	One stop	SF +	6.50%	(h)	11.35%				09/2028	2,864	2,841		0.1		2,864
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(h)	11.35%				09/2028	1,203	1,198		—		1,203
ProcessUnity Holdings, LLC+	One stop	SF +	6.50%	(h)	11.35%				09/2028	90	89		—		90
QAD, Inc.&<+	One stop	SF +	4.75%	(h)	9.60%				11/2027	43,261	43,887		1.1		43,261
QAD, Inc.+(5)	One stop	SF +	4.75%		N/A(6)				11/2027	—	(2)		—		—
Quant Buyer, Inc.<+	One stop	SF +	5.25%	(i)	10.39%				06/2029	7,406	7,339		0.2		7,406
Quant Buyer, Inc.<+	One stop	SF +	5.25%	(i)	10.31%				06/2029	4,360	4,343		0.1		4,360
Quant Buyer, Inc.~+	One stop	SF +	5.25%	(i)	10.31%				06/2029	3,015	2,982		0.1		3,015
Quant Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—	(4)		—		—
Quant Buyer, Inc.+(5)	One stop	SF +	5.25%		N/A(6)				06/2029	—	(51)		—		—
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.05%	(f)	8.45%	cash/	2.55%	PIK	07/2029	20,740	19,016		0.5		19,962
Rainforest Bidco Limited+(8)(10)(25)	One stop	SF +	6.05%	(g)	8.34%	cash/	2.55%	PIK	07/2029	3,664	3,638		0.1		3,526
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.55%	(f)	8.95%	cash/	2.55%	PIK	07/2029	2,159	1,971		0.1		2,159
Rainforest Bidco Limited+(8)(9)(10)(25)	One stop	SN +	6.05%	(f)	8.45%	cash/	2.55%	PIK	07/2029	1,524	1,383		—		1,467
Riskonnect Parent, LLC*<+	One stop	SF +	5.50%	(i)	10.25%				12/2028	45,635	46,131		1.1		45,407
Riskonnect Parent, LLC+	One stop	SF +	5.50%	(i)	10.25%				12/2028	2,141	2,161		0.1		2,131
Riskonnect Parent, LLC<+	One stop	SF +	5.50%	(i)	10.10%				12/2028	823	816		—		815
Riskonnect Parent, LLC+	One stop	SF +	5.50%	(i)	10.10%				12/2028	579	570		—		573
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—	(5)		—		(4)
Riskonnect Parent, LLC+(5)	One stop	SF +	5.50%		N/A(6)				12/2028	—	(9)		—		(10)
Rodeo Buyer Company & Absorb Software Inc.^<+	One stop	SF +	6.25%	(h)	11.20%				05/2027	7,616	7,613		0.2		7,616
Rodeo Buyer Company & Absorb Software Inc.+	One stop	SF +	6.25%		N/A(6)				05/2027	—	—		—		—
SailPoint Technologies Holdings, Inc.^+	One stop	SF +	6.00%	(i)	11.10%				08/2029	14,654	14,569		0.4		14,654
SailPoint Technologies Holdings, Inc.+(5)	One stop	SF +	6.00%		N/A(6)				08/2028	—	(2)		—		—
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.50%	(c)	9.20%				07/2029	50,901	47,198		1.3		50,901
Sapphire Bidco Oy+(8)(9)(16)	One stop	E +	5.75%	(c)	9.41%				07/2029	4,160	3,981		0.1		4,170

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Sapphire Bidco Oy<+(8)(9)(16)	One stop	E +	5.75%	(c)	9.46%				07/2029		$	1,491	—	%	$	1,537
Sonatype, Inc.<+	One stop	SF +	6.75%	(h)	12.01%				12/2025	55,697	55,865		1.4		55,697
Sonatype, Inc.^+	One stop	SF +	6.75%	(h)	12.01%				12/2025	13,763	13,983		0.3		13,763
Sonatype, Inc.+(5)	One stop	SF +	6.75%		N/A(6)				12/2025	—	(1)		—		—
Spartan Buyer Acquisition Co.*#^<+(25)	One stop	SF +	7.50%	(i)(j)	11.24%	cash/	1.00%	PIK	06/2027	44,700	44,526		1.1		44,251
Spartan Buyer Acquisition Co.<+(25)	One stop	SF +	7.50%	(i)(j)	11.24%	cash/	1.00%	PIK	06/2027	2,849	2,814		0.1		2,820
Spartan Buyer Acquisition Co.+(5)(25)	One stop	P +	6.50%	(a)	13.50%	cash/	1.00%	PIK	06/2027	2	(2)		—		(2)
Telesoft Holdings LLC~^&+	One stop	SF +	5.75%	(h)	10.70%				12/2026	21,186	21,485		0.5		21,186
Telesoft Holdings LLC<+	One stop	SF +	6.25%	(h)	11.20%				12/2026	1,432	1,452		—		1,432
Telesoft Holdings LLC+	One stop	SF +	5.75%	(h)	10.70%				12/2026	74	73		—		74
Templafy APS and Templafy, LLC<+(8)(18)	One stop	SF +	6.00%	(i)	11.40%				07/2028	4,800	4,778		0.1		4,800
Templafy APS and Templafy, LLC+(8)(18)	One stop	SF +	6.00%		N/A(6)				07/2028	—	—		—		—
TI Intermediate Holdings, LLC~+(25)	Senior secured	SF +	5.50%	(i)	9.20%	cash/	1.00%	PIK	06/2027	4,168	4,152		0.1		3,668
TI Intermediate Holdings, LLC<+(25)	Senior secured	SF +	5.50%	(i)	9.20%	cash/	1.00%	PIK	06/2027	1,105	1,099		—		972
TI Intermediate Holdings, LLC+(25)	Senior secured	SF +	5.50%	(i)	9.20%	cash/	1.00%	PIK	06/2027	693	690		—		610
TI Intermediate Holdings, LLC+(25)	Senior secured	SF +	5.50%	(i)	9.20%	cash/	1.00%	PIK	06/2027	520	517		—		458
TI Intermediate Holdings, LLC<+(25)	Senior secured	SF +	5.50%	(i)	9.20%	cash/	1.00%	PIK	06/2027	191	190		—		168
TI Intermediate Holdings, LLC+(25)	Senior secured	SF +	5.50%	(i)	9.20%	cash/	1.00%	PIK	06/2027	43	43		—		31
Togetherwork Holdings, LLC&+	One stop	SF +	5.25%	(h)	10.10%				05/2031	27,973	27,926		0.7		27,973
Togetherwork Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				05/2031	—	(33)		—		—
Togetherwork Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				05/2031	—	(16)		—		—
Transform Bidco Limited<+(8)(10)	One stop	SF +	7.00%	(i)	12.31%				01/2031	5,405	5,502		0.1		5,337
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				06/2030	—	(1)		—		(2)
Transform Bidco Limited+(5)(8)(10)	One stop	SF +	7.00%		N/A(6)				01/2031	—	(143)		—		(145)
Vantage Bidco GMBH<+(8)(9)(19)(25)	One stop	E +	6.25%	(c)	6.47%	cash/	3.13%	PIK	04/2031	8,742	8,377		0.2		8,654
Vantage Bidco GMBH+(5)(8)(9)(19)	One stop	E +	6.25%		N/A(6)				10/2030	—	(14)		—		(11)
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	6.00%	(d)	9.67%				07/2031	7,373	7,151		0.2		7,299
Varinem German Midco GMBH+(8)(9)(19)	One stop	E +	6.00%		N/A(6)				07/2031	—	—		—		—
Vector CS Midco Limited & Cloudsense Ltd.+(7)(8)(9)(10)(25)	One stop	N/A			4.50%	cash/	8.21%	PIK	11/2024	12,736	10,407		0.2		7,004
Vector CS Midco Limited & Cloudsense Ltd.+(7)(8)(9)(10)(25)	One stop	N/A			4.50%	cash/	8.21%	PIK	11/2024	252	195		—		138
Vendavo, Inc.*#&+	One stop	SF +	5.75%	(i)	10.84%				09/2027	27,377	26,955		0.6		25,460
Vendavo, Inc.+	One stop	SF +	5.75%	(i)(j)	10.69%				09/2027	1,303	1,283		—		1,129
Vendavo, Inc.+	One stop	SF +	5.75%	(i)	10.84%				09/2027	998	993		—		928
WebPT, Inc.+	One stop	SF +	6.75%	(i)	11.91%				01/2028	931	922		—		903
Workforce Software, LLC^+(25)	One stop	SF +	7.25%	(i)	9.46%	cash/	3.00%	PIK	07/2025	41,999	42,205		1.0		41,999
Workforce Software, LLC^+(25)	One stop	SF +	7.25%	(i)	9.46%	cash/	3.00%	PIK	07/2025	7,436	7,443		0.2		7,436
Workforce Software, LLC<+(25)	One stop	SF +	7.25%	(i)	9.46%	cash/	3.00%	PIK	07/2025	5,266	5,262		0.1		5,266
Workforce Software, LLC<+(25)	One stop	SF +	7.25%	(i)	9.46%	cash/	3.00%	PIK	07/2025	1,580	1,592		—		1,580
Workforce Software, LLC+(5)	One stop	SF +	6.50%		N/A(6)				07/2025	—	(1)		—		—
Zendesk, Inc.^+	One stop	SF +	5.00%	(i)	9.69%				11/2028	28,647	28,538		0.7		28,647
Zendesk, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—	(1)		—		—
Zendesk, Inc.+(5)	One stop	SF +	5.00%		N/A(6)				11/2028	—	(34)		—		—
										2,077,748	2,064,059		51.3		2,058,537

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Specialty Retail
Ave Holdings III, Corp*<+	One stop	SF +	5.25%	(j)	9.75%				02/2028		$	23,176	0.6	%	$	23,420
Ave Holdings III, Corp&+	One stop	SF +	5.25%	(j)	9.75%				02/2028	6,108	6,219		0.2		6,108
Ave Holdings III, Corp+	One stop	SF +	5.25%	(j)	9.75%				02/2028	802	802		—		802
Ave Holdings III, Corp+(5)	One stop	SF +	5.25%		N/A(6)				02/2028	—	(2)		—		—
Biscuit Parent, LLC<+	One stop	SF +	4.75%	(i)	9.35%				02/2031	1,332	1,329		—		1,332
Biscuit Parent, LLC+(5)	One stop	SF +	4.75%		N/A(6)				02/2031	—	(1)		—		—
Cavender Stores L.P.~	Senior secured	SF +	5.00%	(i)	9.60%				10/2029	5,459	5,417		0.2		5,459
Consilio Midco Limited<+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	38,182	38,065		1.0		38,182
Consilio Midco Limited<+(8)(10)	One stop	SF +	5.75%	(i)	10.50%				05/2028	15,686	15,654		0.4		15,686
Consilio Midco Limited#&(8)(10)	One stop	SF +	5.75%	(i)	10.50%				05/2028	15,587	15,646		0.4		15,587
Consilio Midco Limited#~(8)(10)	One stop	SF +	5.75%	(i)	10.50%				05/2028	2,935	2,913		0.1		2,935
Consilio Midco Limited#~(8)(10)	One stop	SF +	5.75%	(i)	10.50%				05/2028	1,951	1,943		0.1		1,951
Consilio Midco Limited~+(8)(10)	One stop	SF +	5.75%	(i)	10.50%				05/2028	998	987		—		998
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	500	485		—		500
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	222	215		—		222
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%	(i)	10.50%				05/2028	168	167		—		168
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	130	127		—		130
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	127	123		—		127
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	95	92		—		95
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	114	111		—		114
Consilio Midco Limited+(8)(9)(10)	One stop	E +	6.25%	(c)	9.61%				05/2028	60	58		—		60
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	10.10%				05/2028	143	139		—		140
Consilio Midco Limited+(8)(10)	One stop	SF +	5.75%		N/A(6)				05/2028	—	—		—		—
Consilio Midco Limited+(8)(10)	One stop	SF +	5.50%	(i)	10.10%				05/2028	74	62		—		58
CVP Holdco, Inc.+	One stop	SF +	5.00%	(h)	9.85%				06/2031	13,529	13,399		0.4		13,529
CVP Holdco, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				06/2030	—	(14)		—		—
CVP Holdco, Inc.+(5)	One stop	SF +	7.50%		N/A(6)				06/2031	—	(17)		—		—
Cycle Gear, Inc.*#+	One stop	SF +	6.75%	(i)	12.15%				01/2026	46,529	46,463		1.1		45,133
PetVet Care Centers LLC~+	One stop	SF +	6.00%	(h)	10.85%				11/2030	4,740	4,779		0.1		4,503
PetVet Care Centers LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2029	—	(2)		—		(4)
PetVet Care Centers LLC+(5)	One stop	SF +	6.00%		N/A(6)				11/2030	—	(6)		—		—
PPV Intermediate Holdings, LLC#~<+	One stop	SF +	5.75%	(i)	10.81%				08/2029	14,189	14,110		0.4		14,189
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			14.75%	PIK			08/2030	8,929	8,997		0.2		9,108
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK			08/2030	1,799	1,766		0.1		1,799
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK			08/2030	416	410		—		416
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK			08/2030	76	75		—		76
PPV Intermediate Holdings, LLC+(25)	One stop	N/A			13.75%	PIK			08/2030	75	71		—		75
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.75%		N/A(6)				08/2029	—	(9)		—		—
PPV Intermediate Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				08/2029	—	(68)		—		(70)
Radiance Borrower, LLC+(25)	One stop	SF +	5.75%	(h)	7.85%	cash/	2.75%	PIK	06/2031	21,558	21,403		0.5		21,558
Radiance Borrower, LLC+	One stop	SF +	5.25%	(h)	10.10%				06/2031	410	393		—		410
Salon Lofts Group, LLC<+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	5,256	5,261		0.1		5,256
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029	3,045	3,014		0.1		3,045
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029	1,615	1,598		—		1,615
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(i)(j)	14.30%	PIK			09/2029	578	572		—		578
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				09/2029	540	538		—		540
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(i)(j)	14.11%	PIK			09/2029	786	762		—		786
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	349	347		—		349
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	344	342		—		344
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	272	271		—		272
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	156	155		—		156

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029		$	148	—	%	$	150
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	114	113		—		114
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	105	104		—		105
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	86	86		—		86
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	80	80		—		80
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—	(4)		—		—
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—	(2)		—		—
Salon Lofts Group, LLC+(5)	Senior secured	SF +	5.75%		N/A(6)				08/2028	—	(6)		—		—
Salon Lofts Group, LLC+(25)	Second lien	SF +	9.00%	(i)	13.60%	PIK			09/2029	304	266		—		304
Salon Lofts Group, LLC+	Senior secured	SF +	5.75%	(i)	10.35%				08/2028	170	169		—		170
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.~^&<+(8)	One stop	SF +	5.25%	(i)	9.85%				12/2029	29,510	29,234		0.7		29,510
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.<+(8)(9)	One stop	CA +	5.25%	(l)	9.18%				12/2029	8,039	7,938		0.2		8,039
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)	One stop	SF +	5.25%	(i)	9.85%				12/2028	501	495		—		501
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)(8)	One stop	SF +	5.25%		N/A(6)				12/2029	—	(60)		—		—
Titan Fitness, LLC*#<+(25)	One stop	SF +	7.25%	(h)	10.05%	cash/	2.50%	PIK	10/2026	38,898	38,338		0.8		33,063
Titan Fitness, LLC+(25)	One stop	SF +	7.25%	(h)	10.05%	cash/	2.50%	PIK	10/2026	2,822	2,749		0.1		2,398
Titan Fitness, LLC+(25)	One stop	SF +	7.25%	(h)	9.92%	cash/	2.50%	PIK	10/2026	423	400		—		300
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	10.23%				03/2028	9,465	9,969		0.2		9,465
Vermont Aus Pty Ltd+(8)(9)(11)	One stop	A +	5.75%	(e)	10.23%				03/2028	10,081	10,081		0.3		10,081
VSG Acquisition Corp. and Sherrill, Inc.&+	One stop	SF +	5.50%	(i)	11.01%				04/2028	12,113	11,918		0.3		11,749
VSG Acquisition Corp. and Sherrill, Inc.+	One stop	SF +	5.50%	(i)	11.01%				04/2028	1,617	1,571		—		1,569
VSG Acquisition Corp. and Sherrill, Inc.+(5)	One stop	SF +	5.50%		N/A(6)				04/2028	—	(6)		—		(6)
										353,762	351,918		8.6		345,415

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.<+(8)(10)	One stop	SF +	6.00%	(j)	10.58%				03/2028		$	2,325	0.1	%	$	2,112
Dollfus Mieg Company, Inc.<+(8)(10)	One stop	SF +	6.00%	(j)	10.58%				03/2028	1,170	1,159		—		1,052
Dollfus Mieg Company, Inc.<+(8)(10)	One stop	SF +	6.00%	(j)	10.58%				03/2028	1,027	1,018		—		925
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	9,951	9,913		0.3		9,951
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	3,999	3,983		0.1		3,999
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	2,058	2,050		0.1		2,058
Elite Sportswear, L.P.*+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	683	680		—		683
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	312	311		—		312
Elite Sportswear, L.P.*+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	298	298		—		298
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	115	111		—		115
Elite Sportswear, L.P.+(25)	Senior secured	SF +	7.25%	(i)	11.12%	cash/	1.00%	PIK	09/2025	4	4		—		4
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2024	9,211	9,207		0.2		9,235
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2024	6,375	6,371		0.2		6,391
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2024	987	986		—		989
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2024	886	886		—		889
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2024	622	622		—		623
Georgica Pine Clothiers, LLC+	One stop	SF +	5.50%	(i)	10.25%				11/2024	2	2		—		2
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(h)	11.82%				07/2029	1,302	1,302		—		1,302
Shoes For Crews Global, LLC+(25)	Senior secured	SF +	7.00%	(h)	7.32%	cash/	5.00%	PIK	07/2029	718	690		—		688
Shoes For Crews Global, LLC+	Senior secured	SF +	6.50%	(h)	11.82%				07/2029	421	421		—		421
Shoes For Crews Global, LLC+(5)	Senior secured	SF +	6.50%		N/A(6)				07/2029	—	(34)		—		—
										42,488	42,305		1.0		42,049
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.<+	One stop	SF +	6.25%	(i)	11.73%				06/2028	20,073	19,822		0.5		17,915
Marcone Yellowstone Buyer Inc.&<+	One stop	SF +	6.25%	(i)	11.73%				06/2028	20,821	20,421		0.5		18,583
Marcone Yellowstone Buyer Inc.<+	One stop	SF +	6.50%	(i)	11.98%				06/2028	6,181	6,035		0.2		5,563
Marcone Yellowstone Buyer Inc.<+	One stop	SF +	6.25%	(i)	11.72%				06/2028	2,548	2,463		0.1		2,274
Marcone Yellowstone Buyer Inc.&+	One stop	SF +	6.25%	(i)	11.73%				06/2028	6,670	6,425		0.1		5,953
										56,293	55,166		1.4		50,288
Water Utilities
S.J. Electro Systems, LLC+	Senior secured	SF +	4.75%	(i)	9.85%				06/2027	24,409	24,228		0.6		24,226
S.J. Electro Systems, LLC~&<	Senior secured	SF +	4.75%	(i)	10.15%				06/2027	18,775	18,722		0.5		18,635
S.J. Electro Systems, LLC<+	Senior secured	SF +	4.75%	(i)	10.15%				06/2027	1,184	1,175		—		1,176
S.J. Electro Systems, LLC+(5)	Senior secured	SF +	4.75%		N/A(6)				06/2027	—	(63)		—		(63)
Vessco Midco Holdings, LLC+	One stop	SF +	5.25%	(h)(j)	10.22%				07/2031	22,500	22,281		0.6		22,275
Vessco Midco Holdings, LLC+	One stop	SF +	5.25%	(j)	9.54%				07/2031	1,100	1,064		—		1,025
Vessco Midco Holdings, LLC+(5)	One stop	SF +	5.25%		N/A(6)				07/2031	—	(24)		—		(25)
										67,968	67,383		1.7		67,249
Total non-controlled/non-affiliate company debt investments										7,686,718	7,639,077		188.0		7,546,848

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Equity investments (21)(22)
Aerospace & Defense
PPW Aero Buyer, Inc.+	LP units	N/A	N/A		02/2023	N/A	93	$	948	—	%	$	771
Tronair Parent, Inc.+	LLC units	N/A	N/A		07/2021	N/A	—	40		—		66
								988		—		837
Auto Components
Polk Acquisition Corp.+	LP interest	N/A	N/A		06/2016	N/A	5	314		—		—
Automobiles
CAP-KSI Holdings, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	645	645		—		645
CAP-KSI Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	645	—		—		—
CG Group Holdings, LLC+	LP units	N/A	N/A		07/2021	N/A	1	983		—		645
Go Car Wash Parent, Corp.+(23)	Preferred stock	N/A	17.00%	Non-Cash	04/2022	N/A	—	3,202		0.1		3,136
Go Car Wash Parent, Corp.+	Common stock	N/A	N/A		04/2022	N/A	—	554		—		19
MOP GM Holding, LLC+	LP units	N/A	N/A		11/2020	N/A	—	499		—		546
MOP GM Holding, LLC+	Preferred stock	N/A	N/A		06/2024	N/A	—	34		—		36
National Express Wash Parent Holdco, LLC+	LP units	N/A	N/A		07/2022	N/A	1	103		—		134
POY Holdings, LLC+	LLC units	N/A	N/A		11/2022	N/A	446	820		—		966
Quick Quack Car Wash Holdings, LLC+	LP units	N/A	N/A		06/2024	N/A	1,085	1,085		0.1		1,143
Quick Quack Car Wash Holdings, LLC+	LLC units	N/A	N/A		06/2024	N/A	215	215		—		226
Yorkshire Parent, Inc.+	LP units	N/A	N/A		12/2023	N/A	—	544		—		577
								8,684		0.2		8,073
Biotechnology
Cobepa BlueSky Aggregator, SCSp+	LP units	N/A	N/A		10/2023	N/A	4	40		—		41
Cobepa BlueSky Aggregator, SCSp+(23)	Preferred stock	N/A	15.00%	Non-Cash	04/2024	N/A	5	54		—		53
Cobepa BlueSky Aggregator, SCSp+	LP interest	N/A	N/A		12/2021	N/A	219	1,899		—		670
								1,993		—		764
Building Products
BECO Holding Company, Inc.+(23)	Preferred stock	N/A	11.75%	Non-Cash	11/2021	N/A	132	17,967		0.5		17,976
BECO Holding Company, Inc.+	LP interest	N/A	N/A		11/2021	N/A	10	1,218		—		987
								19,185		0.5		18,963
Chemicals
Inhance Technologies Holdings, LLC+	Preferred stock	N/A	N/A		12/2021	N/A	12	7,283		0.1		4,902
Inhance Technologies Holdings, LLC+	LLC units	N/A	N/A		07/2018	N/A	—	124		—		—
								7,407		0.1		4,902
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+	LP interest	N/A	N/A		10/2021	N/A	773	836		—		996
FR Vision Holdings, Inc.+	LP units	N/A	N/A		01/2024	N/A	—	461		—		471
Franchise Brands plc+(8)(9)(10)(23)(24)	Common stock	N/A	N/A		04/2023	N/A	51	113		—		118
North Haven Stack Buyer, LLC	LLC units	N/A	N/A		07/2021	N/A	516	637		—		846
PT Intermediate Holdings III, LLC+	LLC units	N/A	N/A		12/2021	N/A	16	1,787		0.1		1,879
Radwell Parent, LLC+	LP units	N/A	N/A		03/2022	N/A	4	477		—		465
								4,311		0.1		4,775

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Containers & Packaging
Chase Intermediate+	LP units	N/A	N/A		04/2022	N/A	217	$	209	—	%	$	337
Diversified Consumer Services
CHHJ Midco, LLC+(23)	LLC units	N/A	N/A		01/2021	N/A	27	311		—		419
CHVAC Services Investment, LLC+	Common stock	N/A	N/A		05/2024	N/A	105	267		—		301
DP Flores Holdings, LLC+	LLC units	N/A	N/A		09/2022	N/A	106	119		—		137
EMS LINQ, LLC+	LP interest	N/A	N/A		12/2021	N/A	761	758		—		748
EWC Growth Partners LLC+	LLC interest	N/A	N/A		03/2020	N/A	—	12		—		—
HS Spa Holdings, Inc.+	Common stock	N/A	N/A		05/2022	N/A	729	732		—		730
Liminex, Inc.+	Common stock	N/A	N/A		11/2020	N/A	17	634		—		681
NSG Buyer, Inc. +(8)	LP units	N/A	N/A		11/2022	N/A	3	2,992		0.1		3,616
PADI Holdco, Inc.+	LLC interest	N/A	N/A		07/2017	N/A	1	987		0.1		868
Project Alpha Intermediate Holdings, Inc.+(23)	Preferred stock	N/A	9.00%	Non-Cash	08/2016	N/A	—	1,148		0.1		1,646
Project Alpha Intermediate Holdings, Inc.+	Common stock	N/A	N/A		08/2016	N/A	202	329		—		755
Virginia Green Acquisition, LLC+	LP units	N/A	N/A		12/2023	N/A	397	407		—		454
								8,696		0.3		10,355
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+	Preferred stock	N/A	N/A		03/2014	N/A	—	372		—		20
Inventus Power, Inc.+	LLC units	N/A	N/A		04/2018	N/A	—	88		—		276
Inventus Power, Inc.+	LP interest	N/A	N/A		05/2019	N/A	—	20		—		61
Inventus Power, Inc.+	Common stock	N/A	N/A		03/2014	N/A	—	—		—		—
								480		—		357

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Food & Staples Retailing
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	08/2015	N/A	44	$	217	—	%	$	217
Hopdoddy Holdings, LLC+	LLC units	N/A	N/A	02/2016	N/A	20	61		—		48
Mendocino Farms, LLC+(23)	Common stock	N/A	N/A	06/2018	N/A	227	1,041		—		1,433
PDI TA Holdings, Inc.+	Preferred stock	N/A	N/A	02/2023	N/A	135	4,613		0.2		5,660
Ruby Slipper Cafe LLC, The+	LLC units	N/A	N/A	06/2024	N/A	3	47		—		49
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	01/2018	N/A	38	423		—		174
Ruby Slipper Cafe LLC, The+	LLC interest	N/A	N/A	08/2020	N/A	2	28		—		46
							6,430		0.2		7,627
Food Products
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2021	N/A	107	195		—		302
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	6	14		—		15
Borrower R365 Holdings, LLC+	LLC units	N/A	N/A	01/2022	N/A	4	9		—		11
Borrower R365 Holdings, LLC+	Common stock	N/A	N/A	06/2022	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	06/2022	N/A	2	4		—		6
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	05/2023	N/A	1	3		—		4
Borrower R365 Holdings, LLC+	LP units	N/A	N/A	05/2023	N/A	—	1		—		1
Borrower R365 Holdings, LLC+	Preferred stock	N/A	N/A	04/2024	N/A	21	73		—		68
Kodiak Cakes, LLC+(23)	Common stock	N/A	N/A	06/2021	N/A	—	557		—		842
Louisiana Fish Fry Products, Ltd.+	Common stock	N/A	N/A	07/2021	N/A	—	599		—		331
Louisiana Fish Fry Products, Ltd.+	Preferred stock	N/A	N/A	09/2022	N/A	—	24		—		36
P&P Food Safety Holdings, Inc.+	Preferred stock	N/A	N/A	03/2024	N/A	—	32		—		35
P&P Food Safety Holdings, Inc.+	Common stock	N/A	N/A	12/2020	N/A	5	434		—		238
Purfoods, LLC+	LLC interest	N/A	N/A	05/2016	N/A	—	945		0.2		4,991
							2,893		0.2		6,884
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+	LP interest	N/A	N/A	06/2019	N/A	—	98		—		111
Blue River Pet Care, LLC+	Common stock	N/A	N/A	08/2019	N/A	—	734		0.1		856
CCSL Holdings, LLC+(8)	LP interest	N/A	N/A	12/2020	N/A	—	499		—		680
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	—	557		—		626
CMI Parent Inc.+	Common stock	N/A	N/A	08/2019	N/A	8	483		—		716
G & H Wire Company, Inc.+	LLC interest	N/A	N/A	09/2017	N/A	335	269		—		—
JHC Investment Intermediate Holdings, LLC+	LLC units	N/A	N/A	03/2024	N/A	5,293	—		—		188
							2,640		0.1		3,177

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Healthcare Providers & Services
Active Day, Inc.+	LLC interest	N/A	N/A		12/2015	N/A	2	$	1,099	0.1	%	$	1,217
Acuity Eyecare Holdings, LLC+	LLC interest	N/A	N/A		03/2017	N/A	1,632	2,235		0.1		4,614
Acuity Eyecare Holdings, LLC+	LLC units	N/A	N/A		05/2021	N/A	889	1,023		0.1		2,919
ADCS Clinics Intermediate Holdings, LLC+	Preferred stock	N/A	N/A		05/2016	N/A	2	1,119		0.1		1,300
ADCS Clinics Intermediate Holdings, LLC+	Common stock	N/A	N/A		05/2016	N/A	—	6		—		—
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+	LLC units	N/A	N/A		03/2021	N/A	180	192		—		184
CRH Healthcare Purchaser, Inc.+	LP interest	N/A	N/A		12/2018	N/A	531	456		—		625
DCA Investment Holding, LLC(23)	Preferred stock	N/A	8.00%	Non-Cash	12/2022	N/A	1,142	659		—		783
DCA Investment Holding, LLC	Common stock	N/A	N/A		12/2022	N/A	12	5		—		—
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	749		—		435
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	—	79		—		108
Emerge Intermediate, Inc.+	LLC units	N/A	N/A		02/2021	N/A	11	4		—		—
Encorevet Group LLC+	Preferred stock	N/A	N/A		05/2024	N/A	3	261		—		203
Krueger-Gilbert Health Physics, LLC+	Common stock	N/A	N/A		05/2019	N/A	239	324		—		621
Midwest Veterinary Partners, LLC+(23)	Preferred stock	N/A	12.00%	Non-Cash	08/2021	N/A	1	1,984		0.1		2,123
Midwest Veterinary Partners, LLC+	Warrant	N/A	N/A		07/2019	N/A	9	152		—		482
Midwest Veterinary Partners, LLC+(23)	Preferred stock	N/A	10.00%	Non-Cash	07/2019	N/A	—	57		—		68
MWD Management, LLC & MWD Services, Inc.+	LLC interest	N/A	N/A		06/2017	N/A	412	335		—		660
NDX Parent, LLC+	Common stock	N/A	N/A		06/2021	N/A	—	278		—		11
NDX Parent, LLC+	Preferred stock	N/A	N/A		01/2023	N/A	84	88		—		82
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)	Common stock	N/A	N/A		05/2021	N/A	—	407		—		311
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	—	528		—		866
Pinnacle Treatment Centers, Inc.+	LLC interest	N/A	N/A		08/2016	N/A	4	74		—		1,036
Pyramid Healthcare Acquisition Corp.+	Common stock	N/A	N/A		05/2021	N/A	257	310		—		385
Radiology Partners, Inc.+	LLC units	N/A	N/A		02/2018	N/A	11	68		—		86
Radiology Partners, Inc.+	LLC interest	N/A	N/A		09/2014	N/A	43	55		—		340
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	—	249		—		617
Sage Dental Management, LLC+	LLC units	N/A	N/A		10/2012	N/A	3	3		—		—
Suveto Buyer, LLC+	Common stock	N/A	N/A		11/2021	N/A	8	727		—		534
								13,526		0.5		20,610

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Healthcare Technology
Amberfield Acquisition Co.+	LLC units	N/A			N/A		05/2024	N/A	446	$	449	—	%	$	447
Connexin Software, Inc.+	LLC interest	N/A			N/A		02/2018	N/A	180	228		—		301
Connexin Software, Inc.+	LLC units	N/A			N/A		02/2024	N/A	12	16		—		23
HSI Halo Acquisition, Inc.+(23)	Preferred stock	N/A			10.00%	Non-Cash	10/2019	N/A	—	102		—		233
HSI Halo Acquisition, Inc.+	LP interest	N/A			N/A		10/2019	N/A	—	14		—		58
Symplr Software, Inc.+(23)	Preferred stock	N/A			11.00%	Non-Cash	10/2021	N/A	15	18,931		0.5		19,043
Symplr Software, Inc.+(23)	Preferred stock	SF +	10.50%	(i)	15.10%	Non-Cash	11/2018	N/A	3	5,513		0.2		6,675
Symplr Software, Inc.+(23)	Preferred stock	N/A			11.00%	Non-Cash	12/2020	N/A	2	2,373		0.1		2,527
Symplr Software, Inc.+(23)	Preferred stock	N/A			11.00%	Non-Cash	06/2021	N/A	1	1,433		—		1,478
Symplr Software, Inc.+	LLC units	N/A			N/A		09/2021	N/A	—	161		—		185
Symplr Software, Inc.+	Common stock	N/A			N/A		11/2018	N/A	219	237		—		1,064
Tebra Technologies, Inc.+	LLC interest	N/A			N/A		07/2022	N/A	348	2,824		0.1		2,972
Tebra Technologies, Inc.+	Warrant	N/A			N/A		03/2019	N/A	169	871		—		547
Tebra Technologies, Inc.+	Warrant	N/A			N/A		06/2017	N/A	53	162		—		56
Tebra Technologies, Inc.+	Preferred stock	N/A			N/A		09/2018	N/A	1	8		—		11
										33,322		0.9		35,620
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+	Common stock	N/A			N/A		09/2017	N/A	5	603		—		760
Freddy's Frozen Custard LLC+	LP interest	N/A			N/A		03/2021	N/A	287	384		—		648
Harri US LLC+	LLC units	N/A			N/A		02/2022	N/A	119	892		—		711
Harri US LLC+	Preferred stock	N/A			N/A		10/2021	N/A	102	649		—		587
Harri US LLC+	Warrant	N/A			N/A		10/2021	N/A	34	171		—		196
Harri US LLC+	Preferred stock	N/A			N/A		10/2023	N/A	96	1,141		0.1		1,342
Harri US LLC+	Warrant	N/A			N/A		03/2024	N/A	9	69		—		132
LMP TR Holdings, LLC	LLC units	N/A			N/A		05/2013	N/A	712	712		0.1		1,691
PB Group Holdings, LLC+	LP units	N/A			N/A		08/2024	N/A	383	886		—		886
SSRG Holdings, LLC+(23)	LP interest	N/A			N/A		11/2019	N/A	46	604		—		566
										6,111		0.2		7,519
Insurance
Accession Risk Management Group, Inc.+(23)	Preferred stock	N/A			13.25%	Non-Cash	08/2023	N/A	9	9,987		0.3		9,988
Majesco+(23)	Preferred stock	N/A			9.00%	Non-Cash	09/2020	N/A	—	534		—		611
Majesco+	LP interest	N/A			N/A		09/2020	N/A	97	94		—		324
Oakbridge Insurance Agency LLC+	LP units	N/A			N/A		11/2023	N/A	20	404		—		412
										11,019		0.3		11,335
Internet & Direct Marketing Retail
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	25	26,215		0.8		30,067
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2021	N/A	15	15,735		0.4		18,046
Revalize, Inc.+	Preferred stock	N/A			N/A		12/2022	N/A	11	11,050		0.3		11,768
Revalize, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	4	4,285		0.1		4,481
										57,285		1.6		64,362
IT Services
Appriss Health Intermediate Holdings, Inc+(23)	Preferred stock	N/A			11.00%	Non-Cash	05/2021	N/A	3	3,664		0.1		3,777
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		02/2020	N/A	804	2,398		0.2		7,470
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		10/2020	N/A	211	931		0.1		1,959
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Preferred stock	N/A			N/A		07/2021	N/A	48	407		—		449

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+	Warrant	N/A	N/A		08/2020	N/A	277	$	779	0.1	%	$	2,393
Critical Start, Inc.+	Common stock	N/A	N/A		05/2022	N/A	343	379		—		175
Kentik Technologies, Inc.+	Preferred stock	N/A	N/A		09/2021	N/A	275	1,587		—		1,578
Netwrix Corporation+	LLC units	N/A	N/A		06/2022	N/A	7	19		—		18
Optimizely North America, Inc.+	Common stock	N/A	N/A		10/2018	N/A	92	1,089		—		1,528
Saturn Borrower Inc.+	LP units	N/A	N/A		09/2020	N/A	485	418		—		267
								11,671		0.5		19,614
Leisure Products
Massage Envy, LLC+	LLC interest	N/A	N/A		09/2012	N/A	749	210		0.1		1,682
Movement Holdings, LLC+	LLC units	N/A	N/A		03/2024	N/A	—	152		—		136
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	82	141		—		119
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	56	96		—		82
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	47	78		—		66
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	41	70		—		59
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	18	29		—		25
WBZ Investment, LLC+	LLC interest	N/A	N/A		09/2018	N/A	2	2		—		2
								778		0.1		2,171
Life Sciences Tools & Services
Celerion Buyer, Inc.+	LP units	N/A	N/A		11/2022	N/A	1,302	1,309		—		1,302
Celerion Buyer, Inc.+	LP units	N/A	N/A		11/2022	N/A	1,302	188		—		982
PAS Parent Inc.+	LP interest	N/A	N/A		12/2021	N/A	15	1,651		0.1		1,618
PAS Parent Inc.+	Preferred stock	N/A	N/A		03/2023	N/A	2	267		—		299
Reaction Biology Corporation+	LLC units	N/A	N/A		03/2022	N/A	—	321		—		4
								3,736		0.1		4,205
Oil, Gas & Consumable Fuels
W3 Co.+	LLC interest	N/A	N/A		03/2017	N/A	3	1,633		—		1,679
W3 Co.+	Preferred stock	N/A	N/A		01/2019	N/A	—	224		—		252
								1,857		—		1,931
Paper & Forest Products
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	8	667		—		620
Messenger, LLC+	LLC units	N/A	N/A		12/2021	N/A	1	—		—		—
								667		—		620
Pharmaceuticals
Amalthea Parent, Inc.+(8)	LP interest	N/A	N/A		03/2021	N/A	701	606		—		390
Cobalt Buyer Sub, Inc.+(23)	Preferred stock	N/A	13.75%	Non-Cash	10/2021	N/A	11	15,926		0.4		17,048
Cobalt Buyer Sub, Inc.+	Preferred stock	N/A	N/A		10/2021	N/A	—	246		—		306
Cobalt Buyer Sub, Inc.+	Common stock	N/A	N/A		10/2021	N/A	3	2		—		27
								16,780		0.4		17,771

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Professional Services
Eclipse Buyer, Inc.+(23)	Preferred stock	N/A			12.50%	Non-Cash	09/2024	N/A	—	$	1,609	0.1	%	$	1,595
Enboarder, Inc.+(8)(11)	Preferred stock	N/A			N/A		01/2022	N/A	83	859		—		567
Filevine, Inc.+	Preferred stock	N/A			N/A		04/2022	N/A	362	2,867		0.1		3,992
Filevine, Inc.+	Warrant	N/A			N/A		04/2022	N/A	54	224		—		485
Filevine, Inc.+	Preferred stock	N/A			N/A		05/2024	N/A	21	176		—		234
Net Health Acquisition Corp.+	LP interest	N/A			N/A		12/2017	N/A	14	1,684		0.1		2,311
Procure Acquireco, Inc.+	LP interest	N/A			N/A		12/2021	N/A	—	901		—		1,150
										8,320		0.3		10,334
Real Estate Management & Development
Inhabit IQ Inc.+	Common stock	N/A			N/A		01/2018	N/A	73	595		—		1,488
SC Landco Parent, LLC+	Common stock	N/A			N/A		09/2022	N/A	2	274		—		260
										869		—		1,748
Road & Rail
Internet Truckstop Group, LLC+	LP interest	N/A			N/A		04/2019	N/A	554	587		—		402
Software
Anaplan, Inc.+	LP interest	N/A			N/A		06/2022	N/A	962	1,254		0.1		1,492
Aras Corporation+(23)	Preferred stock	N/A			12.00%	Non-Cash	04/2021	N/A	1	1,937		0.2		2,108
Aras Corporation+	LP interest	N/A			N/A		04/2021	N/A	427	446		—		531
Astute Holdings, Inc.+	LP interest	N/A			N/A		04/2019	N/A	—	520		—		547
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		07/2021	N/A	37	405		—		504
Auvik Networks Inc.+(8)(12)	Preferred stock	N/A			N/A		02/2023	N/A	4	46		—		57
Bayshore Intermediate #2, L.P.+	Common stock	N/A			N/A		10/2021	N/A	5,841	5,890		0.2		6,231
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	1	1,157		—		1,135
Calabrio, Inc.+	LP interest	N/A			N/A		04/2021	N/A	134	0		—		0
CB Buyer, Inc.+	LP units	N/A			N/A		07/2024	N/A	258	258		—		258
Cloudbees, Inc.+	Preferred stock	N/A			N/A		11/2021	N/A	179	2,008		0.1		2,021
Cloudbees, Inc.+	Warrant	N/A			N/A		05/2018	N/A	158	445		—		1,157
Cloudbees, Inc.+	Preferred stock	N/A			N/A		06/2018	N/A	86	602		—		797
Cynet Security Ltd.+(8)(15)	Preferred stock	N/A			N/A		08/2022	N/A	220	855		—		1,008
Denali Bidco Limited+(8)(10)	LP interest	N/A			N/A		08/2023	N/A	431	610		—		824
Diligent Corporation+(23)	Preferred stock	N/A			10.50%	Non-Cash	04/2021	N/A	24	30,108		0.8		31,231
Diligent Corporation+	Preferred stock	N/A			N/A		04/2016	N/A	415	912		0.1		2,543
FirstUp, Inc.+	Common stock	N/A			N/A		07/2021	N/A	305	661		—		346
GS Acquisitionco, Inc.+(23)	Preferred stock	N/A			11.00%	Non-Cash	04/2021	N/A	35	44,899		1.2		46,202
GS Acquisitionco, Inc.+(23)	Preferred stock	N/A			11.00%	Non-Cash	11/2021	N/A	5	5,740		0.1		5,741
GS Acquisitionco, Inc.+	LP interest	N/A			N/A		09/2021	N/A	1	363		—		952
GS Acquisitionco, Inc.+(23)	Preferred stock	SF +	10.50%	(i)	15.10%	Non-Cash	08/2023	N/A	—	120		—		120
GTY Technology Holdings, Inc.+	LP units	N/A			N/A		07/2022	N/A	73	91		—		140
Gurobi Optimization, LLC+	Common stock	N/A			N/A		09/2024	N/A	—	709		—		709
Impartner, Inc.+	Preferred stock	N/A			N/A		10/2021	N/A	39	307		—		217
Kaseya Inc.+(23)	Preferred stock	SF +	10.75%	(i)	15.35%	Non-Cash	06/2022	N/A	5	5,750		0.2		5,787
Kaseya Inc.+	LP interest	N/A			N/A		06/2022	N/A	250	252		—		267
Ministry Brands Holdings LLC+	LP interest	N/A			N/A		12/2021	N/A	799	773		—		704

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
mParticle, Inc.+	Preferred stock	N/A			N/A		09/2021	N/A	227	$	1,429	—	%	$	1,120
mParticle, Inc.+	Warrant	N/A			N/A		08/2020	N/A	115	143		—		382
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+	Warrant	N/A			N/A		10/2019	N/A	6	17		—		20
Onit, Inc.+(23)	Preferred stock	N/A			15.00%	Non-Cash	02/2023	N/A	—	117		—		128
Onit, Inc.+	Warrant	N/A			N/A		02/2023	N/A	—	14		—		20
Panzura, LLC+	LLC units	N/A			N/A		09/2023	N/A	2	6		—		—
Personify, Inc.+	LP interest	N/A			N/A		09/2018	N/A	879	1,396		0.1		2,303
Pluralsight, LLC+	LLC units	N/A			N/A		08/2024	N/A	1,988	3,663		0.1		3,663
QAD, Inc.+(23)	Preferred stock	N/A			9.00%	Non-Cash	11/2021	N/A	1	1,243		—		1,147
QAD, Inc.+	Common stock	N/A			N/A		11/2021	N/A	68	134		—		0
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	—	358		—		163
RegEd Aquireco, LLC+	Preferred stock	N/A			N/A		07/2023	N/A	—	27		—		32
RegEd Aquireco, LLC+	LP interest	N/A			N/A		12/2018	N/A	4	21		—		0
Riskonnect Parent, LLC+(23)	Preferred stock	N/A			11.00%	Non-Cash	04/2022	N/A	26	32,359		0.8		31,936
Riskonnect Parent, LLC+	LP interest	N/A			N/A		11/2021	N/A	1,382	1,412		—		1,513
Riskonnect Parent, LLC+(23)	Preferred stock	SF +	10.50%	(i)	15.10%	Non-Cash	07/2022	N/A	—	920		—		934
Riskonnect Parent, LLC+(23)	Preferred stock	N/A			10.50%	Non-Cash	06/2024	N/A	—	51		—		52
SnapLogic, Inc.+	Preferred stock	N/A			N/A		09/2019	N/A	344	1,028		—		1,707
SnapLogic, Inc.+	Warrant	N/A			N/A		09/2019	N/A	131	162		—		439
Spartan Buyer Acquisition Co.+	Common stock	N/A			N/A		12/2020	N/A	1	794		—		584
Spartan Buyer Acquisition Co.+	Preferred stock	N/A			N/A		12/2022	N/A	—	110		—		132
Telesoft Holdings LLC+	LP interest	N/A			N/A		12/2019	N/A	137	129		—		123
Templafy APS and Templafy, LLC+(8)(18)	Warrant	N/A			N/A		07/2022	N/A	—	82		—		96
Togetherwork Holdings, LLC+	Preferred stock	N/A			N/A		07/2024	N/A	307	1,342		—		1,355
Workforce Software, LLC+(23)	Common stock	N/A			N/A		07/2019	N/A	—	973		0.1		1,524
Workforce Software, LLC+	Common stock	N/A			N/A		01/2022	N/A	—	36		—		48
Zendesk, Inc.+	LP units	N/A			N/A		11/2022	N/A	63	708		—		602
										155,792		4.1		163,652

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Specialty Retail
Ave Holdings III, Corp+(23)	Preferred stock	N/A	11.50%	Non-Cash	02/2022	N/A	15	$	18,188	0.5	%	$	17,541
Ave Holdings III, Corp+	LP units	N/A	N/A		02/2022	N/A	2	1,737		—		936
Batteries Plus Holding Corporation+	LP interest	N/A	N/A		07/2016	N/A	10	1,287		—		1,239
Cycle Gear, Inc.+	LLC units	N/A	N/A		02/2016	N/A	2,002	481		—		183
Cycle Gear, Inc.+	Preferred stock	N/A	N/A		01/2023	N/A	75	75		—		150
Pet Holdings ULC+(8)(12)(23)	LP interest	N/A	N/A		04/2015	N/A	677	383		—		657
Salon Lofts Group, LLC+	LP units	N/A	N/A		08/2022	N/A	—	129		—		112
Southern Veterinary Partners, LLC+(23)	Preferred stock	N/A	12.00%	Non-Cash	06/2021	N/A	5	6,397		0.2		7,200
Southern Veterinary Partners, LLC+(23)	Preferred stock	N/A	10.00%	Non-Cash	05/2018	N/A	—	899		—		1,360
Southern Veterinary Partners, LLC+	LLC interest	N/A	N/A		05/2018	N/A	148	188		0.2		5,022
VSG Acquisition Corp. and Sherrill, Inc.+	LP units	N/A	N/A		04/2022	N/A	—	57		—		47
								29,821		0.9		34,447
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(23)	LLC interest	N/A	N/A		11/2015	N/A	20	239		—		369
Georgica Pine Clothiers, LLC+	Common stock	N/A	N/A		08/2020	N/A	—	—		—		2
MakerSights, Inc.+	Preferred stock	N/A	N/A		06/2021	N/A	56	265		—		104
Shoes For Crews Global, LLC+	LLC units	N/A	N/A		06/2024	N/A	2	1,083		—		1,109
								1,587		—		1,584
Total non-controlled/non-affiliate company equity investments								417,958		11.6		464,976
Total non-controlled/non-affiliate company investments								8,057,035		199.6		8,011,824

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)			Interest<br><br>Rate(2)				Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Non-controlled/affiliate company investments(27)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(25)	One stop	SF +	1.00%	(i)	5.60%	PIK			06/2026		$	7,071	0.1	%	$	4,888
Abita Brewing Co., L.L.C.+(7)(25)	Second lien	SF +	8.00%	(i)	12.60%	PIK			06/2026	4,834	3,725		—		435
Abita Brewing Co., L.L.C.+(25)	One stop	SF +	1.00%	(i)(j)	5.81%	PIK			06/2026	783	783		—		677
										12,805	11,579		0.1		6,000
Energy, Equipment & Services
Benetech, Inc.+(7)(25)	One stop	SF +	6.00%	(i)	10.75%	PIK			08/2026	4,645	3,623		0.1		1,626
Benetech, Inc.+(7)(25)	One stop	SF +	6.00%	(i)	10.75%	PIK			08/2026	1,210	920		—		167
										5,855	4,543		0.1		1,793
Healthcare Providers & Services
Bayside Opco, LLC+(25)	One stop	SF +	7.25%	(i)	12.00%				06/2026	12,845	12,782		0.3		12,845
Bayside Opco, LLC+(25)	Subordinated debt	SF +	10.00%	(i)	14.75%	PIK			06/2026	5,047	4,613		0.1		4,995
Bayside Opco, LLC+(25)	One stop	SF +	7.25%	(i)	12.00%				06/2026	4,543	4,410		0.1		4,499
Bayside Opco, LLC+	One stop	SF +	7.00%		N/A(6)				06/2026	—	—		—		—
Elite Dental Partners LLC+(7)(25)	One stop	SF +	5.25%	(i)	9.85%	PIK			09/2025	16,683	13,029		0.2		5,505
Elite Dental Partners LLC+(7)(25)	One stop	SF +	12.00%	(i)	16.60%	PIK			09/2025	9,762	7,226		0.1		4,393
Elite Dental Partners LLC+(25)	One stop	SF +	5.25%	(i)	9.85%	PIK			09/2025	1,798	1,798		—		1,798
Opening Day Borrower 111 LLC+	One stop	SF +	6.25%		N/A(6)				05/2027	—	—		—		—
Opening Day Borrower 111 LLC+	One stop	SF +	6.25%		N/A(6)				05/2027	—	—		—		—
SPF Borrower LLC+(25)	One stop	SF +	6.25%	(i)	9.00%	cash/	2.00%	PIK	02/2028	16,191	16,191		0.4		16,191
SPF Borrower LLC+(25)	One stop	SF +	9.50%	(i)	4.75%	cash/	9.50%	PIK	02/2028	8,333	8,333		0.2		8,333
SPF Borrower LLC+	One stop	SF +	6.25%		N/A(6)				02/2028	—	—		—		—
										75,202	68,382		1.4		58,559
Software
Switchfly LLC+(25)	One stop	N/A			1.00%	PIK			10/2026	710	709		—		526
Specialty Retail
Imperial Optical Midco Inc.+	One stop	SF +	1.00%	(i)	5.60%				06/2029	45,065	40,793		1.0		40,558
Imperial Optical Midco Inc.+(5)	One stop	SF +	1.00%		N/A(6)				06/2029	—	—		—		(282)
Imperial Optical Midco Inc.+(5)	One stop	SF +	1.00%		N/A(6)				06/2029	—	—		—		(1,502)
										45,065	40,793		1.0		38,774
Total non-controlled/affiliate company debt investments										139,637	126,006		2.6		105,652

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, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)	Acquisition Date	Maturity<br>Date	Principal ($) /<br><br>Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Equity investments(21)(22)
Beverages
Abita Brewing Co., L.L.C.+	Warrant	N/A	N/A	02/2021	N/A	210	$	—	—	%	$	—
Healthcare Providers & Services
Bayside Opco, LLC+	LLC units	N/A	N/A	05/2023	N/A	6	2,592		0.2		6,788
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	2,902		—		—
Elite Dental Partners LLC	LLC interest	N/A	N/A	09/2020	N/A	—	1,250		—		—
Elite Dental Partners LLC	LLC units	N/A	N/A	09/2020	N/A	—	—		—		—
Opening Day Borrower 111 LLC+	Preferred stock	N/A	N/A	09/2024	N/A	181	21,172		0.5		21,172
Opening Day Borrower 111 LLC+	LLC units	N/A	N/A	04/2023	N/A	181	7,836		0.1		3,764
SPF Borrower LLC+	LLC units	N/A	N/A	02/2024	N/A	—	9,347		0.3		12,129
							45,099		1.1		43,853
Software
Switchfly LLC+	LLC interest	N/A	N/A	09/2018	N/A	98,370	2,321		—		860
Switchfly LLC+	Preferred stock	N/A	N/A	09/2024	N/A	7,275	5,375		0.1		5,375
Switchfly LLC+	LLC units	N/A	N/A	03/2022	N/A	950	950		—		552
							8,646		0.1		6,787
Specialty Retail
Imperial Optical Midco Inc.+	LLC units	N/A	N/A	06/2024	N/A	189	53,764		1.4		55,090
Total non-controlled/affiliate company equity investments							107,509		2.6		105,730
Total non-controlled/affiliate company investments							233,515		5.2		211,382

See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

	Investment Type	Spread<br><br>Above<br><br>Index(1)	Interest<br><br>Rate(2)		Acquisition Date	Maturity<br>Date	Principal () /Shares(3)	Amortized Cost		Percentage<br>of Net<br>Assets		Fair<br><br>Value (4)
Controlled affiliate company investments(28)
Debt investments
IT Services
MMan Acquisition Co.+(25)	One stop	N/A	8.00%	PIK		03/2026		$	1,971	0.1	%	$	1,813
MMan Acquisition Co.+(25)	One stop	N/A	12.00%	PIK		03/2026	1,073	1,073		—		1,073
MMan Acquisition Co.+(25)	One stop	N/A	12.00%	PIK		03/2026	1,153	1,153		—		1,153
MMan Acquisition Co.+(25)	One stop	N/A	12.00%	PIK		03/2026	334	334		—		334
Total controlled affiliate company debt investments							4,531	4,531		0.1		4,373
Equity investments(21)(22)
IT Services
MMan Acquisition Co.+	Preferred stock	N/A	N/A		09/2024	N/A	—	7,832		0.2		7,832
Total controlled affiliate equity investments								7,832		0.2		7,832
Total controlled affiliate company investments								12,363		0.3		12,205
Total investments								8,302,913		205.1		8,235,411
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund <br>Institutional Shares (CUSIP 09248U718)			4.83%	(29)				$	103,410	2.6	%	$	103,410
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio <br>Institutional Share Class (CUSIP 61747C582)			4.78%	(29)				1,599		—		1,599
Morgan Stanley Institutional Liquidity Funds - Government Portfolio Institutional Share Class (CUSIP 61747C707)			4.85%	(29)				7,465		0.2		7,465
Morgan Stanley US Dollar Liquidity Fund <br>Institutional Distributing Share Class (CUSIP L64887109)			4.98%	(29)				10,658		0.3		10,658
Allspring Government Money Market Fund <br>Select Share Class (CUSIP 949921126)			4.86%	(29)				2,616		0.1		2,616
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)			4.88%	(29)				87,353		2.2		87,353
Total money market funds								213,101		5.4		213,101
Total investments and money market funds								$	8,516,014	210.5	%	$	8,448,512

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, 2024

(Dollar and share amounts 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 loan secures the notes offered in the GBDC 3 2021 Debt Securitization (as defined in Note 7).
^	Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022 Debt Securitization (as defined in Note 7).
&	Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022-2 Debt Securitization (as defined in Note 7).
<	Denotes that all or a portion of the loan collateralizes the GBDC 3 DB Credit Facility (as defined in Note 7).
+	Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).

(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian Overnight Repo Rate Average (“CORRA” or “CA”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2024. 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, 2024, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed could not be the applicable index rate outstanding as of September 30, 2024, as the loan could have priced or repriced based on an index rate prior to September 30, 2024.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.00% as of September 30, 2024.

(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.35% as of September 30, 2024.

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.28% as of September 30, 2024.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.11% as of September 30, 2024.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.43% as of September 30, 2024.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.95% as of September 30, 2024.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.96% as of September 30, 2024.

(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.85% as of September 30, 2024.

(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.59% as of September 30, 2024.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.25% as of September 30, 2024.

(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 4.30% as of September 30, 2024.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 3.92% as of September 30, 2024.

(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, 2024.

(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.

(6)The entire commitment was unfunded as of September 30, 2024. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

(7)Loan was on non-accrual status as of September 30, 2024, 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 September 30, 2024, total non-qualifying assets at fair value represented 13.3% of the Company's total assets calculated in accordance with the 1940 Act.