false2025Q30001476765September 3011http://fasb.org/us-gaap/2025#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2025#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2025#GrossInvestmentIncomeOperatinghttp://fasb.org/us-gaap/2025#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2025#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2025#GrossInvestmentIncomeOperating0.0006944xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puregbdc:segmentgbdc:componentiso4217:CADiso4217:GBPiso4217:EURiso4217:AUDgbdc:portfolioCompany00014767652024-10-012025-06-3000014767652025-08-040001476765us-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765us-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-3000014767652025-06-3000014767652024-09-3000014767652023-10-012024-09-3000014767652024-10-012024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMember2025-04-012025-06-300001476765us-gaap:InvestmentUnaffiliatedIssuerMember2024-04-012024-06-300001476765us-gaap:InvestmentUnaffiliatedIssuerMember2024-10-012025-06-300001476765us-gaap:InvestmentUnaffiliatedIssuerMember2023-10-012024-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012025-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-04-012024-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012025-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-10-012024-06-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2025-04-012025-06-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2024-04-012024-06-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2024-10-012025-06-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012024-06-3000014767652025-04-012025-06-3000014767652024-04-012024-06-3000014767652023-10-012024-06-300001476765us-gaap:ForeignExchangeForwardMember2025-04-012025-06-300001476765us-gaap:ForeignExchangeForwardMember2024-04-012024-06-300001476765us-gaap:ForeignExchangeForwardMember2024-10-012025-06-300001476765us-gaap:ForeignExchangeForwardMember2023-10-012024-06-300001476765us-gaap:CommonStockMember2023-09-300001476765us-gaap:AdditionalPaidInCapitalMember2023-09-300001476765us-gaap:RetainedEarningsMember2023-09-3000014767652023-09-300001476765us-gaap:CommonStockMember2023-10-012024-06-300001476765us-gaap:AdditionalPaidInCapitalMember2023-10-012024-06-300001476765us-gaap:RetainedEarningsMember2023-10-012024-06-300001476765us-gaap:CommonStockMember2024-06-300001476765us-gaap:AdditionalPaidInCapitalMember2024-06-300001476765us-gaap:RetainedEarningsMember2024-06-3000014767652024-06-300001476765us-gaap:CommonStockMember2024-03-310001476765us-gaap:AdditionalPaidInCapitalMember2024-03-310001476765us-gaap:RetainedEarningsMember2024-03-3100014767652024-03-310001476765us-gaap:CommonStockMember2024-04-012024-06-300001476765us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001476765us-gaap:RetainedEarningsMember2024-04-012024-06-300001476765us-gaap:CommonStockMember2024-09-300001476765us-gaap:AdditionalPaidInCapitalMember2024-09-300001476765us-gaap:RetainedEarningsMember2024-09-300001476765us-gaap:CommonStockMember2024-10-012025-06-300001476765us-gaap:AdditionalPaidInCapitalMember2024-10-012025-06-300001476765us-gaap:RetainedEarningsMember2024-10-012025-06-300001476765us-gaap:CommonStockMember2025-06-300001476765us-gaap:AdditionalPaidInCapitalMember2025-06-300001476765us-gaap:RetainedEarningsMember2025-06-300001476765us-gaap:CommonStockMember2025-03-310001476765us-gaap:AdditionalPaidInCapitalMember2025-03-310001476765us-gaap:RetainedEarningsMember2025-03-3100014767652025-03-310001476765us-gaap:CommonStockMember2025-04-012025-06-300001476765us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001476765us-gaap:RetainedEarningsMember2025-04-012025-06-300001476765us-gaap:InterestRateSwapMember2024-10-012025-06-300001476765us-gaap:InterestRateSwapMember2023-10-012024-06-300001476765gbdc:GolubCapitalBDC3Inc.Member2024-10-012025-06-300001476765PPW Aero Buyer, Inc., One stop 12025-06-300001476765PPW Aero Buyer, Inc., One stop 22025-06-300001476765PPW Aero Buyer, Inc., One stop 32025-06-300001476765PPW Aero Buyer, Inc., One stop 42025-06-300001476765PPW Aero Buyer, Inc., One stop 52025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765RJW Group Holdings, Inc., One stop 12025-06-300001476765RJW Group Holdings, Inc., One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:AirFreightAndLogisticsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Accelya Lux Finco S.A.R.L., One stop2025-06-300001476765Arnott, LLC, One stop 12025-06-300001476765Arnott, LLC, One stop 22025-06-300001476765Collision SP Subco, LLC, One stop 12025-06-300001476765Collision SP Subco, LLC, One stop 22025-06-300001476765Collision SP Subco, LLC, One stop 32025-06-300001476765Collision SP Subco, LLC, One stop 42025-06-300001476765Collision SP Subco, LLC, One stop 52025-06-300001476765Covercraft Parent III, Inc., Senior secured 12025-06-300001476765Covercraft Parent III, Inc., Senior secured 22025-06-300001476765Covercraft Parent III, Inc., Senior secured 32025-06-300001476765North Haven Falcon Buyer, LLC, One stop 12025-06-300001476765North Haven Falcon Buyer, LLC, One stop 22025-06-300001476765OEConnection, LLC, One stop 12025-06-300001476765OEConnection, LLC, One stop 22025-06-300001476765OEConnection, LLC, One stop 32025-06-300001476765OEConnection, LLC, One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:AutoComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765CAP-KSI Holdings, LLC, One stop 12025-06-300001476765CAP-KSI Holdings, LLC, One stop 22025-06-300001476765CG Group Holdings, LLC, One stop 12025-06-300001476765CG Group Holdings, LLC, One stop 22025-06-300001476765Denali Midco 2, LLC, One stop 12025-06-300001476765Denali Midco 2, LLC, Second lien2025-06-300001476765Denali Midco 2, LLC, One stop 22025-06-300001476765Denali Midco 2, LLC, One stop 32025-06-300001476765Denali Midco 2, LLC, One stop 42025-06-300001476765Denali Midco 2, LLC, One stop 52025-06-300001476765Denali Midco 2, LLC, One stop 62025-06-300001476765Denali Midco 2, LLC, One stop 72025-06-300001476765Denali Midco 2, LLC, One stop 82025-06-300001476765Denali Midco 2, LLC, One stop 92025-06-300001476765Denali Midco 2, LLC, One stop 102025-06-300001476765Denali Midco 2, LLC, One stop 112025-06-300001476765Denali Midco 2, LLC, One stop 122025-06-300001476765Denali Midco 2, LLC, One stop 132025-06-300001476765Denali Midco 2, LLC, One stop 142025-06-300001476765Denali Midco 2, LLC, One stop 152025-06-300001476765Denali Midco 2, LLC, One stop 162025-06-300001476765Denali Midco 2, LLC, One stop 172025-06-300001476765Denali Midco 2, LLC, One stop 182025-06-300001476765Denali Midco 2, LLC, One stop 192025-06-300001476765High Bar Brands Operating, LLC, Senior secured 12025-06-300001476765High Bar Brands Operating, LLC, Senior secured 22025-06-300001476765High Bar Brands Operating, LLC, Senior secured 32025-06-300001476765High Bar Brands Operating, LLC, Senior secured 42025-06-300001476765JHCC Holdings LLC, One stop 12025-06-300001476765JHCC Holdings LLC, One stop 22025-06-300001476765JHCC Holdings LLC, One stop 32025-06-300001476765JHCC Holdings LLC, One stop 42025-06-300001476765JHCC Holdings LLC, One stop 52025-06-300001476765JHCC Holdings LLC, One stop 62025-06-300001476765JHCC Holdings LLC, One stop 72025-06-300001476765JHCC Holdings LLC, One stop 82025-06-300001476765JHCC Holdings LLC, One stop 92025-06-300001476765JHCC Holdings LLC, One stop 102025-06-300001476765MOP GM Holding, LLC, One stop 12025-06-300001476765MOP GM Holding, LLC, One stop 22025-06-300001476765MOP GM Holding, LLC, One stop 32025-06-300001476765MOP GM Holding, LLC, One stop 42025-06-300001476765MOP GM Holding, LLC, One stop 52025-06-300001476765MOP GM Holding, LLC, One stop 62025-06-300001476765MOP GM Holding, LLC, One stop 72025-06-300001476765MOP GM Holding, LLC, One stop 82025-06-300001476765MOP GM Holding, LLC, One stop 92025-06-300001476765MOP GM Holding, LLC, One stop 102025-06-300001476765MOP GM Holding, LLC, One stop 112025-06-300001476765MOP GM Holding, LLC, One stop 122025-06-300001476765MOP GM Holding, LLC, One stop 132025-06-300001476765MOP GM Holding, LLC, One stop 142025-06-300001476765MOP GM Holding, LLC, One stop 152025-06-300001476765National Express Wash Parent Holdco, LLC, One stop 12025-06-300001476765National Express Wash Parent Holdco, LLC, One stop 22025-06-300001476765National Express Wash Parent Holdco, LLC, One stop 32025-06-300001476765National Express Wash Parent Holdco, LLC, One stop 42025-06-300001476765POY Holdings, LLC, One stop 12025-06-300001476765POY Holdings, LLC, One stop 22025-06-300001476765POY Holdings, LLC, One stop 32025-06-300001476765POY Holdings, LLC, One stop 42025-06-300001476765POY Holdings, LLC, One stop 52025-06-300001476765POY Holdings, LLC, One stop 62025-06-300001476765POY Holdings, LLC, One stop 72025-06-300001476765POY Holdings, LLC, One stop 82025-06-300001476765POY Holdings, LLC, One stop 92025-06-300001476765Quick Quack Car Wash Holdings, LLC, One stop 12025-06-300001476765Quick Quack Car Wash Holdings, LLC, One stop 22025-06-300001476765Quick Quack Car Wash Holdings, LLC, One stop 32025-06-300001476765Quick Quack Car Wash Holdings, LLC, One stop 42025-06-300001476765TWAS Holdings, LLC, One stop 12025-06-300001476765TWAS Holdings, LLC, One stop 22025-06-300001476765TWAS Holdings, LLC, One stop 32025-06-300001476765TWAS Holdings, LLC, One stop 42025-06-300001476765TWAS Holdings, LLC, One stop 52025-06-300001476765TWAS Holdings, LLC, One stop 62025-06-300001476765Yorkshire Parent, Inc., One stop 12025-06-300001476765Yorkshire Parent, Inc., One stop 22025-06-300001476765Yorkshire Parent, Inc., One stop 32025-06-300001476765Yorkshire Parent, Inc., One stop 42025-06-300001476765Yorkshire Parent, Inc., One stop 52025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Empyrean Solutions, LLC., One stop 12025-06-300001476765Empyrean Solutions, LLC., One stop 22025-06-300001476765Empyrean Solutions, LLC., One stop 32025-06-300001476765OSP Hamilton Purchaser, LLC., One stop 12025-06-300001476765OSP Hamilton Purchaser, LLC., One stop 22025-06-300001476765OSP Hamilton Purchaser, LLC., One stop 32025-06-300001476765OSP Hamilton Purchaser, LLC., One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:BanksSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Financial Information Technologies, LLC., One stop 12025-06-300001476765Financial Information Technologies, LLC., One stop 22025-06-300001476765Financial Information Technologies, LLC., One stop 32025-06-300001476765Financial Information Technologies, LLC., One stop 42025-06-300001476765Financial Information Technologies, LLC., One stop 52025-06-300001476765Spindrift Beverage Co. Inc., One stop 12025-06-300001476765Spindrift Beverage Co. Inc., One stop 22025-06-300001476765Spindrift Beverage Co. Inc., One stop 32025-06-300001476765Watermill Express, LLC., One stop 12025-06-300001476765Watermill Express, LLC., One stop 22025-06-300001476765Watermill Express, LLC., One stop 32025-06-300001476765Watermill Express, LLC., One stop 42025-06-300001476765Watermill Express, LLC., One stop 52025-06-300001476765Watermill Express, LLC., One stop 62025-06-300001476765Watermill Express, LLC., One stop 72025-06-300001476765Watermill Express, LLC., One stop 82025-06-300001476765Winebow Holdings, Inc., One stop 2025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765BECO Holding Company, Inc., One stop 12025-06-300001476765BECO Holding Company, Inc., One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765BlueMatrix Holdings, LLC, One stop 12025-06-300001476765BlueMatrix Holdings, LLC, One stop 22025-06-300001476765BlueMatrix Holdings, LLC, One stop 32025-06-300001476765BlueMatrix Holdings, LLC, One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:CapitalMarketsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765AP Adhesives Holdings, LLC., One stop 12025-06-300001476765AP Adhesives Holdings, LLC., One stop 22025-06-300001476765AP Adhesives Holdings, LLC., One stop 32025-06-300001476765Inhance Technologies Holdings, LLC., One stop 12025-06-300001476765Inhance Technologies Holdings, LLC., One stop 22025-06-300001476765Inhance Technologies Holdings, LLC., One stop 32025-06-300001476765Inhance Technologies Holdings, LLC., One stop 42025-06-300001476765Krayden Holdings, Inc., Senior secured 12025-06-300001476765Krayden Holdings, Inc., Senior secured 22025-06-300001476765Krayden Holdings, Inc., Senior secured 32025-06-300001476765PHM NL SP Bidco B.V., One stop 12025-06-300001476765PHM NL SP Bidco B.V., One stop 22025-06-300001476765PHM NL SP Bidco B.V., One stop 32025-06-300001476765PHM NL SP Bidco B.V., One stop 42025-06-300001476765us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765BradyIFS Holdings, LLC., One stop 12025-06-300001476765BradyIFS Holdings, LLC., One stop 22025-06-300001476765CI (Quercus) Intermediate Holdings, LLC., One stop 12025-06-300001476765CI (Quercus) Intermediate Holdings, LLC., One stop 22025-06-300001476765CI (Quercus) Intermediate Holdings, LLC., One stop 32025-06-300001476765CI (Quercus) Intermediate Holdings, LLC., One stop 42025-06-300001476765CHA Vision Holdings, Inc., One stop 12025-06-300001476765CHA Vision Holdings, Inc., One stop 22025-06-300001476765CHA Vision Holdings, Inc., One stop 32025-06-300001476765Kleinfelder Intermediate, LLC., One stop 12025-06-300001476765Kleinfelder Intermediate, LLC., One stop 22025-06-300001476765Kleinfelder Intermediate, LLC., One stop 32025-06-300001476765North Haven Stack Buyer, LLC, Second lien 12025-06-300001476765North Haven Stack Buyer, LLC, One stop 12025-06-300001476765North Haven Stack Buyer, LLC, One stop 22025-06-300001476765North Haven Stack Buyer, LLC, One stop 32025-06-300001476765North Haven Stack Buyer, LLC, One stop 42025-06-300001476765North Haven Stack Buyer, LLC, Second lien 22025-06-300001476765North Haven Stack Buyer, LLC, One stop 52025-06-300001476765North Haven Stack Buyer, LLC, Second lien 32025-06-300001476765North Haven Stack Buyer, LLC, One stop 62025-06-300001476765North Haven Stack Buyer, LLC, One stop 72025-06-300001476765North Haven Stack Buyer, LLC, One stop 82025-06-300001476765North Haven Stack Buyer, LLC, One stop 92025-06-300001476765North Haven Stack Buyer, LLC, One stop 102025-06-300001476765North Haven Stack Buyer, LLC, One stop 112025-06-300001476765North Haven Stack Buyer, LLC, One stop 122025-06-300001476765North Haven Stack Buyer, LLC, One stop 132025-06-300001476765North Haven Stack Buyer, LLC, One stop 142025-06-300001476765North Haven Stack Buyer, LLC, One stop 152025-06-300001476765North Haven Stack Buyer, LLC, One stop 162025-06-300001476765North Haven Stack Buyer, LLC, One stop 172025-06-300001476765North Haven Stack Buyer, LLC, One stop 182025-06-300001476765North Haven Stack Buyer, LLC, One stop 192025-06-300001476765North Haven Stack Buyer, LLC, One stop 202025-06-300001476765North Haven Stack Buyer, LLC, One stop 212025-06-300001476765North Haven Stack Buyer, LLC, Second lien 42025-06-300001476765North Haven Stack Buyer, LLC, One stop 222025-06-300001476765Profile Products LLC., One stop 12025-06-300001476765Profile Products LLC., One stop 22025-06-300001476765Profile Products LLC., One stop 32025-06-300001476765Profile Products LLC., One stop 42025-06-300001476765PSC Parent, Inc.., One stop 12025-06-300001476765PSC Parent, Inc.., One stop 22025-06-300001476765PSC Parent, Inc.., One stop 32025-06-300001476765PSC Parent, Inc.., One stop 42025-06-300001476765PT Intermediate Holdings III, LLC., One stop 12025-06-300001476765PT Intermediate Holdings III, LLC., One stop 22025-06-300001476765Radwell Parent, LLC., One stop 12025-06-300001476765Radwell Parent, LLC., One stop 22025-06-300001476765Radwell Parent, LLC., One stop 32025-06-300001476765Trinity Air Consultants Holdings Corporation, One stop 12025-06-300001476765Trinity Air Consultants Holdings Corporation, One stop 22025-06-300001476765Trinity Air Consultants Holdings Corporation, One stop 32025-06-300001476765Trinity Air Consultants Holdings Corporation, One stop 42025-06-300001476765Trinity Air Consultants Holdings Corporation, One stop 52025-06-300001476765WRE Holding Corp., One stop 12025-06-300001476765WRE Holding Corp., One stop 22025-06-300001476765WRE Holding Corp., One stop 32025-06-300001476765WRE Holding Corp., One stop 42025-06-300001476765WRE Holding Corp., One stop 52025-06-300001476765WRE Holding Corp., One stop 62025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Lightning Finco Limited, One stop 12025-06-300001476765Lightning Finco Limited, One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:CommunicationsEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Consor Intermediate II, LLC, One stop 12025-06-300001476765Consor Intermediate II, LLC, One stop 22025-06-300001476765Consor Intermediate II, LLC, One stop 32025-06-300001476765DCCM, LLC, One stop 12025-06-300001476765DCCM, LLC, One stop 22025-06-300001476765DCCM, LLC, One stop 32025-06-300001476765Royal Holdco Corporation, One stop 12025-06-300001476765Royal Holdco Corporation, One stop 22025-06-300001476765Royal Holdco Corporation, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ConstructionEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Chase Intermediate, One stop 12025-06-300001476765Chase Intermediate, One stop 22025-06-300001476765Chase Intermediate, One stop 32025-06-300001476765Chase Intermediate, One stop 42025-06-300001476765Fortis Solutions Group, LLC^, One stop2025-06-300001476765Fortis Solutions Group, LLC, One stop 12025-06-300001476765Fortis Solutions Group, LLC, One stop 22025-06-300001476765Fortis Solutions Group, LLC, One stop 32025-06-300001476765Packaging Coordinators Midco, Inc., One stop 12025-06-300001476765Packaging Coordinators Midco, Inc., One stop 22025-06-300001476765Packaging Coordinators Midco, Inc., One stop 32025-06-300001476765Packaging Coordinators Midco, Inc., One stop 42025-06-300001476765Packaging Coordinators Midco, Inc., One stop 52025-06-300001476765us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Any Hour, LLC, One stop 12025-06-300001476765Any Hour, LLC, One stop 22025-06-300001476765Any Hour, LLC, One stop 32025-06-300001476765Any Hour, LLC, One stop 42025-06-300001476765Apex Service Partners, LLC, One stop 12025-06-300001476765Apex Service Partners, LLC, One stop 22025-06-300001476765Apex Service Partners, LLC, One stop 32025-06-300001476765Apex Service Partners, LLC, One stop 42025-06-300001476765Apex Service Partners, LLC, One stop 52025-06-300001476765Apex Service Partners, LLC, One stop 62025-06-300001476765Certus Pest, Inc., One stop 12025-06-300001476765Certus Pest, Inc., One stop 22025-06-300001476765Certus Pest, Inc., One stop 32025-06-300001476765Certus Pest, Inc., One stop 42025-06-300001476765Certus Pest, Inc., One stop 52025-06-300001476765Certus Pest, Inc., One stop 62025-06-300001476765Certus Pest, Inc., One stop 72025-06-300001476765Certus Pest, Inc., One stop 82025-06-300001476765Certus Pest, Inc., One stop 92025-06-300001476765Certus Pest, Inc., One stop 102025-06-300001476765Certus Pest, Inc., One stop 112025-06-300001476765Certus Pest, Inc., One stop 122025-06-300001476765Certus Pest, Inc., One stop 132025-06-300001476765Certus Pest, Inc., One stop 142025-06-300001476765Certus Pest, Inc., One stop 152025-06-300001476765Certus Pest, Inc., One stop 162025-06-300001476765CHHJ Midco, LLC, Senior secured 12025-06-300001476765CHHJ Midco, LLC, Senior secured 22025-06-300001476765CHVAC Services Investment, LLC, One stop 12025-06-300001476765CHVAC Services Investment, LLC, One stop 22025-06-300001476765CHVAC Services Investment, LLC, One stop 32025-06-300001476765CHVAC Services Investment, LLC, One stop 42025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 12025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 22025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 32025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 42025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 52025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 62025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 72025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 82025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 92025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 102025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 112025-06-300001476765EMS LINQ, LLC, One stop 12025-06-300001476765EMS LINQ, LLC, One stop 22025-06-300001476765Entomo Brands Acquisitions, Inc., Senior secured 12025-06-300001476765Entomo Brands Acquisitions, Inc., Senior secured 22025-06-300001476765Entomo Brands Acquisitions, Inc., Senior secured 32025-06-300001476765EWC Growth Partners LLC, One stop 12025-06-300001476765EWC Growth Partners LLC, One stop 22025-06-300001476765EWC Growth Partners LLC, One stop 32025-06-300001476765EWC Growth Partners LLC, One stop 42025-06-300001476765FPG Intermediate Holdco, LLC, One stop 12025-06-300001476765FPG Intermediate Holdco, LLC, One stop 22025-06-300001476765FPG Intermediate Holdco, LLC, One stop 32025-06-300001476765FSS Buyer LLC, One stop 12025-06-300001476765FSS Buyer LLC, One stop 22025-06-300001476765HS Spa Holdings, Inc., One stop 12025-06-300001476765HS Spa Holdings, Inc., One stop 22025-06-300001476765HS Spa Holdings, Inc., One stop 32025-06-300001476765Learn-it Systems, LLC, Senior secured 12025-06-300001476765Learn-it Systems, LLC, Senior secured 22025-06-300001476765Learn-it Systems, LLC, Senior secured 32025-06-300001476765Learn-it Systems, LLC, Senior secured 42025-06-300001476765Liminex, Inc., One stop 12025-06-300001476765Liminex, Inc., One stop 22025-06-300001476765Liminex, Inc., One stop 32025-06-300001476765Liminex, Inc., One stop 42025-06-300001476765Litera Bidco, LLC, One stop 12025-06-300001476765Litera Bidco, LLC, One stop 22025-06-300001476765Litera Bidco, LLC, One stop 32025-06-300001476765Litera Bidco, LLC, One stop 42025-06-300001476765Mario Purchaser, LLC, One stop 12025-06-300001476765Mario Purchaser, LLC, One stop 22025-06-300001476765Mario Purchaser, LLC, One stop 32025-06-300001476765Mario Purchaser, LLC, One stop 42025-06-300001476765Mario Purchaser, LLC, One stop 52025-06-300001476765NSG Buyer, Inc., One stop 12025-06-300001476765NSG Buyer, Inc., One stop 22025-06-300001476765NSG Buyer, Inc., One stop 32025-06-300001476765NSG Buyer, Inc., One stop 42025-06-300001476765PADI Holdco, Inc., One stop 12025-06-300001476765PADI Holdco, Inc., One stop 22025-06-300001476765PADI Holdco, Inc., One stop 32025-06-300001476765PADI Holdco, Inc., One stop 42025-06-300001476765PADI Holdco, Inc., One stop 52025-06-300001476765PADI Holdco, Inc., One stop 62025-06-300001476765Provenance Buyer LLC, One stop 12025-06-300001476765Provenance Buyer LLC, One stop 22025-06-300001476765Provenance Buyer LLC, One stop 32025-06-300001476765RW AM Holdco LLC, One stop 12025-06-300001476765RW AM Holdco LLC, One stop 22025-06-300001476765Severin Acquisition, LLC, One stop 12025-06-300001476765Severin Acquisition, LLC, One stop 22025-06-300001476765Severin Acquisition, LLC, One stop 32025-06-300001476765Stellar Brands, LLC, Senior secured 12025-06-300001476765Stellar Brands, LLC, Senior secured 22025-06-300001476765Virginia Green Acquisition, LLC, One stop 12025-06-300001476765Virginia Green Acquisition, LLC, One stop 22025-06-300001476765Virginia Green Acquisition, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Baker Tilly Advisory Group, LP, One stop 12025-06-300001476765Baker Tilly Advisory Group, LP, One stop 22025-06-300001476765Baker Tilly Advisory Group, LP, One stop 32025-06-300001476765Baker Tilly Advisory Group, LP, One stop 42025-06-300001476765Banker's Toolbox, Inc., One stop 12025-06-300001476765Banker's Toolbox, Inc., One stop 22025-06-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 12025-06-300001476765Ceres Groupe SAS & Ceres PikCo, Subordinated debt2025-06-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 22025-06-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 32025-06-300001476765Corsair Blade IV S.A R.L., One stop 12025-06-300001476765Corsair Blade IV S.A R.L., One stop 22025-06-300001476765Equity Methods, LLC, One stop 12025-06-300001476765Equity Methods, LLC, One stop 22025-06-300001476765Equity Methods, LLC, One stop 32025-06-300001476765Finastra USA, Inc., One stop 12025-06-300001476765Finastra USA, Inc., One stop 22025-06-300001476765Flash Topco, Inc., One stop 12025-06-300001476765Flash Topco, Inc., One stop 22025-06-300001476765Flash Topco, Inc., One stop 32025-06-300001476765Higginbotham Insurance Agency, Inc., One stop 12025-06-300001476765Higginbotham Insurance Agency, Inc., One stop 22025-06-300001476765Medlar Bidco Limited, One stop 12025-06-300001476765Medlar Bidco Limited, One stop 22025-06-300001476765Medlar Bidco Limited, One stop 32025-06-300001476765Wealth Enhancement Group, LLC, One stop 12025-06-300001476765Wealth Enhancement Group, LLC, One stop 22025-06-300001476765Wealth Enhancement Group, LLC, One stop 32025-06-300001476765Wealth Enhancement Group, LLC, One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedFinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765NTI Connect, LLC, Senior secured2025-06-300001476765Smart Energy Systems, Inc., One stop 12025-06-300001476765Smart Energy Systems, Inc., One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectricUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Power Grid Holdings, Inc., One stop 12025-06-300001476765Power Grid Holdings, Inc., One stop 22025-06-300001476765Wildcat TopCo, Inc., One stop 12025-06-300001476765Wildcat TopCo, Inc., One stop 22025-06-300001476765Wildcat TopCo, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectricalEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765CST Holding Company, One stop 12025-06-300001476765CST Holding Company, One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Mendocino Farms, LLC, One stop 12025-06-300001476765Mendocino Farms, LLC, One stop 22025-06-300001476765Mendocino Farms, LLC, One stop 32025-06-300001476765Mendocino Farms, LLC, One stop 42025-06-300001476765Mendocino Farms, LLC, One stop 52025-06-300001476765Mendocino Farms, LLC, One stop 62025-06-300001476765Mendocino Farms, LLC, One stop 72025-06-300001476765Mendocino Farms, LLC, One stop 82025-06-300001476765PDI TA Holdings, Inc., One stop 12025-06-300001476765PDI TA Holdings, Inc., One stop 22025-06-300001476765PDI TA Holdings, Inc., One stop 32025-06-300001476765Wineshipping.com LLC, One stop 12025-06-300001476765Wineshipping.com LLC, One stop 22025-06-300001476765Wineshipping.com LLC, One stop 32025-06-300001476765Wineshipping.com LLC, One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Blast Bidco Inc., One stop 12025-06-300001476765Blast Bidco Inc., One stop 22025-06-300001476765Borrower R365 Holdings, LLC, One stop 12025-06-300001476765Borrower R365 Holdings, LLC, One stop 22025-06-300001476765Borrower R365 Holdings, LLC, One stop 32025-06-300001476765Borrower R365 Holdings, LLC, One stop 42025-06-300001476765Eagle Family Foods Group, LLC, One stop 12025-06-300001476765Eagle Family Foods Group, LLC, One stop 22025-06-300001476765Kodiak Cakes, LLC, Senior secured 12025-06-300001476765Kodiak Cakes, LLC, Senior secured 22025-06-300001476765Louisiana Fish Fry Products, Ltd., One stop 12025-06-300001476765Louisiana Fish Fry Products, Ltd., One stop 22025-06-300001476765MAPF Holdings, Inc., One stop 12025-06-300001476765MAPF Holdings, Inc., One stop 22025-06-300001476765MAPF Holdings, Inc., One stop 32025-06-300001476765MAPF Holdings, Inc., One stop 42025-06-300001476765P&P Food Safety Holdings, Inc., One stop 12025-06-300001476765P&P Food Safety Holdings, Inc., One stop 22025-06-300001476765P&P Food Safety Holdings, Inc., One stop 32025-06-300001476765P&P Food Safety Holdings, Inc., One stop 42025-06-300001476765Wizard Bidco Limited, One stop 12025-06-300001476765Wizard Bidco Limited, One stop 22025-06-300001476765Wizard Bidco Limited, One stop 32025-06-300001476765Wizard Bidco Limited, One stop 42025-06-300001476765Zullas, L.C., One stop 12025-06-300001476765Zullas, L.C., One stop 22025-06-300001476765Zullas, L.C., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Aspen Medical Products, LLC, One stop 12025-06-300001476765Aspen Medical Products, LLC, One stop 22025-06-300001476765Aspen Medical Products, LLC, One stop 32025-06-300001476765Aspen Medical Products, LLC, One stop 42025-06-300001476765Baduhenna Bidco Limited, One stop 12025-06-300001476765Baduhenna Bidco Limited, One stop 22025-06-300001476765Baduhenna Bidco Limited, One stop 32025-06-300001476765Baduhenna Bidco Limited, One stop 42025-06-300001476765Baduhenna Bidco Limited, One stop 52025-06-300001476765Baduhenna Bidco Limited, One stop 62025-06-300001476765Belmont Instrument, LLC, One stop 12025-06-300001476765Belmont Instrument, LLC, One stop 22025-06-300001476765Blades Buyer, Inc., Senior secured 12025-06-300001476765Blades Buyer, Inc., Senior secured 22025-06-300001476765Blades Buyer, Inc., Senior secured 32025-06-300001476765Blades Buyer, Inc., Senior secured 42025-06-300001476765Blades Buyer, Inc., Senior secured 52025-06-300001476765Blades Buyer, Inc., Senior secured 62025-06-300001476765Blue River Pet Care, LLC, One stop 12025-06-300001476765Blue River Pet Care, LLC, One stop 22025-06-300001476765Blue River Pet Care, LLC, One stop 32025-06-300001476765Blue River Pet Care, LLC, One stop 42025-06-300001476765Blue River Pet Care, LLC, One stop 52025-06-300001476765Blue River Pet Care, LLC, One stop 62025-06-300001476765Blue River Pet Care, LLC, One stop 72025-06-300001476765Blue River Pet Care, LLC, One stop 82025-06-300001476765Blue River Pet Care, LLC, One stop 92025-06-300001476765Blue River Pet Care, LLC, One stop 102025-06-300001476765Blue River Pet Care, LLC, One stop 112025-06-300001476765Blue River Pet Care, LLC, One stop 122025-06-300001476765Blue River Pet Care, LLC, One stop 132025-06-300001476765Blue River Pet Care, LLC, One stop 142025-06-300001476765Blue River Pet Care, LLC, One stop 152025-06-300001476765Blue River Pet Care, LLC, One stop 162025-06-300001476765CCSL Holdings, LLC, One stop 12025-06-300001476765CCSL Holdings, LLC, One stop 22025-06-300001476765CCSL Holdings, LLC, One stop 32025-06-300001476765CCSL Holdings, LLC, One stop 42025-06-300001476765CCSL Holdings, LLC, One stop 52025-06-300001476765CCSL Holdings, LLC, One stop 62025-06-300001476765CCSL Holdings, LLC, One stop 72025-06-300001476765CCSL Holdings, LLC, One stop 82025-06-300001476765CCSL Holdings, LLC, One stop 92025-06-300001476765CCSL Holdings, LLC, One stop 102025-06-300001476765CCSL Holdings, LLC, One stop 112025-06-300001476765CMI Parent Inc., One stop 12025-06-300001476765CMI Parent Inc., One stop 22025-06-300001476765CMI Parent Inc., Senior secured2025-06-300001476765CMI Parent Inc., One stop 32025-06-300001476765CMI Parent Inc., One stop 4 2025-06-300001476765HuFriedy Group Acquisition, LLC, One stop 12025-06-300001476765HuFriedy Group Acquisition, LLC, One stop 22025-06-300001476765HuFriedy Group Acquisition, LLC, One stop 32025-06-300001476765JHC Investment Intermediate Holdings, LLC, One stop 12025-06-300001476765JHC Investment Intermediate Holdings, LLC, One stop 22025-06-300001476765TIDI Legacy Products, Inc., One stop 12025-06-300001476765TIDI Legacy Products, Inc., One stop 22025-06-300001476765TIDI Legacy Products, Inc., One stop 32025-06-300001476765YI, LLC, One stop 12025-06-300001476765YI, LLC, One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765AAH TOPCO, LLC, One stop 12025-06-300001476765AAH TOPCO, LLC, One stop 22025-06-300001476765AAH TOPCO, LLC, One stop 32025-06-300001476765AAH TOPCO, LLC, Subordinated debt2025-06-300001476765AAH TOPCO, LLC, One stop 42025-06-300001476765AAH TOPCO, LLC, One stop 52025-06-300001476765Active Day, Inc., One stop 12025-06-300001476765Active Day, Inc., One stop 22025-06-300001476765Active Day, Inc., One stop 32025-06-300001476765Active Day, Inc., One stop 42025-06-300001476765Active Day, Inc., One stop 52025-06-300001476765Active Day, Inc., One stop 62025-06-300001476765Active Day, Inc., One stop 72025-06-300001476765Active Day, Inc., One stop 82025-06-300001476765Active Day, Inc., One stop 92025-06-300001476765Active Day, Inc., One stop 102025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 12025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 22025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 32025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 42025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 52025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 62025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 72025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 82025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 92025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 102025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 112025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 122025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 132025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 142025-06-300001476765Acuity Eyecare Holdings, LLC, Senior secured2025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 152025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 162025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 12025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 12025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 22025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 22025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 32025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 32025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 42025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 52025-06-300001476765Bamboo US Bidco LLC, One stop 12025-06-300001476765Bamboo US Bidco LLC, One stop 22025-06-300001476765Bamboo US Bidco LLC, One stop 32025-06-300001476765Bamboo US Bidco LLC, One stop 42025-06-300001476765Bamboo US Bidco LLC, One stop 52025-06-300001476765Bamboo US Bidco LLC, One stop 62025-06-300001476765Benefit Plan Administrators of Eau Claire, LLC, One stop 12025-06-300001476765Benefit Plan Administrators of Eau Claire, LLC, One stop 22025-06-300001476765Benefit Plan Administrators of Eau Claire, LLC, One stop 32025-06-300001476765Benefit Plan Administrators of Eau Claire, LLC, One stop 42025-06-300001476765BHG Holdings, LLC, One stop 12025-06-300001476765BHG Holdings, LLC, One stop 22025-06-300001476765BHG Holdings, LLC, One stop 32025-06-300001476765Community Care Partners, LLC, One stop2025-06-300001476765CRH Healthcare Purchaser, Inc., Senior secured 12025-06-300001476765CRH Healthcare Purchaser, Inc., Senior secured 22025-06-300001476765CRH Healthcare Purchaser, Inc., Senior secured 32025-06-300001476765CRH Healthcare Purchaser, Inc., Senior secured 42025-06-300001476765CRH Healthcare Purchaser, Inc., Senior secured 52025-06-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12025-06-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22025-06-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32025-06-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42025-06-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 52025-06-300001476765Encorevet Group LLC, One stop 12025-06-300001476765Encorevet Group LLC, One stop 22025-06-300001476765Encorevet Group LLC, One stop 32025-06-300001476765Encorevet Group LLC, One stop 42025-06-300001476765Encorevet Group LLC, One stop 52025-06-300001476765Encorevet Group LLC, One stop 62025-06-300001476765Encorevet Group LLC, One stop 72025-06-300001476765Encorevet Group LLC, One stop 82025-06-300001476765Encorevet Group LLC, One stop 92025-06-300001476765Encorevet Group LLC, One stop 102025-06-300001476765Encorevet Group LLC, One stop 112025-06-300001476765Encorevet Group LLC, One stop 122025-06-300001476765Encorevet Group LLC, One stop 132025-06-300001476765Encorevet Group LLC, One stop 142025-06-300001476765Encorevet Group LLC, One stop 152025-06-300001476765Encorevet Group LLC, One stop 162025-06-300001476765Encorevet Group LLC, One stop 172025-06-300001476765ERC Topco Holdings, LLC, One stop 12025-06-300001476765ERC Topco Holdings, LLC, One stop 22025-06-300001476765ERC Topco Holdings, LLC, One stop 32025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 12025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 22025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 32025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 42025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 52025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 62025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 72025-06-300001476765Heartland Veterinary Partners LLC, Senior secured 12025-06-300001476765Heartland Veterinary Partners LLC, Senior secured 22025-06-300001476765Heartland Veterinary Partners LLC, Senior secured 32025-06-300001476765Klick Inc., Senior secured 12025-06-300001476765Klick Inc., Senior secured 22025-06-300001476765Klick Inc., Senior secured 32025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 12025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 22025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 32025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 42025-06-300001476765Krueger-Gilbert Health Physics, LLC, One stop2025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 52025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 62025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 72025-06-300001476765LOV Acquisition LLC, Senior secured 12025-06-300001476765LOV Acquisition LLC, Senior secured 22025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 12025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 22025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 32025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 42025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 52025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 62025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 72025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 82025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 12025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 22025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 32025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 42025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 52025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 62025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 72025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 82025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 92025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 102025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 112025-06-300001476765Premise Health Holding Corp., One stop 12025-06-300001476765PPV Intermediate Holdings, LLC, One stop 12025-06-300001476765PPV Intermediate Holdings, LLC, One stop 22025-06-300001476765PPV Intermediate Holdings, LLC, One stop 32025-06-300001476765PPV Intermediate Holdings, LLC, One stop 42025-06-300001476765PPV Intermediate Holdings, LLC, One stop 52025-06-300001476765PPV Intermediate Holdings, LLC, One stop 62025-06-300001476765PPV Intermediate Holdings, LLC, One stop 72025-06-300001476765PPV Intermediate Holdings, LLC, One stop 82025-06-300001476765Premise Health Holding Corp., One stop 22025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 12025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 22025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 32025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 42025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 52025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 62025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 72025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 82025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 92025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 102025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 112025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 122025-06-300001476765Suveto Buyer, LLC, One stop 12025-06-300001476765Suveto Buyer, LLC, One stop 22025-06-300001476765Suveto Buyer, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Amberfield Acquisition Co., One stop 12025-06-300001476765Amberfield Acquisition Co., One stop 22025-06-300001476765Amberfield Acquisition Co., One stop 32025-06-300001476765Color Intermediate, LLC, Senior secured2025-06-300001476765Connexin Software, Inc., One stop 12025-06-300001476765Connexin Software, Inc., One stop 22025-06-300001476765Crow River Buyer, Inc., One stop 12025-06-300001476765Crow River Buyer, Inc., One stop 22025-06-300001476765Crow River Buyer, Inc., One stop 32025-06-300001476765ESO Solution, Inc., One stop 12025-06-300001476765ESO Solution, Inc., One stop 22025-06-300001476765ESO Solution, Inc., One stop 32025-06-300001476765GHX Ultimate Parent Corporation, One stop 12025-06-300001476765GHX Ultimate Parent Corporation, One stop 22025-06-300001476765Kona Buyer, LLC, One stop 12025-06-300001476765Kona Buyer, LLC, One stop 22025-06-300001476765Kona Buyer, LLC, One stop 32025-06-300001476765Kona Buyer, LLC, One stop 42025-06-300001476765Kona Buyer, LLC, One stop 52025-06-300001476765Kona Buyer, LLC, One stop 62025-06-300001476765Kona Buyer, LLC, One stop 72025-06-300001476765Kona Buyer, LLC, One stop 82025-06-300001476765Lacker Bidco Limited, One stop 12025-06-300001476765Lacker Bidco Limited, One stop 22025-06-300001476765Lacker Bidco Limited, One stop 32025-06-300001476765Modernizing Medicine, Inc., One stop 12025-06-300001476765Modernizing Medicine, Inc., One stop 22025-06-300001476765Neptune Holdings, Inc., One stop 12025-06-300001476765Neptune Holdings, Inc., One stop 22025-06-300001476765Netsmart Technologies, Inc., One stop 12025-06-300001476765Netsmart Technologies, Inc., One stop 22025-06-300001476765Netsmart Technologies, Inc., One stop 32025-06-300001476765Plasma Buyer LLC, One stop 12025-06-300001476765Plasma Buyer LLC, One stop 22025-06-300001476765Plasma Buyer LLC, One stop 32025-06-300001476765QF Holdings, Inc., One stop2025-06-300001476765Tebra Technologies, Inc., One stop 12025-06-300001476765Tebra Technologies, Inc., One stop 22025-06-300001476765Tebra Technologies, Inc., One stop 32025-06-300001476765Tebra Technologies, Inc., One stop 42025-06-300001476765Tebra Technologies, Inc., One stop 52025-06-300001476765Tebra Technologies, Inc., One stop 62025-06-300001476765Tebra Technologies, Inc., One stop 72025-06-300001476765Tebra Technologies, Inc., One stop 82025-06-300001476765Tebra Technologies, Inc., One stop 92025-06-300001476765Tebra Technologies, Inc., One stop 102025-06-300001476765Transaction Data Systems, Inc., One stop 12025-06-300001476765Transaction Data Systems, Inc., One stop 22025-06-300001476765Veranex, Inc., Senior secured 12025-06-300001476765Veranex, Inc., Senior secured 22025-06-300001476765Veranex, Inc., Senior secured 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Barteca Restaurants, LLC, One stop 12025-06-300001476765Barteca Restaurants, LLC, One stop 22025-06-300001476765Barteca Restaurants, LLC, One stop 32025-06-300001476765Barteca Restaurants, LLC, One stop 42025-06-300001476765BJH Holdings III Corp., One stop 12025-06-300001476765BJH Holdings III Corp., One stop 22025-06-300001476765BJH Holdings III Corp., One stop 32025-06-300001476765Cafe Rio Holding, Inc., One stop 12025-06-300001476765Cafe Rio Holding, Inc., One stop 22025-06-300001476765Cafe Rio Holding, Inc., One stop 32025-06-300001476765Cafe Rio Holding, Inc., One stop 42025-06-300001476765Cafe Rio Holding, Inc., One stop 52025-06-300001476765Cafe Rio Holding, Inc., One stop 62025-06-300001476765Cafe Rio Holding, Inc., One stop 72025-06-300001476765Cafe Rio Holding, Inc., One stop 82025-06-300001476765Cafe Rio Holding, Inc., One stop 92025-06-300001476765Cafe Rio Holding, Inc., One stop 102025-06-300001476765Cafe Rio Holding, Inc., One stop 112025-06-300001476765Cafe Rio Holding, Inc., One stop 122025-06-300001476765Cafe Rio Holding, Inc., One stop 132025-06-300001476765Crumbl Enterprises, LLC, One stop 12025-06-300001476765Crumbl Enterprises, LLC, One stop 22025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 12025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 22025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 32025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 42025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 52025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 62025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 72025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 82025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 92025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 102025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 112025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 122025-06-300001476765ESN Venture Holdings, LLC, One stop 12025-06-300001476765ESN Venture Holdings, LLC, One stop 22025-06-300001476765ESN Venture Holdings, LLC, One stop 32025-06-300001476765ESN Venture Holdings, LLC, One stop 42025-06-300001476765ESN Venture Holdings, LLC, One stop 52025-06-300001476765ESN Venture Holdings, LLC, One stop 62025-06-300001476765ESN Venture Holdings, LLC, One stop 72025-06-300001476765ESN Venture Holdings, LLC, One stop 82025-06-300001476765ESN Venture Holdings, LLC, One stop 92025-06-300001476765Freddy's Frozen Custard LLC, One stop 12025-06-300001476765Freddy's Frozen Custard LLC, One stop 22025-06-300001476765GFP Atlantic Holdco 2, LLC, One stop 12025-06-300001476765GFP Atlantic Holdco 2, LLC, One stop 22025-06-300001476765Harri US LLC, One stop 12025-06-300001476765Harri US LLC, One stop 22025-06-300001476765Harri US LLC, One stop 32025-06-300001476765Harri US LLC, One stop 42025-06-300001476765Harri US LLC, One stop 52025-06-300001476765Harri US LLC, One stop 62025-06-300001476765Health Buyer, LLC, Senior secured 12025-06-300001476765Health Buyer, LLC, Senior secured 22025-06-300001476765Health Buyer, LLC, Senior secured 32025-06-300001476765Health Buyer, LLC, Senior secured 42025-06-300001476765Health Buyer, LLC, Senior secured 52025-06-300001476765PB Group Holdings, LLC, One stop 12025-06-300001476765PB Group Holdings, LLC, One stop 22025-06-300001476765QSR Acquisition Co., One stop 12025-06-300001476765QSR Acquisition Co., One stop 22025-06-300001476765QSR Acquisition Co., One stop 32025-06-300001476765Rooster BidCo Limited, One stop 12025-06-300001476765Rooster BidCo Limited, One stop 22025-06-300001476765Rooster BidCo Limited, One stop 32025-06-300001476765SDC Holdco, LLC, One stop 12025-06-300001476765SDC Holdco, LLC, Second lien2025-06-300001476765SDC Holdco, LLC, One stop 22025-06-300001476765SSRG Holdings, LLC, One stop 12025-06-300001476765SSRG Holdings, LLC, One stop 22025-06-300001476765SSRG Holdings, LLC, One stop 32025-06-300001476765SSRG Holdings, LLC, One stop 42025-06-300001476765Super REGO, LLC, Subordinated debt2025-06-300001476765YE Brands Holding, LLC, One stop 12025-06-300001476765YE Brands Holding, LLC, One stop 22025-06-300001476765YE Brands Holding, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765WU Holdco, Inc., One stop 12025-06-300001476765WU Holdco, Inc., One stop 22025-06-300001476765WU Holdco, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HouseholdProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Arch Global CCT Holdings Corp., Senior secured 12025-06-300001476765Arch Global CCT Holdings Corp., Senior secured 22025-06-300001476765Arch Global CCT Holdings Corp., Senior secured 32025-06-300001476765Dwyer Instruments, Inc., One stop 12025-06-300001476765Dwyer Instruments, Inc., One stop 22025-06-300001476765Dwyer Instruments, Inc., One stop 32025-06-300001476765Dwyer Instruments, Inc., One stop 42025-06-300001476765Dwyer Instruments, Inc., One stop 52025-06-300001476765Dwyer Instruments, Inc., One stop 62025-06-300001476765Dwyer Instruments, Inc., One stop 72025-06-300001476765Dwyer Instruments, Inc., One stop 82025-06-300001476765Dwyer Instruments, Inc., One stop 92025-06-300001476765Essential Services Holdings Corporation, One stop 12025-06-300001476765Essential Services Holdings Corporation, One stop 22025-06-300001476765Essential Services Holdings Corporation, One stop 32025-06-300001476765Excelitas Technologies Corp., One stop 12025-06-300001476765Excelitas Technologies Corp., One stop 22025-06-300001476765Excelitas Technologies Corp., One stop 32025-06-300001476765Excelitas Technologies Corp., One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:IndustrialConglomeratesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Accession Risk Management Group, Inc., One stop 12025-06-300001476765Accession Risk Management Group, Inc., One stop 22025-06-300001476765Accession Risk Management Group, Inc., One stop 32025-06-300001476765Accession Risk Management Group, Inc., One stop 42025-06-300001476765Accession Risk Management Group, Inc., One stop 52025-06-300001476765Accession Risk Management Group, Inc., One stop 62025-06-300001476765Accession Risk Management Group, Inc., One stop 72025-06-300001476765Accession Risk Management Group, Inc., One stop 82025-06-300001476765AMBA Buyer, Inc., One stop 12025-06-300001476765AMBA Buyer, Inc., One stop 22025-06-300001476765AMBA Buyer, Inc., One stop 32025-06-300001476765AMBA Buyer, Inc., One stop 42025-06-300001476765AMBA Buyer, Inc., One stop 52025-06-300001476765Bellwether Buyer, LLC., One stop 12025-06-300001476765Bellwether Buyer, LLC., One stop 22025-06-300001476765Bellwether Buyer, LLC., One stop 32025-06-300001476765Ben Nevis Midco Limited, One stop 12025-06-300001476765Ben Nevis Midco Limited, One stop 22025-06-300001476765Ben Nevis Midco Limited, One stop 32025-06-300001476765Ben Nevis Midco Limited, One stop 42025-06-300001476765Captive Resources Midco, LLC, One stop 12025-06-300001476765Captive Resources Midco, LLC, One stop 22025-06-300001476765Disco Parent, Inc., One stop 12025-06-300001476765Disco Parent, Inc., One stop 22025-06-300001476765Doxa Insurance Holdings LLC, One stop 12025-06-300001476765Doxa Insurance Holdings LLC, One stop 22025-06-300001476765Doxa Insurance Holdings LLC, One stop 32025-06-300001476765Doxa Insurance Holdings LLC, One stop 42025-06-300001476765Gimlet Bidco GMBH, One stop 12025-06-300001476765Gimlet Bidco GMBH, One stop 22025-06-300001476765Illumifin Corporation, One stop2025-06-300001476765Integrated Specialty Coverages, LLC, One stop 12025-06-300001476765Integrated Specialty Coverages, LLC, One stop 22025-06-300001476765Integrated Specialty Coverages, LLC, One stop 32025-06-300001476765Integrity Marketing Acquisition, LLC, One stop 12025-06-300001476765Integrity Marketing Acquisition, LLC, One stop 22025-06-300001476765Integrity Marketing Acquisition, LLC, One stop 32025-06-300001476765J.S. Held Holdings, LLC, One stop 12025-06-300001476765J.S. Held Holdings, LLC, One stop 22025-06-300001476765J.S. Held Holdings, LLC, One stop 32025-06-300001476765Keystone Agency Partners LLC, One stop 12025-06-300001476765Keystone Agency Partners LLC, One stop 22025-06-300001476765Keystone Agency Partners LLC, One stop 32025-06-300001476765Keystone Agency Partners LLC, One stop 42025-06-300001476765Keystone Agency Partners LLC, One stop 52025-06-300001476765Keystone Agency Partners LLC, One stop 62025-06-300001476765Keystone Agency Partners LLC, One stop 72025-06-300001476765Majesco, One stop 12025-06-300001476765Majesco, One stop 22025-06-300001476765MRH Trowe Germany GMBH, One stop 12025-06-300001476765MRH Trowe Germany GMBH, One stop 22025-06-300001476765MRH Trowe Germany GMBH, One stop 32025-06-300001476765Oakbridge Insurance Agency LLC, One stop 12025-06-300001476765Oakbridge Insurance Agency LLC, One stop 22025-06-300001476765Oakbridge Insurance Agency LLC, One stop 32025-06-300001476765Oakbridge Insurance Agency LLC, One stop 42025-06-300001476765Pareto Health Intermediate Holdings, Inc., One stop 12025-06-300001476765Pareto Health Intermediate Holdings, Inc., One stop 22025-06-300001476765Pareto Health Intermediate Holdings, Inc., One stop 32025-06-300001476765Patriot Growth Insurance Services, LLC, One stop 12025-06-300001476765Patriot Growth Insurance Services, LLC, One stop 22025-06-300001476765Patriot Growth Insurance Services, LLC, One stop 32025-06-300001476765Patriot Growth Insurance Services, LLC, One stop 42025-06-300001476765People Corporation, One stop 12025-06-300001476765People Corporation, One stop 22025-06-300001476765People Corporation, One stop 32025-06-300001476765People Corporation, One stop 42025-06-300001476765People Corporation, One stop 52025-06-300001476765People Corporation, One stop 62025-06-300001476765Wasabi Lower Holdco, LLC, Senior secured 12025-06-300001476765Wasabi Lower Holdco, LLC, Senior secured 22025-06-300001476765World Insurance Associates, LLC, One stop 12025-06-300001476765World Insurance Associates, LLC, One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Revalize, Inc., One stop 12025-06-300001476765Revalize, Inc., One stop 22025-06-300001476765Revalize, Inc., One stop 32025-06-300001476765Revalize, Inc., One stop 42025-06-300001476765Revalize, Inc., One stop 52025-06-300001476765Revalize, Inc., One stop 62025-06-300001476765Revalize, Inc., One stop 72025-06-300001476765Revalize, Inc., One stop 82025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Acquia, Inc., One stop 12025-06-300001476765Acquia, Inc., One stop 22025-06-300001476765Acquia, Inc., One stop 32025-06-300001476765CivicPlus, LLC, One stop 22025-06-300001476765CivicPlus, LLC, One stop 32025-06-300001476765CivicPlus, LLC, One stop 42025-06-300001476765CivicPlus, LLC, One stop 52025-06-300001476765Critical Start, Inc., One stop 12025-06-300001476765Critical Start, Inc., One stop 22025-06-300001476765Critical Start, Inc., One stop 32025-06-300001476765Delinea Inc., One stop 12025-06-300001476765Delinea Inc., One stop 22025-06-300001476765Delinea Inc., One stop 32025-06-300001476765Delinea Inc., One stop 42025-06-300001476765Goldcup 31018 AB, One stop 12025-06-300001476765Goldcup 31018 AB, One stop 22025-06-300001476765Goldcup 31018 AB, One stop 32025-06-300001476765Kentik Technologies, Inc., Second lien 12025-06-300001476765Kentik Technologies, Inc., Second lien 22025-06-300001476765Netwrix Corporation, One stop 12025-06-300001476765Netwrix Corporation, One stop 22025-06-300001476765Netwrix Corporation, One stop 32025-06-300001476765Netwrix Corporation, One stop 42025-06-300001476765Optimizely North America, Inc., One stop 12025-06-300001476765Optimizely North America, Inc., One stop 22025-06-300001476765Optimizely North America, Inc., One stop 32025-06-300001476765Optimizely North America, Inc., One stop 42025-06-300001476765PDQ Intermediate, Inc., Subordinated debt2025-06-300001476765Recordxtechnologies, LLC, One stop 12025-06-300001476765Recordxtechnologies, LLC, One stop 22025-06-300001476765Recordxtechnologies, LLC, One stop 32025-06-300001476765Recordxtechnologies, LLC, One stop 42025-06-300001476765Recordxtechnologies, LLC, One stop 52025-06-300001476765ReliaQuest Holdings, LLC, One stop 12025-06-300001476765ReliaQuest Holdings, LLC, One stop 22025-06-300001476765ReliaQuest Holdings, LLC, One stop 32025-06-300001476765ReliaQuest Holdings, LLC, One stop 42025-06-300001476765Saturn Borrower Inc., One stop 12025-06-300001476765Saturn Borrower Inc., One stop 22025-06-300001476765WPEngine, Inc., One stop 12025-06-300001476765WPEngine, Inc., One stop 22025-06-300001476765Zarya Holdco, Inc., One stop 12025-06-300001476765Zarya Holdco, Inc., One stop 22025-06-300001476765Zarya Holdco, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Crunch Holdings, LLC, One stop 12025-06-300001476765Crunch Holdings, LLC, One stop 22025-06-300001476765Movement Holdings, LLC, One stop 12025-06-300001476765Movement Holdings, LLC, One stop 22025-06-300001476765Movement Holdings, LLC, One stop 32025-06-300001476765WBZ Investment, LLC, One stop 12025-06-300001476765WBZ Investment, LLC, One stop 22025-06-300001476765WBZ Investment, LLC, One stop 32025-06-300001476765WBZ Investment, LLC, One stop 42025-06-300001476765WBZ Investment, LLC, One stop 52025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Celerion Buyer, Inc., One stop 12025-06-300001476765Celerion Buyer, Inc., One stop 22025-06-300001476765Celerion Buyer, Inc., One stop 32025-06-300001476765Celerion Buyer, Inc., One stop 42025-06-300001476765Graphpad Software, LLC, One stop 12025-06-300001476765Graphpad Software, LLC, One stop 22025-06-300001476765Graphpad Software, LLC, One stop 32025-06-300001476765PAS Parent Inc., One stop 12025-06-300001476765PAS Parent Inc., One stop 22025-06-300001476765PAS Parent Inc., One stop 32025-06-300001476765PAS Parent Inc., One stop 42025-06-300001476765Unchained Labs, LLC, Senior secured 12025-06-300001476765Unchained Labs, LLC, Senior secured 22025-06-300001476765Unchained Labs, LLC, Senior secured 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765AI Titan Parent, Inc., One stop 12025-06-300001476765AI Titan Parent, Inc., One stop 22025-06-300001476765AI Titan Parent, Inc., One stop 32025-06-300001476765Blackbird Purchaser, Inc., One stop 12025-06-300001476765Blackbird Purchaser, Inc., One stop 22025-06-300001476765Blackbird Purchaser, Inc., One stop 32025-06-300001476765Chase Industries, Inc., Senior secured 12025-06-300001476765Chase Industries, Inc., Senior secured 22025-06-300001476765Chase Industries, Inc., Senior secured 32025-06-300001476765Thermogenics, Inc., One stop 12025-06-300001476765Thermogenics, Inc., One stop 22025-06-300001476765Thermogenics, Inc., One stop 32025-06-300001476765Thermogenics, Inc., One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:MachinerySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Project Nike Purchaser, LLC, One stop 12025-06-300001476765Project Nike Purchaser, LLC, One stop 22025-06-300001476765Project Nike Purchaser, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:MarineSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Lotus Topco, Inc., One stop 12025-06-300001476765Lotus Topco, Inc., One stop 22025-06-300001476765Lotus Topco, Inc., One stop 32025-06-300001476765Shout! Factory, LLC, One stop 12025-06-300001476765Shout! Factory, LLC, One stop 22025-06-300001476765Triple Lift, Inc., One stop 12025-06-300001476765Triple Lift, Inc., One stop 22025-06-300001476765Triple Lift, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:MediaSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Envernus, Inc., One stop 12025-06-300001476765Envernus, Inc., One stop 22025-06-300001476765Envernus, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Messenger, LLC, One stop 12025-06-300001476765Messenger, LLC, One stop 22025-06-300001476765Messenger, LLC, One stop 32025-06-300001476765Messenger, LLC, One stop 42025-06-300001476765Messenger, LLC, One stop 52025-06-300001476765Messenger, LLC, One stop 62025-06-300001476765Messenger, LLC, One stop 72025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765IMPLUS Footcare, LLC, One stop 12025-06-300001476765IMPLUS Footcare, LLC, One stop 22025-06-300001476765IMPLUS Footcare, LLC, One stop 32025-06-300001476765IMPLUS Footcare, LLC, One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:PersonalProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765ACP Ulysses Buyer, Inc., One stop 12025-06-300001476765ACP Ulysses Buyer, Inc., One stop 22025-06-300001476765Amalthea Parent, Inc., One stop 12025-06-300001476765Amalthea Parent, Inc., One stop 22025-06-300001476765Apothecary Products, LLC, Senior secured 12025-06-300001476765Apothecary Products, LLC, Senior secured 22025-06-300001476765Caerus Midco 3 S.A.R.L., One stop 12025-06-300001476765Caerus Midco 3 S.A.R.L., One stop 22025-06-300001476765Caerus Midco 3 S.A.R.L., One stop 32025-06-300001476765Caerus Midco 3 S.A.R.L., One stop 42025-06-300001476765Caerus Midco 3 S.A.R.L., One stop 52025-06-300001476765Cobalt Buyer Sub, Inc., One stop 12025-06-300001476765Cobalt Buyer Sub, Inc., One stop 22025-06-300001476765Cobalt Buyer Sub, Inc., One stop 32025-06-300001476765Cobalt Buyer Sub, Inc., One stop 42025-06-300001476765Cobalt Buyer Sub, Inc., One stop 52025-06-300001476765Cobalt Buyer Sub, Inc., One stop 62025-06-300001476765Creek Parent, Inc., One stop 12025-06-300001476765Creek Parent, Inc., One stop 22025-06-300001476765Spark Bidco Limited, Senior secured 12025-06-300001476765Spark Bidco Limited, Senior secured 22025-06-300001476765Spark Bidco Limited, Senior secured 32025-06-300001476765Spark Bidco Limited, Senior secured 42025-06-300001476765Spark Bidco Limited, Senior secured 52025-06-300001476765Spark Bidco Limited, Senior secured 62025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765ALKU Intermediate Holdings, LLC, One stop 12025-06-300001476765ALKU Intermediate Holdings, LLC, One stop 22025-06-300001476765bswift, LLC, One stop 12025-06-300001476765bswift, LLC, One stop 22025-06-300001476765DISA Holdings Corp., Senior secured 12025-06-300001476765DISA Holdings Corp., Senior secured 22025-06-300001476765DISA Holdings Corp., One stop2025-06-300001476765DISA Holdings Corp., Senior secured 32025-06-300001476765DISA Holdings Corp., Subordinated debt2025-06-300001476765DISA Holdings Corp., Senior secured 42025-06-300001476765DISA Holdings Corp., Senior secured 52025-06-300001476765Eclipse Buyer, Inc., One stop 12025-06-300001476765Eclipse Buyer, Inc., One stop 22025-06-300001476765Eclipse Buyer, Inc., One stop 32025-06-300001476765Eliassen Group, LLC, One stop 12025-06-300001476765Eliassen Group, LLC, One stop 22025-06-300001476765Filevine, Inc., One stop 12025-06-300001476765Filevine, Inc., One stop 22025-06-300001476765IG Investments Holdings, LLC, One stop 12025-06-300001476765IG Investments Holdings, LLC, One stop 22025-06-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12025-06-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22025-06-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 32025-06-300001476765PlanSource Holdings, Inc., One stop 12025-06-300001476765PlanSource Holdings, Inc., One stop 22025-06-300001476765PlanSource Holdings, Inc., One stop 32025-06-300001476765PlanSource Holdings, Inc., One stop 42025-06-300001476765Procure Acquireco, Inc., One stop 12025-06-300001476765Procure Acquireco, Inc., One stop 22025-06-300001476765Procure Acquireco, Inc., One stop 32025-06-300001476765Procure Acquireco, Inc., One stop 42025-06-300001476765Procure Acquireco, Inc., One stop 52025-06-300001476765Teaching Company, The, One stop 12025-06-300001476765Teaching Company, The, One stop 22025-06-300001476765Varicent Intermediate Holdings Corporation, One stop 12025-06-300001476765Varicent Intermediate Holdings Corporation, One stop 22025-06-300001476765Varicent Intermediate Holdings Corporation, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Inhabit IQ Inc., One stop 12025-06-300001476765Inhabit IQ Inc., One stop 22025-06-300001476765Inhabit IQ Inc., One stop 32025-06-300001476765MRI Software, LLC, One stop 12025-06-300001476765MRI Software, LLC, One stop 22025-06-300001476765MRI Software, LLC, One stop 32025-06-300001476765MRI Software, LLC, One stop 42025-06-300001476765RPL Bidco Limited, One stop 12025-06-300001476765RPL Bidco Limited, One stop 22025-06-300001476765RPL Bidco Limited, One stop 32025-06-300001476765RPL Bidco Limited, One stop 42025-06-300001476765RPL Bidco Limited, One stop 52025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Internet Truckstop Group, LLC, One stop 12025-06-300001476765Internet Truckstop Group, LLC, One stop 22025-06-300001476765Internet Truckstop Group, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:RoadRailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Anaplan, Inc., One stop 12025-06-300001476765Anaplan, Inc., One stop 22025-06-300001476765Appfire Technologies, LLC, One stop 12025-06-300001476765Appfire Technologies, LLC, One stop 22025-06-300001476765Appfire Technologies, LLC, One stop 32025-06-300001476765Appfire Technologies, LLC, One stop 42025-06-300001476765Aras Corporation, One stop 12025-06-300001476765Aras Corporation, One stop 22025-06-300001476765Armstrong Bidco Limited, One stop 12025-06-300001476765Armstrong Bidco Limited, One stop 22025-06-300001476765Arrow Buyer, Inc., One stop 12025-06-300001476765Arrow Buyer, Inc., One stop 22025-06-300001476765Arrow Buyer, Inc., One stop 32025-06-300001476765Artifact Bidco, Inc., One stop 12025-06-300001476765Artifact Bidco, Inc., One stop 22025-06-300001476765Artifact Bidco, Inc., One stop 32025-06-300001476765Artifact Bidco, Inc., One stop 42025-06-300001476765Auvik Networks Inc., One stop 12025-06-300001476765Auvik Networks Inc., One stop 22025-06-300001476765Auvik Networks Inc., One stop 32025-06-300001476765Auvik Networks Inc., One stop 42025-06-300001476765Azul Systems, Inc., Senior secured 12025-06-300001476765Azul Systems, Inc., Senior secured 22025-06-300001476765Azurite Intermediate Holdings, Inc., One stop 12025-06-300001476765Azurite Intermediate Holdings, Inc., One stop 22025-06-300001476765Azurite Intermediate Holdings, Inc., One stop 32025-06-300001476765Baxter Planning Systems, LLC, One stop 12025-06-300001476765Baxter Planning Systems, LLC, One stop 22025-06-300001476765Baxter Planning Systems, LLC, One stop 32025-06-300001476765Bayshore Intermediate #2, L.P., One stop 12025-06-300001476765Bayshore Intermediate #2, L.P., One stop 22025-06-300001476765BestPass, Inc., One stop 12025-06-300001476765BestPass, Inc., One stop 22025-06-300001476765BestPass, Inc., One stop 32025-06-300001476765Bloomerang, LLC, One stop 12025-06-300001476765Bloomerang, LLC, One stop 22025-06-300001476765Bloomerang, LLC, One stop 32025-06-300001476765Blue Bidco Limited, One stop 12025-06-300001476765Blue Bidco Limited, One stop 22025-06-300001476765Blue Bidco Limited, One stop 32025-06-300001476765Blue Bidco Limited, One stop 42025-06-300001476765Bottomline Technologies, Inc., One stop 12025-06-300001476765Bottomline Technologies, Inc., One stop 22025-06-300001476765Bullhorn, Inc., One stop 12025-06-300001476765Bullhorn, Inc., One stop 22025-06-300001476765Bullhorn, Inc., One stop 32025-06-300001476765Bullhorn, Inc., One stop 42025-06-300001476765Bullhorn, Inc., One stop 52025-06-300001476765Bullhorn, Inc., One stop 62025-06-300001476765Burning Glass Intermediate Holdings Company, Inc., One stop 12025-06-300001476765Burning Glass Intermediate Holdings Company, Inc., One stop 22025-06-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12025-06-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22025-06-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32025-06-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42025-06-300001476765Calabrio, Inc., One stop 12025-06-300001476765Calabrio, Inc., One stop 22025-06-300001476765Calabrio, Inc., One stop 32025-06-300001476765Camelia Bidco Limited, One stop 12025-06-300001476765Camelia Bidco Limited, One stop 22025-06-300001476765Camelia Bidco Limited, One stop 32025-06-300001476765Camelia Bidco Limited, One stop 42025-06-300001476765CB Buyer, Inc., One stop 12025-06-300001476765CB Buyer, Inc., One stop 22025-06-300001476765CB Buyer, Inc., One stop 32025-06-300001476765Coupa Holdings, LLC, One stop 12025-06-300001476765Coupa Holdings, LLC, One stop 22025-06-300001476765Coupa Holdings, LLC, One stop 32025-06-300001476765Crewline Buyer, Inc., One stop 12025-06-300001476765Crewline Buyer, Inc., One stop 22025-06-300001476765Daxko Acquisition Corporation, One stop 12025-06-300001476765Daxko Acquisition Corporation, One stop 22025-06-300001476765Daxko Acquisition Corporation, One stop 32025-06-300001476765Daxko Acquisition Corporation, One stop 42025-06-300001476765Daxko Acquisition Corporation, One stop 52025-06-300001476765Denali Bidco Limited, One stop 12025-06-300001476765Denali Bidco Limited, One stop 22025-06-300001476765Denali Bidco Limited, One stop 32025-06-300001476765Denali Bidco Limited, One stop 42025-06-300001476765Denali Bidco Limited, One stop 52025-06-300001476765Diligent Corporation, One stop 12025-06-300001476765Diligent Corporation, One stop 22025-06-300001476765Diligent Corporation, One stop 32025-06-300001476765Diligent Corporation, One stop 42025-06-300001476765Einstein Parent, Inc., One stop 12025-06-300001476765Einstein Parent, Inc., One stop 22025-06-300001476765Espresso Bidco, Inc., One stop 12025-06-300001476765Espresso Bidco, Inc., One stop 22025-06-300001476765Espresso Bidco, Inc., One stop 32025-06-300001476765Evergreen IX Borrower 2023, LLC, One stop 12025-06-300001476765Evergreen IX Borrower 2023, LLC, One stop 22025-06-300001476765Evergreen IX Borrower 2023, LLC, One stop 32025-06-300001476765FirstUp, Inc., One stop 12025-06-300001476765FirstUp, Inc., One stop 22025-06-300001476765FirstUp, Inc., One stop 32025-06-300001476765Gainsight, Inc., One stop 12025-06-300001476765Gainsight, Inc., One stop 22025-06-300001476765GS Acquisitionco, Inc., One stop 12025-06-300001476765GS Acquisitionco, Inc., One stop 22025-06-300001476765GS Acquisitionco, Inc., One stop 32025-06-300001476765GTIV, LLC, One stop 12025-06-300001476765GTIV, LLC, One stop 22025-06-300001476765GTY Technology Holdings, Inc., One stop 12025-06-300001476765GTY Technology Holdings, Inc., One stop 22025-06-300001476765GTY Technology Holdings, Inc., One stop 32025-06-300001476765GTY Technology Holdings, Inc., One stop 42025-06-300001476765GTY Technology Holdings, Inc., One stop 52025-06-300001476765GTY Technology Holdings, Inc., One stop 62025-06-300001476765GTY Technology Holdings, Inc., One stop 72025-06-300001476765Gurobi Optimization, LLC, One stop 12025-06-300001476765Gurobi Optimization, LLC, One stop 22025-06-300001476765Hornet Security Holding GMBH, One stop 12025-06-300001476765Hornet Security Holding GMBH, One stop 22025-06-300001476765Hornet Security Holding GMBH, One stop 32025-06-300001476765Hornet Security Holding GMBH, One stop 42025-06-300001476765Hyland Software, Inc., One stop 12025-06-300001476765Hyland Software, Inc., One stop 22025-06-300001476765Icefall Parent, Inc., One stop 12025-06-300001476765Icefall Parent, Inc., One stop 22025-06-300001476765ICIMS, Inc., One stop 12025-06-300001476765ICIMS, Inc., One stop 22025-06-300001476765IQN Holding Corp., One stop 12025-06-300001476765IQN Holding Corp., One stop 22025-06-300001476765IQN Holding Corp., One stop 32025-06-300001476765IQN Holding Corp., One stop 42025-06-300001476765Island Bidco AB, One stop 12025-06-300001476765Island Bidco AB, One stop 22025-06-300001476765Island Bidco AB, One stop 32025-06-300001476765Island Bidco AB, One stop 42025-06-300001476765Island Bidco AB, One stop 52025-06-300001476765LeadsOnline, LLC, One stop 12025-06-300001476765LeadsOnline, LLC, One stop 22025-06-300001476765LeadsOnline, LLC, One stop 32025-06-300001476765LeadsOnline, LLC, One stop 42025-06-300001476765Lighthouse Bidco GMBH, One stop 12025-06-300001476765Lighthouse Bidco GMBH, One stop 22025-06-300001476765Lighthouse Bidco GMBH, One stop 32025-06-300001476765LogicMonitor, Inc., One stop 12025-06-300001476765LogicMonitor, Inc., One stop 22025-06-300001476765Matrix42 Holding GMBH, One stop 12025-06-300001476765Matrix42 Holding GMBH, One stop 22025-06-300001476765Matrix42 Holding GMBH, One stop 32025-06-300001476765Matrix42 Holding GMBH, One stop 42025-06-300001476765Matrix42 Holding GMBH, One stop 52025-06-300001476765Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 12025-06-300001476765Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 22025-06-300001476765Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 32025-06-300001476765Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 42025-06-300001476765Mindbody, Inc., One stop 12025-06-300001476765Mindbody, Inc., One stop 22025-06-300001476765Mindbody, Inc., One stop 32025-06-300001476765Ministry Brands Holdings LLC, One stop 12025-06-300001476765Ministry Brands Holdings LLC, One stop 22025-06-300001476765Ministry Brands Holdings LLC, One stop 32025-06-300001476765MYOB Invest Co Pty Ltd, One stop2025-06-300001476765Navex TopCo, Inc., One stop 12025-06-300001476765Navex TopCo, Inc., One stop 22025-06-300001476765Naviga Inc., Senior secured2025-06-300001476765Onit, Inc., One stop 12025-06-300001476765Onit, Inc., One stop 22025-06-300001476765Onit, Inc., One stop 32025-06-300001476765Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 12025-06-300001476765Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 22025-06-300001476765Panzura, LLC, One stop2025-06-300001476765Personify, Inc., One stop 12025-06-300001476765Personify, Inc., One stop 22025-06-300001476765Personify, Inc., One stop 32025-06-300001476765Personify, Inc., One stop 42025-06-300001476765Pineapple German Bidco GMBH, One stop 12025-06-300001476765Pineapple German Bidco GMBH, One stop 22025-06-300001476765Pineapple German Bidco GMBH, One stop 32025-06-300001476765Pineapple German Bidco GMBH, One stop 42025-06-300001476765Pineapple German Bidco GMBH, One stop 52025-06-300001476765Pineapple German Bidco GMBH, One stop 62025-06-300001476765Pineapple German Bidco GMBH, One stop 72025-06-300001476765PING Identity Holding Corp., One stop 12025-06-300001476765PING Identity Holding Corp., One stop 22025-06-300001476765Pluralsight, LLC, One stop 12025-06-300001476765Pluralsight, LLC, One stop 22025-06-300001476765Pluralsight, LLC, One stop 32025-06-300001476765Pluralsight, LLC, One stop 42025-06-300001476765Pluralsight, LLC, One stop 52025-06-300001476765ProcessUnity Holdings, LLC, One stop 12025-06-300001476765ProcessUnity Holdings, LLC, One stop 22025-06-300001476765ProcessUnity Holdings, LLC, One stop 32025-06-300001476765ProcessUnity Holdings, LLC, One stop 42025-06-300001476765ProcessUnity Holdings, LLC, One stop 52025-06-300001476765QAD, Inc., One stop 12025-06-300001476765QAD, Inc., One stop 22025-06-300001476765Quant Buyer, Inc., One stop 12025-06-300001476765Quant Buyer, Inc., One stop 22025-06-300001476765Quant Buyer, Inc., One stop 32025-06-300001476765Quant Buyer, Inc., One stop 42025-06-300001476765Quant Buyer, Inc., One stop 52025-06-300001476765Rainforest Bidco Limited, One stop 12025-06-300001476765Rainforest Bidco Limited, One stop 22025-06-300001476765Rainforest Bidco Limited, One stop 32025-06-300001476765Rainforest Bidco Limited, One stop 42025-06-300001476765Rainforest Bidco Limited, One stop 52025-06-300001476765Riskonnect Parent, LLC, One stop 12025-06-300001476765Riskonnect Parent, LLC, One stop 22025-06-300001476765Riskonnect Parent, LLC, One stop 32025-06-300001476765Riskonnect Parent, LLC, One stop 42025-06-300001476765Riskonnect Parent, LLC, One stop 52025-06-300001476765Riskonnect Parent, LLC, One stop 62025-06-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 12025-06-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 22025-06-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 32025-06-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 42025-06-300001476765Sapphire Bidco Oy, One stop 12025-06-300001476765Sapphire Bidco Oy, One stop 22025-06-300001476765Sapphire Bidco Oy, One stop 32025-06-300001476765Sonatype, Inc., One stop 12025-06-300001476765Sonatype, Inc., One stop 22025-06-300001476765Spartan Buyer Acquisition Co., One stop 12025-06-300001476765Spartan Buyer Acquisition Co., One stop 22025-06-300001476765Spartan Buyer Acquisition Co., One stop 32025-06-300001476765Telesoft Holdings LLC, One stop 12025-06-300001476765Telesoft Holdings LLC, One stop 22025-06-300001476765Telesoft Holdings LLC, One stop 32025-06-300001476765Templafy APS and Templafy, LLC, One stop 12025-06-300001476765Templafy APS and Templafy, LLC, One stop 22025-06-300001476765TI Intermediate Holdings, LLC, Senior secured 12025-06-300001476765TI Intermediate Holdings, LLC, Senior secured 22025-06-300001476765TI Intermediate Holdings, LLC, Senior secured 32025-06-300001476765TI Intermediate Holdings, LLC, Senior secured 42025-06-300001476765TI Intermediate Holdings, LLC, Senior secured 52025-06-300001476765TI Intermediate Holdings, LLC, Senior secured 62025-06-300001476765Togetherwork Holdings, LLC, One stop 12025-06-300001476765Togetherwork Holdings, LLC, One stop 22025-06-300001476765Togetherwork Holdings, LLC, One stop 32025-06-300001476765Transform Bidco Limited, One stop 12025-06-300001476765Transform Bidco Limited, One stop 22025-06-300001476765Transform Bidco Limited, One stop 32025-06-300001476765Transform Bidco Limited, One stop 42025-06-300001476765Transform Bidco Limited, One stop 52025-06-300001476765Transform Bidco Limited, One stop 62025-06-300001476765Transform Bidco Limited, One stop 72025-06-300001476765Tricentis Operations Holdings, Inc., One stop 12025-06-300001476765Tricentis Operations Holdings, Inc., One stop 22025-06-300001476765Tricentis Operations Holdings, Inc., One stop 32025-06-300001476765Vantage Bidco GMBH, One stop 12025-06-300001476765Vantage Bidco GMBH, One stop 22025-06-300001476765Varinem German Midco GMBH, One stop 12025-06-300001476765Varinem German Midco GMBH, One stop 22025-06-300001476765Vendavo, Inc., One stop 12025-06-300001476765Vendavo, Inc., One stop 22025-06-300001476765Vendavo, Inc., One stop 32025-06-300001476765Viper Bidco, Inc., One stop 12025-06-300001476765Viper Bidco, Inc., One stop 22025-06-300001476765Viper Bidco, Inc., One stop 32025-06-300001476765Viper Bidco, Inc., One stop 42025-06-300001476765WebPT, Inc., One stop2025-06-300001476765Zendesk, Inc., One stop 12025-06-300001476765Zendesk, Inc., One stop 22025-06-300001476765Zendesk, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Ave Holdings III, Corp, One stop 12025-06-300001476765Ave Holdings III, Corp, One stop 22025-06-300001476765Ave Holdings III, Corp, One stop 32025-06-300001476765Ave Holdings III, Corp, One stop 42025-06-300001476765Biscuit Parent, LLC, One stop 12025-06-300001476765Biscuit Parent, LLC, One stop 22025-06-300001476765Biscuit Parent, LLC, One stop 32025-06-300001476765Cavender Stores L.P., Senior secured2025-06-300001476765Consilio Midco Limited, Senior secured 12025-06-300001476765Consilio Midco Limited, Senior secured 22025-06-300001476765Consilio Midco Limited, Senior secured 32025-06-300001476765Consilio Midco Limited, Senior secured 42025-06-300001476765Consilio Midco Limited, Senior secured 52025-06-300001476765Consilio Midco Limited, Subordinated debt 12025-06-300001476765Consilio Midco Limited, Subordinated debt 22025-06-300001476765Consilio Midco Limited, Subordinated debt 32025-06-300001476765CVP Holdco, Inc., One stop 12025-06-300001476765CVP Holdco, Inc., One stop 22025-06-300001476765CVP Holdco, Inc., One stop 32025-06-300001476765Cycle Gear, Inc., One stop2025-06-300001476765Metal Supermarkets US Buyer, LLC, One stop 12025-06-300001476765Metal Supermarkets US Buyer, LLC, One stop 22025-06-300001476765PetVet Care Centers LLC, One stop 12025-06-300001476765PetVet Care Centers LLC, One stop 22025-06-300001476765PetVet Care Centers LLC, One stop 32025-06-300001476765Radiance Borrower, LLC, One stop 12025-06-300001476765Radiance Borrower, LLC, One stop 22025-06-300001476765Salon Lofts Group, LLC, Senior secured 12025-06-300001476765Salon Lofts Group, LLC, Second lien 12025-06-300001476765Salon Lofts Group, LLC, Second lien 22025-06-300001476765Salon Lofts Group, LLC, Second lien 32025-06-300001476765Salon Lofts Group, LLC, Second lien 42025-06-300001476765Salon Lofts Group, LLC, Second lien 52025-06-300001476765Salon Lofts Group, LLC, Senior secured 22025-06-300001476765Salon Lofts Group, LLC, Senior secured 32025-06-300001476765Salon Lofts Group, LLC, Senior secured 42025-06-300001476765Salon Lofts Group, LLC, Senior secured 52025-06-300001476765Salon Lofts Group, LLC, Senior secured 62025-06-300001476765Salon Lofts Group, LLC, Senior secured 72025-06-300001476765Salon Lofts Group, LLC, Senior secured 82025-06-300001476765Salon Lofts Group, LLC, Senior secured 92025-06-300001476765Salon Lofts Group, LLC, Second lien 62025-06-300001476765Salon Lofts Group, LLC, Senior secured 102025-06-300001476765Salon Lofts Group, LLC, Senior secured 112025-06-300001476765Salon Lofts Group, LLC, Senior secured 122025-06-300001476765Salon Lofts Group, LLC, Senior secured 132025-06-300001476765Salon Lofts Group, LLC, Senior secured 142025-06-300001476765Salon Lofts Group, LLC, Senior secured 152025-06-300001476765Salon Lofts Group, LLC, Second lien 72025-06-300001476765Salon Lofts Group, LLC, Senior secured 162025-06-300001476765Salon Lofts Group, LLC, Second lien 82025-06-300001476765Salon Lofts Group, LLC, Senior secured 172025-06-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12025-06-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22025-06-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32025-06-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42025-06-300001476765Titan Fitness, LLC, One stop 12025-06-300001476765Titan Fitness, LLC, One stop 22025-06-300001476765Titan Fitness, LLC, One stop 32025-06-300001476765Titan Fitness, LLC, One stop 42025-06-300001476765Vermont Aus Pty Ltd, One stop 12025-06-300001476765Vermont Aus Pty Ltd, One stop 22025-06-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 12025-06-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 22025-06-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 32025-06-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Dollfus Mieg Company, Inc., One stop 12025-06-300001476765Dollfus Mieg Company, Inc., One stop 22025-06-300001476765Dollfus Mieg Company, Inc., One stop 32025-06-300001476765Elite Sportswear, L.P., Senior secured 12025-06-300001476765Elite Sportswear, L.P., Senior secured 22025-06-300001476765Elite Sportswear, L.P., Senior secured 32025-06-300001476765Elite Sportswear, L.P., Senior secured 42025-06-300001476765Elite Sportswear, L.P., Senior secured 52025-06-300001476765Elite Sportswear, L.P., Senior secured 62025-06-300001476765Elite Sportswear, L.P., Senior secured 72025-06-300001476765Elite Sportswear, L.P., Senior secured 82025-06-300001476765Georgica Pine Clothiers, LLC, One stop 12025-06-300001476765Georgica Pine Clothiers, LLC, One stop 22025-06-300001476765Georgica Pine Clothiers, LLC, One stop 32025-06-300001476765Georgica Pine Clothiers, LLC, One stop 42025-06-300001476765Georgica Pine Clothiers, LLC, One stop 52025-06-300001476765Georgica Pine Clothiers, LLC, One stop 62025-06-300001476765Shoes For Crews Global, LLC, Senior secured 12025-06-300001476765Shoes For Crews Global, LLC, Senior secured 22025-06-300001476765Shoes For Crews Global, LLC, Senior secured 32025-06-300001476765Shoes For Crews Global, LLC, Senior secured 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Marcone Yellowstone Buyer Inc., One stop 12025-06-300001476765Marcone Yellowstone Buyer Inc., One stop 22025-06-300001476765Marcone Yellowstone Buyer Inc., One stop 32025-06-300001476765Marcone Yellowstone Buyer Inc., One stop 42025-06-300001476765Marcone Yellowstone Buyer Inc., One stop 52025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:TradingCompaniesAndDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765LDS Intermediate Holdings, LLC, One stop 12025-06-300001476765LDS Intermediate Holdings, LLC, One stop 22025-06-300001476765LDS Intermediate Holdings, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765S.J. Electro Systems, LLC, Senior secured 12025-06-300001476765S.J. Electro Systems, LLC, Senior secured 22025-06-300001476765S.J. Electro Systems, LLC, Senior secured 32025-06-300001476765S.J. Electro Systems, LLC, Senior secured 42025-06-300001476765S.J. Electro Systems, LLC, Senior secured 52025-06-300001476765Vessco Midco Holdings, LLC, One stop 12025-06-300001476765Vessco Midco Holdings, LLC, One stop 22025-06-300001476765Vessco Midco Holdings, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:WaterUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300001476765PPW Aero Buyer, Inc., LP units2025-06-300001476765Tronair Parent, Inc., LLC units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765RJW Group Holdings, Inc., LP units2025-06-300001476765Arnott, LLC, LP units2025-06-300001476765Polk Acquisition Corp., LP interest2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:AutoComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765CAP-KSI Holdings, LLC, Preferred stock2025-06-300001476765CAP-KSI Holdings, LLC, LP units2025-06-300001476765CG Group Holdings, LLC, LP units2025-06-300001476765Go Car Wash Parent, Corp., Preferred stock2025-06-300001476765Go Car Wash Parent, Corp., Common stock2025-06-300001476765MOP GM Holding, LLC, LP units2025-06-300001476765MOP GM Holding, LLC, Preferred stock2025-06-300001476765National Express Wash Parent Holdco, LLC, LP units2025-06-300001476765POY Holdings, LLC, LLC units2025-06-300001476765Quick Quack Car Wash Holdings, LLC, LP units2025-06-300001476765Quick Quack Car Wash Holdings, LLC, LLC units2025-06-300001476765Yorkshire Parent, Inc., LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Spindrift Beverage Co. Inc., LP units2025-06-300001476765Cobepa BlueSky Aggregator, SCSp, LP units2025-06-300001476765Cobepa BlueSky Aggregator, SCSp, Preferred stock2025-06-300001476765Cobepa BlueSky Aggregator, SCSp, LP interest2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:BiotechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765BECO Holding Company, Inc., Preferred stock2025-06-300001476765BECO Holding Company, Inc., LP interest2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Inhance Technologies Holdings, LLC, Preferred stock2025-06-300001476765Inhance Technologies Holdings, LLC, LLC units2025-06-300001476765us-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765CI (Quercus) Intermediate Holdings, LLC, LP interest2025-06-300001476765CHA Vision Holdings, Inc., LP units2025-06-300001476765North Haven Stack Buyer, LLC, LLC units2025-06-300001476765PT Intermediate Holdings III, LLC, LLC units2025-06-300001476765Radwell Parent, LLC, LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Chase Intermediate, LP units2025-06-300001476765CHHJ Midco, LLC, LLC units2025-06-300001476765CHVAC Services Investment, LLC, Common stock2025-06-300001476765DP Flores Holdings, LLC, LLC units2025-06-300001476765EMS LINQ, LLC, LP interest2025-06-300001476765EWC Growth Partners LLC, LLC interest2025-06-300001476765HS Spa Holdings, Inc., Common stock2025-06-300001476765Liminex, Inc., Common stock2025-06-300001476765NSG Buyer, Inc., LP units2025-06-300001476765PADI Holdco, Inc., LLC interest2025-06-300001476765Project Alpha Intermediate Holdings, Inc., LP units2025-06-300001476765Virginia Green Acquisition, LLC, LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Smart Energy Systems, Inc., Warrant2025-06-300001476765Wildcat TopCo, Inc., LP units2025-06-300001476765Inventus Power, Inc., Preferred stock2025-06-300001476765Inventus Power, Inc., LLC units2025-06-300001476765Inventus Power, Inc., LP interest2025-06-300001476765Inventus Power, Inc., Common stock2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Hopdoddy Holdings, LLC, LLC units 12025-06-300001476765Hopdoddy Holdings, LLC, LLC units 22025-06-300001476765Mendocino Farms, LLC, Common stock2025-06-300001476765PDI TA Holdings, Inc., Preferred stock2025-06-300001476765Ruby Slipper Cafe LLC, The, LLC units2025-06-300001476765Ruby Slipper Cafe LLC, The, LLC interest 12025-06-300001476765Ruby Slipper Cafe LLC, The, LLC interest 22025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Borrower R365 Holdings, LLC, Preferred stock 12025-06-300001476765Borrower R365 Holdings, LLC, Preferred stock 22025-06-300001476765Borrower R365 Holdings, LLC, LLC units2025-06-300001476765Borrower R365 Holdings, LLC, Common stock2025-06-300001476765Borrower R365 Holdings, LLC, Preferred stock 32025-06-300001476765Borrower R365 Holdings, LLC, Preferred stock 42025-06-300001476765Borrower R365 Holdings, LLC, LP units2025-06-300001476765Borrower R365 Holdings, LLC, Preferred stock 52025-06-300001476765Kodiak Cakes, LLC, Common stock2025-06-300001476765Louisiana Fish Fry Products, Ltd., Common stock2025-06-300001476765Louisiana Fish Fry Products, Ltd., Preferred stock2025-06-300001476765P&P Food Safety Holdings, Inc., Preferred stock2025-06-300001476765P&P Food Safety Holdings, Inc., Common stock2025-06-300001476765Purfoods, LLC, LLC interest2025-06-300001476765Zullas, L.C., LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Aspen Medical Products, LLC, LP interest2025-06-300001476765Blue River Pet Care, LLC, Common stock2025-06-300001476765CCSL Holdings, LLC, LP interest2025-06-300001476765CMI Parent Inc., Common stock 12025-06-300001476765CMI Parent Inc., Common stock 22025-06-300001476765JHC Investment Intermediate Holdings, LLC, LLC units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Active Day, Inc., LLC interest2025-06-300001476765Acuity Eyecare Holdings, LLC, LLC interest2025-06-300001476765Acuity Eyecare Holdings, LLC, LLC units2025-06-300001476765ADCS Clinics Intermediate Holdings, LLC, Preferred stock2025-06-300001476765ADCS Clinics Intermediate Holdings, LLC, Common stock2025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, LLC units2025-06-300001476765CRH Healthcare Purchaser, Inc., LP interest2025-06-300001476765DCA Investment Holding, LLC, Preferred stock2025-06-300001476765DCA Investment Holding, LLC, Common stock2025-06-300001476765Emerge Intermediate, Inc., LLC units 12025-06-300001476765Emerge Intermediate, Inc., LLC units 22025-06-300001476765Emerge Intermediate, Inc., LLC units 32025-06-300001476765Encorevet Group LLC, Preferred stock2025-06-300001476765ERC Topco Holdings, LLC, LLC units2025-06-300001476765Krueger-Gilbert Health Physics, LLC, Common stock2025-06-300001476765MWD Management, LLC & MWD Services, Inc., LLC interest2025-06-300001476765New Look Corporation and New Look Vision Group Inc., Common stock2025-06-300001476765Pinnacle Treatment Centers, Inc., LLC interest 12025-06-300001476765Pinnacle Treatment Centers, Inc., LLC interest 22025-06-300001476765Pyramid Healthcare Acquisition Corp., Common stock2025-06-300001476765Radiology Partners, Inc., LLC units2025-06-300001476765Radiology Partners, Inc., LLC interest2025-06-300001476765Sage Dental Management, LLC, LLC units 12025-06-300001476765Sage Dental Management, LLC, LLC units 22025-06-300001476765Southern Veterinary Partners, LLC, Preferred stock 12025-06-300001476765Southern Veterinary Partners, LLC, Preferred stock 22025-06-300001476765Southern Veterinary Partners, LLC 12025-06-300001476765Southern Veterinary Partners, LLC 22025-06-300001476765Southern Veterinary Partners, LLC, Preferred stock 32025-06-300001476765Southern Veterinary Partners, LLC, Preferred stock 42025-06-300001476765Southern Veterinary Partners, LLC 32025-06-300001476765Southern Veterinary Partners, LLC 42025-06-300001476765Suveto Buyer, LLC2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Amberfield Acquisition Co., LLC units2025-06-300001476765Connexin Software, Inc., LLC interest2025-06-300001476765Connexin Software, Inc., LLC units2025-06-300001476765HSI Halo Acquisition, Inc., Preferred stock2025-06-300001476765HSI Halo Acquisition, Inc., LP interest2025-06-300001476765Modernizing Medicine, Inc., Preferred stock2025-06-300001476765Symplr Software, Inc., Preferred stock 12025-06-300001476765Symplr Software, Inc., Preferred stock 22025-06-300001476765Symplr Software, Inc., Preferred stock 32025-06-300001476765Symplr Software, Inc., Preferred stock 42025-06-300001476765Symplr Software, Inc., LLC units2025-06-300001476765Symplr Software, Inc., Common stock2025-06-300001476765Tebra Technologies, Inc., LLC interest2025-06-300001476765Tebra Technologies, Inc., Warrant 12025-06-300001476765Tebra Technologies, Inc., Warrant 22025-06-300001476765Tebra Technologies, Inc., Preferred stock2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Cafe Rio Holding, Inc., Common stock2025-06-300001476765Freddy's Frozen Custard LLC, LP interest2025-06-300001476765Harri US LLC, LLC units2025-06-300001476765Harri US LLC, Preferred stock 12025-06-300001476765Harri US LLC, Warrant 12025-06-300001476765Harri US LLC, Preferred stock 22025-06-300001476765Harri US LLC, Warrant 22025-06-300001476765Harri US LLC, Warrant 32025-06-300001476765Harri US LLC, Warrant 42025-06-300001476765LMP TR Holdings, LLC, LLC units2025-06-300001476765PB Group Holdings, LLC, LP units2025-06-300001476765Rooster BidCo Limited, Preferred stock2025-06-300001476765SSRG Holdings, LLC, LP interest2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Accession Risk Management Group, Inc., Preferred stock2025-06-300001476765Majesco, Preferred stock2025-06-300001476765Majesco, LP interest2025-06-300001476765Oakbridge Insurance Agency LLC, LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Revalize, Inc., Preferred stock 12025-06-300001476765Revalize, Inc., Preferred stock 22025-06-300001476765Revalize, Inc., Preferred stock 32025-06-300001476765Revalize, Inc., Preferred stock 42025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 12025-06-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 22025-06-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 32025-06-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Warrant2025-06-300001476765Critical Start, Inc., Common stock2025-06-300001476765Kentik Technologies, Inc., Preferred stock2025-06-300001476765Kentik Technologies, Inc., Warrant2025-06-300001476765Netwrix Corporation, LLC units2025-06-300001476765Optimizely North America, Inc., Common stock2025-06-300001476765Saturn Borrower Inc., LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Massage Envy, LLC, LLC interest2025-06-300001476765Movement Holdings, LLC, LLC units2025-06-300001476765WBZ Investment, LLC, LLC interest 12025-06-300001476765WBZ Investment, LLC, LLC interest 22025-06-300001476765WBZ Investment, LLC, LLC interest 32025-06-300001476765WBZ Investment, LLC, LLC interest 42025-06-300001476765WBZ Investment, LLC, LLC interest 52025-06-300001476765WBZ Investment, LLC, LLC interest 62025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Celerion Buyer, Inc., LP units 12025-06-300001476765Celerion Buyer, Inc., LP units 22025-06-300001476765PAS Parent Inc., LP interest2025-06-300001476765PAS Parent Inc., Preferred stock2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765W3 Co., LLC interest2025-06-300001476765W3 Co., Preferred stock2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Messenger, LLC, LLC units 12025-06-300001476765Messenger, LLC, LLC units 22025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Amalthea Parent, Inc., LP interest2025-06-300001476765Cobalt Buyer Sub, Inc., Preferred stock 12025-06-300001476765Cobalt Buyer Sub, Inc., Preferred stock 22025-06-300001476765Cobalt Buyer Sub, Inc., Common stock2025-06-300001476765Creek Parent, Inc., LP interest2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Eclipse Buyer, Inc., Preferred stock2025-06-300001476765Enboarder, Inc., Preferred stock2025-06-300001476765Filevine, Inc., Preferred stock 12025-06-300001476765Filevine, Inc., Warrant2025-06-300001476765Filevine, Inc., Preferred stock 22025-06-300001476765Net Health Acquisition Corp., LP interest2025-06-300001476765Procure Acquireco, Inc., LP interest2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Inhabit IQ Inc., Common stock2025-06-300001476765SC Landco Parent, LLC, Common stock2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Internet Truckstop Group, LLC, LP interest2025-06-300001476765Anaplan, Inc., LP interest2025-06-300001476765Aras Corporation, Preferred stock2025-06-300001476765Aras Corporation, LP interest2025-06-300001476765Astute Holdings, Inc., LP interest2025-06-300001476765Auvik Networks Inc., Preferred stock 12025-06-300001476765Auvik Networks Inc., Preferred stock 22025-06-300001476765Bayshore Intermediate #2, L.P., Common stock2025-06-300001476765Calabrio, Inc., LP interest 12025-06-300001476765Calabrio, Inc., LP interest 22025-06-300001476765CB Buyer, Inc., LP units2025-06-300001476765Cloudbees, Inc., Preferred stock 12025-06-300001476765Cloudbees, Inc., Warrant2025-06-300001476765Cloudbees, Inc., Preferred stock 22025-06-300001476765Cynet Security Ltd., Preferred stock2025-06-300001476765Denali Bidco Limited, LP interest2025-06-300001476765Diligent Corporation, Preferred stock 12025-06-300001476765Diligent Corporation, Preferred stock 22025-06-300001476765Energy Worldnet, LLC, LLC units2025-06-300001476765FirstUp, Inc., Common stock2025-06-300001476765FirstUp, Inc., Preferred stock 2025-06-300001476765GS Acquisitionco, Inc., Preferred stock 12025-06-300001476765GS Acquisitionco, Inc., Preferred stock 22025-06-300001476765GS Acquisitionco, Inc., LP interest2025-06-300001476765GS Acquisitionco, Inc., Preferred stock 32025-06-300001476765GTY Technology Holdings, Inc., LP units2025-06-300001476765Gurobi Optimization, LLC, Common stock2025-06-300001476765Impartner, Inc., Preferred stock 2025-06-300001476765Kaseya Inc., Preferred stock 2025-06-300001476765Kaseya Inc., LP interest2025-06-300001476765LogicMonitor, Inc., LP interest2025-06-300001476765Menlo Ridgeview Co-Invest, LLC, LLC interest2025-06-300001476765Ministry Brands Holdings LLC, LP interest2025-06-300001476765Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH, Warrant2025-06-300001476765Onit, Inc., Warrant2025-06-300001476765Panzura, LLC, LLC units2025-06-300001476765Personify, Inc., LP interest2025-06-300001476765Pluralsight, LLC, LLC units2025-06-300001476765QAD, Inc., Preferred stock2025-06-300001476765QAD, Inc., Common stock2025-06-300001476765RegEd Aquireco, LLC, LP interest 12025-06-300001476765RegEd Aquireco, LLC, Preferred stock2025-06-300001476765RegEd Aquireco, LLC, LP interest 22025-06-300001476765Riskonnect Parent, LLC, Preferred stock 12025-06-300001476765Riskonnect Parent, LLC, LP interest2025-06-300001476765Riskonnect Parent, LLC, Preferred stock 22025-06-300001476765Riskonnect Parent, LLC, Preferred stock 32025-06-300001476765Rokt Inc., Common stock2025-06-300001476765SnapLogic, Inc., Preferred stock2025-06-300001476765SnapLogic, Inc., Warrant2025-06-300001476765Spartan Buyer Acquisition Co., Common stock2025-06-300001476765Spartan Buyer Acquisition Co., Preferred stock2025-06-300001476765StrongDM, Inc., Preferred stock2025-06-300001476765Telesoft Holdings LLC, LP interest2025-06-300001476765Templafy APS and Templafy, LLC, Warrant2025-06-300001476765Togetherwork Holdings, LLC, Preferred stock2025-06-300001476765Transform Bidco Limited, LP interest 2025-06-300001476765Tricentis Operations Holdings, Inc., LP interest2025-06-300001476765Zendesk, Inc., LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Ave Holdings III, Corp, Preferred stock2025-06-300001476765Ave Holdings III, Corp, LP units2025-06-300001476765Batteries Plus Holding Corporation, LP interest2025-06-300001476765Cycle Gear, Inc., LLC units2025-06-300001476765Cycle Gear, Inc., Preferred stock2025-06-300001476765Metal Supermarkets US Buyer, LLC, Preferred stock2025-06-300001476765Metal Supermarkets US Buyer, LLC, LLC units2025-06-300001476765Salon Lofts Group, LLC, LP units2025-06-300001476765VSG Acquisition Corp. and Sherrill, Inc., LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Georgica Pine Clothiers, LLC, LLC interest2025-06-300001476765Georgica Pine Clothiers, LLC, Common stock2025-06-300001476765MakerSights, Inc., Preferred stock2025-06-300001476765Shoes For Crews Global, LLC, LLC units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-06-300001476765Abita Brewing Co., L.L.C., One stop 12025-06-300001476765Abita Brewing Co., L.L.C., Second lien2025-06-300001476765Abita Brewing Co., L.L.C., One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Benetech, Inc., One stop 12025-06-300001476765Benetech, Inc., One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:EnergyEquipmentAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765G & H Wire Company, Inc., One stop 12025-06-300001476765G & H Wire Company, Inc., One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Bayside Opco, LLC, One stop 12025-06-300001476765Bayside Opco, LLC, Subordinated debt2025-06-300001476765Bayside Opco, LLC, One stop 22025-06-300001476765Bayside Opco, LLC, One stop 32025-06-300001476765Elite Dental Partners LLC, One stop 12025-06-300001476765Elite Dental Partners LLC, One stop 22025-06-300001476765Elite Dental Partners LLC, One stop 32025-06-300001476765Elite Dental Partners LLC, One stop 42025-06-300001476765Opening Day Borrower 111 LLC, One stop2025-06-300001476765SPF Borrower LLC, One stop 12025-06-300001476765SPF Borrower LLC, One stop 22025-06-300001476765SPF Borrower LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Reaction Biology Corporation, One stop 12025-06-300001476765Reaction Biology Corporation, One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Fleet Farm Group, LLC, Senior secured2025-06-300001476765Fleet Farm Group, LLC, One stop2025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:MultilineRetailSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Switchfly LLC, One stop2025-06-300001476765Chestnut Optical Midco, Inc., One stop 12025-06-300001476765Chestnut Optical Midco, Inc., One stop 22025-06-300001476765Chestnut Optical Midco, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2025-06-300001476765Abita Brewing Co., L.L.C., Warrant2025-06-300001476765G & H Wire Company, Inc., LLC units2025-06-300001476765Bayside Opco, LLC, LLC units2025-06-300001476765Elite Dental Partners LLC, LLC interest 12025-06-300001476765Elite Dental Partners LLC, LLC interest 22025-06-300001476765Elite Dental Partners LLC, LLC units2025-06-300001476765Opening Day Borrower 111 LLC, Preferred stock2025-06-300001476765Opening Day Borrower 111 LLC, LLC units2025-06-300001476765SPF Borrower LLC, LLC units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Reaction Biology Corporation, LLC units2025-06-300001476765Fleet Farm Group, LLC, LLC units2025-06-300001476765Switchfly LLC, LLC interest2025-06-300001476765Switchfly LLC, Preferred stock 2025-06-300001476765Switchfly LLC, LLC units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Imperial Optical Midco, Inc, LLC units2025-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-06-300001476765MMan Acquisition Co., One stop 12025-06-300001476765MMan Acquisition Co., One stop 22025-06-300001476765MMan Acquisition Co., One stop 32025-06-300001476765MMan Acquisition Co., One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001476765MMan Acquisition Co., Preferred stock2025-06-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-06-300001476765BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)2025-06-300001476765Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)2025-06-300001476765Morgan Stanley US Dollar Liquidity Fund Institutional Distributing Share Class (CUSIP L64887109)2025-06-300001476765Allspring Government Money Market Fund Select Share Class (CUSIP 949921126)2025-06-300001476765Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)2025-06-300001476765gbdc:NonQualifyingAssetMembergbdc:AssetConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012025-06-300001476765Abita Brewing Co. LLC2024-09-300001476765Abita Brewing Co. LLC2024-10-012025-06-300001476765Abita Brewing Co. LLC2025-06-300001476765Bayside Opco, LLC2024-09-300001476765Bayside Opco, LLC2024-10-012025-06-300001476765Bayside Opco, LLC2025-06-300001476765Benetech, Inc.2024-09-300001476765Benetech, Inc.2024-10-012025-06-300001476765Benetech, Inc.2025-06-300001476765Chestnut Optical Midco, Inc.2024-09-300001476765Chestnut Optical Midco, Inc.2024-10-012025-06-300001476765Chestnut Optical Midco, Inc.2025-06-300001476765Elite Dental Partners LLC2024-09-300001476765Elite Dental Partners LLC2024-10-012025-06-300001476765Elite Dental Partners LLC2025-06-300001476765Fleet Farm Group LLC2024-09-300001476765Fleet Farm Group LLC2024-10-012025-06-300001476765Fleet Farm Group LLC2025-06-300001476765G & H Wire Company, Inc2024-09-300001476765G & H Wire Company, Inc2024-10-012025-06-300001476765G & H Wire Company, Inc2025-06-300001476765Opening Day Borrower 111 LLC2024-09-300001476765Opening Day Borrower 111 LLC2024-10-012025-06-300001476765Opening Day Borrower 111 LLC2025-06-300001476765Reaction Biology Corporation2024-09-300001476765Reaction Biology Corporation2024-10-012025-06-300001476765Reaction Biology Corporation2025-06-300001476765SPF Borrower LLC2024-09-300001476765SPF Borrower LLC2024-10-012025-06-300001476765SPF Borrower LLC2025-06-300001476765Switchfly LLC2024-09-300001476765Switchfly LLC2024-10-012025-06-300001476765Switchfly LLC2025-06-300001476765MMan Acquisition Co.2024-09-300001476765MMan Acquisition Co.2024-10-012025-06-300001476765MMan Acquisition Co.2025-06-300001476765PPW Aero Buyer, Inc., One stop 12024-09-300001476765PPW Aero Buyer, Inc., One stop 22024-09-300001476765PPW Aero Buyer, Inc., One stop 32024-09-300001476765PPW Aero Buyer, Inc., One stop 42024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Accelya Lux Finco S.A.R.L., One stop2024-09-300001476765Collision SP Subco, LLC, One stop 12024-09-300001476765Collision SP Subco, LLC, One stop 22024-09-300001476765Collision SP Subco, LLC, One stop 32024-09-300001476765Covercraft Parent III, Inc., Senior secured 12024-09-300001476765Covercraft Parent III, Inc., Senior secured 22024-09-300001476765Covercraft Parent III, Inc., Senior secured 32024-09-300001476765North Haven Falcon Buyer, LLC, One stop 12024-09-300001476765North Haven Falcon Buyer, LLC, One stop 22024-09-300001476765OEConnection, LLC, One stop 12024-09-300001476765OEConnection, LLC, One stop 22024-09-300001476765OEConnection, LLC, One stop 32024-09-300001476765Polk Acquisition Corp., Senior secured 12024-09-300001476765Polk Acquisition Corp., Senior secured 22024-09-300001476765Polk Acquisition Corp., Senior secured 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:AutoComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765CAP-KSI Holdings, LLC, One stop 12024-09-300001476765CAP-KSI Holdings, LLC, One stop 22024-09-300001476765CG Group Holdings, LLC, One stop 12024-09-300001476765CG Group Holdings, LLC, One stop 22024-09-300001476765Denali Midco 2, LLC, One stop 12024-09-300001476765Denali Midco 2, LLC, One stop 22024-09-300001476765Denali Midco 2, LLC, One stop 32024-09-300001476765Denali Midco 2, LLC, One stop 42024-09-300001476765Denali Midco 2, LLC, One stop 52024-09-300001476765Denali Midco 2, LLC, One stop 62024-09-300001476765Denali Midco 2, LLC, One stop 72024-09-300001476765Denali Midco 2, LLC, One stop 82024-09-300001476765Denali Midco 2, LLC, One stop 92024-09-300001476765Denali Midco 2, LLC, One stop 102024-09-300001476765Denali Midco 2, LLC, One stop 112024-09-300001476765Denali Midco 2, LLC, One stop 122024-09-300001476765Denali Midco 2, LLC, One stop 132024-09-300001476765Denali Midco 2, LLC, One stop 142024-09-300001476765Denali Midco 2, LLC, One stop 152024-09-300001476765Denali Midco 2, LLC, One stop 162024-09-300001476765Denali Midco 2, LLC, One stop 172024-09-300001476765Denali Midco 2, LLC, One stop 182024-09-300001476765Denali Midco 2, LLC, One stop 192024-09-300001476765High Bar Brands Operating, LLC, Senior secured 12024-09-300001476765High Bar Brands Operating, LLC, Senior secured 22024-09-300001476765High Bar Brands Operating, LLC, Senior secured 32024-09-300001476765High Bar Brands Operating, LLC, Senior secured 42024-09-300001476765JHCC Holdings LLC, One stop 12024-09-300001476765JHCC Holdings LLC, One stop 22024-09-300001476765JHCC Holdings LLC, One stop 32024-09-300001476765JHCC Holdings LLC, One stop 42024-09-300001476765JHCC Holdings LLC, One stop 52024-09-300001476765JHCC Holdings LLC, One stop 62024-09-300001476765JHCC Holdings LLC, One stop 72024-09-300001476765JHCC Holdings LLC, One stop 82024-09-300001476765JHCC Holdings LLC, One stop 92024-09-300001476765MOP GM Holding, LLC, One stop 12024-09-300001476765MOP GM Holding, LLC, One stop 22024-09-300001476765MOP GM Holding, LLC, One stop 32024-09-300001476765MOP GM Holding, LLC, One stop 42024-09-300001476765MOP GM Holding, LLC, One stop 52024-09-300001476765MOP GM Holding, LLC, One stop 62024-09-300001476765MOP GM Holding, LLC, One stop 72024-09-300001476765MOP GM Holding, LLC, One stop 82024-09-300001476765MOP GM Holding, LLC, One stop 92024-09-300001476765MOP GM Holding, LLC, One stop 102024-09-300001476765MOP GM Holding, LLC, One stop 112024-09-300001476765MOP GM Holding, LLC, One stop 122024-09-300001476765MOP GM Holding, LLC, One stop 132024-09-300001476765MOP GM Holding, LLC, One stop 142024-09-300001476765MOP GM Holding, LLC, One stop 152024-09-300001476765National Express Wash Parent Holdco, LLC, One stop 12024-09-300001476765National Express Wash Parent Holdco, LLC, One stop 22024-09-300001476765National Express Wash Parent Holdco, LLC, One stop 32024-09-300001476765POY Holdings, LLC, One stop 12024-09-300001476765POY Holdings, LLC, One stop 22024-09-300001476765POY Holdings, LLC, One stop 32024-09-300001476765POY Holdings, LLC, One stop 42024-09-300001476765POY Holdings, LLC, One stop 52024-09-300001476765POY Holdings, LLC, One stop 62024-09-300001476765POY Holdings, LLC, One stop 72024-09-300001476765POY Holdings, LLC, One stop 82024-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 12024-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 22024-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 32024-09-300001476765TWAS Holdings, LLC, One stop 12024-09-300001476765TWAS Holdings, LLC, One stop 22024-09-300001476765TWAS Holdings, LLC, One stop 32024-09-300001476765TWAS Holdings, LLC, One stop 42024-09-300001476765TWAS Holdings, LLC, One stop 52024-09-300001476765TWAS Holdings, LLC, One stop 62024-09-300001476765Yorkshire Parent, Inc., One stop 12024-09-300001476765Yorkshire Parent, Inc., One stop 22024-09-300001476765Yorkshire Parent, Inc., One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765OSP Hamilton Purchaser, LLC, One stop 12024-09-300001476765OSP Hamilton Purchaser, LLC, One stop 22024-09-300001476765OSP Hamilton Purchaser, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:BanksSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Financial Information Technologies, LLC, One stop 12024-09-300001476765Financial Information Technologies, LLC, One stop 22024-09-300001476765Financial Information Technologies, LLC, One stop 32024-09-300001476765Financial Information Technologies, LLC, One stop 42024-09-300001476765Financial Information Technologies, LLC, One stop 52024-09-300001476765Watermill Express, LLC, One stop 12024-09-300001476765Watermill Express, LLC, One stop 22024-09-300001476765Watermill Express, LLC, One stop 32024-09-300001476765Watermill Express, LLC, One stop 42024-09-300001476765Watermill Express, LLC, One stop 52024-09-300001476765Watermill Express, LLC, One stop 62024-09-300001476765Winebow Holdings, Inc., One stop 2024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765BECO Holding Company, Inc., One stop 12024-09-300001476765BECO Holding Company, Inc., One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765BlueMatrix Holdings, LLC, One stop 12024-09-300001476765BlueMatrix Holdings, LLC, One stop 22024-09-300001476765BlueMatrix Holdings, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:CapitalMarketsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Inhance Technologies Holdings, LLC, One stop 12024-09-300001476765Inhance Technologies Holdings, LLC, One stop 22024-09-300001476765Inhance Technologies Holdings, LLC, One stop 32024-09-300001476765Inhance Technologies Holdings, LLC, One stop 42024-09-300001476765Krayden Holdings, Inc., Senior secured 12024-09-300001476765Krayden Holdings, Inc., Senior secured 22024-09-300001476765Krayden Holdings, Inc., Senior secured 32024-09-300001476765PHM NL SP Bidco B.V., One stop 12024-09-300001476765PHM NL SP Bidco B.V., One stop 22024-09-300001476765PHM NL SP Bidco B.V., One stop 32024-09-300001476765PHM NL SP Bidco B.V., One stop 42024-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765BradyIFS Holdings, LLC, One stop 12024-09-300001476765BradyIFS Holdings, LLC, One stop 22024-09-300001476765CI (Quercus) Intermediate Holdings, LLC, One stop 12024-09-300001476765CI (Quercus) Intermediate Holdings, LLC, One stop 22024-09-300001476765CI (Quercus) Intermediate Holdings, LLC, One stop 32024-09-300001476765Encore Holdings, LLC, One stop 12024-09-300001476765Encore Holdings, LLC, One stop 22024-09-300001476765Encore Holdings, LLC, One stop 32024-09-300001476765FR Vision Holdings, Inc., One stop 12024-09-300001476765FR Vision Holdings, Inc., One stop 22024-09-300001476765FR Vision Holdings, Inc., One stop 32024-09-300001476765Kleinfelder Intermediate, LLC, One stop 12024-09-300001476765Kleinfelder Intermediate, LLC, One stop 22024-09-300001476765Kleinfelder Intermediate, LLC, One stop 32024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 12024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 22024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 32024-09-300001476765North Haven Stack Buyer, LLC, Second lien 12024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 42024-09-300001476765North Haven Stack Buyer, LLC, Second lien 22024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 52024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 62024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 72024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 82024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 92024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 102024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 112024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 122024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 132024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 142024-09-300001476765North Haven Stack Buyer, LLC, Second lien 32024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 152024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 162024-09-300001476765Profile Products LLC, One stop 12024-09-300001476765Profile Products LLC, One stop 22024-09-300001476765Profile Products LLC, One stop 32024-09-300001476765Profile Products LLC, One stop 42024-09-300001476765PSC Parent, Inc., One stop 12024-09-300001476765PSC Parent, Inc., One stop 22024-09-300001476765PSC Parent, Inc., One stop 32024-09-300001476765PSC Parent, Inc., One stop 42024-09-300001476765PT Intermediate Holdings III, LLC, One stop 12024-09-300001476765PT Intermediate Holdings III, LLC, One stop 22024-09-300001476765Radwell Parent, LLC, One stop 12024-09-300001476765Radwell Parent, LLC, One stop 22024-09-300001476765Radwell Parent, LLC, One stop 32024-09-300001476765Radwell Parent, LLC, One stop 42024-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 12024-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 22024-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 32024-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 42024-09-300001476765WRE Holding Corp., One stop 12024-09-300001476765WRE Holding Corp., One stop 22024-09-300001476765WRE Holding Corp., One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Lightning Finco Limited, One stop 12024-09-300001476765Lightning Finco Limited, One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:CommunicationsEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Consor Intermediate II, LLC, One stop 12024-09-300001476765Consor Intermediate II, LLC, One stop 22024-09-300001476765Consor Intermediate II, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ConstructionEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Chase Intermediate, One stop 12024-09-300001476765Chase Intermediate, One stop 22024-09-300001476765Chase Intermediate, One stop 32024-09-300001476765Fortis Solutions Group LLC, One stop 12024-09-300001476765Fortis Solutions Group LLC, One stop 22024-09-300001476765Fortis Solutions Group LLC, One stop 32024-09-300001476765Fortis Solutions Group LLC, One stop 42024-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Any Hour, LLC, One stop 12024-09-300001476765Any Hour, LLC, One stop 22024-09-300001476765Any Hour, LLC, One stop 32024-09-300001476765Any Hour, LLC, One stop 42024-09-300001476765Apex Service Partners, LLC, One stop 12024-09-300001476765Apex Service Partners, LLC, One stop 22024-09-300001476765Apex Service Partners, LLC, One stop 32024-09-300001476765Apex Service Partners, LLC, One stop 42024-09-300001476765Certus Pest, Inc., One stop 12024-09-300001476765Certus Pest, Inc., One stop 22024-09-300001476765Certus Pest, Inc., One stop 32024-09-300001476765Certus Pest, Inc., One stop 42024-09-300001476765Certus Pest, Inc., One stop 52024-09-300001476765Certus Pest, Inc., One stop 62024-09-300001476765Certus Pest, Inc., One stop 72024-09-300001476765Certus Pest, Inc., One stop 82024-09-300001476765Certus Pest, Inc., One stop 92024-09-300001476765Certus Pest, Inc., One stop 102024-09-300001476765Certus Pest, Inc., One stop 112024-09-300001476765Certus Pest, Inc., One stop 122024-09-300001476765CHHJ Midco, LLC, Senior secured 12024-09-300001476765CHHJ Midco, LLC, Senior secured 22024-09-300001476765CHVAC Services Investment, LLC, One stop 12024-09-300001476765CHVAC Services Investment, LLC, One stop 22024-09-300001476765CHVAC Services Investment, LLC, One stop 32024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 12024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 22024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 32024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 42024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 52024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 62024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 72024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 82024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 92024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 102024-09-300001476765EMS LINQ, LLC, One stop 12024-09-300001476765EMS LINQ, LLC, One stop 22024-09-300001476765Entomo Brands Acquisitions, Inc., Senior secured 12024-09-300001476765Entomo Brands Acquisitions, Inc., Senior secured 22024-09-300001476765Entomo Brands Acquisitions, Inc., Senior secured 32024-09-300001476765EWC Growth Partners LLC, One stop 12024-09-300001476765EWC Growth Partners LLC, One stop 22024-09-300001476765EWC Growth Partners LLC, One stop 32024-09-300001476765EWC Growth Partners LLC, One stop 42024-09-300001476765FPG Intermediate Holdco, LLC, One stop 12024-09-300001476765FPG Intermediate Holdco, LLC, One stop 22024-09-300001476765FPG Intermediate Holdco, LLC, One stop 32024-09-300001476765FSS Buyer LLC, One stop 12024-09-300001476765FSS Buyer LLC, One stop 22024-09-300001476765HS Spa Holdings, Inc., One stop 12024-09-300001476765HS Spa Holdings, Inc., One stop 22024-09-300001476765HS Spa Holdings, Inc., One stop 32024-09-300001476765Learn-it Systems, LLC, Senior secured 12024-09-300001476765Learn-it Systems, LLC, Senior secured 22024-09-300001476765Learn-it Systems, LLC, Senior secured 32024-09-300001476765Learn-it Systems, LLC, Senior secured 42024-09-300001476765Liminex, Inc., One stop 12024-09-300001476765Liminex, Inc., One stop 22024-09-300001476765Liminex, Inc., One stop 32024-09-300001476765Liminex, Inc., One stop 42024-09-300001476765Litera Bidco, LLC, One stop 12024-09-300001476765Litera Bidco, LLC, One stop 22024-09-300001476765Litera Bidco, LLC, One stop 32024-09-300001476765Litera Bidco, LLC, One stop 42024-09-300001476765Mario Purchaser, LLC, One stop 12024-09-300001476765Mario Purchaser, LLC, One stop 22024-09-300001476765Mario Purchaser, LLC, One stop 32024-09-300001476765Mario Purchaser, LLC, One stop 42024-09-300001476765Mario Purchaser, LLC, One stop 52024-09-300001476765NSG Buyer, Inc., One stop 12024-09-300001476765NSG Buyer, Inc., One stop 22024-09-300001476765NSG Buyer, Inc., One stop 32024-09-300001476765NSG Buyer, Inc., One stop 42024-09-300001476765PADI Holdco, Inc., One stop 12024-09-300001476765PADI Holdco, Inc., One stop 22024-09-300001476765PADI Holdco, Inc., One stop 32024-09-300001476765PADI Holdco, Inc., One stop 42024-09-300001476765PADI Holdco, Inc., One stop 52024-09-300001476765Provenance Buyer LLC, One stop 12024-09-300001476765Provenance Buyer LLC, One stop 22024-09-300001476765Provenance Buyer LLC, One stop 32024-09-300001476765RW AM Holdco LLC, One stop 12024-09-300001476765RW AM Holdco LLC, One stop 22024-09-300001476765Virginia Green Acquisition, LLC, One stop 12024-09-300001476765Virginia Green Acquisition, LLC, One stop 22024-09-300001476765Virginia Green Acquisition, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Avalara, Inc., One stop 12024-09-300001476765Avalara, Inc., One stop 22024-09-300001476765Baker Tilly Advisory Group, LP, One stop 12024-09-300001476765Baker Tilly Advisory Group, LP, One stop 22024-09-300001476765Baker Tilly Advisory Group, LP, One stop 32024-09-300001476765Banker's Toolbox, Inc., One stop 12024-09-300001476765Banker's Toolbox, Inc., One stop 22024-09-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 12024-09-300001476765Ceres Groupe SAS & Ceres PikCo, Subordinated debt2024-09-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 22024-09-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 32024-09-300001476765Finastra USA, Inc., One stop 12024-09-300001476765Finastra USA, Inc., One stop 22024-09-300001476765Flash Topco, Inc., One stop 12024-09-300001476765Flash Topco, Inc., One stop 22024-09-300001476765Flash Topco, Inc., One stop 32024-09-300001476765Higginbotham Insurance Agency, Inc., One stop 12024-09-300001476765Higginbotham Insurance Agency, Inc., One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedFinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765NTI Connect, LLC, Senior secured2024-09-300001476765Power Grid Holdings, Inc., One stop 12024-09-300001476765Power Grid Holdings, Inc., One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectricalEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765CST Holding Company, One stop 12024-09-300001476765CST Holding Company, One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Mendocino Farms, LLC, One stop 1 2024-09-300001476765Mendocino Farms, LLC, One stop 22024-09-300001476765Mendocino Farms, LLC, One stop 32024-09-300001476765Mendocino Farms, LLC, One stop 42024-09-300001476765PDI TA Holdings, Inc., One stop 12024-09-300001476765PDI TA Holdings, Inc., One stop 22024-09-300001476765PDI TA Holdings, Inc., One stop 32024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 12024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 22024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 32024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 42024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 52024-09-300001476765Wineshipping.com LLC, One stop 12024-09-300001476765Wineshipping.com LLC, One stop 22024-09-300001476765Wineshipping.com LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Blast Bidco Inc., One stop 12024-09-300001476765Blast Bidco Inc., One stop 22024-09-300001476765Borrower R365 Holdings, LLC, One stop 12024-09-300001476765Borrower R365 Holdings, LLC, One stop 22024-09-300001476765Borrower R365 Holdings, LLC, One stop 32024-09-300001476765Borrower R365 Holdings, LLC, One stop 42024-09-300001476765Eagle Family Foods Group, LLC, One stop 12024-09-300001476765Eagle Family Foods Group, LLC, One stop 22024-09-300001476765Kodiak Cakes, LLC, Senior secured 12024-09-300001476765Kodiak Cakes, LLC, Senior secured 22024-09-300001476765Louisiana Fish Fry Products, Ltd., One stop 12024-09-300001476765Louisiana Fish Fry Products, Ltd., One stop 22024-09-300001476765MAPF Holdings, Inc., One stop 12024-09-300001476765MAPF Holdings, Inc., One stop 22024-09-300001476765MAPF Holdings, Inc., One stop 32024-09-300001476765MAPF Holdings, Inc., One stop 42024-09-300001476765P&P Food Safety Holdings, Inc., One stop 12024-09-300001476765P&P Food Safety Holdings, Inc., One stop 22024-09-300001476765Ultimate Baked Goods Midco LLC, One stop 12024-09-300001476765Ultimate Baked Goods Midco LLC, One stop 22024-09-300001476765Ultimate Baked Goods Midco LLC, One stop 32024-09-300001476765Whitebridge Pet Brands, LLC, One stop 12024-09-300001476765Whitebridge Pet Brands, LLC, One stop 22024-09-300001476765Wizard Bidco Limited, One stop 12024-09-300001476765Wizard Bidco Limited, One stop 22024-09-300001476765Wizard Bidco Limited, One stop 32024-09-300001476765Wizard Bidco Limited, One stop 42024-09-300001476765Wizard Bidco Limited, One stop 52024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Aspen Medical Products, LLC, One stop 12024-09-300001476765Aspen Medical Products, LLC, One stop 22024-09-300001476765Aspen Medical Products, LLC, One stop 32024-09-300001476765Baduhenna Bidco Limited, One stop 12024-09-300001476765Baduhenna Bidco Limited, One stop 22024-09-300001476765Baduhenna Bidco Limited, One stop 32024-09-300001476765Baduhenna Bidco Limited, One stop 42024-09-300001476765Baduhenna Bidco Limited, One stop 52024-09-300001476765Baduhenna Bidco Limited, One stop 62024-09-300001476765Belmont Instrument, LLC, One stop 12024-09-300001476765Belmont Instrument, LLC, One stop 22024-09-300001476765Blades Buyer, Inc., Senior secured 12024-09-300001476765Blades Buyer, Inc., Senior secured 22024-09-300001476765Blades Buyer, Inc., Senior secured 32024-09-300001476765Blades Buyer, Inc., Senior secured 42024-09-300001476765Blue River Pet Care, LLC, One stop 12024-09-300001476765Blue River Pet Care, LLC, One stop 22024-09-300001476765Blue River Pet Care, LLC, One stop 32024-09-300001476765Blue River Pet Care, LLC, One stop 42024-09-300001476765Blue River Pet Care, LLC, One stop 52024-09-300001476765Blue River Pet Care, LLC, One stop 62024-09-300001476765Blue River Pet Care, LLC, One stop 72024-09-300001476765Blue River Pet Care, LLC, One stop 82024-09-300001476765Blue River Pet Care, LLC, One stop 92024-09-300001476765Blue River Pet Care, LLC, One stop 102024-09-300001476765CCSL Holdings, LLC, One stop 12024-09-300001476765CCSL Holdings, LLC, One stop 22024-09-300001476765CCSL Holdings, LLC, One stop 32024-09-300001476765CCSL Holdings, LLC, One stop 42024-09-300001476765CCSL Holdings, LLC, One stop 52024-09-300001476765CCSL Holdings, LLC, One stop 62024-09-300001476765CCSL Holdings, LLC, One stop 72024-09-300001476765CCSL Holdings, LLC, One stop 82024-09-300001476765CCSL Holdings, LLC, One stop 92024-09-300001476765CMI Parent Inc., One stop 12024-09-300001476765CMI Parent Inc., One stop 22024-09-300001476765CMI Parent Inc., Senior secured 2024-09-300001476765CMI Parent Inc., One stop 32024-09-300001476765CMI Parent Inc., One stop 42024-09-300001476765G & H Wire Company, Inc., One stop 12024-09-300001476765G & H Wire Company, Inc., One stop 22024-09-300001476765HuFriedy Group Acquisition, LLC, One stop 12024-09-300001476765HuFriedy Group Acquisition, LLC, One stop 22024-09-300001476765HuFriedy Group Acquisition, LLC, One stop 32024-09-300001476765JHC Investment Intermediate Holdings, LLC, One stop 12024-09-300001476765JHC Investment Intermediate Holdings, LLC, One stop 22024-09-300001476765TIDI Legacy Products, Inc., One stop 12024-09-300001476765TIDI Legacy Products, Inc., One stop 22024-09-300001476765TIDI Legacy Products, Inc., One stop 32024-09-300001476765YI, LLC, One stop 12024-09-300001476765YI, LLC, One stop 22024-09-300001476765YI, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765AAH TOPCO, LLC , One stop 12024-09-300001476765AAH TOPCO, LLC, One stop 22024-09-300001476765AAH TOPCO, LLC, Subordinated debt2024-09-300001476765AAH TOPCO, LLC, One stop 32024-09-300001476765AAH TOPCO, LLC, One stop 42024-09-300001476765Active Day, Inc., One stop 12024-09-300001476765Active Day, Inc., One stop 22024-09-300001476765Active Day, Inc., One stop 32024-09-300001476765Active Day, Inc., One stop 42024-09-300001476765Active Day, Inc., One stop 52024-09-300001476765Active Day, Inc., One stop 62024-09-300001476765Active Day, Inc., One stop 72024-09-300001476765Active Day, Inc., One stop 82024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 12024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 22024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 32024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 42024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 52024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 62024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 72024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 82024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 92024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 102024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 112024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 122024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 132024-09-300001476765Acuity Eyecare Holdings, LLC, Senior secured2024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 142024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 152024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 162024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 12024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 12024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 22024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 22024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 32024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 32024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 42024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 52024-09-300001476765Bamboo US Bidco LLC, One stop 12024-09-300001476765Bamboo US Bidco LLC, One stop 22024-09-300001476765Bamboo US Bidco LLC, One stop 32024-09-300001476765Bamboo US Bidco LLC, One stop 42024-09-300001476765Community Care Partners, LLC, One stop2024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 12024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 22024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 32024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 42024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 52024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., Senior secured2024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42024-09-300001476765Encorevet Group LLC, One stop 12024-09-300001476765Encorevet Group LLC, One stop 22024-09-300001476765Encorevet Group LLC, One stop 32024-09-300001476765Encorevet Group LLC, One stop 42024-09-300001476765Encorevet Group LLC, One stop 52024-09-300001476765Encorevet Group LLC, One stop 62024-09-300001476765Encorevet Group LLC, One stop 72024-09-300001476765Encorevet Group LLC, One stop 82024-09-300001476765Encorevet Group LLC, One stop 92024-09-300001476765Encorevet Group LLC, One stop 102024-09-300001476765Encorevet Group LLC, One stop 112024-09-300001476765Encorevet Group LLC, One stop 122024-09-300001476765Encorevet Group LLC, One stop 132024-09-300001476765Encorevet Group LLC, One stop 142024-09-300001476765Encorevet Group LLC, One stop 152024-09-300001476765Encorevet Group LLC, One stop 162024-09-300001476765Encorevet Group LLC, One stop 172024-09-300001476765ERC Topco Holdings, LLC, One stop 12024-09-300001476765ERC Topco Holdings, LLC, One stop 22024-09-300001476765ERC Topco Holdings, LLC, One stop 32024-09-300001476765ERC Topco Holdings, LLC, One stop 42024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 12024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 22024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 32024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 42024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 52024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 62024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 72024-09-300001476765Heartland Veterinary Partners LLC, Senior secured 12024-09-300001476765Heartland Veterinary Partners LLC, Senior secured 22024-09-300001476765Heartland Veterinary Partners LLC, Senior secured 32024-09-300001476765Klick Inc., Senior secured 12024-09-300001476765Klick Inc., Senior secured 22024-09-300001476765Klick Inc., Senior secured 32024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 12024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 22024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 32024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 42024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 52024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 62024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 72024-09-300001476765Krueger-Gilbert Health Physics, LLC, One stop2024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 12024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 22024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 32024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 42024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 52024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 62024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 72024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 82024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 12024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 22024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 32024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 42024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 52024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 62024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 72024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 82024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 92024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 102024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 112024-09-300001476765Premise Health Holding Corp., One stop 12024-09-300001476765Premise Health Holding Corp., One stop 22024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 12024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 22024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 32024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 42024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 52024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 62024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 72024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 82024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 92024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 102024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 112024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 122024-09-300001476765Suveto Buyer, LLC, One stop 12024-09-300001476765Suveto Buyer, LLC, One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Alegeus Technologies Holdings Corp., Senior secured2024-09-300001476765Amberfield Acquisition Co., One stop 12024-09-300001476765Amberfield Acquisition Co., One stop 22024-09-300001476765Amberfield Acquisition Co., One stop 32024-09-300001476765Color Intermediate, LLC, Senior secured2024-09-300001476765Connexin Software, Inc., One stop 12024-09-300001476765Connexin Software, Inc., One stop 22024-09-300001476765Crow River Buyer, Inc., One stop 12024-09-300001476765Crow River Buyer, Inc., One stop 22024-09-300001476765ESO Solution, Inc., One stop 12024-09-300001476765ESO Solution, Inc., One stop 22024-09-300001476765ESO Solution, Inc., One stop 32024-09-300001476765HealthEdge Software, Inc., One stop 12024-09-300001476765HealthEdge Software, Inc., One stop 22024-09-300001476765HealthEdge Software, Inc., One stop 32024-09-300001476765Kona Buyer, LLC, One stop 12024-09-300001476765Kona Buyer, LLC, One stop 22024-09-300001476765Kona Buyer, LLC, One stop 32024-09-300001476765Kona Buyer, LLC, One stop 42024-09-300001476765Lacker Bidco Limited, One stop 12024-09-300001476765Lacker Bidco Limited, One stop 22024-09-300001476765Lacker Bidco Limited, One stop 32024-09-300001476765Neptune Holdings, Inc., One stop 12024-09-300001476765Neptune Holdings, Inc., One stop 22024-09-300001476765Netsmart Technologies, Inc., One stop 12024-09-300001476765Netsmart Technologies, Inc., One stop 22024-09-300001476765Netsmart Technologies, Inc., One stop 32024-09-300001476765Plasma Buyer LLC, One stop 12024-09-300001476765Plasma Buyer LLC, One stop 22024-09-300001476765Plasma Buyer LLC, One stop 32024-09-300001476765QF Holdings, Inc., One stop2024-09-300001476765Tebra Technologies, Inc., One stop 12024-09-300001476765Tebra Technologies, Inc., One stop 22024-09-300001476765Tebra Technologies, Inc., One stop 32024-09-300001476765Tebra Technologies, Inc., One stop 42024-09-300001476765Tebra Technologies, Inc., One stop 52024-09-300001476765Tebra Technologies, Inc., One stop 62024-09-300001476765Tebra Technologies, Inc., One stop 72024-09-300001476765Tebra Technologies, Inc., One stop 82024-09-300001476765Tebra Technologies, Inc., One stop 92024-09-300001476765Tebra Technologies, Inc., One stop 102024-09-300001476765Transaction Data Systems, Inc., One stop 12024-09-300001476765Transaction Data Systems, Inc., One stop 22024-09-300001476765Veranex, Inc., Senior secured 12024-09-300001476765Veranex, Inc., Senior secured 22024-09-300001476765Veranex, Inc., Senior secured 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Barteca Restaurants, LLC, One stop 12024-09-300001476765Barteca Restaurants, LLC, One stop 22024-09-300001476765Barteca Restaurants, LLC, One stop 32024-09-300001476765Barteca Restaurants, LLC, One stop 42024-09-300001476765BJH Holdings III Corp., One stop 12024-09-300001476765BJH Holdings III Corp., One stop 22024-09-300001476765Cafe Rio Holding, Inc., One stop 12024-09-300001476765Cafe Rio Holding, Inc., One stop 22024-09-300001476765Cafe Rio Holding, Inc., One stop 32024-09-300001476765Cafe Rio Holding, Inc., One stop 42024-09-300001476765Cafe Rio Holding, Inc., One stop 52024-09-300001476765Cafe Rio Holding, Inc., One stop 62024-09-300001476765Cafe Rio Holding, Inc., One stop 72024-09-300001476765Cafe Rio Holding, Inc., One stop 82024-09-300001476765Cafe Rio Holding, Inc., One stop 92024-09-300001476765Cafe Rio Holding, Inc., One stop 102024-09-300001476765Cafe Rio Holding, Inc., One stop 112024-09-300001476765Cafe Rio Holding, Inc., One stop 122024-09-300001476765Cafe Rio Holding, Inc., One stop 132024-09-300001476765Davidson Hotel Company, LLC, One stop 12024-09-300001476765Davidson Hotel Company, LLC, One stop 22024-09-300001476765Davidson Hotel Company, LLC, One stop 32024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 12024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 22024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 32024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 42024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 52024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 62024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 72024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 82024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 92024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 102024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 112024-09-300001476765ESN Venture Holdings, LLC, One stop 12024-09-300001476765ESN Venture Holdings, LLC, One stop 22024-09-300001476765ESN Venture Holdings, LLC, One stop 32024-09-300001476765ESN Venture Holdings, LLC, One stop 42024-09-300001476765ESN Venture Holdings, LLC, One stop 52024-09-300001476765ESN Venture Holdings, LLC, One stop 62024-09-300001476765ESN Venture Holdings, LLC, One stop 72024-09-300001476765Freddy's Frozen Custard LLC, One stop 12024-09-300001476765Freddy's Frozen Custard LLC, One stop 22024-09-300001476765GFP Atlantic Holdco 2, LLC, One stop 12024-09-300001476765GFP Atlantic Holdco 2, LLC, One stop 22024-09-300001476765Harri US LLC, One stop 12024-09-300001476765Harri US LLC, One stop 22024-09-300001476765Harri US LLC, One stop 32024-09-300001476765Harri US LLC, One stop 42024-09-300001476765Harri US LLC, One stop 5 2024-09-300001476765Health Buyer, LLC, Senior secured 12024-09-300001476765Health Buyer, LLC, Senior secured 22024-09-300001476765Health Buyer, LLC, Senior secured 32024-09-300001476765Health Buyer, LLC, Senior secured 42024-09-300001476765Health Buyer, LLC, Senior secured 52024-09-300001476765PB Group Holdings, LLC, One stop 12024-09-300001476765PB Group Holdings, LLC, One stop 22024-09-300001476765SDC Holdco, LLC, One stop 12024-09-300001476765SDC Holdco, LLC, Second lien2024-09-300001476765SDC Holdco, LLC, One stop 22024-09-300001476765SSRG Holdings, LLC, One stop 12024-09-300001476765SSRG Holdings, LLC, One stop 22024-09-300001476765SSRG Holdings, LLC, One stop 32024-09-300001476765SSRG Holdings, LLC, One stop 42024-09-300001476765Super REGO, LLC, Subordinated debt2024-09-300001476765YE Brands Holding, LLC, One stop 12024-09-300001476765YE Brands Holding, LLC, One stop 22024-09-300001476765YE Brands Holding, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765WU Holdco, Inc., One stop 12024-09-300001476765WU Holdco, Inc., One stop 22024-09-300001476765WU Holdco, Inc., One stop 32024-09-300001476765WU Holdco, Inc., One stop 42024-09-300001476765WU Holdco, Inc., One stop 52024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HouseholdProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Arch Global CCT Holdings Corp., Senior secured 12024-09-300001476765Arch Global CCT Holdings Corp., Senior secured 22024-09-300001476765Arch Global CCT Holdings Corp., Senior secured 32024-09-300001476765Arch Global CCT Holdings Corp., Senior secured 42024-09-300001476765Dwyer Instruments, Inc., One stop 12024-09-300001476765Dwyer Instruments, Inc., One stop 22024-09-300001476765Dwyer Instruments, Inc., One stop 32024-09-300001476765Dwyer Instruments, Inc., One stop 42024-09-300001476765Dwyer Instruments, Inc., One stop 52024-09-300001476765Essential Services Holdings Corporation, One stop 12024-09-300001476765Essential Services Holdings Corporation, One stop 22024-09-300001476765Essential Services Holdings Corporation, One stop 32024-09-300001476765Excelitas Technologies Corp., One stop 12024-09-300001476765Excelitas Technologies Corp., One stop 22024-09-300001476765Excelitas Technologies Corp., One stop 32024-09-300001476765Excelitas Technologies Corp., One stop 42024-09-300001476765Excelitas Technologies Corp., One stop 52024-09-300001476765Specialty Measurement Bidco Limited, One stop 12024-09-300001476765Specialty Measurement Bidco Limited, One stop 22024-09-300001476765Specialty Measurement Bidco Limited, One stop 32024-09-300001476765Specialty Measurement Bidco Limited, One stop 42024-09-300001476765Specialty Measurement Bidco Limited, One stop 52024-09-300001476765Specialty Measurement Bidco Limited, One stop 62024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:IndustrialConglomeratesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Accession Risk Management Group, Inc., One stop 12024-09-300001476765Accession Risk Management Group, Inc., One stop 22024-09-300001476765Accession Risk Management Group, Inc., One stop 32024-09-300001476765Accession Risk Management Group, Inc., One stop 42024-09-300001476765Accession Risk Management Group, Inc., One stop 52024-09-300001476765Accession Risk Management Group, Inc., One stop 62024-09-300001476765Accession Risk Management Group, Inc., One stop 72024-09-300001476765Accession Risk Management Group, Inc., One stop 82024-09-300001476765Alera Group, Inc., One stop 12024-09-300001476765Alera Group, Inc., One stop 22024-09-300001476765Alera Group, Inc., One stop 32024-09-300001476765Alera Group, Inc., One stop 42024-09-300001476765AMBA Buyer, Inc., One stop 12024-09-300001476765AMBA Buyer, Inc., One stop 22024-09-300001476765AMBA Buyer, Inc., One stop 32024-09-300001476765AMBA Buyer, Inc., One stop 42024-09-300001476765AMBA Buyer, Inc., One stop 52024-09-300001476765Ben Nevis Midco Limited, One stop 12024-09-300001476765Ben Nevis Midco Limited, One stop 22024-09-300001476765Ben Nevis Midco Limited, One stop 32024-09-300001476765Ben Nevis Midco Limited, One stop 42024-09-300001476765Captive Resources Midco, LLC, One stop 12024-09-300001476765Captive Resources Midco, LLC, One stop 22024-09-300001476765Disco Parent, Inc., One stop 12024-09-300001476765Disco Parent, Inc., One stop 22024-09-300001476765Doxa Insurance Holdings LLC, One stop 12024-09-300001476765Doxa Insurance Holdings LLC, One stop 22024-09-300001476765Doxa Insurance Holdings LLC, One stop 32024-09-300001476765Doxa Insurance Holdings LLC, One stop 42024-09-300001476765Gimlet Bidco GMBH, One stop 12024-09-300001476765Gimlet Bidco GMBH, One stop 22024-09-300001476765Illumifin Corporation, One stop2024-09-300001476765Integrated Specialty Coverages, LLC, One stop 12024-09-300001476765Integrated Specialty Coverages, LLC, One stop 22024-09-300001476765Integrated Specialty Coverages, LLC, One stop 32024-09-300001476765Integrity Marketing Acquisition, LLC, One stop 12024-09-300001476765Integrity Marketing Acquisition, LLC, One stop 22024-09-300001476765Integrity Marketing Acquisition, LLC, One stop 32024-09-300001476765J.S. Held Holdings, LLC, One stop 12024-09-300001476765J.S. Held Holdings, LLC, One stop 22024-09-300001476765J.S. Held Holdings, LLC, One stop 32024-09-300001476765J.S. Held Holdings, LLC, One stop 42024-09-300001476765J.S. Held Holdings, LLC, One stop 52024-09-300001476765J.S. Held Holdings, LLC, One stop 62024-09-300001476765Keystone Agency Partners LLC, Senior secured 12024-09-300001476765Keystone Agency Partners LLC, Senior secured 22024-09-300001476765Keystone Agency Partners LLC, Senior secured 32024-09-300001476765Keystone Agency Partners LLC, Senior secured 42024-09-300001476765Keystone Agency Partners LLC, Senior secured 52024-09-300001476765Majesco, One stop 12024-09-300001476765Majesco, One stop 22024-09-300001476765MRH Trowe Germany GMBH, One stop2024-09-300001476765Norvax, LLC, Senior secured 12024-09-300001476765Norvax, LLC, Senior secured 22024-09-300001476765Oakbridge Insurance Agency LLC, One stop 12024-09-300001476765Oakbridge Insurance Agency LLC, One stop 22024-09-300001476765Oakbridge Insurance Agency LLC, One stop 32024-09-300001476765Pareto Health Intermediate Holdings, Inc., One stop 12024-09-300001476765Pareto Health Intermediate Holdings, Inc., One stop 22024-09-300001476765Pareto Health Intermediate Holdings, Inc., One stop 32024-09-300001476765Patriot Growth Insurance Services, LLC, One stop 12024-09-300001476765Patriot Growth Insurance Services, LLC, One stop 22024-09-300001476765Patriot Growth Insurance Services, LLC, One stop 32024-09-300001476765Patriot Growth Insurance Services, LLC, One stop 42024-09-300001476765People Corporation, One stop 12024-09-300001476765People Corporation, One stop 22024-09-300001476765People Corporation, One stop 32024-09-300001476765People Corporation, One stop 42024-09-300001476765People Corporation, One stop 52024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Revalize, Inc., One stop 12024-09-300001476765Revalize, Inc., One stop 22024-09-300001476765Revalize, Inc., One stop 32024-09-300001476765Revalize, Inc., One stop 42024-09-300001476765Revalize, Inc., One stop 52024-09-300001476765Revalize, Inc., One stop 62024-09-300001476765Revalize, Inc., One stop 72024-09-300001476765Revalize, Inc., One stop 82024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Acquia, Inc., One stop 12024-09-300001476765Acquia, Inc., One stop 22024-09-300001476765Acquia, Inc., One stop 32024-09-300001476765CivicPlus, LLC, One stop 12024-09-300001476765CivicPlus, LLC, One stop 22024-09-300001476765CivicPlus, LLC, One stop 32024-09-300001476765CivicPlus, LLC, One stop 42024-09-300001476765CivicPlus, LLC, One stop 52024-09-300001476765Critical Start, Inc., One stop 12024-09-300001476765Critical Start, Inc., One stop 22024-09-300001476765Critical Start, Inc., One stop 32024-09-300001476765Delinea Inc., One stop 12024-09-300001476765Delinea Inc., One stop 22024-09-300001476765Delinea Inc., One stop 32024-09-300001476765Delinea Inc., One stop 42024-09-300001476765Goldcup 31018 AB, One stop 12024-09-300001476765Goldcup 31018 AB, One stop 22024-09-300001476765Goldcup 31018 AB, One stop 32024-09-300001476765Netwrix Corporation, One stop 12024-09-300001476765Netwrix Corporation, One stop 22024-09-300001476765Netwrix Corporation, One stop 32024-09-300001476765Optimizely North America, Inc., One stop 12024-09-300001476765Optimizely North America, Inc., One stop 22024-09-300001476765Optimizely North America, Inc., One stop 32024-09-300001476765Optimizely North America, Inc., One stop 42024-09-300001476765Optimizely North America, Inc., One stop 52024-09-300001476765PDQ Intermediate, Inc., Subordinated debt2024-09-300001476765Recordxtechnologies, LLC, One stop 12024-09-300001476765Recordxtechnologies, LLC, One stop 22024-09-300001476765Recordxtechnologies, LLC, One stop 32024-09-300001476765Recordxtechnologies, LLC, One stop 42024-09-300001476765Recordxtechnologies, LLC, One stop 52024-09-300001476765ReliaQuest Holdings, LLC, One stop 12024-09-300001476765ReliaQuest Holdings, LLC, One stop 22024-09-300001476765ReliaQuest Holdings, LLC, One stop 32024-09-300001476765Saturn Borrower Inc., One stop 12024-09-300001476765Saturn Borrower Inc., One stop 22024-09-300001476765WPEngine, Inc., One stop 12024-09-300001476765WPEngine, Inc., One stop 22024-09-300001476765Zarya Holdco, Inc., One stop 12024-09-300001476765Zarya Holdco, Inc., One stop 22024-09-300001476765Zarya Holdco, Inc., One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Crunch Holdings, LLC, One stop 12024-09-300001476765Crunch Holdings, LLC, One stop 22024-09-300001476765Movement Holdings, LLC, One stop 12024-09-300001476765Movement Holdings, LLC, One stop 22024-09-300001476765Movement Holdings, LLC, One stop 32024-09-300001476765WBZ Investment, LLC, One stop 12024-09-300001476765WBZ Investment, LLC, One stop 22024-09-300001476765WBZ Investment, LLC, One stop 32024-09-300001476765WBZ Investment, LLC, One stop 42024-09-300001476765WBZ Investment, LLC, One stop 52024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Celerion Buyer, Inc., One stop 12024-09-300001476765Celerion Buyer, Inc., One stop 22024-09-300001476765Celerion Buyer, Inc., One stop 32024-09-300001476765Graphpad Software, LLC, One stop 12024-09-300001476765Graphpad Software, LLC, One stop 22024-09-300001476765Graphpad Software, LLC, One stop 32024-09-300001476765PAS Parent Inc., One stop 12024-09-300001476765PAS Parent Inc. One stop 22024-09-300001476765PAS Parent Inc., One stop 32024-09-300001476765PAS Parent Inc., One stop 42024-09-300001476765Reaction Biology Corporation, One stop 12024-09-300001476765Reaction Biology Corporation, One stop 22024-09-300001476765Reaction Biology Corporation, One stop 32024-09-300001476765Reaction Biology Corporation, One stop 42024-09-300001476765Unchained Labs, LLC, Senior secured 12024-09-300001476765Unchained Labs, LLC, Senior secured 22024-09-300001476765Unchained Labs, LLC, Senior secured 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765AI Titan Parent, Inc., One stop 12024-09-300001476765AI Titan Parent, Inc., One stop 22024-09-300001476765AI Titan Parent, Inc., One stop 32024-09-300001476765Blackbird Purchaser, Inc., One stop 12024-09-300001476765Blackbird Purchaser, Inc., One stop 22024-09-300001476765Blackbird Purchaser, Inc., One stop 32024-09-300001476765Chase Industries, Inc., Senior secured 12024-09-300001476765Chase Industries, Inc., Senior secured 22024-09-300001476765Chase Industries, Inc., Senior secured 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:MachinerySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Project Nike Purchaser, LLC, One stop 12024-09-300001476765Project Nike Purchaser, LLC, One stop 22024-09-300001476765Project Nike Purchaser, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:MarineSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Lotus Topco, Inc., One stop 12024-09-300001476765Lotus Topco, Inc., One stop 22024-09-300001476765Lotus Topco, Inc., One stop 32024-09-300001476765Triple Lift, Inc., One stop 12024-09-300001476765Triple Lift, Inc., One stop 22024-09-300001476765Triple Lift, Inc., One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:MediaSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Fleet Farm Group, LLC, One stop2024-09-3000014767653ES Innovation, Inc., One stop 12024-09-3000014767653ES Innovation, Inc., One stop 22024-09-300001476765Envernus, Inc., One stop 12024-09-300001476765Envernus, Inc., One stop 22024-09-300001476765Envernus, Inc., One stop 32024-09-300001476765Project Power Buyer, LLC, One stop 12024-09-300001476765Project Power Buyer, LLC, One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Messenger, LLC, One stop 12024-09-300001476765Messenger, LLC, One stop 22024-09-300001476765Messenger, LLC, One stop32024-09-300001476765Messenger, LLC, One stop 42024-09-300001476765Messenger, LLC, One stop 52024-09-300001476765Messenger, LLC, One stop 62024-09-300001476765Messenger, LLC, One stop 72024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765IMPLUS Footcare, LLC, One stop 12024-09-300001476765IMPLUS Footcare, LLC, One stop 22024-09-300001476765IMPLUS Footcare, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:PersonalProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765ACP Ulysses Buyer, Inc., One stop 12024-09-300001476765ACP Ulysses Buyer, Inc., One stop 22024-09-300001476765Amalthea Parent, Inc., One stop 12024-09-300001476765Amalthea Parent, Inc., One stop 22024-09-300001476765Apothecary Products, LLC, Senior secured 12024-09-300001476765Apothecary Products, LLC, Senior secured 22024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 12024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 22024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 32024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 42024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 52024-09-300001476765Cobalt Buyer Sub, Inc., One stop 12024-09-300001476765Cobalt Buyer Sub, Inc., One stop 22024-09-300001476765Cobalt Buyer Sub, Inc., One stop 32024-09-300001476765Cobalt Buyer Sub, Inc., One stop 42024-09-300001476765Cobalt Buyer Sub, Inc., One stop 52024-09-300001476765Cobalt Buyer Sub, Inc., One stop 62024-09-300001476765Spark Bidco Limited, Senior secured 12024-09-300001476765Spark Bidco Limited, Senior secured 22024-09-300001476765Spark Bidco Limited, Senior secured 32024-09-300001476765Spark Bidco Limited, Senior secured 42024-09-300001476765Spark Bidco Limited, Senior secured 52024-09-300001476765Spark Bidco Limited, Senior secured 62024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765ALKU Intermediate Holdings, LLC, One stop 12024-09-300001476765ALKU Intermediate Holdings, LLC, One stop 22024-09-300001476765bswift, LLC, One stop2024-09-300001476765Citrin Cooperman Advisors LLC, One stop 12024-09-300001476765Citrin Cooperman Advisors LLC, One stop 22024-09-300001476765Citrin Cooperman Advisors LLC, One stop 32024-09-300001476765Citrin Cooperman Advisors LLC, One stop 42024-09-300001476765Citrin Cooperman Advisors LLC, One stop 52024-09-300001476765DISA Holdings Corp., Senior secured 12024-09-300001476765DISA Holdings Corp., Senior secured 22024-09-300001476765DISA Holdings Corp., One stop2024-09-300001476765DISA Holdings Corp., Senior secured 32024-09-300001476765DISA Holdings Corp., Subordinated debt2024-09-300001476765DISA Holdings Corp., Senior secured 42024-09-300001476765DISA Holdings Corp., Senior secured 52024-09-300001476765Eclipse Buyer, Inc., One stop 12024-09-300001476765Eclipse Buyer, Inc., One stop 22024-09-300001476765Eclipse Buyer, Inc., One stop 32024-09-300001476765Eliassen Group, LLC, One stop 12024-09-300001476765Eliassen Group, LLC, One stop 22024-09-300001476765Filevine, Inc., One stop 12024-09-300001476765Filevine, Inc., One stop 22024-09-300001476765IG Investments Holdings, LLC, One stop 12024-09-300001476765IG Investments Holdings, LLC, One stop 22024-09-300001476765IG Investments Holdings, LLC, One stop 32024-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12024-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22024-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 32024-09-300001476765PlanSource Holdings, Inc., One stop 12024-09-300001476765PlanSource Holdings, Inc., One stop 22024-09-300001476765PlanSource Holdings, Inc., One stop 32024-09-300001476765PlanSource Holdings, Inc., One stop 42024-09-300001476765Procure Acquireco, Inc., One stop 12024-09-300001476765Procure Acquireco, Inc., One stop 22024-09-300001476765Procure Acquireco, Inc., One stop 32024-09-300001476765Teaching Company, The, One stop 12024-09-300001476765Teaching Company, The, One stop 22024-09-300001476765Varicent Intermediate Holdings Corporation, One stop 12024-09-300001476765Varicent Intermediate Holdings Corporation, One stop 22024-09-300001476765Varicent Intermediate Holdings Corporation, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Inhabit IQ Inc., One stop 12024-09-300001476765Inhabit IQ Inc., One stop 22024-09-300001476765Inhabit IQ Inc., One stop 32024-09-300001476765Inhabit IQ Inc., One stop 42024-09-300001476765Inhabit IQ Inc., One stop 52024-09-300001476765Inhabit IQ Inc., One stop 62024-09-300001476765Inhabit IQ Inc., One stop 72024-09-300001476765Inhabit IQ Inc., One stop 82024-09-300001476765Inhabit IQ Inc., One stop 92024-09-300001476765Inhabit IQ Inc., One stop 102024-09-300001476765Inhabit IQ Inc., One stop 112024-09-300001476765Inhabit IQ Inc., One stop 122024-09-300001476765Inhabit IQ Inc., One stop 132024-09-300001476765MRI Software, LLC, One stop 12024-09-300001476765MRI Software, LLC, One stop 22024-09-300001476765MRI Software, LLC, One stop 32024-09-300001476765MRI Software, LLC, One stop 42024-09-300001476765MRI Software, LLC, One stop 52024-09-300001476765RPL Bidco Limited, One stop 12024-09-300001476765RPL Bidco Limited, One stop 22024-09-300001476765RPL Bidco Limited, One stop 32024-09-300001476765RPL Bidco Limited, One stop 42024-09-300001476765RPL Bidco Limited, One stop 52024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Internet Truckstop Group, LLC, One stop 12024-09-300001476765Internet Truckstop Group, LLC, One stop 22024-09-300001476765Internet Truckstop Group, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:RoadRailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Anaplan, Inc., One stop 12024-09-300001476765Anaplan, Inc., One stop 22024-09-300001476765Anaplan, Inc., One stop 32024-09-300001476765Appfire Technologies, LLC, One stop 12024-09-300001476765Appfire Technologies, LLC, One stop 22024-09-300001476765Appfire Technologies, LLC, One stop 32024-09-300001476765Appfire Technologies, LLC, One stop 42024-09-300001476765Aras Corporation, One stop 12024-09-300001476765Aras Corporation, One stop 22024-09-300001476765Armstrong Bidco Limited, One stop 12024-09-300001476765Armstrong Bidco Limited, One stop 22024-09-300001476765Arrow Buyer, Inc., One stop 12024-09-300001476765Arrow Buyer, Inc., One stop 22024-09-300001476765Arrow Buyer, Inc., One stop 32024-09-300001476765Artifact Bidco, Inc., One stop 12024-09-300001476765Artifact Bidco, Inc., One stop 22024-09-300001476765Artifact Bidco, Inc., One stop 32024-09-300001476765Artifact Bidco, Inc., One stop 42024-09-300001476765Auvik Networks Inc., One stop 12024-09-300001476765Auvik Networks Inc., One stop 22024-09-300001476765Auvik Networks Inc., One stop 32024-09-300001476765Auvik Networks Inc., One stop 42024-09-300001476765Axiom Merger Sub Inc., One stop 12024-09-300001476765Axiom Merger Sub Inc., One stop 22024-09-300001476765Axiom Merger Sub Inc., One stop 32024-09-300001476765Axiom Merger Sub Inc., One stop 42024-09-300001476765Axiom Merger Sub Inc., One stop 52024-09-300001476765Axiom Merger Sub Inc., One stop 62024-09-300001476765Azul Systems, Inc., Senior secured 12024-09-300001476765Azul Systems, Inc., Senior secured 22024-09-300001476765Azurite Intermediate Holdings, Inc., One stop 12024-09-300001476765Azurite Intermediate Holdings, Inc., One stop 22024-09-300001476765Azurite Intermediate Holdings, Inc., One stop 32024-09-300001476765Baxter Planning Systems, LLC, One stop 12024-09-300001476765Baxter Planning Systems, LLC, One stop 22024-09-300001476765Baxter Planning Systems, LLC, One stop 32024-09-300001476765Bayshore Intermediate #2, L.P., One stop 12024-09-300001476765Bayshore Intermediate #2, L.P., One stop 22024-09-300001476765BestPass, Inc., One stop 12024-09-300001476765BestPass, Inc., One stop 22024-09-300001476765BestPass, Inc., One stop 32024-09-300001476765Bloomerang, LLC, One stop 12024-09-300001476765Bloomerang, LLC, One stop 22024-09-300001476765Bloomerang, LLC, One stop 32024-09-300001476765Bonterra LLC, One stop 12024-09-300001476765Bonterra LLC, One stop 22024-09-300001476765Bonterra LLC, One stop 32024-09-300001476765Bonterra LLC, One stop 42024-09-300001476765Bottomline Technologies, Inc., One stop 12024-09-300001476765Bottomline Technologies, Inc., One stop 22024-09-300001476765Bottomline Technologies, Inc., One stop 32024-09-300001476765Bullhorn, Inc., One stop 12024-09-300001476765Bullhorn, Inc., One stop 22024-09-300001476765Bullhorn, Inc., One stop 32024-09-300001476765Bullhorn, Inc., One stop 42024-09-300001476765Bullhorn, Inc., One stop 52024-09-300001476765Bullhorn, Inc., One stop 62024-09-300001476765Burning Glass Intermediate Holdings Company, Inc., One stop 12024-09-300001476765Burning Glass Intermediate Holdings Company, Inc., One stop 22024-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12024-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22024-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32024-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42024-09-300001476765Calabrio, Inc., One stop 12024-09-300001476765Calabrio, Inc., One stop 22024-09-300001476765Calabrio, Inc., One stop 32024-09-300001476765Camelia Bidco Limited, One stop 12024-09-300001476765Camelia Bidco Limited, One stop 22024-09-300001476765Camelia Bidco Limited, One stop 32024-09-300001476765Camelia Bidco Limited, One stop 42024-09-300001476765CB Buyer, Inc., One stop 12024-09-300001476765CB Buyer, Inc., One stop 22024-09-300001476765CB Buyer, Inc., One stop 32024-09-300001476765Coupa Holdings, LLC, One stop 12024-09-300001476765Coupa Holdings, LLC, One stop 22024-09-300001476765Coupa Holdings, LLC, One stop 32024-09-300001476765Crewline Buyer, Inc., One stop 12024-09-300001476765Crewline Buyer, Inc., One stop 22024-09-300001476765Daxko Acquisition Corporation, One stop 12024-09-300001476765Daxko Acquisition Corporation, One stop 22024-09-300001476765Daxko Acquisition Corporation, One stop 32024-09-300001476765Daxko Acquisition Corporation, One stop 42024-09-300001476765Daxko Acquisition Corporation, One stop 52024-09-300001476765Denali Bidco Limited, One stop 12024-09-300001476765Denali Bidco Limited, One stop 22024-09-300001476765Denali Bidco Limited, One stop 32024-09-300001476765Denali Bidco Limited, One stop 42024-09-300001476765Denali Bidco Limited, One stop 52024-09-300001476765Diligent Corporation, One stop 12024-09-300001476765Diligent Corporation, One stop 22024-09-300001476765Diligent Corporation, One stop 32024-09-300001476765Diligent Corporation, One stop 42024-09-300001476765Dragon UK Bidco Limited, One stop 12024-09-300001476765Dragon UK Bidco Limited, One stop 22024-09-300001476765Dragon UK Bidco Limited, One stop 32024-09-300001476765Evergreen IX Borrower 2023, LLC, One stop 12024-09-300001476765Evergreen IX Borrower 2023, LLC, One stop 22024-09-300001476765Evergreen IX Borrower 2023, LLC, One stop 32024-09-300001476765FirstUp, Inc., One stop 12024-09-300001476765FirstUp, Inc., One stop 22024-09-300001476765FirstUp, Inc., One stop 32024-09-300001476765Gainsight, Inc., One stop 12024-09-300001476765Gainsight, Inc., One stop 22024-09-300001476765GS Acquisitionco, Inc., One stop 12024-09-300001476765GS Acquisitionco, Inc., One stop 22024-09-300001476765GS Acquisitionco, Inc., One stop 32024-09-300001476765GTIV, LLC, One stop 12024-09-300001476765GTIV, LLC, One stop 22024-09-300001476765GTY Technology Holdings, Inc., One stop 12024-09-300001476765GTY Technology Holdings, Inc., One stop 22024-09-300001476765GTY Technology Holdings, Inc., One stop 32024-09-300001476765GTY Technology Holdings, Inc., One stop 42024-09-300001476765GTY Technology Holdings, Inc., One stop 52024-09-300001476765GTY Technology Holdings, Inc., One stop 62024-09-300001476765Gurobi Optimization, LLC, One stop 12024-09-300001476765Gurobi Optimization, LLC, One stop 22024-09-300001476765Hornet Security Holding GMBH, One stop 12024-09-300001476765Hornet Security Holding GMBH, One stop 22024-09-300001476765Hornet Security Holding GMBH, One stop 32024-09-300001476765Hornet Security Holding GMBH, One stop 42024-09-300001476765Hyland Software, Inc., One stop 12024-09-300001476765Hyland Software, Inc., One stop 22024-09-300001476765Icefall Parent, Inc., One stop 12024-09-300001476765Icefall Parent, Inc., One stop 22024-09-300001476765ICIMS, Inc., One stop 12024-09-300001476765ICIMS, Inc., One stop 22024-09-300001476765ICIMS, Inc., One stop 32024-09-300001476765IQN Holding Corp., One stop 12024-09-300001476765IQN Holding Corp., One stop 22024-09-300001476765Island Bidco AB, One stop 12024-09-300001476765Island Bidco AB, One stop 22024-09-300001476765Island Bidco AB, One stop 32024-09-300001476765Island Bidco AB, One stop 42024-09-300001476765Island Bidco AB, One stop 52024-09-300001476765Juvare, LLC, One stop 12024-09-300001476765Juvare, LLC, One stop 22024-09-300001476765Juvare, LLC, One stop 32024-09-300001476765Juvare, LLC, One stop 42024-09-300001476765Kaseya Inc., One stop 12024-09-300001476765Kaseya Inc., One stop 22024-09-300001476765Kaseya Inc., One stop 32024-09-300001476765Kaseya Inc., One stop 42024-09-300001476765LeadsOnline, LLC, One stop 12024-09-300001476765LeadsOnline, LLC, One stop 22024-09-300001476765LeadsOnline, LLC, One stop 32024-09-300001476765LeadsOnline, LLC, One stop 42024-09-300001476765Matrix42 Holding GMBH, One stop 12024-09-300001476765Matrix42 Holding GMBH, One stop 22024-09-300001476765Matrix42 Holding GMBH, One stop 32024-09-300001476765Matrix42 Holding GMBH, One stop 42024-09-300001476765Matrix42 Holding GMBH, One stop 52024-09-300001476765Mindbody, Inc., One stop 12024-09-300001476765Mindbody, Inc., One stop 22024-09-300001476765Mindbody, Inc., One stop 32024-09-300001476765Ministry Brands Holdings LLC, One stop 12024-09-300001476765Ministry Brands Holdings LLC, One stop 22024-09-300001476765Ministry Brands Holdings LLC, One stop 32024-09-300001476765Navex TopCo, Inc., One stop 12024-09-300001476765Navex TopCo, Inc., One stop 22024-09-300001476765Naviga Inc., Senior secured2024-09-300001476765Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop2024-09-300001476765Panzura, LLC, One stop2024-09-300001476765Personify, Inc., One stop 12024-09-300001476765Personify, Inc., One stop 22024-09-300001476765Personify, Inc., One stop 32024-09-300001476765Pineapple German Bidco GMBH, One stop 12024-09-300001476765Pineapple German Bidco GMBH, One stop 22024-09-300001476765Pineapple German Bidco GMBH, One stop 32024-09-300001476765PING Identity Holding Corp., One stop 12024-09-300001476765PING Identity Holding Corp., One stop 22024-09-300001476765Pluralsight, LLC, One stop 12024-09-300001476765Pluralsight, LLC, One stop 22024-09-300001476765Pluralsight, LLC, One stop 32024-09-300001476765Pluralsight, LLC, One stop 42024-09-300001476765Pluralsight, LLC, One stop 52024-09-300001476765ProcessUnity Holdings, LLC, One stop 12024-09-300001476765ProcessUnity Holdings, LLC, One stop 22024-09-300001476765ProcessUnity Holdings, LLC, One stop 32024-09-300001476765ProcessUnity Holdings, LLC, One stop 42024-09-300001476765QAD, Inc., One stop 12024-09-300001476765QAD, Inc., One stop 22024-09-300001476765Quant Buyer, Inc., One stop 12024-09-300001476765Quant Buyer, Inc., One stop 22024-09-300001476765Quant Buyer, Inc., One stop 32024-09-300001476765Quant Buyer, Inc., One stop 42024-09-300001476765Quant Buyer, Inc., One stop 52024-09-300001476765Rainforest Bidco Limited, One stop 12024-09-300001476765Rainforest Bidco Limited, One stop 22024-09-300001476765Rainforest Bidco Limited, One stop 32024-09-300001476765Rainforest Bidco Limited, One stop 42024-09-300001476765Riskonnect Parent, LLC, One stop 12024-09-300001476765Riskonnect Parent, LLC, One stop 22024-09-300001476765Riskonnect Parent, LLC, One stop 32024-09-300001476765Riskonnect Parent, LLC, One stop 42024-09-300001476765Riskonnect Parent, LLC, One stop 52024-09-300001476765Riskonnect Parent, LLC, One stop 62024-09-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 12024-09-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 22024-09-300001476765SailPoint Technologies Holdings, Inc., One stop 12024-09-300001476765SailPoint Technologies Holdings, Inc., One stop 22024-09-300001476765Sapphire Bidco Oy, One stop 12024-09-300001476765Sapphire Bidco Oy, One stop 22024-09-300001476765Sapphire Bidco Oy, One stop 32024-09-300001476765Sonatype, Inc., One stop 12024-09-300001476765Sonatype, Inc., One stop 22024-09-300001476765Sonatype, Inc., One stop 32024-09-300001476765Spartan Buyer Acquisition Co., One stop 12024-09-300001476765Spartan Buyer Acquisition Co., One stop 22024-09-300001476765Spartan Buyer Acquisition Co., One stop 32024-09-300001476765Telesoft Holdings LLC, One stop 12024-09-300001476765Telesoft Holdings LLC, One stop 22024-09-300001476765Telesoft Holdings LLC, One stop 32024-09-300001476765Templafy APS and Templafy, LLC, One stop 12024-09-300001476765Templafy APS and Templafy, LLC, One stop 22024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 12024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 22024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 32024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 42024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 52024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 62024-09-300001476765Togetherwork Holdings, LLC, One stop 12024-09-300001476765Togetherwork Holdings, LLC, One stop 22024-09-300001476765Togetherwork Holdings, LLC, One stop 32024-09-300001476765Transform Bidco Limited, One stop 12024-09-300001476765Transform Bidco Limited, One stop 22024-09-300001476765Transform Bidco Limited, One stop 32024-09-300001476765Vantage Bidco GMBH, One stop 12024-09-300001476765Vantage Bidco GMBH, One stop 22024-09-300001476765Varinem German Midco GMBH, One stop 12024-09-300001476765Varinem German Midco GMBH, One stop 22024-09-300001476765Vector CS Midco Limited & Cloudsense Ltd., One stop 12024-09-300001476765Vector CS Midco Limited & Cloudsense Ltd., One stop 22024-09-300001476765Vendavo, Inc., One stop 12024-09-300001476765Vendavo, Inc., One stop 22024-09-300001476765Vendavo, Inc., One stop 32024-09-300001476765WebPT, Inc., One stop2024-09-300001476765Workforce Software, LLC, One stop 12024-09-300001476765Workforce Software, LLC, One stop 22024-09-300001476765Workforce Software, LLC, One stop 32024-09-300001476765Workforce Software, LLC, One stop 42024-09-300001476765Workforce Software, LLC, One stop 52024-09-300001476765Zendesk, Inc., One stop 12024-09-300001476765Zendesk, Inc., One stop 22024-09-300001476765Zendesk, Inc., One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Ave Holdings III, Corp, One stop 12024-09-300001476765Ave Holdings III, Corp, One stop 22024-09-300001476765Ave Holdings III, Corp, One stop 32024-09-300001476765Ave Holdings III, Corp, One stop 42024-09-300001476765Biscuit Parent, LLC, One stop 12024-09-300001476765Biscuit Parent, LLC, One stop 22024-09-300001476765Cavender Stores L.P. Senior Secured2024-09-300001476765Consilio Midco Limited, One stop 12024-09-300001476765Consilio Midco Limited, One stop 22024-09-300001476765Consilio Midco Limited, One stop 32024-09-300001476765Consilio Midco Limited, One stop 42024-09-300001476765Consilio Midco Limited, One stop 52024-09-300001476765Consilio Midco Limited, One stop 62024-09-300001476765Consilio Midco Limited, One stop 72024-09-300001476765Consilio Midco Limited, One stop 82024-09-300001476765Consilio Midco Limited, One stop 92024-09-300001476765Consilio Midco Limited, One stop 102024-09-300001476765Consilio Midco Limited, One stop 112024-09-300001476765Consilio Midco Limited, One stop 122024-09-300001476765Consilio Midco Limited, One stop 132024-09-300001476765Consilio Midco Limited, One stop 142024-09-300001476765Consilio Midco Limited, One stop 152024-09-300001476765Consilio Midco Limited, One stop 162024-09-300001476765Consilio Midco Limited, One stop 172024-09-300001476765CVP Holdco, Inc., One stop 12024-09-300001476765CVP Holdco, Inc., One stop 22024-09-300001476765CVP Holdco, Inc., One stop 32024-09-300001476765Cycle Gear, Inc., One stop2024-09-300001476765PetVet Care Centers LLC, One stop 12024-09-300001476765PetVet Care Centers LLC, One stop 22024-09-300001476765PetVet Care Centers LLC, One stop 32024-09-300001476765PPV Intermediate Holdings, LLC, One stop 12024-09-300001476765PPV Intermediate Holdings, LLC, One stop 22024-09-300001476765PPV Intermediate Holdings, LLC, One stop 32024-09-300001476765PPV Intermediate Holdings, LLC, One stop 42024-09-300001476765PPV Intermediate Holdings, LLC, One stop 52024-09-300001476765PPV Intermediate Holdings, LLC, One stop 62024-09-300001476765PPV Intermediate Holdings, LLC, One stop 72024-09-300001476765PPV Intermediate Holdings, LLC, One stop 82024-09-300001476765Radiance Borrower, LLC, One stop 12024-09-300001476765Radiance Borrower, LLC, One stop 22024-09-300001476765Salon Lofts Group, LLC, Senior secured 12024-09-300001476765Salon Lofts Group, LLC, Second lien 12024-09-300001476765Salon Lofts Group, LLC, Second lien 22024-09-300001476765Salon Lofts Group, LLC, Second lien 32024-09-300001476765Salon Lofts Group, LLC, Senior secured 22024-09-300001476765Salon Lofts Group, LLC, Second lien 42024-09-300001476765Salon Lofts Group, LLC, Senior secured 32024-09-300001476765Salon Lofts Group, LLC, Senior secured 42024-09-300001476765Salon Lofts Group, LLC, Senior secured 52024-09-300001476765Salon Lofts Group, LLC, Senior secured 62024-09-300001476765Salon Lofts Group, LLC, Second lien 52024-09-300001476765Salon Lofts Group, LLC, Senior secured 72024-09-300001476765Salon Lofts Group, LLC, Senior secured 82024-09-300001476765Salon Lofts Group, LLC, Senior secured 92024-09-300001476765Salon Lofts Group, LLC, Senior secured 102024-09-300001476765Salon Lofts Group, LLC, Senior secured 112024-09-300001476765Salon Lofts Group, LLC, Senior secured 122024-09-300001476765Salon Lofts Group, LLC, Senior secured 132024-09-300001476765Salon Lofts Group, LLC, Second lien 62024-09-300001476765Salon Lofts Group, LLC, Senior secured 142024-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12024-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22024-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32024-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42024-09-300001476765Titan Fitness, LLC, One stop 12024-09-300001476765Titan Fitness, LLC, One stop 22024-09-300001476765Titan Fitness, LLC, One stop 32024-09-300001476765Vermont Aus Pty Ltd, One stop 12024-09-300001476765Vermont Aus Pty Ltd, One stop 22024-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 12024-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 22024-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Dollfus Mieg Company, Inc., One stop 12024-09-300001476765Dollfus Mieg Company, Inc., One stop 22024-09-300001476765Dollfus Mieg Company, Inc, One stop 32024-09-300001476765Elite Sportswear, L.P., Senior secured 12024-09-300001476765Elite Sportswear, L.P., Senior secured 22024-09-300001476765Elite Sportswear, L.P., Senior secured 32024-09-300001476765Elite Sportswear, L.P., Senior secured 42024-09-300001476765Elite Sportswear, L.P., Senior secured 52024-09-300001476765Elite Sportswear, L.P., Senior secured 62024-09-300001476765Elite Sportswear, L.P., Senior secured 72024-09-300001476765Elite Sportswear, L.P., Senior secured 82024-09-300001476765Georgica Pine Clothiers, LLC, One stop 12024-09-300001476765Georgica Pine Clothiers, LLC, One stop 22024-09-300001476765Georgica Pine Clothiers, LLC, One stop 32024-09-300001476765Georgica Pine Clothiers, LLC, One stop 42024-09-300001476765Georgica Pine Clothiers, LLC, One stop 52024-09-300001476765Georgica Pine Clothiers, LLC, One stop 62024-09-300001476765Shoes For Crews Global, LLC, Senior secured 12024-09-300001476765Shoes For Crews Global, LLC, Senior secured 22024-09-300001476765Shoes For Crews Global, LLC, Senior secured 32024-09-300001476765Shoes For Crews Global, LLC, Senior secured 42024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 12024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 22024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 32024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 42024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 52024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:TradingCompaniesAndDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765S.J. Electro Systems, LLC, Senior secured 12024-09-300001476765S.J. Electro Systems, LLC, Senior secured 22024-09-300001476765S.J. Electro Systems, LLC, Senior secured 32024-09-300001476765S.J. Electro Systems, LLC, Senior secured 42024-09-300001476765Vessco Midco Holdings, LLC, One stop 12024-09-300001476765Vessco Midco Holdings, LLC, One stop 22024-09-300001476765Vessco Midco Holdings, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:WaterUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-09-300001476765PPW Aero Buyer, Inc., LP units2024-09-300001476765Tronair Parent, Inc., LLC units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Polk Acquisition Corp., LP Interest2024-09-300001476765CAP-KSI Holdings, LLC, Preferred stock2024-09-300001476765CAP-KSI Holdings, LLC, LP units2024-09-300001476765CG Group Holdings, LLC, LP units2024-09-300001476765Go Car Wash Parent, Corp., Preferred stock2024-09-300001476765Go Car Wash Parent, Corp., Common stock2024-09-300001476765MOP GM Holding, LLC, LP units2024-09-300001476765MOP GM Holding, LLC, Preferred stock2024-09-300001476765National Express Wash Parent Holdco, LLC, LP units2024-09-300001476765POY Holdings, LLC, LLC units2024-09-300001476765Quick Quack Car Wash Holdings, LLC, LP units2024-09-300001476765Quick Quack Car Wash Holdings, LLC, LLC units2024-09-300001476765Yorkshire Parent, Inc., LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Cobepa BlueSky Aggregator, SCSp, LP units2024-09-300001476765Cobepa BlueSky Aggregator, SCSp, Preferred stock2024-09-300001476765Cobepa BlueSky Aggregator, SCSp, LP Interest2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:BiotechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765BECO Holding Company, Inc., Preferred stock2024-09-300001476765BECO Holding Company, Inc., LP Interest2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Inhance Technologies Holdings LLC, Preferred stock2024-09-300001476765Inhance Technologies Holdings LLC, LLC units2024-09-300001476765us-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765CI (Quercus) Intermediate Holdings, LLC, LP Interest2024-09-300001476765FR Vision Holdings, Inc., LP units2024-09-300001476765Franchise Brands plc, Common stock2024-09-300001476765North Haven Stack Buyer, LLC, LLC units2024-09-300001476765PT Intermediate Holdings III, LLC, LLC units2024-09-300001476765Radwell Parent, LLC, LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Chase Intermediate, LP units2024-09-300001476765CHHJ Midco, LLC, LLC units2024-09-300001476765CHVAC Services Investment, LLC, Common Stock2024-09-300001476765DP Flores Holdings, LLC, LLC units2024-09-300001476765EMS LINQ, LLC, LP Interest2024-09-300001476765EWC Growth Partners LLC, LLC interest2024-09-300001476765HS Spa Holdings, Inc., Common stock2024-09-300001476765Liminex, Inc., Common stock2024-09-300001476765NSG Buyer, Inc., LP units2024-09-300001476765PADI Holdco, Inc., LLC interest2024-09-300001476765Project Alpha Intermediate Holdings, Inc., Preferred stock2024-09-300001476765Project Alpha Intermediate Holdings, Inc., Common stock2024-09-300001476765Virginia Green Acquisition, LLC, LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Inventus Power, Inc., Preferred stock2024-09-300001476765Inventus Power, Inc., LLC units2024-09-300001476765Inventus Power, Inc., LP Interest2024-09-300001476765Inventus Power, Inc., Common stock2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Hopdoddy Holdings, LLC, LLC units 12024-09-300001476765Hopdoddy Holdings, LLC, LLC units 22024-09-300001476765Mendocino Farms, LLC, Common stock2024-09-300001476765PDI TA Holdings, Inc, Preferred stock2024-09-300001476765Ruby Slipper Cafe LLC, The, LLC units2024-09-300001476765Ruby Slipper Cafe LLC, The, LLC interest 12024-09-300001476765Ruby Slipper Cafe LLC, The, LLC interest 22024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 12024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 22024-09-300001476765Borrower R365 Holdings, LLC, LLC units2024-09-300001476765Borrower R365 Holdings, LLC, Common stock2024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 32024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 42024-09-300001476765Borrower R365 Holdings, LLC, LP units2024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 52024-09-300001476765Kodiak Cakes, LLC, Common stock2024-09-300001476765Louisiana Fish Fry Products, Ltd., Common stock2024-09-300001476765Louisiana Fish Fry Products, Ltd., Preferred stock2024-09-300001476765P&P Food Safety Holdings, Inc., Preferred stock2024-09-300001476765P&P Food Safety Holdings, Inc., Common stock2024-09-300001476765Purfoods, LLC, LLC interest2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Aspen Medical Products, LLC, LP interest2024-09-300001476765Blue River Pet Care, LLC, Common stock2024-09-300001476765CCSL Holdings, LLC, LP interest2024-09-300001476765CMI Parent Inc., Common stock 12024-09-300001476765CMI Parent Inc., Common stock 22024-09-300001476765G & H Wire Company, Inc., LLC interest2024-09-300001476765JHC Investment Intermediate Holdings, LLC, LLC units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Active Day, Inc., LLC interest2024-09-300001476765Acuity Eyecare Holdings, LLC, LLC interest2024-09-300001476765Acuity Eyecare Holdings, LLC, LLC units2024-09-300001476765ADCS Clinics Intermediate Holdings, LLC, Preferred stock2024-09-300001476765ADCS Clinics Intermediate Holdings, LLC, Common stock2024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, LLC units2024-09-300001476765CRH Healthcare Purchaser, Inc., LP interest2024-09-300001476765DCA Investment Holding, LLC, Preferred stock2024-09-300001476765DCA Investment Holding, LLC, Common stock2024-09-300001476765Emerge Intermediate, Inc., LLC units 12024-09-300001476765Emerge Intermediate, Inc., LLC units 22024-09-300001476765Emerge Intermediate, Inc., LLC units 32024-09-300001476765Encorevet Group LLC, Preferred stock2024-09-300001476765Krueger-Gilbert Health Physics, LLC, Common stock2024-09-300001476765Midwest Veterinary Partners, LLC, Preferred stock 12024-09-300001476765Midwest Veterinary Partners, LLC, Warrant2024-09-300001476765Midwest Veterinary Partners, LLC, Preferred stock 22024-09-300001476765MWD Management, LLC & MWD Services, Inc., LLC interest2024-09-300001476765NDX Parent, LLC, Common stock2024-09-300001476765NDX Parent, LLC, Preferred stock2024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., Common stock2024-09-300001476765Pinnacle Treatment Centers, Inc., LLC interest 12024-09-300001476765Pinnacle Treatment Centers, Inc., LLC interest 22024-09-300001476765Pyramid Healthcare Acquisition Corp, Common Stock2024-09-300001476765Radiology Partners, Inc., LLC units2024-09-300001476765Radiology Partners, Inc., LLC interest2024-09-300001476765Sage Dental Management, LLC, LLC units 12024-09-300001476765Sage Dental Management, LLC, LLC units 22024-09-300001476765Suveto Buyer, LLC, Common stock2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Amberfield Acquisition Co., LLC units2024-09-300001476765Connexin Software, Inc., LLC interest2024-09-300001476765Connexin Software, Inc., LLC units2024-09-300001476765HSI Halo Acquisition, Inc., Preferred stock2024-09-300001476765HSI Halo Acquisition, Inc., LP interest2024-09-300001476765Symplr Software, Inc., Preferred stock 12024-09-300001476765Symplr Software, Inc., Preferred stock 22024-09-300001476765Symplr Software, Inc., Preferred stock 32024-09-300001476765Symplr Software, Inc., Preferred stock 42024-09-300001476765Symplr Software, Inc., LLC units2024-09-300001476765Symplr Software, Inc., Common stock2024-09-300001476765Tebra Technologies, Inc., LLC interest2024-09-300001476765Tebra Technologies, Inc., Warrant 12024-09-300001476765Tebra Technologies, Inc., Warrant 22024-09-300001476765Tebra Technologies, Inc., Preferred stock2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Cafe Rio Holding, Inc. Common stock2024-09-300001476765Freddy's Frozen Custard LLC, LP interest2024-09-300001476765Harri US LLC, LLC units2024-09-300001476765Harri US LLC, Preferred stock 12024-09-300001476765Harri US LLC, Warrant 12024-09-300001476765Harri US LLC, Preferred stock 22024-09-300001476765Harri US LLC, Warrant 22024-09-300001476765LMP TR Holdings, LLC, LLC units2024-09-300001476765PB Group Holdings, LLC, LP units2024-09-300001476765SSRG Holdings, LLC, LP interest2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Accession Risk Management Group, Inc., Preferred stock2024-09-300001476765Majesco, Preferred stock2024-09-300001476765Majesco, LP interest2024-09-300001476765Oakbridge Insurance Agency LLC, LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Revalize, Inc., Preferred stock 12024-09-300001476765Revalize, Inc., Preferred stock 22024-09-300001476765Revalize, Inc., Preferred stock 32024-09-300001476765Revalize, Inc., Preferred stock 42024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Appriss Health Intermediate Holdings, Inc, Preferred stock2024-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 12024-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 22024-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 32024-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Warrant2024-09-300001476765Critical Start, Inc., Common stock2024-09-300001476765Kentik Technologies, Inc., Preferred stock2024-09-300001476765Netwrix Corporation, LLC units2024-09-300001476765Optimizely North America, Inc., Common stock2024-09-300001476765Saturn Borrower Inc., LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Massage Envy, LLC, LLC interest2024-09-300001476765Movement Holdings, LLC, LLC units2024-09-300001476765WBZ Investment, LLC, LLC interest 12024-09-300001476765WBZ Investment, LLC, LLC interest 22024-09-300001476765WBZ Investment, LLC, LLC interest 32024-09-300001476765WBZ Investment, LLC, LLC interest 42024-09-300001476765WBZ Investment, LLC, LLC interest 52024-09-300001476765WBZ Investment, LLC, LLC interest 62024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Celerion Buyer, Inc., LP units 12024-09-300001476765Celerion Buyer, Inc., LP units 22024-09-300001476765PAS Parent Inc., LP interest2024-09-300001476765PAS Parent Inc., Preferred stock2024-09-300001476765Reaction Biology Corporation, LLC units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765W3 Co., LLC interest2024-09-300001476765W3 Co., Preferred stock2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Messenger, LLC, LLC units 12024-09-300001476765Messenger, LLC, LLC units 22024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Amalthea Parent, Inc., LP interest2024-09-300001476765Cobalt Buyer Sub, Inc., Preferred stock 12024-09-300001476765Cobalt Buyer Sub, Inc., Preferred stock 22024-09-300001476765Cobalt Buyer Sub, Inc., Common stock2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Eclipse Buyer, Inc., Preferred stock2024-09-300001476765Enboarder, Inc., Preferred stock2024-09-300001476765Filevine, Inc., Preferred stock 12024-09-300001476765Filevine, Inc., Warrant2024-09-300001476765Filevine, Inc., Preferred stock 22024-09-300001476765Net Health Acquisition Corp., LP interest2024-09-300001476765Procure Acquireco, Inc., LP interest2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Inhabit IQ Inc., Common stock2024-09-300001476765SC Landco Parent, LLC, Common stock2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Internet Truckstop Group, LLC, LP interest2024-09-300001476765Anaplan, Inc., LP interest2024-09-300001476765Aras Corporation, Preferred stock2024-09-300001476765Aras Corporation, LP interest2024-09-300001476765Astute Holdings, Inc., LP interest2024-09-300001476765Auvik Networks Inc., Preferred stock 12024-09-300001476765Auvik Networks Inc., Preferred stock 22024-09-300001476765Bayshore Intermediate #2, L.P., Common stock2024-09-300001476765Calabrio, Inc., LP interest 12024-09-300001476765Calabrio, Inc., LP interest 22024-09-300001476765CB Buyer, Inc., LP Units 2024-09-300001476765Cloudbees, Inc., Preferred stock 12024-09-300001476765Cloudbees, Inc., Warrant2024-09-300001476765Cloudbees ., Preferred stock 22024-09-300001476765Cynet Security Ltd., Preferred stock2024-09-300001476765Denali Bidco Limited, LP interest2024-09-300001476765Diligent Corporation, Preferred stock 12024-09-300001476765Diligent Corporation, Preferred stock 22024-09-300001476765FirstUp, Inc. Common stock 2024-09-300001476765GS Acquisitionco, Inc., Preferred stock 12024-09-300001476765GS Acquisitionco, Inc., Preferred stock 22024-09-300001476765GS Acquisitionco, Inc., LP interest2024-09-300001476765GS Acquisitionco, Inc., Preferred stock 32024-09-300001476765GTY Technology Holdings, Inc., LP units2024-09-300001476765Gurobi Optimization, LLC, Common stock2024-09-300001476765Impartner, Inc., Preferred stock2024-09-300001476765Kaseya Inc., Preferred stock2024-09-300001476765Kaseya Inc., LP interest2024-09-300001476765Ministry Brands Holdings LLC, LP interest2024-09-300001476765mParticle, Inc., Preferred stock2024-09-300001476765mParticle, Inc., Warrant2024-09-300001476765Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH, Warrant2024-09-300001476765Onit, Inc., Preferred stock2024-09-300001476765Onit, Inc., Warrant2024-09-300001476765Panzura, LLC, LLC Units2024-09-300001476765Personify, Inc., LP interest2024-09-300001476765Pluralsight, LLC, LLC units2024-09-300001476765QAD, Inc., Preferred stock2024-09-300001476765QAD, Inc., Common stock2024-09-300001476765RegEd Aquireco, LLC, LP interest 12024-09-300001476765RegEd Aquireco, LLC, Preferred stock2024-09-300001476765RegEd Aquireco, LLC, LP interest 22024-09-300001476765Riskonnect Parent, LLC, Preferred stock 12024-09-300001476765Riskonnect Parent, LLC, LP interest2024-09-300001476765Riskonnect Parent, LLC, Preferred stock 22024-09-300001476765Riskonnect Parent, LLC, Preferred stock 32024-09-300001476765SnapLogic, Inc., Preferred stock2024-09-300001476765SnapLogic, Inc., Warrant2024-09-300001476765Spartan Buyer Acquisition Co., Common stock2024-09-300001476765Spartan Buyer Acquisition Co., Preferred stock2024-09-300001476765Telesoft Holdings LLC, LP interest2024-09-300001476765Templafy APS and Templafy, LLC, Warrant2024-09-300001476765Togetherwork Holdings, LLC, Preferred stock2024-09-300001476765Workforce Software, LLC, Common stock 12024-09-300001476765Workforce Software, LLC, Common stock 22024-09-300001476765Zendesk, Inc., LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Ave Holdings III, Corp, Preferred stock2024-09-300001476765Ave Holdings III, Corp, LP units2024-09-300001476765Batteries Plus Holding Corporation, LP interest2024-09-300001476765Cycle Gear, Inc., LLC units2024-09-300001476765Cycle Gear, Inc., Preferred stock2024-09-300001476765Pet Holdings ULC, LP interest2024-09-300001476765Salon Lofts Group, LLC, LP units2024-09-300001476765Southern Veterinary Partners, LLC, Preferred stock 12024-09-300001476765Southern Veterinary Partners, LLC, Preferred stock 22024-09-300001476765Southern Veterinary Partners, LLC, LLC interest2024-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Georgica Pine Clothiers, LLC, LLC 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Bank Limited, Settlement Date 7/18/2025 2025-06-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 12025-06-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 22025-06-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 32025-06-300001476765Macquarie Bank Limited, Settlement Date 7/30/2025 2025-06-300001476765Macquarie Bank Limited, Settlement Date 1/30/20262025-06-300001476765Macquarie Bank Limited, Settlement Date 2/2/20262025-06-300001476765Macquarie Bank Limited, Settlement Date 2/5/2026 Contract 12025-06-300001476765Macquarie Bank Limited, Settlement Date 2/5/2026 Contract 22025-06-300001476765Macquarie Bank Limited, Settlement Date 5/12/20272025-06-300001476765Macquarie Bank Limited, Settlement Date 5/27/20272025-06-300001476765Macquarie Bank Limited2025-06-300001476765SMBC Capital Markets, Settlement Date 1/20/2026 Contract 12025-06-300001476765SMBC Capital Markets, Settlement Date 1/20/2026 Contract 22025-06-300001476765SMBC Capital Markets, Settlement Date 2/2/20262025-06-300001476765SMBC Capital Markets, Settlement Date 2/5/20262025-06-300001476765SMBC Capital Markets, Settlement Date 5/27/2027 Contract 52025-06-300001476765SMBC Capital Markets2025-06-300001476765Macquarie Bank Limited, Settlement Date 11/12/20242024-09-300001476765Macquarie Bank Limited, Settlement Date 12/9/20242024-09-300001476765Macquarie Bank Limited, Settlement Date 12/23/20242024-09-300001476765Macquarie Bank Limited, Settlement Date 2/5/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 2/27/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 3/17/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 3/31/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 7/18/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 12024-09-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 22024-09-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 32024-09-300001476765Macquarie Bank Limited, Settlement Date 7/30/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 1/30/20262024-09-300001476765Macquarie Bank Limited, Settlement Date 2/2/20262024-09-300001476765Macquarie Bank Limited, Settlement Date 2/5/2026 Contract 12024-09-300001476765Macquarie Bank Limited, Settlement Date 2/5/2026 Contract 22024-09-300001476765Macquarie Bank Limited2024-09-300001476765SMBC Capital Markets, Settlement Date 1/20/2026 Contract 12024-09-300001476765SMBC Capital Markets, Settlement Date 1/20/2026 Contract 22024-09-300001476765SMBC Capital Markets, Settlement Date 2/2/20262024-09-300001476765SMBC Capital Markets, Settlement Date 2/5/20262024-09-300001476765SMBC Capital Markets, Inc.2024-09-300001476765SMBC Capital Markets, Inc, Settlement Date 11/5/2028 contract 12025-06-300001476765SMBC Capital Markets, Inc, Settlement Date 11/5/2028 contract 22025-06-300001476765SMBC Capital Markets, Inc, Settlement Date 6/15/20292025-06-300001476765SMBC Capital Markets, Inc2025-06-300001476765Macquarie Bank Limited, Settlement Date 6/15/20292025-06-300001476765SMBC Capital Markets, Inc and Macquarie Bank Limited2025-06-300001476765SMBC Capital Markets, Inc, Settlement Date 11/5/2028 contract 12024-09-300001476765SMBC Capital Markets, Inc, Settlement Date 11/5/2028 contract 22024-09-300001476765SMBC Capital Markets, Inc, Settlement Date 6/15/20292024-09-300001476765SMBC Capital Markets, 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_____________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________ 

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2025

OR

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)

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

200 Park Avenue, 25th Floor

New York, NY 10166

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

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

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

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

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

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

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

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

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

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

As of August 4, 2025, the Registrant had 266,376,416 shares of common stock, $0.001 par value, outstanding.

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Part I. Financial Information
Item 1.			Financial Statements			3
			Consolidated Statements of Financial Condition as of June 30, 2025 (unaudited) and September 30, 2024			3
			Consolidated Statements of Operations for the three and nine months ended June 30, 2025 (unaudited) and 2024 (unaudited)			4
			Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2025 (unaudited) and 2024 (unaudited)			5
			Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 (unaudited) and 2024 (unaudited)			6
			Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and September 30, 2024			8
			Notes to Consolidated Financial Statements (unaudited)			99
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			147
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			179
Item 4.			Controls and Procedures			181
Part II. Other Information
Item 1.			Legal Proceedings			182
Item 1A.			Risk Factors			182
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			182
Item 3.			Defaults Upon Senior Securities			182
Item 4.			Mine Safety Disclosures			182
Item 5.			Other Information			182
Item 6.			Exhibits			183

2

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

			June 30, 2025						September 30, 2024
			(unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments			$	8,682,453					$	8,011,824
Non-controlled affiliate company investments			267,240						211,382
Controlled affiliate company investments			11,856						12,205
Total investments, at fair value (amortized cost of $8,967,518 and $8,302,913, respectively)			8,961,549						8,235,411
Cash and cash equivalents			91,855						123,120
Foreign currencies (cost of $7,823 and $7,973, respectively)			7,901						8,044
Restricted cash and cash equivalents			79,017						227,152
Restricted foreign currencies (cost of $0 and $1,219, respectively)			—						1,236
Interest receivable			70,783						74,036
Receivable for investments			4,808						3,545
Net unrealized appreciation on derivatives			10,729						29,490
Other assets			9,871						1,722
Total Assets			$	9,236,513					$	8,703,756
Liabilities
Debt			$	5,154,001					$	4,624,791
Less unamortized debt issuance costs			(26,853)						(25,361)
Debt less unamortized debt issuance costs			5,127,148						4,599,430
Net unrealized depreciation on derivatives			11,714						—
Interest payable			51,446						45,701
Management and income incentive fees payable			40,613						33,619
Accrued trustee fees			521						178
Accounts payable and other liabilities			9,742						10,299
Total Liabilities			5,241,184						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 June 30, 2025 and September 30, 2024			—						—
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 266,376,416 shares issued and outstanding as of June 30, 2025; 350,000,000 shares authorized, 264,277,128 shares issued and outstanding as of September 30, 2024			266						264
Paid in capital in excess of par			4,202,928						4,167,258
Distributable earnings (losses)			(207,865)						(152,993)
Total Net Assets			3,995,329						4,014,529
Total Liabilities and Total Net Assets			$	9,236,513					$	8,703,756
Number of common shares outstanding			266,376,416						264,277,128
Net asset value per common share			$	15.00					$	15.19

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Investment income
From non-controlled/non-affiliate company investments:
Interest income			$	193,964					$	153,899					$	580,342					$	447,809
Payment-in-kind interest income			12,671						9,036						36,409						30,096
Dividend income			8,224						5,705						24,588						14,445
Fee income			787						665						3,032						1,482
Total investment income from non-controlled/non-affiliate company investments			215,646						169,305						644,371						493,832
From non-controlled affiliate company investments:
Interest income			1,817						795						6,301						2,625
Payment-in-kind interest income			721						1,033						1,806						3,392
Fee income			32						26						81						92
Total investment income from non-controlled affiliate company investments			2,570						1,854						8,188						6,109
From controlled affiliate company investments:
Payment-in-kind interest income			124						108						362						317
Fee income			4						4						15						13
Total investment income from controlled affiliate company investments			128						112						377						330
Total investment income			218,344						171,271						652,936						500,271
Expenses
Interest and other debt financing expenses			70,698						60,116						220,253						145,801
Base management fee			22,082						14,362						65,376						41,980
Incentive fee			18,543						14,400						54,848						56,311
Professional fees			2,142						1,486						5,747						4,136
Administrative service fee			3,142						2,090						9,229						6,480
General and administrative expenses			475						370						1,444						1,135
Total expenses			117,082						92,824						356,897						255,843
Incentive fee waived (Note 3)			—						(14,400)						—						(19,557)
Net expenses			117,082						78,424						356,897						236,286
Net investment income - before tax			101,262						92,847						296,039						263,985
Excise and income tax			—						125						(475)						1,195
Net investment income - after tax			101,262						92,722						296,514						262,790
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments			376						(32,137)						(41,844)						(30,988)
Non-controlled affiliate company investments			—						—						—						(18,517)
Foreign currency transactions			(400)						(6,206)						(4,279)						(1,560)
Forward currency contracts			—						624						7,203						624
Net realized gain (loss) on investment transactions			(24)						(37,719)						(38,920)						(50,441)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments			(12,613)						(53,214)						26,131						(34,523)
Non-controlled affiliate company investments			(232)						396						457						25
Controlled affiliate company investments			(184)						196						(711)						(1,111)
Translation of assets and liabilities in foreign currencies			23,857						3,709						12,311						(260)
Forward currency contracts			(22,219)						2,972						(15,787)						1,589
Net change in unrealized appreciation (depreciation) on investment transactions			(11,391)						(45,941)						22,401						(34,280)
Net gain (loss) on investment transactions			(11,415)						(83,660)						(16,519)						(84,721)
Net realized gain (loss) on extinguishment of debt			—						—						(48)						—
(Provision) benefit for taxes on unrealized appreciation on investments			211						190						409						517
Net increase (decrease) in net assets resulting from operations			$	90,058					$	9,252					$	280,356					$	178,586
Per Common Share Data
Basic and diluted earnings per common share (Note 10)			$	0.34					$	0.05					$	1.05					$	0.99
Dividends and distributions declared per common share			$	0.39					$	0.50					$	1.26					$	1.40
Basic and diluted weighted average common shares outstanding (Note 10)			266,844,118						199,969,889						265,882,773						180,047,668

See Notes to Consolidated Financial Statements.

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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
Issuance of common stock - GBDC 3 Merger						92,115,308						92						1,526,259						—						1,526,351
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes						—						—						—						262,790						262,790
Net realized gain (loss) on investment transactions						—						—						—						(50,441)						(50,441)
Net change in unrealized appreciation (depreciation) on investment transactions						—						—						—						(34,280)						(34,280)
(Provision) benefit for taxes on unrealized appreciation on investments						—						—						—						517						517
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan						2,899,006						3						44,280						—						44,283
Distributions from distributable earnings						—						—						—						(243,455)						(243,455)
Total increase (decrease) for the nine months ended June 30, 2024						95,014,314						95						1,570,539						(64,869)						1,505,765
Balance at June 30, 2024						264,609,056						$	265					$	4,217,451					$	(164,073)					$	4,053,643
Balance at March 31, 2024						171,517,307						$	172					$	2,676,430					$	(82,962)					$	2,593,640
Issuance of common stock - GBDC 3 Merger						92,115,308						92						1,526,259						—						1,526,351
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes						—						—						—						92,722						92,722
Net realized gain (loss) on investment transactions						—						—						—						(37,719)						(37,719)
Net change in unrealized appreciation (depreciation) on investment transactions						—						—						—						(45,941)						(45,941)
(Provision) benefit for taxes on unrealized appreciation on investments						—						—						—						190						190
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan						976,441						1						14,762						—						14,763
Distributions from distributable earnings						—						—						—						(90,363)						(90,363)
Total increase (decrease) for the three months ended June 30, 2024						93,091,749						93						1,541,021						(81,111)						1,460,003
Balance at June 30, 2024						264,609,056						$	265					$	4,217,451					$	(164,073)					$	4,053,643
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						(2,532,475)						(3)						(35,463)						—						(35,466)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes						—						—						—						296,514						296,514
Net realized gain (loss) on investment transactions						—						—						—						(38,920)						(38,920)
Net realized gain (loss) on extinguishment of debt						—						—						—						(48)						(48)
Net change in unrealized appreciation (depreciation) on investment transactions						—						—						—						22,401						22,401
(Provision) benefit for taxes on unrealized appreciation on investments						—						—						—						409						409
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan						2,222,823						2						33,702						—						33,704
Distributions from distributable earnings						—						—						—						(335,228)						(335,228)
Total increase (decrease) for the nine months ended June 30, 2025						2,099,288						2						35,670						(54,872)						(19,200)
Balance at June 30, 2025						266,376,416						$	266					$	4,202,928					$	(207,865)					$	3,995,329
Balance at March 31, 2025						268,831,114						$	269					$	4,237,261					$	(194,032)					$	4,043,498
Repurchases of common stock, net of commission costs						(2,454,698)						(3)						(34,333)						—						(34,336)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes						—						—						—						101,262						101,262
Net realized gain (loss) on investment transactions						—						—						—						(24)						(24)
Net change in unrealized appreciation (depreciation) on investment transactions						—						—						—						(11,391)						(11,391)
(Provision) benefit for taxes on unrealized appreciation on investments						—						—						—						211						211
Distributions to stockholders:
Distributions from distributable earnings						—						—						—						(103,891)						(103,891)
Total increase (decrease) for the three months ended June 30, 2025						(2,454,698)						(3)						(34,333)						(13,833)						(48,169)
Balance at June 30, 2025						266,376,416						$	266					$	4,202,928					$	(207,865)					$	3,995,329

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

			Nine months ended June 30,
			2025						2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations			$	280,356					$	178,586
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			7,537						6,869
Accretion of discounts and amortization of premiums on investments			(5,524)						1,267
Accretion of discounts and amortization of premiums on issued debt securities			2,507						(10,996)
Net realized (gain) loss on investments			41,844						49,505
Net realized (gain) loss on foreign currency transactions			4,279						1,560
Net realized (gain) loss on forward currency contracts			(7,203)						(624)
Net realized (gain) loss on extinguishment of debt			48						—
Net change in unrealized (appreciation) depreciation on investments			(25,877)						35,609
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies			(12,311)						260
Net change in unrealized (appreciation) depreciation on interest rate swap			4,541						2,992
Net change in unrealized (appreciation) depreciation on forward currency contracts			15,787						(1,589)
Proceeds from (fundings of) revolving loans, net			(7,592)						(4,658)
Fundings of investments			(1,781,515)						(554,521)
Proceeds from principal payments and sales of portfolio investments			1,146,022						867,233
Proceeds from settlements of forward currency contracts			10,264						1,123
Payment-in-kind interest capitalized			(40,439)						(36,551)
Non-cash dividends capitalized			(23,091)						(13,890)
Proceeds from non-cash dividends			4,288						47
Cash acquired in GBDC 3 Merger			—						53,885
Changes in operating assets and liabilities:
Cash collateral held at broker for derivatives			(8,410)						(11,670)
Interest receivable			3,253						8,374
Receivable for investments			(1,263)						—
Other assets			261						(20,191)
Interest payable			5,745						23,750
Management and income incentive fees payable			6,994						(29,853)
Accrued trustee fees			343						155
Accounts payable and other liabilities(1)			(557)						(2,730)
Net cash provided by (used in) operating activities			(379,713)						543,942
Cash flows from financing activities
Borrowings on debt			3,517,912						1,966,609
Repayments of debt			(3,008,603)						(1,971,861)
Capitalized debt issuance costs			(9,029)						(13,488)
Net proceeds from issuance of common stock (Note 11)			37,434						—
Purchases of common stock (Note 11)			(35,466)						—
Distributions paid			(280,970)						(199,173)
Purchases of common stock for dividend reinvestment plan			(20,554)						—
Net cash provided by (used in) financing activities			200,724						(217,913)
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies			(178,989)						326,029
Effect of foreign currency exchange rates			(1,790)						(1,521)

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

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

(In thousands)

			Nine months ended June 30,
			2025						2024
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			$	178,773					$	464,714
Supplemental disclosure of cash flow information:
Cash paid during the period for interest(2)			$	199,922					$	110,623
Distributions declared for the period			335,228						243,455
Supplemental disclosure of non-cash financing activities:
Acquisition of subsidiaries(3)
Noncash assets acquired:
Investments, at cost			$	—					$	2,623,381
Interest receivable			—						32,204
Unrealized appreciation on forward currency contracts			—						6,334
Receivable for investments sold			—						8,922
Other assets			—						154
Total noncash assets purchased			—						2,670,995
Liabilities assumed:
Debt			—						1,211,174
Interest payable			—						12,671
Distributions payable			—						9,516
Management and income incentive fees payable			—						8,921
Accrued trustee fees			—						8
Accounts payable and other liabilities			—						4,040
Total liabilities assumed			—						1,246,330
Issuance of common stock			$	—					$	1,526,351
Merger costs capitalized into purchase price			$	—					$	3,867

(1) Includes payment of $9,516 distribution payable of GBDC 3 shareholders that was assumed in the GBDC 3 Merger (defined in Note 1).

(2) 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.

(3) Refer to Note 1 for more information related to our acquisition of GBDC 3.

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

			As of
			June 30, 2025						September 30, 2024
Cash and cash equivalents			$	91,855					$	123,120
Foreign currencies (cost of $7,823 and $7,973, respectively)			7,901						8,044
Restricted cash and cash equivalents			79,017						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)			$	178,773					$	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.

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Investments
			Non-controlled/non-affiliate company investments
			Debt investments
			Aerospace & Defense
			PPW Aero Buyer, Inc.*+			One stop						SF +			6.50%			(i)						10.82%															02/2029						$	34,115					$	33,907					0.8			%			$	34,456
			PPW Aero Buyer, Inc.*			One stop						SF +			5.50%			(i)						9.80%															02/2029						7,834						7,787						0.2						7,873
			PPW Aero Buyer, Inc.+(5)			One stop						SF +			5.50%									N/A(6)															02/2029						—						(73)						—						—
			PPW Aero Buyer, Inc.+			One stop						P +			5.50%			(a)						13.00%															02/2029						18						17						—						18
			PPW Aero Buyer, Inc.+			One stop						SF +			5.00%			(i)						9.30%															02/2029						6,448						6,418						0.2						6,448
																																													48,415						48,056						1.2						48,795
			Air Freight & Logistics
			RJW Group Holdings, Inc.+			One stop						SF +			5.00%			(i)						9.30%															11/2031						46,415						45,548						1.2						46,415
			RJW Group Holdings, Inc.+(5)			One stop						SF +			5.00%									N/A(6)															11/2031						—						(32)						—						—
																																													46,415						45,516						1.2						46,415
			Airlines
			Accelya Lux Finco S.A.R.L.+(8)(22)(26)			One stop						SF +			6.00%			(i)						10.40%															12/2026						9,085						8,946						0.2						9,085
			Auto Components
			Arnott, LLC+			One stop						SF +			4.75%			(j)						8.97%															11/2030						4,748						4,705						0.1						4,700
			Arnott, LLC+			One stop						SF +			4.75%			(j)						8.97%															11/2030						134						127						—						126
			Collision SP Subco, LLC+			One stop						SF +			4.75%			(i)						9.03%															01/2030						2,205						2,183						0.1						2,205
			Collision SP Subco, LLC+			One stop						SF +			4.75%			(i)(j)						9.02%															01/2030						1,133						1,122						—						1,133
			Collision SP Subco, LLC+(5)			One stop						SF +			4.75%									N/A(6)															01/2030						—						(3)						—						—
			Collision SP Subco, LLC+			One stop						SF +			4.75%			(i)						9.03%															01/2030						245						243						—						245
			Collision SP Subco, LLC+(5)			One stop						SF +			4.75%									N/A(6)															01/2030						—						(29)						—						—
			Covercraft Parent III, Inc.+			Senior secured						SF +			4.50%			(i)						8.91%															08/2027						6,774						6,725						0.2						5,893
			Covercraft Parent III, Inc.+			Senior secured						SF +			4.50%			(i)						8.93%															08/2027						1,371						1,352						—						1,193
			Covercraft Parent III, Inc.+			Senior secured						SF +			4.50%			(i)						8.94%															08/2027						186						183						—						162
			North Haven Falcon Buyer, LLC+(7)(26)			One stop						SF +			8.00%			(i)						7.33%			cash/			5.00%			PIK						05/2027						9,463						8,483						0.1						4,920
			North Haven Falcon Buyer, LLC+(7)(26)			One stop						SF +			8.00%			(i)						7.33%			cash/			5.00%			PIK						05/2027						1,580						1,422						—						822
			OEConnection, LLC*			One stop						SF +			5.25%			(h)						9.58%															04/2031						10,211						10,171						0.3						10,211
			OEConnection, LLC+(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(31)						—						—
			OEConnection, LLC+			One stop						SF +			5.25%			(h)						9.58%															04/2031						1,782						1,766						—						1,782
			OEConnection, LLC+(5)			One stop						SF +			5.25%									N/A(6)															04/2031						—						(7)						—						—
																																													39,832						38,412						0.8						33,392
			Automobiles
			CAP-KSI Holdings, LLC*+			One stop						SF +			5.25%			(i)						9.54%															06/2030						11,230						11,094						0.3						11,230
			CAP-KSI Holdings, LLC+			One stop						SF +			5.25%			(i)						9.56%															06/2030						825						813						—						825
			CG Group Holdings, LLC*+(26)			One stop						SF +			8.75%			(i)						11.05%			cash/			2.00%			PIK						07/2027						46,270						46,105						1.2						46,270
			CG Group Holdings, LLC+(26)			One stop						SF +			8.75%			(h)						11.08%			cash/			2.00%			PIK						07/2026						800						795						—						800
			Denali Midco 2, LLC*			One stop						SF +			5.25%			(h)						9.58%															12/2028						38,258						38,045						1.0						38,258
			Denali Midco 2, LLC+(26)			Second lien						N/A												13.00%			PIK												12/2029						11,207						11,119						0.3						11,207
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						8,917						9,047						0.2						8,917
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						2,668						2,708						0.1						2,668
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						1,621						1,645						0.1						1,621
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						1,540						1,562						0.1						1,540
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						1,344						1,364						—						1,344
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						1,293						1,280						—						1,293
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						1,108						1,105						—						1,108
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						1,075						1,072						—						1,075
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						1,075						1,072						—						1,075

See Notes to Consolidated Financial Statements.

8

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						$	887					$	885					—			%			$	887
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						1,212						1,210						—						1,212
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						403						399						—						403
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2028						348						345						—						348
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															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)						9.58%															12/2028						173						171						—						173
			Denali Midco 2, LLC+			One stop						SF +			5.25%			(h)						9.58%															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						1,426						1,422						0.1						1,426
			High Bar Brands Operating, LLC+			Senior secured						SF +			5.25%			(i)						9.55%															12/2029						297						296						—						297
			High Bar Brands Operating, LLC+			Senior secured						SF +			5.25%			(i)						9.55%															12/2029						251						248						—						251
			High Bar Brands Operating, LLC+			Senior secured						SF +			5.25%			(i)						9.55%															12/2029						11						10						—						11
			JHCC Holdings LLC*+			One stop						SF +			5.25%			(i)						9.55%															09/2027						17,754						17,714						0.5						17,754
			JHCC Holdings LLC+			One stop						SF +			5.25%			(i)						9.55%															09/2027						6,904						6,891						0.2						6,904
			JHCC Holdings LLC+			One stop						SF +			5.25%			(i)						9.55%															09/2027						5,140						5,202						0.1						5,140
			JHCC Holdings LLC+			One stop						SF +			5.25%			(i)						9.55%															09/2027						4,913						4,920						0.1						4,913
			JHCC Holdings LLC+			One stop						SF +			5.25%			(i)						9.55%															09/2027						2,771						2,788						0.1						2,771
			JHCC Holdings LLC+			One stop						SF +			5.25%			(i)						9.55%															09/2027						1,646						1,639						—						1,646
			JHCC Holdings LLC+			One stop						SF +			5.25%			(i)						9.55%															09/2027						728						726						—						728
			JHCC Holdings LLC+			One stop						SF +			5.25%			(i)						9.55%															09/2027						690						688						—						690
			JHCC Holdings LLC+			One stop						P +			4.25%			(a)						11.75%															09/2027						60						60						—						60
			JHCC Holdings LLC+			One stop						SF +			5.25%			(i)						9.55%															09/2027						3,533						3,504						0.1						3,533
			MOP GM Holding, LLC^*+			One stop						SF +			5.75%			(i)						10.20%															11/2026						32,633						32,600						0.8						32,305
			MOP GM Holding, LLC+			One stop						SF +			5.75%			(i)						10.23%															11/2026						3,836						3,827						0.1						3,798
			MOP GM Holding, LLC*+			One stop						SF +			5.75%			(i)						10.18%															11/2026						3,589						3,575						0.1						3,553
			MOP GM Holding, LLC^*			One stop						SF +			5.75%			(i)						10.18%															11/2026						3,509						3,492						0.1						3,474
			MOP GM Holding, LLC^*			One stop						SF +			5.75%			(i)						10.20%															11/2026						2,600						2,588						0.1						2,575
			MOP GM Holding, LLC+			One stop						SF +			5.75%			(i)						10.18%															11/2026						2,144						2,134						0.1						2,123
			MOP GM Holding, LLC+			One stop						SF +			5.75%			(i)						10.18%															11/2026						1,977						1,964						0.1						1,958
			MOP GM Holding, LLC+			One stop						SF +			5.75%			(i)						10.20%															11/2026						720						716						—						712
			MOP GM Holding, LLC+			One stop						SF +			5.75%			(i)						10.20%															11/2026						530						526						—						524
			MOP GM Holding, LLC+			One stop						SF +			5.75%			(i)						10.20%															11/2026						400						397						—						396
			MOP GM Holding, LLC+			One stop						SF +			5.75%			(i)						10.18%															11/2026						265						264						—						263
			MOP GM Holding, LLC+			One stop						SF +			5.75%			(i)						10.20%															11/2026						202						200						—						199
			MOP GM Holding, LLC+			One stop						SF +			5.75%			(i)						10.18%															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						—						(22)						—						—
			National Express Wash Parent Holdco, LLC+			One stop						SF +			5.00%			(i)						9.30%															07/2029						13,314						13,267						0.3						13,314
			National Express Wash Parent Holdco, LLC+			One stop						SF +			5.00%			(j)						9.24%															07/2029						1,449						1,428						—						1,449
			National Express Wash Parent Holdco, LLC+			One stop						SF +			5.00%			(i)						9.30%															07/2029						1,283						1,277						—						1,283
			National Express Wash Parent Holdco, LLC+(5)			One stop						SF +			5.00%									N/A(6)															07/2029						—						(10)						—						—
			POY Holdings, LLC^*+			One stop						SF +			5.50%			(i)						9.95%															11/2027						28,269						28,480						0.7						27,986
			POY Holdings, LLC*+			One stop						SF +			5.50%			(i)						9.95%															11/2027						3,675						3,722						0.1						3,639
			POY Holdings, LLC*+			One stop						SF +			5.50%			(i)						9.95%															11/2027						1,301						1,300						—						1,288
			POY Holdings, LLC+			One stop						SF +			5.50%			(i)						9.93%															11/2027						867						866						—						858
			POY Holdings, LLC+			One stop						SF +			5.50%			(i)						9.95%															11/2027						646						646						—						640
			POY Holdings, LLC+			One stop						SF +			5.50%			(i)						9.95%															11/2027						289						289						—						286
			POY Holdings, LLC+(5)			One stop						SF +			5.50%									N/A(6)															11/2027						—						(2)						—						(4)
			POY Holdings, LLC+(5)			One stop						SF +			5.50%									N/A(6)															11/2027						—						(13)						—						(33)
			POY Holdings, LLC+			One stop						SF +			5.50%			(i)						9.93%															11/2027						2,267						2,258						0.1						2,244
			Quick Quack Car Wash Holdings, LLC+			One stop						SF +			4.75%			(h)						9.08%															06/2031						4,610						4,577						0.1						4,593
			Quick Quack Car Wash Holdings, LLC+			One stop						SF +			4.75%			(h)						9.07%															06/2031						359						355						—						358

See Notes to Consolidated Financial Statements.

9

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Quick Quack Car Wash Holdings, LLC+(5)			One stop						SF +			4.75%									N/A(6)															06/2031						$	—					$	(3)					—			%			$	(2)
			Quick Quack Car Wash Holdings, LLC+(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(4)						—						(4)
			TWAS Holdings, LLC*+			One stop						SF +			6.00%			(h)						10.43%															12/2026						46,443						46,228						1.2						46,443
			TWAS Holdings, LLC*+			One stop						SF +			6.00%			(h)						10.43%															12/2026						41,482						41,448						1.0						41,482
			TWAS Holdings, LLC*+			One stop						SF +			6.00%			(h)						10.43%															12/2026						10,769						10,753						0.3						10,769
			TWAS Holdings, LLC+			One stop						SF +			6.00%			(h)						10.43%															12/2026						8,224						8,244						0.2						8,224
			TWAS Holdings, LLC+			One stop						SF +			6.00%			(h)						10.43%															12/2026						5,223						5,236						0.1						5,223
			TWAS Holdings, LLC+(5)			One stop						SF +			6.00%									N/A(6)															12/2026						—						(5)						—						—
			Yorkshire Parent, Inc.+			One stop						SF +			5.00%			(i)						9.28%															12/2029						2,253						2,243						0.1						2,253
			Yorkshire Parent, Inc.+			One stop						SF +			5.00%			(i)						9.28%															12/2029						72						46						—						72
			Yorkshire Parent, Inc.+			One stop						SF +			5.50%			(i)						9.80%															12/2029						2,228						2,254						0.1						2,234
			Yorkshire Parent, Inc.+			One stop						SF +			5.50%			(i)						9.79%															12/2029						617						615						—						619
			Yorkshire Parent, Inc.+			One stop						SF +			5.50%			(i)						9.80%															12/2029						62						60						—						62
																																													407,042						406,299						10.2						406,091
			Banks
			Empyrean Solutions, LLC+			One stop						SF +			4.50%			(i)						8.80%															11/2031						9,283						9,240						0.2						9,283
			Empyrean Solutions, LLC+(5)			One stop						SF +			4.75%									N/A(6)															11/2031						—						(6)						—						—
			Empyrean Solutions, LLC+(5)			One stop						SF +			4.75%									N/A(6)															11/2031						—						(17)						—						—
			OSP Hamilton Purchaser, LLC+			One stop						SF +			4.75%			(i)						9.03%															12/2029						1,731						1,753						0.1						1,723
			OSP Hamilton Purchaser, LLC+			One stop						SF +			4.75%			(i)						9.01%															12/2029						768						763						—						760
			OSP Hamilton Purchaser, LLC+			One stop						SF +			4.75%			(i)						9.03%															12/2029						50						50						—						50
			OSP Hamilton Purchaser, LLC+(5)			One stop						SF +			4.75%									N/A(6)															12/2029						—						(5)						—						(5)
																																													11,832						11,778						0.3						11,811
			Beverages
			Financial Information Technologies, LLC*+			One stop						SF +			5.25%			(i)						9.55%															06/2030						34,364						34,302						0.8						34,278
			Financial Information Technologies, LLC+(26)			One stop						N/A												14.00%			PIK												06/2031						22,081						21,961						0.6						22,744
			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						2,204						2,201						—						2,199
			Financial Information Technologies, LLC+(5)			One stop						SF +			5.25%									N/A(6)															06/2030						—						(1)						—						(3)
			Spindrift Beverage Co. Inc.+			One stop						SF +			5.25%			(i)						9.53%															02/2032						7,653						7,562						0.2						7,653
			Spindrift Beverage Co. Inc.+			One stop						SF +			5.25%			(i)						9.53%															02/2032						105						87						—						105
			Spindrift Beverage Co. Inc.+(5)			One stop						SF +			5.25%									N/A(6)															02/2032						—						(5)						—						—
			Watermill Express, LLC^*			One stop						SF +			4.50%			(i)						8.95%															04/2031						3,047						3,018						0.1						3,027
			Watermill Express, LLC+			One stop						SF +			4.50%			(i)						8.80%															04/2031						294						293						—						293
			Watermill Express, LLC+			One stop						SF +			4.50%			(i)						8.82%															04/2031						83						77						—						79
			Watermill Express, LLC+			One stop						SF +			4.50%			(i)						8.95%															04/2031						735						727						—						731
			Watermill Express, LLC+			One stop						SF +			4.50%			(i)						8.94%															04/2031						369						366						—						366
			Watermill Express, LLC+			One stop						SF +			4.50%			(i)						8.91%															04/2031						2,381						2,359						0.1						2,366
			Watermill Express, LLC+			One stop						SF +			4.50%			(i)						8.80%															04/2031						2,771						2,755						0.1						2,754
			Watermill Express, LLC+(5)			One stop						SF +			5.00%									N/A(6)															04/2031						—						(12)						—						(12)
			Winebow Holdings, Inc.*+			One stop						SF +			6.25%			(h)						10.68%															12/2027						9,252						9,065						0.2						8,049
																																													85,339						84,755						2.1						84,629

			Building Products
			BECO Holding Company, Inc.*+			One stop						SF +			5.25%			(i)						9.70%															11/2028						40,683						41,199						1.0						40,479
			BECO Holding Company, Inc.+(5)			One stop						SF +			5.25%									N/A(6)															11/2027						—						(2)						—						(4)
																																													40,683						41,197						1.0						40,475
			Capital Markets
			BlueMatrix Holdings, LLC+			One stop						SF +			5.25%			(i)						9.55%															01/2031						2,520						2,542						0.1						2,520
			BlueMatrix Holdings, LLC+			One stop						SF +			5.25%			(i)						9.55%															01/2031						9,950						9,904						0.2						9,950

See Notes to Consolidated Financial Statements.

10

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			BlueMatrix Holdings, LLC+			One stop						SF +			5.25%									N/A(6)															01/2031						$	—					$	—					—			%			$	—
			BlueMatrix Holdings, LLC+			One stop						SF +			5.25%			(i)						9.55%															01/2031						275						269						—						275
																																													12,745						12,715						0.3						12,745
			Chemicals
			AP Adhesives Holdings, LLC+(5)			One stop						SF +			4.75%									N/A(6)															04/2032						—						(9)						—						(10)
			AP Adhesives Holdings, LLC+			One stop						SF +			4.75%			(h)						9.07%															04/2031						39						34						—						34
			AP Adhesives Holdings, LLC+			One stop						SF +			4.75%			(i)						8.80%															04/2032						5,800						5,772						0.1						5,771
			Inhance Technologies Holdings, LLC+(26)			One stop						SF +			6.50%			(i)						6.95%			cash/			4.00%			PIK						08/2025						15,594						14,137						0.3						12,943
			Inhance Technologies Holdings, LLC+(26)			One stop						SF +			6.50%			(i)						6.95%			cash/			4.00%			PIK						08/2025						14,160						13,638						0.3						11,753
			Inhance Technologies Holdings, LLC+(26)			One stop						SF +			6.50%			(i)						6.95%			cash/			4.00%			PIK						08/2025						2,754						2,647						0.1						2,287
			Inhance Technologies Holdings, LLC+(26)			One stop						SF +			6.50%			(i)						6.95%			cash/			4.00%			PIK						08/2025						323						306						—						265
			Krayden Holdings, Inc.+			Senior secured						SF +			4.75%			(h)						9.08%															03/2029						9,766						9,686						0.2						9,766
			Krayden Holdings, Inc.+			Senior secured						SF +			4.75%			(h)						9.08%															03/2029						48						20						—						48
			Krayden Holdings, Inc.+			Senior secured						SF +			4.75%			(h)						9.06%															03/2029						1,954						1,905						0.1						1,954
			PHM NL SP Bidco B.V.+(8)(9)(10)(26)			One stop						E +			6.75%			(d)						6.13%			cash/			3.00%			PIK						09/2028						54,885						51,009						1.3						52,141
			PHM NL SP Bidco B.V.+(8)(10)(26)			One stop						SF +			6.75%			(g)						8.29%			cash/			3.00%			PIK						09/2028						20,296						19,559						0.5						19,281
			PHM NL SP Bidco B.V.+(8)(9)(10)(26)			One stop						SN +			6.75%			(f)						7.97%			cash/			3.00%			PIK						09/2028						12,160						11,215						0.3						11,552
			PHM NL SP Bidco B.V.+(8)(9)(10)(26)			One stop						E +			6.75%			(d)						5.80%			cash/			3.00%			PIK						09/2028						5,815						5,303						0.1						5,529
																																													143,594						135,222						3.3						133,314
			Commercial Services & Supplies
			BradyIFS Holdings, LLC^+			One stop						SF +			5.00%			(i)						9.28%															10/2029						5,183						5,245						0.1						5,183
			BradyIFS Holdings, LLC+			One stop						SF +			5.00%			(i)						9.32%															10/2029						50						49						—						50
			CI (Quercus) Intermediate Holdings, LLC*+			One stop						SF +			5.00%			(i)						9.30%															06/2031						30,480						30,177						0.8						30,327
			CI (Quercus) Intermediate Holdings, LLC+			One stop						SF +			5.00%			(i)						9.31%															06/2031						78						62						—						75
			CI (Quercus) Intermediate Holdings, LLC+			One stop						SF +			5.00%			(i)						9.30%															06/2031						701						669						—						683
			CI (Quercus) Intermediate Holdings, LLC+(5)			One stop						SF +			5.00%									N/A(6)															06/2031						—						(5)						—						(5)
			CHA Vision Holdings, Inc.+			One stop						SF +			5.00%			(i)						9.27%															01/2031						1,061						1,057						—						1,061
			CHA Vision Holdings, Inc.+			One stop						SF +			5.00%			(i)						9.29%															01/2031						208						207						—						208
			CHA Vision Holdings, Inc.+			One stop						SF +			5.00%									N/A(6)															01/2030						—						—						—						—
			Kleinfelder Intermediate, LLC+			One stop						SF +			5.00%			(i)						9.28%															09/2030						4,056						3,968						0.1						4,056
			Kleinfelder Intermediate, LLC+(5)			One stop						SF +			5.00%									N/A(6)															09/2028						—						(6)						—						—
			Kleinfelder Intermediate, LLC+			One stop						SF +			5.00%			(i)						9.28%															09/2030						440						436						—						440
			North Haven Stack Buyer, LLC+(26)			Second lien						N/A												10.00%			cash/			2.50%			PIK						01/2028						1,529						1,519						0.1						1,529
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						157						156						—						157
			North Haven Stack Buyer, LLC*+			One stop						SF +			4.75%			(i)						9.07%															07/2027						1,552						1,539						0.1						1,548
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						1,368						1,359						—						1,364
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						283						280						—						281
			North Haven Stack Buyer, LLC+(5)			Second lien						N/A												N/A(6)															01/2028						—						(10)						—						(7)
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						12,191						12,163						0.3						12,160
			North Haven Stack Buyer, LLC+(26)			Second lien						N/A												10.00%			cash/			2.50%			PIK						01/2028						2,322						2,305						0.1						2,322
			North Haven Stack Buyer, LLC*+			One stop						SF +			4.75%			(i)						9.07%															07/2027						1,469						1,461						—						1,466
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						1,408						1,399						0.1						1,404

			North Haven Stack Buyer, LLC*			One stop						SF +			4.75%			(i)						9.07%															07/2027						4,107						4,092						0.1						4,097
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						1,360						1,356						—						1,357
			North Haven Stack Buyer, LLC*			One stop						SF +			4.75%			(i)						9.07%															07/2027						1,355						1,350						—						1,352
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						199						199						—						199
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						99						99						—						99
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						676						668						—						673
			North Haven Stack Buyer, LLC*+			One stop						SF +			4.75%			(i)						9.07%															07/2027						2,264						2,251						0.1						2,258
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						481						477						—						479
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						903						897						—						901
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						684						679						—						682

See Notes to Consolidated Financial Statements.

11

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						$	758					$	753					—			%			$	756
			North Haven Stack Buyer, LLC+(26)			One stop						N/A												9.75%			cash/			2.50%			PIK						01/2028						23						23						—						23
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						332						330						—						331
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						1,337						1,329						—						1,334
			North Haven Stack Buyer, LLC+(26)			Second lien						N/A												9.75%			cash/			2.50%			PIK						01/2028						386						384						—						385
			North Haven Stack Buyer, LLC+			One stop						SF +			4.75%			(i)						9.07%															07/2027						103						101						—						101
			Profile Products LLC+			One stop						SF +			5.50%			(i)						9.86%															11/2027						8,982						8,924						0.2						8,892
			Profile Products LLC+(8)			One stop						SF +			5.50%			(i)						9.86%															11/2027						1,821						1,803						0.1						1,802
			Profile Products LLC+			One stop						P +			4.50%			(a)						12.00%															11/2027						68						66						—						66
			Profile Products LLC+			One stop						SF +			5.50%									N/A(6)															11/2027						—						—						—						—
			PSC Parent, Inc.*+			One stop						SF +			5.25%			(h)						9.56%															04/2031						5,464						5,455						0.2						5,464
			PSC Parent, Inc.+			One stop						SF +			5.25%			(h)						9.57%															04/2030						276						270						—						276
			PSC Parent, Inc.+			One stop						SF +			5.25%			(h)						9.56%															04/2031						573						567						—						573
			PSC Parent, Inc.+			One stop						SF +			5.25%			(h)						9.58%															04/2031						911						907						—						911
			PT Intermediate Holdings III, LLC+(26)			One stop						SF +			5.00%			(i)						7.55%			cash/			1.75%			PIK						04/2030						18,986						18,979						0.5						18,796
			PT Intermediate Holdings III, LLC+(5)			One stop						SF +			4.75%									N/A(6)															04/2030						—						(5)						—						(17)
			Radwell Parent, LLC^*			One stop						SF +			5.50%			(i)						9.80%															03/2029						34,027						33,761						0.9						34,027
			Radwell Parent, LLC*+			One stop						SF +			5.50%			(i)						9.80%															03/2029						32,707						32,751						0.8						32,707
			Radwell Parent, LLC+			One stop						SF +			5.50%			(i)						9.80%															03/2029						371						333						—						371
			Trinity Air Consultants Holdings Corporation+			One stop						SF +			4.25%			(j)						8.48%															06/2029						2,632						2,616						0.1						2,632
			Trinity Air Consultants Holdings Corporation+			One stop						SF +			4.25%			(j)						8.43%															06/2029						530						530						—						530
			Trinity Air Consultants Holdings Corporation+			One stop						SF +			4.25%									N/A(6)															06/2029						—						—						—						—
			Trinity Air Consultants Holdings Corporation+			One stop						SF +			4.25%			(j)						8.43%															06/2029						494						493						—						494
			Trinity Air Consultants Holdings Corporation+			One stop						SF +			4.25%			(j)						8.41%															06/2029						249						247						—						249
			WRE Holding Corp.*			One stop						SF +			5.00%			(j)						9.22%															07/2031						16,390						16,249						0.4						16,390
			WRE Holding Corp.+			One stop						SF +			5.00%			(i)(j)						9.17%															07/2031						295						292						—						295
			WRE Holding Corp.+(5)			One stop						SF +			5.00%									N/A(6)															07/2030						—						(20)						—						—
			WRE Holding Corp.+			One stop						SF +			5.00%			(j)						9.17%															07/2031						1,799						1,791						0.1						1,799
			WRE Holding Corp.+			One stop						SF +			5.00%			(j)						9.13%															07/2031						1,084						1,079						—						1,084
			WRE Holding Corp.+			One stop						SF +			5.00%			(j)						9.12%															07/2031						843						840						—						843
																																													208,105						206,946						5.2						207,513
			Communications Equipment
			Lightning Finco Limited+(8)(15)			One stop						SF +			5.50%			(g)						10.22%															09/2028						14,802						14,780						0.4						14,802
			Lightning Finco Limited+(8)(9)(15)			One stop						E +			5.50%			(d)						7.54%															09/2028						1,789						1,746						—						1,789
																																													16,591						16,526						0.4						16,591
			Construction & Engineering
			Consor Intermediate II, LLC*+			One stop						SF +			4.50%			(i)						8.80%															05/2031						4,742						4,749						0.1						4,742
			Consor Intermediate II, LLC+(5)			One stop						SF +			4.50%									N/A(6)															05/2031						—						(13)						—						—
			Consor Intermediate II, LLC+			One stop						SF +			4.50%			(i)						8.80%															05/2031						534						532						—						534
			DCCM, LLC+			One stop						SF +			4.75%			(i)						9.07%															06/2032						594						591						—						591
			DCCM, LLC+(5)			One stop						SF +			4.75%									N/A(6)															06/2032						—						(1)						—						(1)
			DCCM, LLC+(5)			One stop						SF +			4.75%									N/A(6)															06/2032						—						(1)						—						(1)
			Royal Holdco Corporation+			One stop						SF +			4.50%			(i)						8.81%															12/2030						5,996						5,939						0.2						5,996
			Royal Holdco Corporation+(5)			One stop						SF +			4.50%									N/A(6)															12/2030						—						(5)						—						—
			Royal Holdco Corporation+			One stop						SF +			4.50%			(i)						8.83%															12/2030						241						231						—						241
																																													12,107						12,022						0.3						12,102
			Containers & Packaging
			Chase Intermediate*+			One stop						SF +			4.75%			(i)						9.03%															10/2028						48,952						49,542						1.2						48,952
			Chase Intermediate+			One stop						SF +			4.75%			(i)						9.03%															10/2028						80						78						—						80
			Chase Intermediate+			One stop						SF +			4.75%			(h)(i)						9.04%															10/2028						2,289						2,285						0.1						2,289

See Notes to Consolidated Financial Statements.

12

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Chase Intermediate+			One stop						SF +			4.75%			(h)						9.07%															10/2028						$	599					$	558					—			%			$	599
			Fortis Solutions Group, LLC^*+			One stop						SF +			5.50%			(i)						9.90%															10/2028						51,729						51,400						1.3						51,729
			Fortis Solutions Group, LLC+			One stop						SF +			5.50%			(i)						9.91%															10/2028						1,700						1,683						0.1						1,700
			Fortis Solutions Group, LLC+			One stop						SF +			5.50%			(i)						9.90%															10/2028						141						87						—						141
			Fortis Solutions Group, LLC+			One stop						SF +			5.50%			(i)						9.90%															10/2027						152						144						—						152
			Packaging Coordinators Midco, Inc.+			One stop						SF +			4.75%			(i)						9.02%															01/2032						5,272						5,259						0.1						5,272
			Packaging Coordinators Midco, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															01/2032						—						(1)						—						—
			Packaging Coordinators Midco, Inc.+			One stop						SF +			4.75%									N/A(6)															01/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.+			One stop						SF +			4.75%									N/A(6)															01/2032						—						—						—						—
			Packaging Coordinators Midco, Inc.+			One stop						SF +			4.75%									N/A(6)															01/2032						—						—						—						—
																																													110,914						111,035						2.8						110,914
			Diversified Consumer Services
			Any Hour, LLC*			One stop						SF +			5.25%			(i)						9.55%															05/2030						8,998						8,942						0.2						8,458
			Any Hour, LLC+(26)			One stop						N/A												13.00%			PIK												05/2031						3,169						3,122						0.1						2,916
			Any Hour, LLC+			One stop						SF +			5.25%			(i)						9.54%															05/2030						512						500						—						455
			Any Hour, LLC+			One stop						SF +			5.25%			(i)						9.55%															05/2030						255						238						—						240
			Apex Service Partners, LLC+			One stop						SF +			5.00%			(i)						9.31%															10/2030						13,877						13,815						0.4						13,877
			Apex Service Partners, LLC+			One stop						SF +			5.00%			(i)						9.33%															10/2030						4,401						4,466						0.1						4,401
			Apex Service Partners, LLC+			One stop						SF +			5.00%			(i)						9.33%															10/2030						1,048						1,035						—						1,048
			Apex Service Partners, LLC+(5)			One stop						SF +			5.00%									N/A(6)															10/2029						—						(2)						—						—
			Apex Service Partners, LLC+			One stop						SF +			5.00%			(i)						9.28%															10/2030						2,203						2,182						0.1						2,203
			Apex Service Partners, LLC+			One stop						SF +			5.00%			(i)						9.31%															10/2030						2,680						2,649						0.1						2,680
			Certus Pest, Inc.*			One stop						SF +			5.00%			(i)						9.45%															08/2027						1,730						1,718						0.1						1,730
			Certus Pest, Inc.*			One stop						SF +			5.00%			(i)						9.45%															08/2027						1,659						1,644						0.1						1,659
			Certus Pest, Inc.*+			One stop						SF +			5.00%			(i)						9.45%															08/2027						1,197						1,194						—						1,197
			Certus Pest, Inc.*			One stop						SF +			5.00%			(i)						9.45%															08/2027						1,182						1,176						—						1,182
			Certus Pest, Inc.*+			One stop						SF +			5.00%			(i)						9.45%															08/2027						820						814						—						820
			Certus Pest, Inc.*			One stop						SF +			5.00%			(i)						9.45%															08/2027						723						714						—						723
			Certus Pest, Inc.+			One stop						SF +			5.00%			(i)						9.45%															08/2027						704						701						—						704
			Certus Pest, Inc.*+			One stop						SF +			5.00%			(i)						9.45%															08/2027						416						413						—						416
			Certus Pest, Inc.+			One stop						SF +			5.00%			(i)						9.45%															08/2027						394						393						—						394
			Certus Pest, Inc.+			One stop						SF +			5.00%			(i)						9.45%															08/2027						260						257						—						260
			Certus Pest, Inc.+			One stop						SF +			5.00%			(i)						9.45%															08/2027						142						138						—						142
			Certus Pest, Inc.+			One stop						SF +			5.00%			(i)						9.45%															08/2027						60						59						—						60
			Certus Pest, Inc.+			One stop						SF +			5.00%									N/A(6)															08/2027						—						—						—						—
			Certus Pest, Inc.+(5)			One stop						SF +			5.00%									N/A(6)															08/2027						—						(32)						—						—
			Certus Pest, Inc.+			One stop						SF +			5.00%			(i)						9.42%															08/2027						2,336						2,326						0.1						2,336
			Certus Pest, Inc.+			One stop						SF +			5.00%			(i)						9.46%															08/2027						1,456						1,450						0.1						1,456
			CHHJ Midco, LLC*+			Senior secured						SF +			5.00%			(i)						9.45%															01/2028						3,702						3,699						0.1						3,702
			CHHJ Midco, LLC+			Senior secured						SF +			5.00%									N/A(6)															01/2028						—						—						—						—
			CHVAC Services Investment, LLC*+			One stop						SF +			4.50%			(i)						8.82%															05/2030						6,367						6,283						0.2						6,367
			CHVAC Services Investment, LLC+			One stop						SF +			4.50%			(i)						8.80%															05/2030						1,656						1,638						—						1,656
			CHVAC Services Investment, LLC+(5)			One stop						SF +			4.50%									N/A(6)															05/2030						—						(3)						—						—
			CHVAC Services Investment, LLC+			One stop						SF +			4.50%			(i)						8.80%															05/2030						61						20						—						61
			COP Hometown Acquisitions, Inc.+			Senior secured						SF +			5.25%			(i)						9.53%															07/2027						5,504						5,456						0.1						5,504
			COP Hometown Acquisitions, Inc.+			Senior secured						SF +			5.25%			(i)						9.55%															07/2027						2,381						2,373						0.1						2,381
			COP Hometown Acquisitions, Inc.+			Senior secured						SF +			5.25%			(i)						9.55%															07/2027						2,321						2,309						0.1						2,321
			COP Hometown Acquisitions, Inc.+			Senior secured						SF +			5.25%			(i)						9.54%															07/2027						1,520						1,513						—						1,520
			COP Hometown Acquisitions, Inc.+			Senior secured						SF +			5.25%			(i)						9.55%															07/2027						1,373						1,371						—						1,373
			COP Hometown Acquisitions, Inc.+			Senior secured						SF +			5.25%			(i)						9.55%															07/2027						1,146						1,139						—						1,146
			COP Hometown Acquisitions, Inc.+			Senior secured						SF +			5.25%			(i)						9.54%															07/2027						1,075						1,070						—						1,075
			COP Hometown Acquisitions, Inc.+			Senior secured						SF +			5.25%			(i)						9.57%															07/2027						1,039						1,038						—						1,039
			COP Hometown Acquisitions, Inc.+			Senior secured						SF +			5.25%			(i)						9.56%															07/2027						915						914						—						915

See Notes to Consolidated Financial Statements.

13

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			COP Hometown Acquisitions, Inc.+			Senior secured						SF +			5.25%			(i)						9.53%															07/2027						$	691					$	687					—			%			$	691
			COP Hometown Acquisitions, Inc.+(5)			Senior secured						SF +			5.25%									N/A(6)															07/2027						—						(1)						—						—
			EMS LINQ, LLC^+			One stop						SF +			6.25%			(i)						10.68%															12/2027						13,835						13,861						0.4						13,835
			EMS LINQ, LLC+			One stop						SF +			6.25%			(i)						10.68%															12/2027						146						145						—						146
			Entomo Brands Acquisitions, Inc.+			Senior secured						SF +			5.50%			(i)						9.95%															07/2029						4,355						4,358						0.1						4,355
			Entomo Brands Acquisitions, Inc.+			Senior secured						SF +			5.50%			(i)						9.95%															07/2029						1,263						1,244						—						1,263
			Entomo Brands Acquisitions, Inc.+			Senior secured						SF +			5.50%			(i)						9.95%															07/2029						30						29						—						30
			EWC Growth Partners LLC+			One stop						SF +			6.00%			(i)						10.45%															03/2026						1,077						1,077						—						1,034
			EWC Growth Partners LLC+			One stop						SF +			6.00%			(i)						10.45%															03/2026						918						916						—						881
			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						23,088						21,528						0.3						12,467
			FPG Intermediate Holdco, LLC+(26)			One stop						SF +			6.75%			(h)(i)(j)						5.42%			cash/			5.75%			PIK						03/2027						909						909						—						909
			FPG Intermediate Holdco, LLC+(26)			One stop						SF +			6.75%			(h)(i)(j)						5.46%			cash/			5.75%			PIK						03/2027						128						127						—						128
			FSS Buyer LLC+			One stop						SF +			4.50%			(i)						8.77%															08/2031						6,898						6,857						0.2						6,898
			FSS Buyer LLC+			One stop						SF +			4.50%			(i)						8.77%															08/2031						22						22						—						22
			HS Spa Holdings, Inc.+			One stop						SF +			5.25%			(i)						9.58%															06/2029						11,462						11,445						0.3						11,462
			HS Spa Holdings, Inc.+			One stop						SF +			5.25%			(i)						9.55%															06/2029						687						686						—						687
			HS Spa Holdings, Inc.+			One stop						P +			4.25%			(a)(h)						10.75%															06/2028						44						43						—						44
			Learn-it Systems, LLC+(26)			Senior secured						SF +			5.50%			(i)						9.11%			cash/			0.75%			PIK						09/2026						3,386						3,379						0.1						3,386
			Learn-it Systems, LLC+(26)			Senior secured						SF +			5.50%			(j)						9.26%			cash/			0.75%			PIK						09/2026						1,995						1,989						0.1						1,995
			Learn-it Systems, LLC+(26)			Senior secured						SF +			5.50%			(j)						9.26%			cash/			0.75%			PIK						09/2026						849						846						—						849
			Learn-it Systems, LLC+			Senior secured						SF +			5.50%									N/A(6)															09/2026						—						—						—						—
			Liminex, Inc.+			One stop						SF +			6.25%			(i)						10.68%															11/2026						35,471						35,448						0.9						35,471
			Liminex, Inc.+			One stop						SF +			6.25%			(i)						10.68%															11/2026						23,399						23,352						0.6						23,399
			Liminex, Inc.^+			One stop						SF +			6.25%			(i)						10.68%															11/2026						20,219						20,455						0.5						20,219
			Liminex, Inc.+			One stop						SF +			6.25%			(i)						10.68%															11/2026						15,872						15,750						0.4						15,872
			Litera Bidco, LLC*			One stop						SF +			5.00%			(h)						9.33%															05/2028						5,162						5,171						0.1						5,162
			Litera Bidco, LLC+			One stop						SF +			5.00%			(h)						9.33%															05/2028						2,061						2,055						0.1						2,061
			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)						10.18%															04/2029						11,296						11,252						0.3						10,844
			Mario Purchaser, LLC+			One stop						SF +			5.75%			(h)						10.18%															04/2029						5,201						5,225						0.1						4,993
			Mario Purchaser, LLC+(26)			One stop						SF +			10.75%			(h)						15.18%			PIK												04/2032						4,970						4,987						0.1						4,871
			Mario Purchaser, LLC+			One stop						SF +			5.75%			(h)						10.18%															04/2029						452						449						—						435
			Mario Purchaser, LLC+			One stop						SF +			5.75%			(h)						10.18%															04/2028						24						24						—						20
			NSG Buyer, Inc. *+			One stop						SF +			5.00%			(i)						9.30%															11/2029						37,055						36,825						0.9						37,055
			NSG Buyer, Inc. +			One stop						SF +			5.00%			(i)						9.30%															11/2028						145						140						—						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						—						(36)						—						—
			PADI Holdco, Inc.*			One stop						SF +			4.75%			(i)						9.23%															01/2029						21,189						20,947						0.5						21,189
			PADI Holdco, Inc.+(8)(9)			One stop						E +			4.75%			(c)						6.76%															01/2029						21,132						20,241						0.5						21,132
			PADI Holdco, Inc.+(8)(9)			One stop						A +			5.25%			(e)						8.97%															01/2029						7,479						7,099						0.2						7,479
			PADI Holdco, Inc.+			One stop						SF +			4.75%			(i)						9.18%															01/2029						816						807						—						816
			PADI Holdco, Inc.+			One stop						SF +			4.75%			(i)						9.18%															01/2029						1,000						994						—						1,000
			PADI Holdco, Inc.+			One stop						SF +			4.75%			(i)						9.21%															01/2029						169						167						—						169
			Provenance Buyer LLC*+			One stop						SF +			5.50%			(i)						9.90%															06/2027						20,635						20,506						0.5						19,810
			Provenance Buyer LLC*+			One stop						SF +			5.50%			(i)						9.90%															06/2027						13,903						13,841						0.3						13,346
			Provenance Buyer LLC+			One stop						SF +			5.50%			(i)						9.90%															06/2027						188						184						—						178
			RW AM Holdco LLC+			One stop						SF +			5.25%			(i)						9.65%															04/2028						23,612						23,053						0.5						19,835
			RW AM Holdco LLC+(5)			One stop						SF +			5.25%									N/A(6)															04/2028						—						(8)						—						(32)
			Severin Acquisition, LLC+(26)			One stop						SF +			5.00%			(h)						7.08%			cash/			2.25%			PIK						10/2031						35,617						35,305						0.9						35,261
			Severin Acquisition, LLC+			One stop						SF +			4.75%			(h)						9.08%															10/2031						1,926						1,887						0.1						1,882

See Notes to Consolidated Financial Statements.

14

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Severin Acquisition, LLC+(26)			One stop						SF +			5.00%			(h)						7.08%			cash/			2.25%			PIK						10/2031						$	977					$	944					—			%			$	903
			Stellar Brands, LLC+			Senior secured						SF +			4.50%			(j)						8.72%															02/2031						7,169						7,118						0.2						7,169
			Stellar Brands, LLC+(5)			Senior secured						SF +			4.50%									N/A(6)															02/2031						—						(5)						—						—
			Virginia Green Acquisition, LLC*+			One stop						SF +			5.25%			(j)						9.42%															12/2030						2,398						2,433						0.1						2,398
			Virginia Green Acquisition, LLC+			One stop						SF +			5.25%			(j)						9.48%															12/2030						672						666						—						672
			Virginia Green Acquisition, LLC+			One stop						SF +			5.25%									N/A(6)															12/2029						—						—						—						—
																																													471,414						466,290						11.3						453,387
			Diversified Financial Services
			Baker Tilly Advisory Group, LP+			One stop						SF +			4.75%			(h)						9.08%															06/2031						3,772						3,728						0.1						3,782
			Baker Tilly Advisory Group, LP+(5)			One stop						SF +			4.50%									N/A(6)															06/2030						—						(12)						—						(14)
			Baker Tilly Advisory Group, LP+			One stop						SF +			4.50%			(h)						8.83%															06/2031						4,722						4,699						0.1						4,675
			Baker Tilly Advisory Group, LP+(5)			One stop						SF +			4.50%									N/A(6)															06/2031						—						(10)						—						(20)
			Banker's Toolbox, Inc.*+			One stop						SF +			4.50%			(i)						8.80%															07/2027						20,411						20,375						0.5						20,411
			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						17,547						15,975						0.4						17,547
			Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(26)			Subordinated debt						E +			8.00%			(d)						2.60%			cash/			8.00%			PIK						07/2032						2,171						1,974						0.1						2,171
			Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)			One stop						E +			5.25%			(d)						7.51%															07/2031						2,486						2,289						0.1						2,486
			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)						9.76%			cash/			0.25%			PIK						12/2030						3,674						3,674						0.1						3,674
			Corsair Blade IV S.A R.L.+(8)(9)(13)(26)			One stop						SN +			5.75%			(f)						9.72%			cash/			0.25%			PIK						12/2030						1,208						892						—						1,208
			Equity Methods, LLC+			One stop						SF +			4.75%			(i)						9.05%															04/2032						19,829						19,733						0.5						19,730
			Equity Methods, LLC+(5)			One stop						SF +			4.75%									N/A(6)															04/2032						—						(18)						—						(18)
			Equity Methods, LLC+(5)			One stop						SF +			4.75%									N/A(6)															04/2032						—						(22)						—						(23)
			Finastra USA, Inc.+(8)(10)			One stop						SF +			7.25%			(j)						11.43%															09/2029						5,332						5,264						0.1						5,332
			Finastra USA, Inc.+(8)(10)			One stop						SF +			7.25%			(i)						11.57%															09/2029						20						19						—						20
			Flash Topco, Inc.+			One stop						SF +			6.00%			(i)						10.38%															10/2028						16,963						16,741						0.4						16,793
			Flash Topco, Inc.+			One stop						SF +			6.00%			(i)						10.28%															10/2028						3,386						3,372						0.1						3,352
			Flash Topco, Inc.+			One stop						SF +			6.50%			(i)						10.78%															10/2028						118						116						—						118
			Higginbotham Insurance Agency, Inc.+			One stop						SF +			4.50%			(h)						8.83%															11/2028						8,032						8,060						0.2						7,952
			Higginbotham Insurance Agency, Inc.+			One stop						SF +			4.75%			(h)						9.08%															11/2028						642						639						—						639
			Medlar Bidco Limited+(8)(9)(21)			One stop						SN +			5.00%			(f)						9.22%															05/2032						27,047						26,003						0.7						27,047
			Medlar Bidco Limited+(8)(9)(21)			One stop						E +			5.00%			(c)						7.14%															05/2032						33,078						31,532						0.8						33,078
			Medlar Bidco Limited+(5)(8)(9)(21)			One stop						SN +			5.00%									N/A(6)															05/2032						—						(59)						—						—
			Wealth Enhancement Group, LLC+			One stop						SF +			5.00%			(i)						9.28%															10/2028						3,967						3,962						0.1						3,967
			Wealth Enhancement Group, LLC+			One stop						SF +			5.00%			(i)						9.28%															10/2028						2,860						2,857						0.1						2,860
			Wealth Enhancement Group, LLC+(5)			One stop						SF +			5.00%									N/A(6)															10/2028						—						(2)						—						—
			Wealth Enhancement Group, LLC+			One stop						SF +			5.00%			(h)(i)						9.31%															10/2028						906						888						—						906
																																													178,171						172,669						4.4						177,673

See Notes to Consolidated Financial Statements.

15

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Diversified Telecommunication Services
			NTI Connect, LLC*+			Senior secured						SF +			4.75%			(i)						9.20%															07/2027						$	1,529					$	1,524					—			%			$	1,529
			Electric Utilities
			Smart Energy Systems, Inc.+(26)			One stop						SF +			7.50%			(i)(j)						8.01%			cash/			3.75%			PIK						01/2030						6,362						6,231						0.2						6,235
			Smart Energy Systems, Inc.+(26)			One stop						SF +			7.50%									7.88%															01/2030						702						692						—						674
																																													7,064						6,923						0.2						6,909
			Electrical Equipment
			Power Grid Holdings, Inc.+			One stop						SF +			4.75%			(a)(i)						9.05%															12/2030						1,418						1,403						—						1,418
			Power Grid Holdings, Inc.+			One stop						SF +			4.75%			(h)						9.06%															12/2030						9						6						—						9
			Wildcat TopCo, Inc.+			One stop						SF +			4.75%			(i)						9.05%															11/2031						23,361						23,148						0.6						23,361
			Wildcat TopCo, Inc.+			One stop						P +			3.75%			(a)						11.25%															11/2031						335						297						—						335
			Wildcat TopCo, Inc.+(5)			One stop						SF +			5.00%									N/A(6)															11/2031						—						(19)						—						—
																																													25,123						24,835						0.6						25,123
			Electronic Equipment, Instruments & Components
			CST Holding Company+			One stop						SF +			5.00%			(h)						9.43%															11/2028						33,802						33,034						0.9						33,802
			CST Holding Company+(5)			One stop						SF +			5.00%									N/A(6)															11/2028						—						(3)						—						—
																																													33,802						33,031						0.9						33,802

			Food & Staples Retailing
			Mendocino Farms, LLC+			One stop						SF +			5.75%			(h)						10.08%															03/2030						992						990						—						983
			Mendocino Farms, LLC+			One stop						SF +			5.75%									N/A(6)															03/2030						—						—						—						—
			Mendocino Farms, LLC+(5)			One stop						SF +			5.75%									N/A(6)															03/2030						—						—						—						(2)
			Mendocino Farms, LLC+			One stop						SF +			5.75%			(h)						10.08%															03/2030						110						110						—						109
			Mendocino Farms, LLC+			One stop						SF +			5.75%			(h)						10.08%															03/2030						112						111						—						110
			Mendocino Farms, LLC+(5)			One stop						SF +			5.75%									N/A(6)															03/2030						—						(84)						—						(86)
			Mendocino Farms, LLC+			One stop						SF +			5.75%			(h)						10.08%															03/2030						56						56						—						56
			Mendocino Farms, LLC+			One stop						SF +			5.75%			(h)						10.08%															03/2030						56						56						—						56
			PDI TA Holdings, Inc.+			One stop						SF +			5.50%			(i)						9.78%															02/2031						11,464						11,409						0.3						11,464
			PDI TA Holdings, Inc.+			One stop						SF +			5.50%			(g)(i)						9.78%															02/2031						35						35						—						35
			PDI TA Holdings, Inc.+			One stop						SF +			5.50%			(i)						9.78%															02/2031						117						116						—						117
			Wineshipping.com LLC+(5)			One stop						SF +			6.25%									N/A(6)															12/2028						—						—						—						(235)
			Wineshipping.com LLC+(26)			One stop						SF +			6.25%			(i)						5.45%			cash/			5.25%			PIK						12/2028						10,346						10,213						0.2						8,277
			Wineshipping.com LLC+(26)			One stop						SF +			6.25%			(i)						5.45%			cash/			5.25%			PIK						12/2028						279						274						—						223
			Wineshipping.com LLC+(26)			One stop						SF +			6.25%			(i)						5.45%			cash/			5.25%			PIK						12/2028						181						175						—						138
																																													23,748						23,461						0.5						21,245

See Notes to Consolidated Financial Statements.

16

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Food Products
			Blast Bidco Inc.+			One stop						SF +			6.00%			(i)						10.30%															10/2030						$	4,867					$	4,814					0.1			%			$	4,867
			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						1,548						—						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)(j)						9.01%															08/2030						12,912						12,802						0.3						12,912
			Eagle Family Foods Group, LLC+(5)			One stop						SF +			5.00%									N/A(6)															08/2030						—						(13)						—						—
			Kodiak Cakes, LLC^*+			Senior secured						SF +			5.25%			(j)						9.38%															06/2028						46,028						45,700						1.2						46,028
			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						13,595						13,566						0.3						13,458
			Louisiana Fish Fry Products, Ltd.+			One stop						SF +			6.25%			(a)(i)						10.85%															07/2027						196						193						—						192
			MAPF Holdings, Inc.^+			One stop						SF +			6.50%			(i)						10.80%															12/2026						51,572						51,425						1.3						49,767
			MAPF Holdings, Inc.+			One stop						SF +			6.50%			(i)						10.80%															12/2026						540						533						—						520
			MAPF Holdings, Inc.+			One stop						SF +			6.50%			(i)						10.80%															12/2026						1,653						1,628						—						1,595
			MAPF Holdings, Inc.+(26)			One stop						N/A												19.00%			PIK												12/2026						2,168						2,150						0.1						1,990
			P&P Food Safety Holdings, Inc.*+			One stop						SF +			5.25%			(i)						9.55%															05/2029						13,105						13,218						0.3						13,039
			P&P Food Safety Holdings, Inc.+(5)			One stop						SF +			5.25%									N/A(6)															05/2029						—						(8)						—						(8)
			P&P Food Safety Holdings, Inc.+(8)(9)			One stop						E +			5.50%			(c)						7.48%															05/2029						12,151						11,731						0.3						12,105
			P&P Food Safety Holdings, Inc.+(5)			One stop						SF +			5.25%									N/A(6)															05/2029						—						(30)						—						(31)
			Wizard Bidco Limited+(8)(10)			One stop						SF +			6.50%			(i)						10.80%															03/2029						22,740						22,654						0.6						22,740
			Wizard Bidco Limited+(8)(9)(10)(26)			One stop						SN +			5.50%			(f)						8.22%			cash/			1.50%			PIK						03/2029						11,396						10,725						0.3						11,396
			Wizard Bidco Limited+(8)(9)(10)			One stop						SN +			6.50%			(f)						10.72%															03/2029						8,544						7,724						0.2						8,544
			Wizard Bidco Limited+(8)(9)(10)			One stop						SN +			5.25%			(f)						9.47%															09/2028						178						159						—						178
			Zullas, L.C.+(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(1)						—						(1)
			Zullas, L.C.+			One stop						SF +			4.75%			(i)						9.07%															06/2031						440						438						—						438
			Zullas, L.C.+(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(2)						—						(2)
																																													222,695						219,988						5.5						220,337

			Healthcare Equipment & Supplies
			Aspen Medical Products, LLC*+			One stop						SF +			4.75%			(h)						9.08%															06/2028						7,032						6,997						0.2						7,032
			Aspen Medical Products, LLC+			One stop						SF +			4.75%			(h)						9.08%															06/2028						456						453						—						456
			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)						9.08%															06/2028						893						885						—						893
			Baduhenna Bidco Limited+(8)(10)			One stop						SF +			6.45%			(g)						11.00%															08/2028						7,745						7,749						0.2						7,745
			Baduhenna Bidco Limited+(8)(9)(10)			One stop						E +			6.45%			(c)						8.57%															08/2028						4,881						4,789						0.1						4,881
			Baduhenna Bidco Limited+(8)(10)			One stop						SF +			6.45%			(g)						11.00%															08/2028						1,912						1,912						0.1						1,912
			Baduhenna Bidco Limited+(8)(9)(10)			One stop						SN +			6.45%			(f)						10.79%															08/2028						1,389						1,348						—						1,389
			Baduhenna Bidco Limited+(8)(9)(10)			One stop						E +			6.45%			(c)						8.44%															08/2028						1,164						1,090						—						1,164
			Baduhenna Bidco Limited+(8)(9)(10)			One stop						SN +			6.45%			(f)						10.79%															08/2028						1,231						1,160						—						1,231
			Belmont Instrument, LLC*+			One stop						SF +			5.25%			(i)						9.55%															08/2028						14,393						14,307						0.4						14,393
			Belmont Instrument, LLC+(5)			One stop						SF +			5.25%									N/A(6)															08/2028						—						(2)						—						—
			Blades Buyer, Inc.*+			Senior secured						SF +			5.00%			(i)						9.43%															03/2028						12,191						12,160						0.3						12,191
			Blades Buyer, Inc.*+			Senior secured						SF +			5.25%			(i)						9.68%															03/2028						1,729						1,718						—						1,729
			Blades Buyer, Inc.+			Senior secured						SF +			5.00%			(i)						9.43%															03/2028						1,398						1,392						—						1,398
			Blades Buyer, Inc.+(5)			Senior secured						SF +			4.75%									N/A(6)															03/2028						—						(1)						—						—
			Blades Buyer, Inc.+			Senior secured						SF +			5.00%			(i)						9.42%															03/2028						2,280						2,280						0.1						2,280
			Blades Buyer, Inc.+			Senior secured						SF +			5.00%			(i)						9.43%															03/2028						1,726						1,718						—						1,726
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						12						12						—						12
			Blue River Pet Care, LLC+			One stop						SF +			5.75%									N/A(6)															08/2029						—						—						—						—

See Notes to Consolidated Financial Statements.

17

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Blue River Pet Care, LLC*+			One stop						SF +			5.75%			(h)						10.18%															08/2029						$	62,451					$	62,297					1.6			%			$	62,451
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						12,366						12,450						0.3						12,366
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						2,883						2,903						0.1						2,883
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						2,771						2,790						0.1						2,771
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						2,745						2,763						0.1						2,745
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						2,109						2,123						0.1						2,109
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						1,249						1,244						—						1,249
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						414						412						—						414
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						150						147						—						150
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						293						292						—						293
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						298						296						—						298
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						257						255						—						257
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.18%															08/2029						226						225						—						226
			Blue River Pet Care, LLC+			One stop						SF +			5.75%			(h)						10.17%															08/2029						1						1						—						1
			CCSL Holdings, LLC*(8)			One stop						SF +			5.75%			(h)						10.08%															12/2028						20,897						20,857						0.5						20,897
			CCSL Holdings, LLC*+(8)			One stop						SF +			5.75%			(h)						10.08%															12/2028						5,642						5,655						0.1						5,642
			CCSL Holdings, LLC+(8)(9)			One stop						SN +			5.75%			(f)						9.97%															12/2028						3,646						3,334						0.1						3,646
			CCSL Holdings, LLC+(8)			One stop						SF +			5.75%			(h)						10.08%															12/2028						3,472						3,446						0.1						3,472
			CCSL Holdings, LLC*+(8)			One stop						SF +			5.75%			(h)						10.08%															12/2028						2,884						2,862						0.1						2,884
			CCSL Holdings, LLC+(8)			One stop						SF +			5.75%			(h)						10.08%															12/2028						80						78						—						80
			CCSL Holdings, LLC+(8)			One stop						SF +			5.75%			(h)						10.08%															12/2028						977						972						—						977
			CCSL Holdings, LLC+(8)(9)			One stop						E +			5.75%			(b)						7.68%															12/2028						34,629						31,816						0.9						34,629
			CCSL Holdings, LLC+(8)(9)			One stop						E +			5.75%			(b)						7.68%															12/2028						6,784						6,004						0.2						6,784
			CCSL Holdings, LLC+(8)			One stop						SF +			5.75%			(h)						10.08%															12/2028						2,774						2,761						0.1						2,774
			CCSL Holdings, LLC+(8)			One stop						SF +			5.75%			(h)						10.08%															12/2028						2,207						2,197						0.1						2,207
			CMI Parent Inc.*			One stop						SF +			5.00%			(h)						9.33%															12/2026						22,412						22,342						0.6						22,412
			CMI Parent Inc.^*			One stop						SF +			5.00%			(h)						9.33%															12/2026						19,732						19,800						0.5						19,732
			CMI Parent Inc.^*			Senior secured						SF +			5.00%			(h)						9.33%															12/2026						9,460						9,456						0.2						9,460
			CMI Parent Inc.*+			One stop						SF +			5.00%			(h)						9.33%															12/2026						8,875						8,870						0.2						8,875
			CMI Parent Inc.+			One stop						SF +			5.00%									N/A(6)															12/2026						—						—						—						—
			HuFriedy Group Acquisition, LLC+			One stop						SF +			5.50%			(i)						9.83%															06/2031						7,871						7,805						0.2						7,871
			HuFriedy Group Acquisition, LLC+			One stop						SF +			5.50%			(i)						9.81%															05/2030						52						45						—						52
			HuFriedy Group Acquisition, LLC+			One stop						SF +			5.50%			(i)						9.80%															06/2031						1,523						1,497						—						1,523
			JHC Investment Intermediate Holdings, LLC+(26)			One stop						SF +			8.75%			(i)						7.13%			cash/			6.00%			PIK						03/2029						1,217						1,217						—						1,217
			JHC Investment Intermediate Holdings, LLC+(26)			One stop						SF +			8.75%			(i)						7.13%			cash/			6.00%			PIK						03/2029						908						720						—						908
			TIDI Legacy Products, Inc.+			One stop						SF +			4.50%			(h)						8.83%															12/2029						3,493						3,550						0.1						3,493
			TIDI Legacy Products, Inc.+			One stop						SF +			4.50%									N/A(6)															12/2029						—						—						—						—
			TIDI Legacy Products, Inc.+			One stop						SF +			5.00%									N/A(6)															12/2029						—						—						—						—
			YI, LLC+			One stop						SF +			5.75%			(h)						10.06%															12/2029						4,396						4,395						0.1						4,353
			YI, LLC+(5)			One stop						SF +			5.75%									N/A(6)															12/2029						—						(1)						—						(2)
																																													312,576						307,842						7.8						312,531

			Healthcare Providers & Services
			AAH TOPCO, LLC *+			One stop						SF +			5.25%			(h)						9.68%															12/2027						8,605						8,565						0.2						8,626
			AAH TOPCO, LLC +			One stop						SF +			5.25%			(h)						9.68%															12/2027						8,090						8,123						0.2						8,110
			AAH TOPCO, LLC +			One stop						SF +			5.25%			(h)						9.67%															12/2027						3,477						3,494						0.1						3,486
			AAH TOPCO, LLC +(26)			Subordinated debt						N/A												11.50%			PIK												12/2031						2,975						2,870						0.1						2,945
			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)															12/2027						—						(39)						—						—
			Active Day, Inc.*+			One stop						SF +			5.00%			(h)						9.43%															05/2026						17,254						17,215						0.4						17,254
			Active Day, Inc.+(5)			One stop						SF +			5.00%									N/A(6)															05/2026						—						(20)						—						—
			Active Day, Inc.+			One stop						SF +			5.00%			(h)						9.43%															05/2026						1,332						1,330						—						1,332

See Notes to Consolidated Financial Statements.

18

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Active Day, Inc.+			One stop						SF +			5.00%			(h)						9.43%															05/2026						$	858					$	857					—			%			$	858
			Active Day, Inc.+			One stop						SF +			5.00%			(h)						9.43%															05/2026						684						683						—						684
			Active Day, Inc.+			One stop						SF +			5.00%			(h)						9.43%															05/2026						604						602						—						604
			Active Day, Inc.+			One stop						SF +			5.00%			(h)						9.43%															05/2026						593						592						—						593
			Active Day, Inc.+			One stop						SF +			5.25%									N/A(6)															05/2026						—						—						—						—
			Active Day, Inc.+			One stop						SF +			5.00%			(h)						9.43%															05/2026						—						—						—						—
			Active Day, Inc.+			One stop						SF +			5.00%			(h)						9.43%															05/2026						6,611						6,582						0.2						6,611
			Acuity Eyecare Holdings, LLC+			One stop						SF +			6.00%			(i)						10.45%															03/2027						16,053						16,003						0.4						16,053
			Acuity Eyecare Holdings, LLC+(26)			One stop						N/A												16.50%			PIK												06/2027						16,141						16,058						0.4						16,302
			Acuity Eyecare Holdings, LLC+			One stop						SF +			6.25%			(i)						10.70%															03/2027						3,965						3,952						0.1						3,975
			Acuity Eyecare Holdings, LLC+			One stop						SF +			6.25%			(i)						10.71%															03/2027						3,531						3,520						0.1						3,540
			Acuity Eyecare Holdings, LLC*+			One stop						SF +			6.25%			(i)						10.70%															03/2027						3,504						3,491						0.1						3,512
			Acuity Eyecare Holdings, LLC+			One stop						SF +			6.25%			(i)						10.70%															03/2027						3,115						3,104						0.1						3,122
			Acuity Eyecare Holdings, LLC+			One stop						SF +			6.00%			(i)						10.44%															03/2027						1,991						1,984						0.1						1,991
			Acuity Eyecare Holdings, LLC+			One stop						SF +			6.25%			(i)						10.70%															03/2027						1,814						1,809						0.1						1,818
			Acuity Eyecare Holdings, LLC+			One stop						SF +			6.00%			(i)						10.46%															03/2027						1,015						1,012						—						1,015
			Acuity Eyecare Holdings, LLC+			One stop						SF +			6.25%			(i)						10.70%															03/2027						440						439						—						441
			Acuity Eyecare Holdings, LLC+(26)			One stop						SF +			13.00%			(i)						10.70%			cash/			6.75%			PIK						03/2027						290						290						—						307
			Acuity Eyecare Holdings, LLC+			One stop						SF +			6.00%			(i)						10.43%															03/2027						210						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)						10.69%			cash/			6.75%			PIK						03/2027						113						113						—						120
			Acuity Eyecare Holdings, LLC+			Senior secured						SF +			6.25%			(i)						10.70%															03/2027						107						106						—						107
			Acuity Eyecare Holdings, LLC+			One stop						SF +			6.25%			(i)						10.70%															03/2027						1						1						—						1
			Acuity Eyecare Holdings, LLC+			One stop						SF +			6.25%									N/A(6)															03/2027						—						—						—						—
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)			Subordinated debt						N/A												13.75%			PIK												03/2028						17,980						18,128						0.6						17,980
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+			One stop						SF +			6.00%			(i)						10.43%															03/2027						6,369						6,376						0.2						6,369
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+			One stop						SF +			6.00%			(i)						10.43%															03/2027						5,324						5,324						0.1						5,324
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)			Subordinated debt						N/A												13.75%			PIK												03/2028						3,902						3,884						0.1						3,902
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)			Subordinated debt						N/A												13.75%			PIK												03/2028						1,492						1,486						—						1,492
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			One stop						SF +			6.00%			(i)						10.38%															03/2027						831						830						—						831
			AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+			One stop						SF +			6.00%			(i)						10.38%															03/2027						393						393						—						393
			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)						9.53%															09/2030						2,719						2,667						0.1						2,719
			Bamboo US Bidco LLC+(8)(9)			One stop						E +			5.25%			(c)						7.44%															09/2030						1,993						1,749						0.1						1,993
			Bamboo US Bidco LLC+			One stop						SF +			5.25%			(i)						9.53%															09/2030						416						415						—						416
			Bamboo US Bidco LLC+			One stop						SF +			5.25%			(i)						9.58%															09/2030						128						121						—						128
			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)						9.29%															11/2030						13,005						12,933						0.3						13,005
			Benefit Plan Administrators of Eau Claire, LLC+			One stop						SF +			5.00%			(i)						9.29%															11/2030						9,975						9,916						0.3						9,975
			Benefit Plan Administrators of Eau Claire, LLC+(5)			One stop						SF +			5.00%									N/A(6)															11/2030						—						(12)						—						—
			Benefit Plan Administrators of Eau Claire, LLC+(5)			One stop						SF +			5.00%									N/A(6)															11/2030						—						(40)						—						—
			BHG Holdings, LLC+			One stop						SF +			5.50%			(h)						9.83%															04/2032						24,794						24,583						0.6						24,577
			BHG Holdings, LLC+(5)			One stop						SF +			5.50%									N/A(6)															04/2032						—						(27)						—						(27)
			BHG Holdings, LLC+(5)			One stop						SF +			5.50%									N/A(6)															04/2032						—						(60)						—						(62)
			Community Care Partners, LLC+			One stop						SF +			6.00%			(h)						10.44%															06/2026						3,463						3,417						0.1						3,463

See Notes to Consolidated Financial Statements.

19

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			CRH Healthcare Purchaser, Inc.*+			Senior secured						SF +			5.50%			(i)						9.95%															06/2027						$	23,233					$	23,128					0.6			%			$	23,233
			CRH Healthcare Purchaser, Inc.*+			Senior secured						SF +			5.50%			(i)						9.95%															06/2027						6,270						6,241						0.2						6,270
			CRH Healthcare Purchaser, Inc.*+			Senior secured						SF +			5.50%			(i)						9.95%															06/2027						5,623						5,597						0.1						5,623
			CRH Healthcare Purchaser, Inc.*+			Senior secured						SF +			5.50%			(i)						9.95%															06/2027						4,247						4,228						0.1						4,247
			CRH Healthcare Purchaser, Inc.+			Senior secured						SF +			5.50%			(i)						9.80%															06/2027						105						102						—						105
			Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)			One stop						SF +			5.25%			(j)						9.54%															04/2031						771						759						—						771
			Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)			One stop						SN +			5.25%			(f)						9.47%															04/2031						491						446						—						491
			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.+(8)(10)			One stop						SF +			5.25%			(j)						9.54%															10/2030						18						16						—						18
			Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)			One stop						SN +			5.25%			(f)						9.47%															04/2031						4						4						—						4
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						15,593						15,266						0.4						15,436
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						8,137						7,969						0.2						8,056
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						4,209						4,159						0.1						4,167
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						2,140						2,096						0.1						2,119
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						1,889						1,867						0.1						1,870
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						1,176						1,148						—						1,165
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						977						945						—						967
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						962						939						—						952
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						921						899						—						912
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						834						814						—						825
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						423						409						—						419
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						358						349						—						354
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						175						171						—						173
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.23%															02/2027						168						163						—						167
			Encorevet Group LLC+			One stop						SF +			8.75%			(i)						13.23%															02/2027						155						155						—						157
			Encorevet Group LLC+(26)			One stop						N/A												13.00%			PIK												05/2027						105						99						—						101
			Encorevet Group LLC+			One stop						SF +			6.75%			(i)						11.19%															02/2027						94						92						—						94
			ERC Topco Holdings, LLC+(26)			One stop						SF +			6.50%			(i)						11.06%			PIK												03/2030						7,403						6,824						0.2						6,810
			ERC Topco Holdings, LLC+			One stop						SF +			5.50%			(i)						10.06%															03/2030						1,069						996						—						1,069
			ERC Topco Holdings, LLC+(26)			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						11,203						11,339						0.3						11,203
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)			One stop						CA +			5.75%			(k)						8.82%															03/2027						4,049						4,089						0.1						4,049
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)			One stop						CA +			5.75%			(k)						8.82%															03/2027						2,758						2,799						0.1						2,758
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)			One stop						CA +			5.75%			(k)						8.82%															03/2027						2,626						2,659						0.1						2,626
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)			One stop						SF +			5.75%			(i)						10.18%															03/2027						1,105						1,105						—						1,105
			FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)			One stop						SF +			5.75%			(i)						10.18%															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						478						474						—						478
			Heartland Veterinary Partners LLC+			Senior secured						SF +			4.75%			(i)						9.11%															06/2028						2,512						2,523						0.1						2,512
			Heartland Veterinary Partners LLC+			Senior secured						SF +			4.75%			(i)						9.11%															06/2028						1,193						1,185						—						1,193
			Heartland Veterinary Partners LLC+			Senior secured						SF +			4.75%									N/A(6)															06/2028						—						—						—						—
			Klick Inc.*+(8)(12)			Senior secured						SF +			4.50%			(h)						8.83%															03/2028						13,523						13,544						0.3						13,523
			Klick Inc.+(8)(12)			Senior secured						SF +			4.50%			(h)						8.83%															03/2028						3,163						3,151						0.1						3,163
			Klick Inc.+(5)(8)(12)			Senior secured						SF +			4.50%									N/A(6)															03/2028						—						(2)						—						—
			Krueger-Gilbert Health Physics, LLC*+			Senior secured						SF +			5.25%			(i)						9.55%															11/2026						2,579						2,570						0.1						2,579
			Krueger-Gilbert Health Physics, LLC*+			Senior secured						SF +			5.25%			(i)						9.55%															11/2026						2,368						2,359						0.1						2,368
			Krueger-Gilbert Health Physics, LLC*			Senior secured						SF +			5.25%			(i)						9.55%															11/2026						1,513						1,511						—						1,513

See Notes to Consolidated Financial Statements.

20

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Krueger-Gilbert Health Physics, LLC*+			Senior secured						SF +			5.25%			(i)						9.55%															11/2026						$	1,387					$	1,382					—			%			$	1,387
			Krueger-Gilbert Health Physics, LLC+			One stop						SF +			5.25%			(i)						9.55%															11/2026						666						664						—						666
			Krueger-Gilbert Health Physics, LLC+			Senior secured						SF +			5.25%			(i)						9.55%															11/2026						610						608						—						610
			Krueger-Gilbert Health Physics, LLC+			Senior secured						SF +			5.25%			(i)						9.55%															11/2026						90						90						—						90
			Krueger-Gilbert Health Physics, LLC+			Senior secured						SF +			5.25%			(i)						9.52%															11/2026						299						297						—						299
			LOV Acquisition LLC+			Senior secured						SF +			4.25%			(h)						8.58%															11/2031						25,123						25,008						0.6						25,123
			LOV Acquisition LLC+(5)			Senior secured						SF +			4.25%									N/A(6)															11/2031						—						(12)						—						—
			New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)(26)			One stop						CA +			5.50%			(l)						6.50%			cash/			2.00%			PIK						05/2028						26,128						27,911						0.7						26,128
			New Look Corporation and New Look Vision Group Inc. *+(8)(12)			One stop						SF +			5.50%			(i)						9.95%															05/2028						5,836						5,773						0.2						5,836
			New Look Corporation and New Look Vision Group Inc. *+(8)(12)			One stop						SF +			5.50%			(i)						9.95%															05/2028						4,118						4,050						0.1						4,118
			New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)			One stop						CA +			5.50%			(l)						8.50%															05/2028						1,619						1,685						—						1,619
			New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)			One stop						CA +			5.50%			(l)						8.50%															05/2028						843						864						—						843
			New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)			One stop						CA +			5.50%			(l)						8.51%															05/2026						174						161						—						174
			New Look Corporation and New Look Vision Group Inc. +(8)(12)(26)			One stop						SF +			5.50%			(i)						7.95%			cash/			2.00%			PIK						05/2028						131						126						—						131
			New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)			One stop						SF +			5.50%									N/A(6)															05/2026						—						(2)						—						—
			Pinnacle Treatment Centers, Inc.*			One stop						SF +			5.75%			(i)						10.08%															01/2027						18,183						18,026						0.5						18,183
			Pinnacle Treatment Centers, Inc.*			One stop						SF +			5.75%			(i)						10.08%															01/2027						12,180						12,114						0.3						12,180
			Pinnacle Treatment Centers, Inc.*+			One stop						SF +			5.75%			(i)						10.08%															01/2027						2,449						2,436						0.1						2,449
			Pinnacle Treatment Centers, Inc.+			One stop						SF +			5.75%			(i)						10.08%															01/2027						2,366						2,351						0.1						2,366
			Pinnacle Treatment Centers, Inc.*+			One stop						SF +			5.75%			(i)						10.08%															01/2027						1,496						1,487						—						1,496
			Pinnacle Treatment Centers, Inc.*+			One stop						SF +			5.75%			(i)						10.08%															01/2027						1,357						1,351						—						1,357
			Pinnacle Treatment Centers, Inc.+			One stop						SF +			5.75%			(i)						10.08%															01/2027						675						671						—						675
			Pinnacle Treatment Centers, Inc.+			One stop						SF +			5.75%			(i)						10.08%															01/2027						529						524						—						529
			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)						10.08%															01/2027						178						178						—						178
			Pinnacle Treatment Centers, Inc.+			One stop						SF +			5.75%			(i)						10.08%															01/2027						102						101						—						102
			Premise Health Holding Corp.+			One stop						SF +			5.25%			(i)						9.55%															03/2031						1,381						1,375						—						1,381
			PPV Intermediate Holdings, LLC*+			One stop						SF +			5.75%			(i)						10.08%															08/2029						14,082						14,017						0.4						14,082
			PPV Intermediate Holdings, LLC+(26)			One stop						N/A												14.75%			PIK												08/2030						9,965						10,025						0.3						10,140
			PPV Intermediate Holdings, LLC+			One stop						SF +			5.25%			(i)						9.58%															08/2029						5,501						5,419						0.1						5,501
			PPV Intermediate Holdings, LLC+(26)			One stop						N/A												13.75%			PIK												08/2030						1,993						1,964						—						1,993
			PPV Intermediate Holdings, LLC+(26)			One stop						N/A												13.75%			PIK												08/2030						461						455						—						461
			PPV Intermediate Holdings, LLC+(26)			One stop						N/A												13.75%			PIK												08/2030						83						80						—						83
			PPV Intermediate Holdings, LLC+(26)			One stop						N/A												13.75%			PIK												08/2030						84						84						—						84
			PPV Intermediate Holdings, LLC+(5)			One stop						SF +			5.75%									N/A(6)															08/2029						—						(8)						—						—
			Premise Health Holding Corp.+			One stop						SF +			5.25%			(h)						9.57%															03/2030						6						6						—						6
			Pyramid Healthcare Acquisition Corp.*+			One stop						SF +			4.75%			(i)						9.18%															05/2027						24,904						24,947						0.6						24,904
			Pyramid Healthcare Acquisition Corp.*+			One stop						SF +			4.75%			(i)						9.18%															05/2027						2,575						2,563						0.1						2,575
			Pyramid Healthcare Acquisition Corp.*+			One stop						SF +			4.75%			(i)						9.21%															05/2027						2,153						2,148						0.1						2,153
			Pyramid Healthcare Acquisition Corp.+			One stop						SF +			4.75%			(i)						9.23%															05/2027						1,184						1,181						—						1,184
			Pyramid Healthcare Acquisition Corp.+			One stop						SF +			4.75%			(i)						9.19%															05/2027						1,083						1,080						—						1,083
			Pyramid Healthcare Acquisition Corp.+			One stop						SF +			4.75%			(i)						9.18%															05/2027						732						730						—						732
			Pyramid Healthcare Acquisition Corp.+			One stop						SF +			4.75%			(i)						9.18%															05/2027						243						243						—						243
			Pyramid Healthcare Acquisition Corp.+			One stop						SF +			4.75%			(i)						9.18%															05/2027						214						214						—						214
			Pyramid Healthcare Acquisition Corp.+			One stop						SF +			4.75%			(i)						9.18%															05/2027						201						200						—						201
			Pyramid Healthcare Acquisition Corp.+			One stop						SF +			4.75%			(i)						9.23%															05/2027						201						200						—						201
			Pyramid Healthcare Acquisition Corp.+			One stop						SF +			4.75%			(i)						9.18%															05/2027						79						78						—						79
			Pyramid Healthcare Acquisition Corp.+(5)			One stop						SF +			4.75%									N/A(6)															05/2027						—						(1)						—						—
			Suveto Buyer, LLC*+			One stop						SF +			4.75%			(h)						9.08%															09/2027						27,530						27,524						0.7						27,530
			Suveto Buyer, LLC+			One stop						SF +			4.75%			(h)						9.08%															09/2027						8,077						7,982						0.2						8,077
			Suveto Buyer, LLC+(5)			One stop						SF +			4.75%									N/A(6)															09/2027						—						(2)						—						—
																																													543,362						541,844						13.6						542,500

See Notes to Consolidated Financial Statements.

21

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Technology
			Amberfield Acquisition Co.*+			One stop						SF +			5.50%			(i)						9.80%															05/2030						$	7,138					$	7,109					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						17,432						17,397						0.4						17,259
			Connexin Software, Inc.+			One stop						SF +			8.50%			(i)						12.95%															03/2027						11,759						11,739						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)						10.28%															01/2029						6,032						6,018						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						8,624						0.2						8,700
			ESO Solution, Inc.^+			One stop						SF +			6.75%			(i)						11.09%															05/2027						11,360						11,380						0.3						11,360
			ESO Solution, Inc.+			One stop						SF +			6.75%			(i)						11.09%															05/2027						3,803						3,754						0.1						3,803
			ESO Solution, Inc.+			One stop						SF +			6.75%			(i)						11.09%															03/2027						142						142						—						142
			GHX Ultimate Parent Corporation+			One stop						SF +			4.75%			(i)						9.05%															12/2031						53,884						53,385						1.4						53,884
			GHX Ultimate Parent Corporation+(5)			One stop						SF +			4.75%									N/A(6)															12/2031						—						(46)						—						—
			Kona Buyer, LLC+			One stop						SF +			4.50%			(i)						8.78%															07/2031						15,753						15,616						0.4						15,674
			Kona Buyer, LLC+(5)			One stop						SF +			7.00%									N/A(6)															07/2031						—						(16)						—						(9)
			Kona Buyer, LLC+			One stop						SF +			4.50%			(i)						8.78%															07/2031						924						924						—						920
			Kona Buyer, LLC+			One stop						SF +			4.50%			(i)						8.80%															07/2031						260						259						—						259
			Kona Buyer, LLC+(5)			One stop						SF +			4.50%									N/A(6)															07/2031						—						—						—						(3)
			Kona Buyer, LLC+(5)			One stop						SF +			4.50%									N/A(6)															07/2031						—						—						—						(2)
			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						—						—						—						(17)
			Lacker Bidco Limited+(8)(9)(10)			One stop						SN +			5.75%			(f)						9.97%															02/2031						650						600						—						644
			Lacker Bidco Limited+(8)(9)(10)			One stop						SN +			5.75%			(f)						9.97%															02/2031						540						515						—						532
			Lacker Bidco Limited+(5)(8)(9)(10)			One stop						SN +			5.25%									N/A(6)															08/2030						—						(2)						—						(1)
			Modernizing Medicine, Inc.+(26)			One stop						SF +			5.25%			(i)						6.80%			cash/			2.75%			PIK						04/2032						32,159						31,847						0.8						31,838
			Modernizing Medicine, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															04/2032						—						(29)						—						(30)
			Neptune Holdings, Inc.*			One stop						SF +			4.50%			(i)						8.80%															09/2030						16,058						16,144						0.4						16,058
			Neptune Holdings, Inc.+			One stop						SF +			4.50%									N/A(6)															08/2029						—						—						—						—
			Netsmart Technologies, Inc.+(26)			One stop						SF +			4.95%			(h)						6.83%			cash/			2.45%			PIK						08/2031						52,341						51,892						1.3						52,341
			Netsmart Technologies, Inc.+(5)			One stop						SF +			4.50%									N/A(6)															08/2031						—						(61)						—						—
			Netsmart Technologies, Inc.+(5)			One stop						SF +			6.95%									N/A(6)															08/2031						—						(30)						—						—
			Plasma Buyer LLC+			One stop						SF +			5.75%			(i)						10.05%															05/2029						7,975						7,819						0.2						7,655
			Plasma Buyer LLC+			One stop						SF +			6.25%			(i)						10.55%															05/2029						301						296						—						289
			Plasma Buyer LLC+			One stop						SF +			5.75%			(i)						10.05%															05/2028						110						108						—						108
			QF Holdings, Inc.+			One stop						SF +			4.75%			(i)						9.03%															12/2027						927						923						—						927
			Tebra Technologies, Inc.+(26)			One stop						SF +			8.00%			(i)						8.95%			cash/			3.50%			PIK						08/2025						11,445						11,445						0.3						11,559
			Tebra Technologies, Inc.+(26)			One stop						SF +			8.00%			(i)						8.95%			cash/			3.50%			PIK						08/2025						11,141						11,141						0.3						11,252
			Tebra Technologies, Inc.+(26)			One stop						SF +			8.00%			(i)						8.95%			cash/			3.50%			PIK						08/2025						7,340						7,340						0.2						7,413
			Tebra Technologies, Inc.+(26)			One stop						SF +			8.00%			(i)						8.95%			cash/			3.50%			PIK						08/2025						1,887						1,887						0.1						1,906
			Tebra Technologies, Inc.+(26)			One stop						SF +			8.00%			(i)						8.95%			cash/			3.50%			PIK						08/2025						1,678						1,678						—						1,694
			Tebra Technologies, Inc.+(26)			One stop						SF +			8.00%			(i)						8.95%			cash/			3.50%			PIK						08/2025						1,258						1,258						—						1,271
			Tebra Technologies, Inc.+(26)			One stop						SF +			8.00%			(i)						8.95%			cash/			3.50%			PIK						08/2025						1,049						1,049						—						1,059
			Tebra Technologies, Inc.+(26)			One stop						SF +			8.00%			(i)						8.95%			cash/			3.50%			PIK						08/2025						839						839						—						847
			Tebra Technologies, Inc.+(26)			One stop						SF +			8.00%			(i)						8.95%			cash/			3.50%			PIK						08/2025						167						167						—						169
			Tebra Technologies, Inc.+(26)			One stop						SF +			8.00%			(i)						8.95%			cash/			3.50%			PIK						08/2025						90						90						—						90
			Transaction Data Systems, Inc.^*+			One stop						SF +			4.25%			(i)						8.70%															08/2026						74,739						74,599						1.9						74,739
			Transaction Data Systems, Inc.+(5)			One stop						SF +			4.25%									N/A(6)															08/2026						—						(2)						—						—
			Veranex, Inc.+(7)(26)			Senior secured						SF +			6.75%			(j)						5.29%			cash/			5.75%			PIK						04/2028						3,515						3,200						0.1						2,531
			Veranex, Inc.+(7)(26)			Senior secured						SF +			4.75%			(j)						5.25%			cash/			3.75%			PIK						04/2028						427						299						—						307
			Veranex, Inc.+(7)(26)			Senior secured						SF +			6.75%			(h)(i)(j)						5.31%			cash/			5.75%			PIK						04/2028						106						84						—						76
																																													364,105						361,545						9.1						362,349

See Notes to Consolidated Financial Statements.

22

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Hotels, Restaurants & Leisure
			Barteca Restaurants, LLC*+			One stop						SF +			6.00%			(i)(j)						10.47%															08/2028						$	13,575					$	13,553					0.4			%			$	13,575
			Barteca Restaurants, LLC+			One stop						SF +			6.00%			(j)						10.38%															08/2028						684						681						—						684
			Barteca Restaurants, LLC+			One stop						SF +			6.00%			(i)						10.45%															08/2028						468						436						—						468
			Barteca Restaurants, LLC+			One stop						SF +			6.00%			(i)(j)						10.43%															08/2028						200						198						—						200
			BJH Holdings III Corp.*+			One stop						SF +			5.00%			(i)						9.30%															08/2027						69,929						69,736						1.8						69,929
			BJH Holdings III Corp.+			One stop						SF +			5.00%			(i)						9.30%															08/2027						5,575						5,513						0.2						5,575
			BJH Holdings III Corp.+			One stop						SF +			5.00%			(i)						9.30%															08/2027						351						341						—						351
			Cafe Rio Holding, Inc.*+			One stop						SF +			5.75%			(i)						10.18%															09/2028						17,862						17,863						0.5						17,683
			Cafe Rio Holding, Inc.*+			One stop						SF +			5.75%			(i)						10.18%															09/2028						3,184						3,172						0.1						3,153
			Cafe Rio Holding, Inc.*+			One stop						SF +			5.75%			(i)						10.18%															09/2028						2,139						2,140						0.1						2,118
			Cafe Rio Holding, Inc.*			One stop						SF +			5.75%			(i)						10.18%															09/2028						1,358						1,358						—						1,344
			Cafe Rio Holding, Inc.*+			One stop						SF +			5.75%			(i)						10.18%															09/2028						1,199						1,200						—						1,187
			Cafe Rio Holding, Inc.+			One stop						SF +			5.75%			(h)(i)						10.19%															09/2028						163						163						—						161
			Cafe Rio Holding, Inc.+			One stop						SF +			5.75%			(i)						10.18%															09/2028						172						172						—						170
			Cafe Rio Holding, Inc.+			One stop						SF +			5.75%			(i)						10.18%															09/2028						123						122						—						122
			Cafe Rio Holding, Inc.+			One stop						SF +			5.75%			(i)						10.18%															09/2028						98						97						—						97
			Cafe Rio Holding, Inc.+			One stop						SF +			5.75%			(i)						10.18%															09/2028						96						96						—						95
			Cafe Rio Holding, Inc.+			One stop						SF +			5.75%			(i)						10.18%															09/2028						78						77						—						77
			Cafe Rio Holding, Inc.+			One stop						SF +			5.75%			(i)						10.18%															09/2028						49						49						—						49
			Cafe Rio Holding, Inc.+(5)			One stop						SF +			5.75%									N/A(6)															09/2028						—						(1)						—						—
			Crumbl Enterprises, LLC+			One stop						SF +			4.50%			(i)						8.83%															05/2032						32,407						32,249						0.8						32,245
			Crumbl Enterprises, LLC+			One stop						SF +			4.50%			(i)						8.83%															05/2032						421						409						—						408
			EOS Fitness Opco Holdings, LLC*+			One stop						SF +			5.25%			(i)						9.53%															01/2028						10,985						10,973						0.3						10,985
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			5.25%			(i)						9.53%															01/2028						7,463						7,420						0.2						7,463
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			5.25%			(i)						9.53%															01/2028						2,809						2,793						0.1						2,809
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			5.25%			(i)						9.53%															01/2028						1,788						1,778						0.1						1,788
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			5.25%			(i)						9.53%															01/2028						1,761						1,752						0.1						1,761
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			5.25%			(i)						9.53%															01/2028						1,475						1,467						0.1						1,475
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			5.25%			(i)						9.53%															01/2028						1,226						1,222						—						1,226
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			5.25%			(i)						9.53%															01/2028						1,084						1,082						—						1,084
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			5.25%			(i)						9.53%															01/2028						1,061						1,056						—						1,061
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			5.25%			(h)(i)						9.55%															01/2028						1,698						1,660						0.1						1,698
			EOS Fitness Opco Holdings, LLC+			One stop						SF +			5.25%			(i)						9.53%															01/2028						601						598						—						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						5,367						5,319						0.1						5,367
			ESN Venture Holdings, LLC+			One stop						SF +			5.75%			(i)						10.05%															10/2028						1,589						1,580						—						1,589
			ESN Venture Holdings, LLC+			One stop						SF +			5.75%			(i)						10.04%															10/2028						917						913						—						917
			ESN Venture Holdings, LLC+			One stop						SF +			5.75%			(i)						10.05%															10/2028						811						804						—						811
			ESN Venture Holdings, LLC+			One stop						SF +			5.75%			(i)						10.05%															10/2028						439						437						—						439
			ESN Venture Holdings, LLC+			One stop						SF +			5.75%			(i)						10.05%															10/2028						546						500						—						546
			ESN Venture Holdings, LLC+			One stop						SF +			5.75%			(i)						10.05%															10/2028						372						369						—						372
			ESN Venture Holdings, LLC+			One stop						SF +			5.75%			(i)						10.05%															10/2028						209						204						—						209
			ESN Venture Holdings, LLC+			One stop						SF +			5.75%			(i)						10.05%															10/2028						181						181						—						181
			Freddy's Frozen Custard LLC+			One stop						SF +			5.00%			(i)						9.32%															03/2027						1,387						1,384						—						1,387
			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)						10.32%															11/2029						1,070						1,068						—						1,070
			GFP Atlantic Holdco 2, LLC+(5)			One stop						SF +			6.00%									N/A(6)															11/2029						—						(2)						—						—
			Harri US LLC^+(26)			One stop						SF +			7.25%			(i)						6.83%			cash/			4.75%			PIK						08/2028						1,290						1,255						—						1,216
			Harri US LLC+(26)			One stop						SF +			7.25%			(i)						6.83%			cash/			4.75%			PIK						08/2028						872						865						—						822
			Harri US LLC+(26)			One stop						SF +			7.25%			(i)						6.83%			cash/			4.75%			PIK						08/2028						847						841						—						798
			Harri US LLC+(5)			One stop						SF +			7.25%									N/A(6)															08/2028						—						(1)						—						(2)
			Harri US LLC+(26)			One stop						SF +			7.25%			(i)						6.82%			cash/			4.75%			PIK						08/2028						1,581						1,467						—						1,490

See Notes to Consolidated Financial Statements.

23

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Harri US LLC+(5)			One stop						SF +			7.25%									N/A(6)															08/2028						$	—					$	(8)					—			%			$	(120)
			Health Buyer, LLC+			Senior secured						SF +			5.25%			(i)						9.55%															04/2029						3,873						3,863						0.1						3,873
			Health Buyer, LLC+			Senior secured						SF +			5.50%			(i)						9.80%															04/2029						1,768						1,748						—						1,768
			Health Buyer, LLC+			Senior secured						SF +			5.50%			(i)						9.80%															04/2029						888						878						—						888
			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)						7.08%			cash/			2.75%			PIK						08/2030						37,409						37,252						1.0						37,409
			PB Group Holdings, LLC+			One stop						SF +			5.00%			(h)						9.33%															08/2030						513						494						—						513
			QSR Acquisition Co.+			One stop						SF +			4.25%			(i)						8.57%															06/2032						1,525						1,520						—						1,520
			QSR Acquisition Co.+(5)			One stop						SF +			4.25%									N/A(6)															06/2032						—						(1)						—						(1)
			QSR Acquisition Co.+(5)			One stop						SF +			4.25%									N/A(6)															06/2032						—						(1)						—						(1)
			Rooster BidCo Limited+(8)(9)(10)			One stop						SN +			5.00%			(f)						9.22%															03/2032						5,090						4,754						0.1						5,090
			Rooster BidCo Limited+(8)(9)(10)			One stop						SN +			5.00%									N/A(6)															03/2032						—						—						—						—
			Rooster BidCo Limited+(5)(8)(9)(10)			One stop						SN +			5.00%									N/A(6)															03/2032						—						(25)						—						—
			SDC Holdco, LLC*			One stop						SF +			4.75%			(i)						9.05%															06/2031						21,737						21,643						0.6						21,737
			SDC Holdco, LLC+(26)			Second lien						SF +			8.50%			(i)						12.80%			PIK												06/2032						3,678						3,657						0.1						3,678
			SDC Holdco, LLC+(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(8)						—						—
			SSRG Holdings, LLC*			One stop						SF +			4.75%			(i)						9.05%															11/2027						12,439						12,394						0.3						12,439
			SSRG Holdings, LLC*+			One stop						SF +			4.75%			(i)						9.05%															11/2027						7,722						7,770						0.2						7,722
			SSRG Holdings, LLC+			One stop						SF +			4.75%			(i)						9.05%															11/2027						1,272						1,268						—						1,272
			SSRG Holdings, LLC+			One stop						SF +			4.75%			(i)						9.05%															11/2027						610						608						—						610
			Super REGO, LLC+(26)			Subordinated debt						N/A												15.00%			PIK												03/2030						72						70						—						72
			YE Brands Holding, LLC*+			One stop						SF +			4.75%			(i)						9.05%															10/2027						17,498						17,646						0.5						17,498
			YE Brands Holding, LLC+			One stop						SF +			4.75%			(i)						9.05%															10/2027						1,101						1,096						—						1,101
			YE Brands Holding, LLC+			One stop						SF +			4.75%									N/A(6)															10/2027						—						—						—						—
																																													316,884						315,355						7.9						316,051
			Household Products
			WU Holdco, Inc.+			One stop						SF +			4.75%			(i)						9.05%															04/2032						9,564						9,517						0.2						9,516
			WU Holdco, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															04/2032						—						(4)						—						(4)
			WU Holdco, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															04/2032						—						(6)						—						(12)
																																													9,564						9,507						0.2						9,500
			Industrial Conglomerates
			Arch Global CCT Holdings Corp.*+			Senior secured						SF +			4.75%			(i)						9.15%															04/2026						3,168						3,161						0.1						3,137
			Arch Global CCT Holdings Corp.+			Senior secured						SF +			4.75%			(i)						9.15%															04/2026						637						627						—						630
			Arch Global CCT Holdings Corp.+			Senior secured						SF +			4.75%			(i)						9.15%															04/2026						592						583						—						586
			Dwyer Instruments, Inc.+(8)(9)			One stop						E +			5.00%			(c)						6.94%															07/2029						53,333						47,314						1.3						53,333
			Dwyer Instruments, Inc.+			One stop						SF +			4.75%			(i)						9.05%															07/2029						1,489						1,476						—						1,489
			Dwyer Instruments, Inc.+(5)(8)(9)			One stop						E +			5.00%									N/A(6)															07/2029						—						(42)						—						—
			Dwyer Instruments, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															07/2029						—						(28)						—						—
			Dwyer Instruments, Inc.+			One stop						SF +			4.75%			(i)						9.05%															07/2029						5,782						5,767						0.2						5,782
			Dwyer Instruments, Inc.+			One stop						SF +			4.75%			(a)(i)						9.42%															07/2029						415						393						—						415
			Dwyer Instruments, Inc.+			One stop						SF +			4.75%			(i)						9.05%															07/2029						1,466						1,454						—						1,466
			Dwyer Instruments, Inc.+			One stop						SF +			4.75%			(i)						9.05%															07/2029						469						465						—						469
			Dwyer Instruments, Inc.+			One stop						SF +			4.75%			(i)						9.05%															07/2029						549						542						—						549
			Essential Services Holdings Corporation+			One stop						SF +			5.00%			(i)						9.28%															06/2031						11,514						11,416						0.3						11,399
			Essential Services Holdings Corporation+			One stop						SF +			5.00%			(i)						9.33%															06/2030						169						158						—						159
			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						—						(49)						—						—
			Excelitas Technologies Corp.+			One stop						SF +			5.25%			(h)						9.58%															08/2029						10,022						9,967						0.3						10,022
			Excelitas Technologies Corp.+(8)(9)			One stop						E +			5.25%			(b)						7.18%															08/2029						2,016						1,781						0.1						2,016
			Excelitas Technologies Corp.+(5)			One stop						SF +			5.25%									N/A(6)															08/2028						—						(2)						—						—
																																													91,621						84,973						2.3						91,429

See Notes to Consolidated Financial Statements.

24

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Insurance
			Accession Risk Management Group, Inc.^*+			One stop						SF +			4.75%			(i)						9.03%															11/2029						$	36,779					$	36,784					0.9			%			$	36,779
			Accession Risk Management Group, Inc.^*+			One stop						SF +			4.75%			(i)						9.04%															11/2029						9,426						9,346						0.2						9,426
			Accession Risk Management Group, Inc.*+			One stop						SF +			4.75%			(i)						9.06%															11/2029						8,299						8,292						0.2						8,299
			Accession Risk Management Group, Inc.+			One stop						SF +			4.75%			(i)						9.04%															11/2029						9,269						9,230						0.2						9,269
			Accession Risk Management Group, Inc.*+			One stop						SF +			4.75%			(i)						9.06%															11/2029						7,793						7,792						0.2						7,793
			Accession Risk Management Group, Inc.*+			One stop						SF +			4.75%			(i)						9.04%															11/2029						5,209						5,259						0.1						5,209
			Accession Risk Management Group, Inc.+			One stop						SF +			4.75%			(i)						9.05%															11/2029						1,316						1,240						—						1,316
			Accession Risk Management Group, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															11/2029						—						(11)						—						—
			AMBA Buyer, Inc.+			One stop						SF +			5.25%			(i)						9.65%															07/2027						4,434						4,442						0.1						4,434
			AMBA Buyer, Inc.+			One stop						SF +			5.25%			(i)						9.65%															07/2027						1,320						1,319						—						1,320
			AMBA Buyer, Inc.+			One stop						SF +			5.25%			(i)						9.65%															07/2027						1,114						1,111						—						1,114
			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						—						—						—						—
			Bellwether Buyer, LLC+(5)			One stop						SF +			4.50%									N/A(6)															04/2032						—						(5)						—						(3)
			Bellwether Buyer, LLC+			One stop						SF +			4.50%			(h)						8.81%															04/2032						5,031						5,007						0.1						5,019
			Bellwether Buyer, LLC+(5)			One stop						SF +			4.50%									N/A(6)															04/2032						—						(6)						—						(7)
			Ben Nevis Midco Limited+(8)(10)			One stop						SF +			5.50%			(i)						9.78%															03/2028						561						554						—						561
			Ben Nevis Midco Limited+(8)(10)			One stop						SF +			5.50%			(i)						9.83%															03/2028						378						378						—						378
			Ben Nevis Midco Limited+(8)(10)			One stop						SF +			5.50%			(i)						9.82%															03/2028						465						454						—						465
			Ben Nevis Midco Limited+(8)(10)			One stop						SF +			5.50%			(i)						9.80%															03/2028						97						96						—						97
			Captive Resources Midco, LLC+			One stop						SF +			4.50%			(h)						8.83%															07/2029						23,157						23,136						0.6						23,157
			Captive Resources Midco, LLC+(5)			One stop						SF +			4.50%									N/A(6)															07/2028						—						(2)						—						—
			Disco Parent, Inc.+			One stop						SF +			7.00%			(i)						11.33%															03/2029						9,240						9,164						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						1,722						1,754						—						1,722
			Doxa Insurance Holdings LLC+			One stop						SF +			5.25%			(i)						9.55%															12/2030						1,622						1,626						—						1,622
			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						—						(23)						—						—
			Gimlet Bidco GMBH+(8)(9)(19)			One stop						E +			5.75%			(c)						7.94%															04/2031						1,152						1,035						—						1,152
			Gimlet Bidco GMBH+(8)(9)(19)			One stop						E +			5.75%			(b)(c)						7.90%															04/2031						327						294						—						327
			Illumifin Corporation+(26)			One stop						SF +			6.00%			(i)						10.53%															09/2027						4,659						4,478						0.1						4,426
			Integrated Specialty Coverages, LLC+			One stop						SF +			4.75%			(h)						9.08%															07/2030						10,137						10,065						0.3						10,137
			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)						9.33%															08/2028						48,037						47,732						1.2						48,037
			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						—						(6)						—						—
			J.S. Held Holdings, LLC^*+			One stop						SF +			5.50%			(i)						9.95%															06/2028						37,932						37,561						1.0						37,932
			J.S. Held Holdings, LLC+			One stop						SF +			5.50%			(i)						9.95%															06/2028						8,167						8,084						0.2						8,167
			J.S. Held Holdings, LLC+			One stop						SF +			5.50%			(i)						9.95%															06/2028						103						97						—						103
			Keystone Agency Partners LLC+			One stop						SF +			4.75%			(i)						9.05%															05/2027						3,531						3,513						0.1						3,531
			Keystone Agency Partners LLC+			One stop						SF +			4.75%			(i)						9.05%															05/2027						3,032						3,008						0.1						3,032
			Keystone Agency Partners LLC+			One stop						SF +			4.75%			(i)						9.05%															05/2027						2,858						2,841						0.1						2,858
			Keystone Agency Partners LLC+			One stop						SF +			4.75%			(i)						9.05%															05/2027						2,853						2,889						0.1						2,853
			Keystone Agency Partners LLC+			One stop						SF +			4.75%			(i)						9.05%															05/2027						2,023						2,017						0.1						2,023
			Keystone Agency Partners LLC+			One stop						SF +			4.75%			(i)						9.05%															05/2027						614						613						—						614
			Keystone Agency Partners LLC+			One stop						SF +			4.75%			(h)(i)						9.07%															05/2027						2,543						2,519						0.1						2,543
			Majesco^*			One stop						SF +			4.75%			(i)						9.05%															09/2028						28,027						28,056						0.7						28,027
			Majesco+(5)			One stop						SF +			4.75%									N/A(6)															09/2027						—						(1)						—						—
			MRH Trowe Germany GMBH+(5)(8)(9)(19)			One stop						E +			5.00%									N/A(6)															11/2031						—						(3)						—						(3)
			MRH Trowe Germany GMBH+(8)(9)(19)			One stop						E +			5.00%			(c)						7.14%															08/2025						6,266						5,921						0.2						6,234
			MRH Trowe Germany GMBH+(5)(8)(9)(19)			One stop						E +			5.00%									N/A(6)															05/2032						—						—						—						(10)

See Notes to Consolidated Financial Statements.

25

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Oakbridge Insurance Agency LLC+			One stop						SF +			5.75%			(h)						10.06%															11/2029						$	2,264					$	2,297					0.1			%			$	2,270
			Oakbridge Insurance Agency LLC+			One stop						SF +			5.75%			(h)						10.06%															11/2029						942						941						—						944
			Oakbridge Insurance Agency LLC+			One stop						SF +			5.75%			(h)						10.06%															11/2029						7						7						—						7
			Oakbridge Insurance Agency LLC+(5)			One stop						SF +			5.00%									N/A(6)															11/2029						—						(5)						—						(10)
			Pareto Health Intermediate Holdings, Inc.*+			One stop						SF +			4.75%			(i)						9.05%															05/2030						74,275						73,738						1.9						74,275
			Pareto Health Intermediate Holdings, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															06/2029						—						(1)						—						—
			Pareto Health Intermediate Holdings, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															05/2030						—						(52)						—						—
			Patriot Growth Insurance Services, LLC+			One stop						SF +			5.00%			(i)						9.45%															10/2028						72,212						71,447						1.8						72,212
			Patriot Growth Insurance Services, LLC+			One stop						SF +			5.00%			(i)						9.45%															10/2028						9,847						9,675						0.3						9,847
			Patriot Growth Insurance Services, LLC+			One stop						SF +			5.00%			(i)						9.30%															10/2028						2,866						2,857						0.1						2,849
			Patriot Growth Insurance Services, LLC+(5)			One stop						SF +			5.00%									N/A(6)															10/2028						—						(45)						—						—
			People Corporation+(8)(9)(12)			One stop						CA +			5.25%			(l)						8.19%															02/2028						24,345						25,192						0.6						24,407
			People Corporation+(8)(9)(12)			One stop						CA +			5.25%			(l)						8.19%															02/2028						20,435						20,550						0.5						20,486
			People Corporation+(8)(9)(12)			One stop						CA +			5.25%			(l)						8.19%															02/2028						9,995						9,813						0.3						10,020
			People Corporation+(8)(9)(12)			One stop						CA +			5.25%			(l)						8.19%															02/2028						7,991						8,380						0.2						8,011
			People Corporation+(8)(9)(12)			One stop						CA +			5.25%			(l)						8.22%															02/2027						220						214						—						220
			People Corporation+(8)(9)(12)			One stop						CA +			5.00%			(l)						8.01%															02/2028						4,319						4,197						0.1						4,319
			Wasabi Lower Holdco, LLC+(5)			Senior secured						SF +			4.50%									N/A(6)															06/2032						—						(9)						—						(9)
			Wasabi Lower Holdco, LLC+			Senior secured						SF +			4.50%			(i)						8.80%															06/2032						2,610						2,576						0.1						2,575
			World Insurance Associates, LLC+(5)			One stop						SF +			5.00%									N/A(6)															04/2030						—						(19)						—						—
			World Insurance Associates, LLC+(5)			One stop						SF +			5.00%									N/A(6)															04/2030						—						(2)						—						—
																																													521,994						519,565						13.1						521,789
			Internet & Direct Marketing Retail
			Revalize, Inc.^+			One stop						SF +			5.75%			(i)						10.20%															04/2027						20,350						20,099						0.4						17,705
			Revalize, Inc.^+			One stop						SF +			5.75%			(i)						10.20%															04/2027						11,911						11,728						0.3						10,363
			Revalize, Inc.^+			One stop						SF +			5.75%			(i)						10.20%															04/2027						5,906						5,815						0.1						5,138
			Revalize, Inc.^+			One stop						SF +			5.75%			(i)						10.20%															04/2027						3,557						3,490						0.1						3,096
			Revalize, Inc.+			One stop						SF +			5.75%			(i)						10.20%															04/2027						2,422						2,369						0.1						2,107
			Revalize, Inc.+			One stop						SF +			5.75%			(i)						10.20%															04/2027						2,378						2,283						—						2,069
			Revalize, Inc.+			One stop						SF +			5.75%			(i)						10.20%															04/2027						227						216						—						198
			Revalize, Inc.+			One stop						SF +			5.75%			(i)						10.20%															04/2027						366						351						—						306
																																													47,117						46,351						1.0						40,982
			IT Services
			Acquia, Inc.^*+			One stop						SF +			7.00%			(i)						11.41%															10/2026						12,020						11,998						0.3						12,020
			Acquia, Inc.+			One stop						SF +			7.00%			(i)						11.41%															10/2026						1,083						1,079						—						1,083
			Acquia, Inc.+			One stop						SF +			7.00%			(i)						11.43%															10/2026						112						112						—						112
			CivicPlus, LLC^+			One stop						SF +			5.50%			(i)						9.83%															08/2030						23,558						23,497						0.6						23,440
			CivicPlus, LLC+(5)			One stop						SF +			5.50%									N/A(6)															08/2030						—						(18)						—						(19)
			CivicPlus, LLC+(26)			One stop						SF +			11.75%			(i)(j)						16.04%			PIK												06/2034						362						359						—						366
			CivicPlus, LLC+(5)			One stop						SF +			6.00%									N/A(6)															08/2030						—						(2)						—						(1)
			Critical Start, Inc.+(26)			One stop						SF +			6.75%			(i)						7.40%			cash/			3.63%			PIK						05/2028						5,401						5,395						0.1						5,347
			Critical Start, Inc.+(26)			One stop						SF +			6.75%			(i)						7.40%			cash/			3.63%			PIK						05/2028						2,480						2,455						0.1						2,455
			Critical Start, Inc.+			One stop						SF +			6.25%			(a)(i)						11.41%															05/2028						66						66						—						66
			Delinea Inc.^*			One stop						SF +			5.75%			(i)						10.20%															03/2028						22,434						22,440						0.6						22,434
			Delinea Inc.^*			One stop						SF +			5.75%			(i)						10.20%															03/2028						13,025						13,026						0.3						13,025
			Delinea Inc.+			One stop						SF +			5.75%			(i)						10.20%															03/2028						11,414						11,403						0.3						11,414
			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%			(d)						9.03%			PIK												07/2029						15,507						13,692						0.4						14,732
			Goldcup 31018 AB+(8)(9)(17)(26)			One stop						E +			6.50%			(d)						9.03%			PIK												07/2029						1,447						1,305						—						1,324
			Goldcup 31018 AB+(8)(9)(17)			One stop						E +			6.25%			(d)						8.58%															01/2029						236						209						—						220
			Kentik Technologies, Inc.+(26)			Second lien						SF +			12.25%			(i)						16.56%			PIK												11/2029						55						52						—						55
			Kentik Technologies, Inc.+(5)			Second lien						SF +			12.25%									N/A(6)															11/2029						—						(1)						—						(1)

See Notes to Consolidated Financial Statements.

26

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Netwrix Corporation*+			One stop						SF +			4.75%			(i)						9.08%															06/2029						$	7,915					$	7,919					0.2			%			$	7,915
			Netwrix Corporation+			One stop						SF +			4.75%			(i)						9.08%															06/2029						384						383						—						384
			Netwrix Corporation+			One stop						SF +			4.75%			(i)						9.08%															06/2029						90						87						—						90
			Netwrix Corporation+(5)			One stop						SF +			4.75%									N/A(6)															06/2029						—						(1)						—						—
			Optimizely North America, Inc.+			One stop						SF +			5.00%			(h)						9.33%															10/2031						38,224						37,879						1.0						38,224
			Optimizely North America, Inc.+(8)(9)			One stop						E +			5.25%			(b)						7.23%															10/2031						15,943						14,560						0.4						15,943
			Optimizely North America, Inc.+(8)(9)			One stop						SN +			5.50%			(f)						9.72%															10/2031						6,121						5,727						0.2						6,121
			Optimizely North America, Inc.+(5)			One stop						SF +			5.00%									N/A(6)															10/2031						—						(90)						—						—
			PDQ Intermediate, Inc.+(26)			Subordinated debt						N/A												13.75%			PIK												10/2031						126						125						—						126
			Recordxtechnologies, LLC*+			One stop						SF +			5.25%			(h)						9.58%															12/2027						18,727						18,874						0.5						18,727
			Recordxtechnologies, LLC*			One stop						SF +			5.25%			(h)						9.58%															12/2027						12,458						12,371						0.3						12,458
			Recordxtechnologies, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2027						1,755						1,769						—						1,755
			Recordxtechnologies, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2027						887						881						—						887
			Recordxtechnologies, LLC+			One stop						SF +			5.25%			(h)						9.58%															12/2027						2						—						—						2
			ReliaQuest Holdings, LLC+(26)			One stop						SF +			6.00%			(i)						7.03%			cash/			3.25%			PIK						04/2031						12,033						12,005						0.3						11,972
			ReliaQuest Holdings, LLC+(5)			One stop						SF +			6.00%									N/A(6)															04/2031						—						(7)						—						(5)
			ReliaQuest Holdings, LLC+(5)			One stop						SF +			5.50%									N/A(6)															04/2031						—						(23)						—						(23)
			ReliaQuest Holdings, LLC+(26)			One stop						SF +			6.00%			(i)						7.03%			cash/			3.25%			PIK						04/2031						28,657						28,519						0.7						28,514
			Saturn Borrower Inc.*+			One stop						SF +			6.00%			(i)						10.30%															11/2028						27,395						27,100						0.7						27,395
			Saturn Borrower Inc.+			One stop						SF +			6.00%			(h)						10.32%															11/2028						49						42						—						49
			WPEngine, Inc.+			One stop						SF +			5.75%			(i)						10.07%															08/2029						5,438						5,422						0.1						5,438
			WPEngine, Inc.+			One stop						SF +			5.75%									N/A(6)															08/2029						—						—						—						—
			Zarya Holdco, Inc.+			One stop						SF +			6.50%			(i)						10.83%															07/2027						7,193						7,228						0.2						7,193
			Zarya Holdco, Inc.+			One stop						SF +			6.50%			(i)						10.83%															07/2027						1,403						1,397						—						1,403
			Zarya Holdco, Inc.+			One stop						SF +			6.50%									N/A(6)															07/2027						—						—						—						—
																																													294,000						289,233						7.3						292,640

See Notes to Consolidated Financial Statements.

27

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Leisure Products
			Crunch Holdings, LLC+			One stop						SF +			4.75%			(h)						9.06%															09/2031						$	1,765					$	1,760					0.1			%			$	1,760
			Crunch Holdings, LLC+(5)			One stop						SF +			4.75%									N/A(6)															09/2031						—						(1)						—						(1)
			Movement Holdings, LLC+(8)(10)			One stop						SF +			5.25%			(h)						9.58%															03/2030						834						832						—						834
			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						—						(1)						—						—
			WBZ Investment, LLC+			One stop						SF +			6.75%			(j)						11.17%															03/2027						7,728						7,728						0.2						7,728
			WBZ Investment, LLC+			One stop						SF +			6.75%			(j)						11.17%															03/2027						1,706						1,706						—						1,706
			WBZ Investment, LLC+			One stop						SF +			6.75%			(j)						11.17%															03/2027						1,185						1,185						—						1,185
			WBZ Investment, LLC+			One stop						SF +			6.75%			(j)						11.17%															03/2027						628						628						—						628
			WBZ Investment, LLC+			One stop						SF +			6.75%									N/A(6)															03/2027						—						—						—						—
																																													13,846						13,837						0.3						13,840
			Life Sciences Tools & Services
			Celerion Buyer, Inc.*+			One stop						SF +			5.00%			(i)						9.26%															11/2029						30,943						30,661						0.8						30,943
			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						—						(68)						—						—
			Celerion Buyer, Inc.*			One stop						SF +			5.00%			(i)						9.26%															11/2029						21,957						21,764						0.6						21,957
			Graphpad Software, LLC+			One stop						P +			3.75%			(a)						11.25%															06/2031						8,803						8,765						0.2						8,803
			Graphpad Software, LLC+(5)			One stop						SF +			4.75%									N/A(6)															06/2031						—						(4)						—						—
			Graphpad Software, LLC+			One stop						P +			3.75%			(a)						11.25%															06/2031						220						211						—						220
			PAS Parent Inc.+(5)			One stop						SF +			4.75%									N/A(6)															12/2028						—						(15)						—						—
			PAS Parent Inc.*+			One stop						SF +			4.75%			(h)						9.08%															12/2028						55,096						55,113						1.4						55,096
			PAS Parent Inc.+			One stop						SF +			4.75%			(h)						9.08%															12/2027						55						50						—						55
			PAS Parent Inc.+			One stop						SF +			4.75%			(h)						9.08%															12/2028						2,986						3,004						0.1						2,986
			Unchained Labs, LLC+			Senior secured						SF +			5.50%			(h)						9.88%															08/2027						1,389						1,377						—						1,347
			Unchained Labs, LLC+			Senior secured						SF +			5.50%			(h)						9.88%															08/2027						1,173						1,160						—						1,137
			Unchained Labs, LLC+(5)			Senior secured						SF +			5.50%									N/A(6)															08/2027						—						(1)						—						(2)
																																													122,622						122,016						3.1						122,542
			Machinery
			AI Titan Parent, Inc.+			One stop						SF +			4.50%			(h)						8.83%															08/2031						10,508						10,416						0.3						10,508
			AI Titan Parent, Inc.+(5)			One stop						SF +			4.50%									N/A(6)															08/2031						—						(9)						—						—
			AI Titan Parent, Inc.+(5)			One stop						SF +			4.50%									N/A(6)															08/2031						—						(12)						—						—
			Blackbird Purchaser, Inc.+			One stop						SF +			5.50%			(i)						9.80%															12/2030						4,443						4,515						0.1						4,443
			Blackbird Purchaser, Inc.+			One stop						SF +			5.50%			(i)						9.80%															12/2030						492						491						—						492
			Blackbird Purchaser, Inc.+			One stop						SF +			5.50%			(h)(i)						9.80%															12/2029						50						49						—						50
			Chase Industries, Inc.+(26)(27)			Senior secured						SF +			7.00%			(i)						9.95%			cash/			1.50%			PIK						11/2026						13,730						13,608						0.4						13,318
			Chase Industries, Inc.+(26)(27)			Senior secured						SF +			7.00%			(i)						9.95%			cash/			1.50%			PIK						11/2026						1,298						1,283						—						1,259
			Chase Industries, Inc.+(26)(27)			Senior secured						SF +			7.00%			(i)						9.95%			cash/			1.50%			PIK						11/2026						267						260						—						252
			Thermogenics, Inc.+(8)(9)(12)			One stop						CA +			4.25%			(l)						6.93%															06/2032						142						141						—						142
			Thermogenics, Inc.+(5)(8)(12)			One stop						SF +			4.25%									N/A(6)															06/2032						—						(1)						—						(1)
			Thermogenics, Inc.+(8)(12)			One stop						SF +			4.25%			(i)						8.55%															06/2032						181						180						—						180
			Thermogenics, Inc.+(5)(8)(12)			One stop						SF +			4.25%									N/A(6)															06/2032						—						(3)						—						(3)
																																													31,111						30,918						0.8						30,640
			Marine
			Project Nike Purchaser, LLC*+			One stop						SF +			5.25%			(i)						9.55%															04/2029						33,608						33,752						0.9						33,608
			Project Nike Purchaser, LLC+			One stop						SF +			5.25%			(i)						9.55%															04/2029						744						741						—						744
			Project Nike Purchaser, LLC+			One stop						SF +			5.25%			(i)						9.55%															04/2029						236						234						—						236
																																													34,588						34,727						0.9						34,588
			Media
			Lotus Topco, Inc.*			One stop						SF +			4.75%			(i)						9.05%															06/2030						5,125						5,093						0.1						5,125
			Lotus Topco, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															06/2030						—						(6)						—						—
			Lotus Topco, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															06/2030						—						(16)						—						—

See Notes to Consolidated Financial Statements.

28

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Shout! Factory, LLC+			One stop						SF +			5.25%			(i)						9.55%															06/2031						$	1,790					$	1,776					0.1			%			$	1,763
			Shout! Factory, LLC+(5)			One stop						SF +			5.25%									N/A(6)															06/2031						—						(2)						—						(3)
			Triple Lift, Inc.^*			One stop						SF +			5.75%			(i)						10.22%															05/2028						7,243						7,151						0.2						6,953
			Triple Lift, Inc.*+			One stop						SF +			5.75%			(i)						10.22%															05/2028						1,545						1,516						—						1,482
			Triple Lift, Inc.+(5)			One stop						SF +			5.75%									N/A(6)															05/2028						—						(4)						—						(6)
																																													15,703						15,508						0.4						15,314
			Oil, Gas & Consumable Fuels
			Envernus, Inc.+			One stop						SF +			5.50%			(h)						9.83%															12/2029						5,251						5,330						0.1						5,251
			Envernus, Inc.+			One stop						SF +			5.50%			(h)						9.82%															12/2029						7						6						—						7
			Envernus, Inc.+			One stop						SF +			5.50%									N/A(6)															12/2029						—						—						—						—
																																													5,258						5,336						0.1						5,258
			Paper & Forest Products
			Messenger, LLC*+			One stop						SF +			5.00%			(i)						9.30%															12/2027						14,397						14,396						0.4						14,397
			Messenger, LLC+(8)(9)			One stop						SN +			5.00%			(f)						9.22%															12/2027						950						875						—						950
			Messenger, LLC+			One stop						SF +			5.00%			(i)						9.30%															12/2027						520						518						—						520
			Messenger, LLC+(8)(9)			One stop						SN +			5.00%									N/A(6)															12/2027						—						—						—						—
			Messenger, LLC*+			One stop						SF +			5.00%			(h)						9.33%															12/2027						1,508						1,528						0.1						1,508
			Messenger, LLC+			One stop						SF +			5.00%			(i)						9.30%															12/2027						756						755						—						756
			Messenger, LLC+			One stop						SF +			5.00%									N/A(6)															12/2027						—						—						—						—
																																													18,131						18,072						0.5						18,131
			Personal Products
			IMPLUS Footcare, LLC+(7)(26)			One stop						SF +			9.25%			(i)						12.20%			cash/			1.50%			PIK						08/2025						30,580						30,464						0.4						16,207
			IMPLUS Footcare, LLC+(7)(26)			One stop						SF +			9.25%			(i)						12.20%			cash/			1.50%			PIK						08/2025						5,223						5,203						0.1						2,768
			IMPLUS Footcare, LLC+(7)(26)			One stop						SF +			9.25%			(i)						12.20%			cash/			1.50%			PIK						08/2025						753						739						—						399
			IMPLUS Footcare, LLC+(26)			One stop						SF +			6.00%			(i)						6.45%			cash/			4.00%			PIK						08/2025						1,661						1,661						—						1,536
																																													38,217						38,067						0.5						20,910

See Notes to Consolidated Financial Statements.

29

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Pharmaceuticals
			ACP Ulysses Buyer, Inc.*+			One stop						SF +			5.50%			(i)						9.80%															02/2029						$	30,144					$	30,009					0.8			%			$	30,144
			ACP Ulysses Buyer, Inc.*+			One stop						SF +			5.50%			(i)						9.80%															02/2029						1,303						1,288						—						1,303
			Amalthea Parent, Inc.^*+(8)(12)			One stop						SF +			5.00%			(i)						9.59%															03/2027						86,966						84,988						2.1						83,486
			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						2,238						0.1						2,243
			Apothecary Products, LLC+			Senior secured						SF +			5.00%			(i)						9.33%															07/2026						39						37						—						39
			Caerus Midco 3 S.A.R.L.*+(8)			One stop						SF +			5.00%			(i)						9.30%															05/2029						29,185						29,216						0.7						29,185
			Caerus Midco 3 S.A.R.L.+(8)			One stop						SF +			5.00%			(i)						9.30%															05/2029						4,839						4,842						0.1						4,839
			Caerus Midco 3 S.A.R.L.+(8)			One stop						SF +			5.00%			(i)						9.30%															05/2029						4,465						4,425						0.1						4,465
			Caerus Midco 3 S.A.R.L.+(8)			One stop						SF +			5.00%			(i)						9.30%															05/2029						708						704						—						708
			Caerus Midco 3 S.A.R.L.+(8)			One stop						SF +			5.00%			(h)						9.32%															05/2029						108						105						—						108
			Cobalt Buyer Sub, Inc.*+			One stop						SF +			5.50%			(i)						9.83%															10/2028						14,722						14,684						0.4						14,722
			Cobalt Buyer Sub, Inc.+			One stop						SF +			5.50%			(i)						9.83%															10/2028						4,937						4,923						0.1						4,937
			Cobalt Buyer Sub, Inc.+			One stop						SF +			5.50%			(i)						9.83%															10/2028						3,730						3,669						0.1						3,730
			Cobalt Buyer Sub, Inc.+			One stop						SF +			5.50%			(i)						9.83%															10/2027						439						426						—						439
			Cobalt Buyer Sub, Inc.+			One stop						SF +			5.50%			(i)						9.83%															10/2028						6,349						6,286						0.2						6,349
			Cobalt Buyer Sub, Inc.+(5)			One stop						SF +			5.50%									N/A(6)															10/2028						—						(63)						—						—
			Creek Parent, Inc.+			One stop						SF +			5.25%			(h)						9.57%															12/2031						56,687						55,770						1.4						56,687
			Creek Parent, Inc.+(5)			One stop						SF +			5.25%									N/A(6)															12/2031						—						(128)						—						—
			Spark Bidco Limited+(8)(9)(10)(26)			Senior secured						SN +			4.88%			(f)						7.97%			cash/			1.13%			PIK						08/2028						39,048						37,767						1.0						37,778
			Spark Bidco Limited+(8)(9)(10)			Senior secured						SN +			6.00%			(f)						10.22%															08/2028						5,706						5,135						0.1						5,706
			Spark Bidco Limited+(8)(9)(10)(26)			Senior secured						SN +			4.88%			(f)						7.97%			cash/			1.13%			PIK						08/2028						4,733						4,001						0.1						4,579
			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)						7.97%			cash/			1.13%			PIK						08/2028						4,142						3,661						0.1						4,007
			Spark Bidco Limited+(8)(9)(10)			Senior secured						SN +			3.75%			(f)						7.97%															02/2028						124						118						—						118
																																													305,148						298,603						7.5						300,083
			Professional Services
			ALKU Intermediate Holdings, LLC+			One stop						SF +			6.25%			(i)						10.55%															5/1/2029						6,746						6,768						0.2						6,746
			ALKU Intermediate Holdings, LLC+			One stop						SF +			5.50%			(i)						9.80%															5/1/2029						746						739						—						731
			bswift, LLC+			One stop						SF +			4.75%			(h)						9.06%															11/1/2028						7,623						7,609						0.2						7,623
			bswift, LLC+			One stop						SF +			4.75%			(h)						9.07%															11/1/2028						9,975						9,928						0.3						9,975
			DISA Holdings Corp.+			Senior secured						SF +			5.00%			(i)						9.33%															9/1/2028						5,201						5,174						0.1						5,201
			DISA Holdings Corp.+			Senior secured						SF +			5.00%			(i)						9.33%															9/1/2028						802						793						—						802
			DISA Holdings Corp.+			One stop						SF +			5.00%			(i)						9.33%															9/1/2028						686						679						—						686
			DISA Holdings Corp.+			Senior secured						SF +			5.00%			(i)						9.33%															9/1/2028						607						600						—						607
			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)						9.30%															9/1/2028						589						582						—						589
			DISA Holdings Corp.+			Senior secured						SF +			5.00%			(i)						9.33%															9/1/2028						34						32						—						34
			Eclipse Buyer, Inc.+			One stop						SF +			4.75%			(h)						9.06%															9/1/2031						14,283						14,156						0.4						14,283
			Eclipse Buyer, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															9/1/2031						—						(61)						—						—
			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						2,132						2,118						0.1						2,090
			Eliassen Group, LLC+			One stop						SF +			5.75%			(h)						10.08%															4/1/2028						144						143						—						141
			Filevine, Inc.^+(26)			One stop						SF +			6.50%			(i)						8.43%			cash/			2.50%			PIK						4/1/2027						8,399						8,425						0.2						8,525
			Filevine, Inc.+			One stop						SF +			6.50%									N/A(6)															4/1/2027						—						—						—						—
			IG Investments Holdings, LLC*+			One stop						SF +			5.00%			(i)						9.28%															9/1/2028						12,908						12,864						0.3						12,908
			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)						9.93%															11/1/2028						33,763						33,421						0.8						31,737
			NBG Acquisition Corp. and NBG-P Acquisition Corp.+			One stop						SF +			5.50%			(i)						9.95%															11/1/2028						785						780						—						738
			NBG Acquisition Corp. and NBG-P Acquisition Corp.+			One stop						SF +			5.50%			(i)						9.94%															11/1/2028						466						458						—						438

See Notes to Consolidated Financial Statements.

30

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			PlanSource Holdings, Inc.*+			One stop						SF +			5.50%			(i)						9.83%															12/1/2026						$	14,234					$	14,204					0.4			%			$	14,234
			PlanSource Holdings, Inc.+			One stop						SF +			5.50%			(i)						9.83%															12/1/2026						2,416						2,410						0.1						2,416
			PlanSource Holdings, Inc.+			One stop						SF +			5.50%			(i)						9.83%															12/1/2026						695						694						—						695
			PlanSource Holdings, Inc.+			One stop						SF +			5.50%									N/A(6)															12/1/2026						—						—						—						—
			Procure Acquireco, Inc.*+			One stop						SF +			4.75%			(i)						9.05%															12/1/2028						24,732						24,775						0.6						24,732
			Procure Acquireco, Inc.+			One stop						SF +			4.75%			(i)						9.05%															12/1/2028						1,137						1,137						—						1,137
			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						—						(70)						—						—
			Procure Acquireco, Inc.+			One stop						SF +			4.75%			(i)						9.05%															12/1/2028						3,470						3,456						0.1						3,470
			Teaching Company, The+			One stop						SF +			5.75%			(i)						10.18%															1/1/2026						12,290						12,290						0.3						12,167
			Teaching Company, The+			One stop						P +			4.75%			(a)						12.25%															1/1/2026						40						40						—						38
			Varicent Intermediate Holdings Corporation+(8)(12)(26)			One stop						SF +			5.75%			(i)						6.93%			cash/			3.13%			PIK						8/1/2031						50,798						50,167						1.3						50,798
			Varicent Intermediate Holdings Corporation+(5)(8)(12)			One stop						SF +			5.25%									N/A(6)															8/1/2031						—						(82)						—						—
			Varicent Intermediate Holdings Corporation+(5)(8)(12)			One stop						SF +			5.75%									N/A(6)															8/1/2031						—						(62)						—						—
																																													215,805						214,259						5.4						213,645

%

			Real Estate Management & Development
			Inhabit IQ Inc.+			One stop						SF +			4.50%			(h)						8.83%															01/2032						6,890						6,874						0.2						6,890
			Inhabit IQ Inc.+(5)			One stop						SF +			4.50%									N/A(6)															01/2032						—						(3)						—						—
			Inhabit IQ Inc.+(5)			One stop						SF +			4.50%									N/A(6)															01/2032						—						(4)						—						—
			MRI Software, LLC^*+			One stop						SF +			4.75%			(i)						9.05%															02/2027						32,820						32,964						0.8						32,820
			MRI Software, LLC^*+			One stop						SF +			4.75%			(i)						9.05%															02/2027						13,053						13,127						0.3						13,053
			MRI Software, LLC+			One stop						SF +			4.75%			(i)						9.05%															02/2027						176						164						—						176
			MRI Software, LLC+			One stop						SF +			4.75%			(i)						9.05%															02/2027						7,993						7,913						0.2						7,993
			RPL Bidco Limited+(8)(9)(10)			One stop						SN +			5.50%			(f)						9.72%															08/2028						6,213						5,845						0.2						6,213
			RPL Bidco Limited+(8)(9)(10)			One stop						SN +			5.50%			(f)						9.72%															08/2028						28,676						28,280						0.7						28,676
			RPL Bidco Limited+(8)(9)(10)			One stop						A +			5.50%			(e)						9.28%															08/2028						11,586						11,770						0.3						11,586
			RPL Bidco Limited+(8)(9)(10)			One stop						A +			5.50%			(e)						9.28%															08/2028						2,812						3,040						0.1						2,812
			RPL Bidco Limited+(8)(9)(10)			One stop						SN +			5.50%									N/A(6)															02/2028						—						—						—						—
																																													110,219						109,970						2.8						110,219
			Road & Rail
			Internet Truckstop Group, LLC*			One stop						SF +			5.25%			(i)						9.70%															04/2027						28,632						28,643						0.7						28,345
			Internet Truckstop Group, LLC*+			One stop						SF +			5.25%			(i)						9.70%															04/2027						12,553						12,503						0.3						12,427
			Internet Truckstop Group, LLC+(5)			One stop						SF +			5.25%									N/A(6)															04/2027						—						—						—						(3)
																																													41,185						41,146						1.0						40,769

See Notes to Consolidated Financial Statements.

31

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Software
			Anaplan, Inc.^+			One stop						SF +			4.50%			(i)						8.83%															06/2029						$	58,468					$	58,642					1.5			%			$	58,468
			Anaplan, Inc.+			One stop						SF +			4.50%									N/A(6)															06/2028						—						—						—						—
			Appfire Technologies, LLC^*+			One stop						SF +			5.00%			(i)						9.30%															03/2028						57,373						57,294						1.4						56,800
			Appfire Technologies, LLC+(5)			One stop						SF +			5.00%									N/A(6)															03/2028						—						(2)						—						(5)
			Appfire Technologies, LLC+(5)			One stop						SF +			5.00%									N/A(6)															03/2028						—						(27)						—						(19)
			Appfire Technologies, LLC+(5)			One stop						SF +			5.00%									N/A(6)															03/2028						—						(97)						—						(266)
			Aras Corporation^+			One stop						SF +			5.50%			(i)						9.80%															04/2029						28,523						28,536						0.7						28,523
			Aras Corporation+			One stop						SF +			5.50%			(i)						9.80%															04/2029						2,000						1,985						0.1						2,000
			Armstrong Bidco Limited+(8)(9)(10)			One stop						SN +			5.00%			(f)						9.22%															06/2029						5,970						5,365						0.1						5,970
			Armstrong Bidco Limited+(8)(9)(10)			One stop						SN +			5.00%			(f)						9.22%															06/2029						3,115						2,733						0.1						3,115
			Arrow Buyer, Inc.+			One stop						SF +			5.00%			(i)						9.30%															07/2030						24,914						24,767						0.6						24,914
			Arrow Buyer, Inc.+			One stop						SF +			5.00%			(i)						9.30%															07/2030						1,633						1,629						—						1,633
			Arrow Buyer, Inc.+			One stop						SF +			5.00%			(i)						9.30%															07/2030						1,580						1,576						—						1,580
			Artifact Bidco, Inc.+			One stop						SF +			4.25%			(i)						8.55%															05/2031						1,489						1,476						—						1,489
			Artifact Bidco, Inc.+(5)			One stop						SF +			4.25%									N/A(6)															05/2031						—						(2)						—						—
			Artifact Bidco, Inc.+			One stop						SF +			4.25%									N/A(6)															05/2030						—						—						—						—
			Artifact Bidco, Inc.+(5)			One stop						SF +			4.25%									N/A(6)															05/2030						—						(1)						—						—
			Auvik Networks Inc.^+(8)(12)(26)			One stop						SF +			6.25%			(i)						7.28%			cash/			3.25%			PIK						07/2027						10,928						10,950						0.3						10,928
			Auvik Networks Inc.+(8)(12)(26)			One stop						SF +			6.25%			(i)						7.28%			cash/			3.25%			PIK						07/2027						1,965						1,960						0.1						1,965
			Auvik Networks Inc.+(8)(12)(26)			One stop						SF +			6.25%			(i)						7.28%			cash/			3.25%			PIK						07/2027						1,001						998						—						1,001
			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						9,620						0.3						9,492
			Azul Systems, Inc.+			Senior secured						SF +			4.50%									N/A(6)															04/2026						—						—						—						—
			Azurite Intermediate Holdings, Inc.+			One stop						SF +			6.00%			(h)						10.33%															03/2031						973						963						—						973
			Azurite Intermediate Holdings, Inc.+			One stop						SF +			6.00%			(h)						10.33%															03/2031						428						423						—						428
			Azurite Intermediate Holdings, Inc.+(5)			One stop						SF +			6.00%									N/A(6)															03/2031						—						(2)						—						—
			Baxter Planning Systems, LLC+(26)			One stop						SF +			6.25%			(i)						7.16%			cash/			3.38%			PIK						05/2031						4,164						4,164						0.1						4,164
			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						—						(3)						—						—
			Bayshore Intermediate #2, L.P.^+(26)			One stop						SF +			6.25%			(i)						7.18%			cash/			3.38%			PIK						10/2028						122,707						122,645						3.1						122,707
			Bayshore Intermediate #2, L.P.+			One stop						SF +			5.75%			(i)						10.06%															10/2027						46						45						—						46
			BestPass, Inc.*+			One stop						SF +			4.75%			(h)						9.08%															08/2031						52,470						52,242						1.3						52,470
			BestPass, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															08/2031						—						(23)						—						—
			BestPass, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															08/2031						—						(30)						—						—
			Bloomerang, LLC+			One stop						SF +			6.00%			(i)						10.30%															12/2029						4,142						4,174						0.1						4,142
			Bloomerang, LLC+			One stop						SF +			6.00%			(i)						10.30%															12/2029						414						405						—						414
			Bloomerang, LLC+			One stop						SF +			6.00%			(i)						10.32%															12/2029						30						28						—						30
			Blue Bidco Limited+(8)(9)(10)			One stop						E +			5.00%			(d)						7.04%															06/2032						5,360						5,129						0.1						5,307
			Blue Bidco Limited+(8)(9)(10)			One stop						SN +			5.00%			(f)						9.22%															06/2032						9,465						9,202						0.2						9,370
			Blue Bidco Limited+(5)(8)(9)(10)			One stop						SN +			5.00%									N/A(6)															06/2032						—						(23)						—						(46)
			Blue Bidco Limited+(8)(10)			One stop						SF +			5.00%			(j)						9.26%															06/2032						1,338						1,332						—						1,325
			Bottomline Technologies, Inc.+(5)			One stop						SF +			4.50%									N/A(6)															05/2028						—						(4)						—						—
			Bottomline Technologies, Inc.+			One stop						SF +			4.50%			(i)						8.80%															05/2029						45,811						45,570						1.2						45,811
			Bullhorn, Inc.*+			One stop						SF +			5.00%			(h)						9.33%															10/2029						77,997						77,852						1.9						77,217
			Bullhorn, Inc.*+			One stop						SF +			5.00%			(h)						9.33%															10/2029						3,190						3,222						0.1						3,158
			Bullhorn, Inc.+			One stop						SF +			5.00%			(h)						9.33%															10/2029						1,643						1,662						—						1,627
			Bullhorn, Inc.+			One stop						SF +			5.00%			(h)						9.33%															10/2029						736						733						—						729
			Bullhorn, Inc.+			One stop						SF +			5.00%			(h)						9.33%															10/2029						587						585						—						581
			Bullhorn, Inc.+(5)			One stop						SF +			5.00%									N/A(6)															10/2029						—						(2)						—						(5)
			Burning Glass Intermediate Holdings Company, Inc.*			One stop						SF +			5.00%			(i)						9.45%															06/2028						11,232						11,209						0.3						11,232
			Burning Glass Intermediate Holdings Company, Inc.+			One stop						SF +			5.00%			(j)						9.43%															06/2026						154						154						—						154

See Notes to Consolidated Financial Statements.

32

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)			One stop						SF +			6.00%			(j)						10.14%															01/2029						$	8,332					$	8,279					0.2			%			$	8,332
			Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)			One stop						SF +			6.00%			(j)						10.14%															01/2029						2,204						2,177						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)						9.83%															04/2027						74,108						74,159						1.9						74,108
			Calabrio, Inc.+			One stop						SF +			5.50%			(i)						9.83%															04/2027						5,445						5,508						0.1						5,445
			Calabrio, Inc.+			One stop						SF +			5.50%			(i)						9.83%															04/2027						202						201						—						202
			Camelia Bidco Limited+(8)(9)(10)			One stop						SN +			5.50%			(f)						9.72%															08/2030						5,555						5,140						0.1						5,555
			Camelia Bidco Limited+(8)(9)(10)			One stop						SN +			5.50%			(f)						9.72%															08/2030						787						709						—						787
			Camelia Bidco Limited+(8)(9)(10)			One stop						A +			5.50%			(e)						9.16%															08/2030						330						324						—						330
			Camelia Bidco Limited+(5)(8)(9)(10)			One stop						SN +			5.50%									N/A(6)															08/2030						—						(26)						—						—
			CB Buyer, Inc.+			One stop						SF +			5.25%			(i)						9.55%															07/2031						50,076						49,662						1.3						50,076
			CB Buyer, Inc.+(5)			One stop						SF +			5.25%									N/A(6)															07/2031						—						(45)						—						—
			CB Buyer, Inc.+			One stop						SF +			5.25%			(i)						9.55%															07/2031						1,520						1,454						—						1,520
			Coupa Holdings, LLC+			One stop						SF +			5.25%			(i)						9.53%															02/2030						31,719						31,455						0.8						31,719
			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						—						(17)						—						—
			Crewline Buyer, Inc.+			One stop						SF +			6.75%			(h)						11.08%															11/2030						10,857						10,827						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 +			4.75%			(h)						9.08%															10/2028						39,153						39,135						1.0						39,153
			Daxko Acquisition Corporation*+			One stop						SF +			4.75%			(h)						9.08%															10/2028						3,302						3,278						0.1						3,302
			Daxko Acquisition Corporation+			One stop						SF +			4.75%			(h)						9.08%															10/2028						198						196						—						198
			Daxko Acquisition Corporation+			One stop						SF +			4.75%			(h)						9.08%															10/2028						133						117						—						133
			Daxko Acquisition Corporation+(5)			One stop						SF +			4.75%									N/A(6)															10/2028						—						(9)						—						—
			Denali Bidco Limited+(8)(9)(10)			One stop						SN +			5.00%			(f)						9.22%															08/2030						8,073						7,535						0.2						8,073
			Denali Bidco Limited+(8)(9)(10)			One stop						E +			5.00%			(c)						6.98%															08/2030						2,811						2,581						0.1						2,811
			Denali Bidco Limited+(8)(9)(10)			One stop						E +			5.00%			(c)						6.98%															08/2030						2,007						1,840						0.1						2,007
			Denali Bidco Limited+(8)(9)(10)			One stop						E +			5.00%			(c)						6.98%															08/2030						784						714						—						784
			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)						9.33%															08/2030						8,985						8,970						0.2						8,985
			Diligent Corporation+			One stop						SF +			5.00%			(i)						9.33%															08/2030						1,541						1,531						—						1,541
			Diligent Corporation+(5)			One stop						SF +			5.00%									N/A(6)															08/2030						—						(9)						—						—
			Diligent Corporation+			One stop						SF +			5.00%			(i)						9.33%															08/2030						70						64						—						70
			Einstein Parent, Inc.+			One stop						SF +			6.50%			(i)						10.77%															01/2031						9,062						8,894						0.2						8,972
			Einstein Parent, Inc.+(5)			One stop						SF +			6.50%									N/A(6)															01/2031						—						(17)						—						(9)
			Espresso Bidco, Inc.+(26)			One stop						SF +			5.75%			(i)						7.17%			cash/			2.88%			PIK						03/2032						18,251						17,990						0.5						18,251
			Espresso Bidco, Inc.+(5)			One stop						SF +			5.25%									N/A(6)															03/2032						—						(36)						—						—
			Espresso Bidco, Inc.+(5)			One stop						SF +			5.25%									N/A(6)															03/2032						—						(32)						—						—
			Evergreen IX Borrower 2023, LLC+			One stop						SF +			4.75%			(i)						9.05%															09/2030						4,881						4,777						0.1						4,881
			Evergreen IX Borrower 2023, LLC+			One stop						SF +			4.75%			(i)						9.05%															09/2030						4,449						4,411						0.1						4,449
			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						13,107						0.3						12,994
			FirstUp, Inc.+			One stop						SF +			6.75%			(i)						11.05%															07/2027						1,251						1,243						—						1,239
			FirstUp, Inc.+(5)			One stop						SF +			6.75%									N/A(6)															07/2027						—						(1)						—						(2)
			Gainsight, Inc.^+			One stop						SF +			5.75%			(i)						10.23%															07/2027						14,171						14,202						0.4						14,171
			Gainsight, Inc.+(5)			One stop						SF +			5.75%									N/A(6)															07/2027						—						(1)						—						—
			GS Acquisitionco, Inc.^*+			One stop						SF +			5.25%			(i)						9.55%															05/2028						121,779						122,061						3.1						121,779
			GS Acquisitionco, Inc.+			One stop						SF +			5.25%			(i)						9.55%															05/2028						123						122						—						123
			GS Acquisitionco, Inc.+			One stop						SF +			5.25%			(i)						9.55%															05/2028						41						38						—						41
			GTIV, LLC*+			One stop						SF +			4.75%			(h)						9.08%															02/2029						72,169						71,798						1.8						71,446
			GTIV, LLC+(5)			One stop						SF +			4.75%									N/A(6)															02/2029						—						(1)						—						(3)

See Notes to Consolidated Financial Statements.

33

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			GTY Technology Holdings, Inc.+(26)			One stop						SF +			6.63%			(i)						6.82%			cash/			4.13%			PIK						07/2029						$	8,970					$	8,847					0.2			%			$	8,970
			GTY Technology Holdings, Inc.+(26)			One stop						SF +			6.63%			(i)						6.80%			cash/			4.13%			PIK						07/2029						5,264						5,258						0.1						5,264
			GTY Technology Holdings, Inc.+(26)			One stop						SF +			6.63%			(i)						6.80%			cash/			4.13%			PIK						07/2029						3,441						3,415						0.1						3,441
			GTY Technology Holdings, Inc.+(26)			One stop						SF +			6.63%			(i)						6.82%			cash/			4.13%			PIK						07/2029						1,026						1,015						—						1,026
			GTY Technology Holdings, Inc.+(26)			One stop						SF +			6.63%			(i)						6.80%			cash/			4.13%			PIK						07/2029						630						628						—						630
			GTY Technology Holdings, Inc.+(26)			One stop						SF +			6.63%			(i)						6.76%			cash/			4.13%			PIK						07/2029						438						438						—						438
			GTY Technology Holdings, Inc.+			One stop						SF +			6.00%			(a)(i)						10.96%															07/2029						539						523						—						539
			Gurobi Optimization, LLC+			One stop						SF +			4.50%			(i)						8.80%															09/2031						50,565						50,117						1.3						50,565
			Gurobi Optimization, LLC+(5)			One stop						SF +			4.50%									N/A(6)															09/2031						—						(39)						—						—
			Hornet Security Holding GMBH+(8)(9)(19)			One stop						E +			4.75%			(d)						7.21%															02/2031						791						719						—						799
			Hornet Security Holding GMBH+(8)(9)(19)			One stop						E +			4.75%			(d)						7.21%															02/2031						527						479						—						533
			Hornet Security Holding GMBH+(8)(9)(19)			One stop						E +			4.75%			(b)						6.64%															08/2030						15						12						—						15
			Hornet Security Holding GMBH+(8)(9)(19)			One stop						E +			4.75%			(d)						6.80%															02/2031						110						105						—						112
			Hyland Software, Inc.*+			One stop						SF +			5.00%			(h)						9.33%															09/2030						46,886						47,601						1.2						46,886
			Hyland Software, Inc.+(5)			One stop						SF +			5.00%									N/A(6)															09/2029						—						(1)						—						—
			Icefall Parent, Inc.+			One stop						SF +			5.75%			(i)						10.03%															01/2030						1,407						1,400						—						1,407
			Icefall Parent, Inc.+(5)			One stop						SF +			5.75%									N/A(6)															01/2030						—						(1)						—						—
			ICIMS, Inc.*+(26)			One stop						SF +			5.75%			(i)						10.03%															08/2028						12,478						12,430						0.3						11,854
			ICIMS, Inc.+			One stop						SF +			5.75%			(i)						10.03%															08/2028						48						45						—						32
			IQN Holding Corp. *+(26)			One stop						SF +			5.75%			(i)						6.96%			cash/			3.13%			PIK						05/2029						22,712						22,760						0.6						22,598
			IQN Holding Corp. +			One stop						SF +			5.25%			(i)						9.58%															05/2028						164						164						—						164
			IQN Holding Corp. +(26)			One stop						SF +			5.75%			(i)						6.93%			cash/			3.13%			PIK						05/2029						4,014						3,974						0.1						3,994
			IQN Holding Corp. +(5)			One stop						SF +			5.75%									N/A(6)															05/2029						—						—						—						(6)
			Island Bidco AB+(8)(9)(17)(26)			One stop						E +			7.25%			(d)						2.04%			cash/			7.25%			PIK						07/2028						12,020						10,882						0.3						12,020
			Island Bidco AB+(8)(17)(26)			One stop						SF +			7.00%			(j)						7.67%			cash/			3.50%			PIK						07/2028						4,917						4,928						0.1						4,917
			Island Bidco AB+(8)(17)(26)			One stop						SF +			7.00%			(j)						7.67%			cash/			3.50%			PIK						07/2028						3,628						3,615						0.1						3,628
			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%			(j)						10.77%															07/2028						50						50						—						50
			LeadsOnline, LLC^+			One stop						SF +			4.50%			(i)						8.79%															02/2028						12,950						13,084						0.3						12,950
			LeadsOnline, LLC+			One stop						SF +			4.50%			(i)						8.79%															02/2028						2,286						2,308						0.1						2,286
			LeadsOnline, LLC+			One stop						SF +			4.50%			(i)						8.80%															02/2028						663						661						—						663
			LeadsOnline, LLC+(5)			One stop						SF +			4.50%									N/A(6)															02/2028						—						(1)						—						—
			Lighthouse Bidco GMBH+(8)(9)(19)			One stop						E +			5.00%			(c)						6.98%															12/2031						20,133						17,721						0.5						20,133
			Lighthouse Bidco GMBH+(5)(8)(9)(19)			One stop						E +			5.00%									N/A(6)															06/2031						—						(30)						—						—
			Lighthouse Bidco GMBH+(5)(8)(9)(19)			One stop						E +			5.00%									N/A(6)															12/2031						—						(100)						—						—
			LogicMonitor, Inc.+			One stop						SF +			5.50%			(i)						9.78%															11/2031						53,749						53,443						1.4						53,749
			LogicMonitor, Inc.+(5)			One stop						SF +			5.50%									N/A(6)															11/2031						—						(38)						—						—
			Matrix42 Holding GMBH+(8)(9)(19)			One stop						E +			6.25%			(d)						8.90%															12/2029						10,709						10,431						0.3						10,709
			Matrix42 Holding GMBH+(8)(9)(19)			One stop						E +			6.25%			(d)						8.90%															12/2029						1,622						1,485						—						1,622
			Matrix42 Holding GMBH+(8)(9)(19)			One stop						E +			6.25%			(d)						8.90%															12/2029						835						767						—						835
			Matrix42 Holding GMBH+(5)(8)(9)(19)			One stop						E +			6.25%									N/A(6)															06/2029						—						(1)						—						—
			Matrix42 Holding GMBH+(8)(19)			One stop						SF +			6.25%									N/A(6)															06/2029						—						—						—						—
			Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)			One stop						E +			5.25%			(c)						7.26%															11/2031						17,332						15,331						0.4						17,332
			Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)			One stop						SF +			5.25%			(i)						9.58%															11/2031						11,017						10,866						0.3						11,017
			Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)			One stop						E +			5.25%			(c)						7.26%															11/2031						140						91						—						140
			Metatiedot Bidco Oy & Metatiedot US, LLC+(5)(8)(9)(16)			One stop						E +			5.25%									N/A(6)															11/2030						—						(43)						—						—
			Mindbody, Inc.+			One stop						SF +			6.00%			(i)						10.43%															09/2027						61,966						61,872						1.6						61,966
			Mindbody, Inc.+			One stop						SF +			6.00%			(i)						10.43%															09/2027						2,134						2,129						0.1						2,134
			Mindbody, Inc.+			One stop						SF +			7.00%									N/A(6)															09/2027						—						—						—						—
			Ministry Brands Holdings LLC+			One stop						SF +			5.50%			(h)						9.93%															12/2028						30,831						30,737						0.8						30,214
			Ministry Brands Holdings LLC+			One stop						SF +			5.50%			(h)						9.93%															12/2028						2,900						2,904						0.1						2,843

See Notes to Consolidated Financial Statements.

34

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Ministry Brands Holdings LLC+			One stop						P +			4.50%			(a)						12.00%															12/2027						$	30					$	27					—			%			$	24
			MYOB Invest Co Pty Ltd+(8)(9)(11)			One stop						A +			5.50%			(e)						9.21%															06/2030						35,932						35,104						0.9						35,572
			Navex TopCo, Inc.+			One stop						SF +			5.25%			(h)						9.57%															11/2030						5,342						5,425						0.1						5,342
			Navex TopCo, Inc.+(5)			One stop						SF +			5.75%									N/A(6)															11/2028						—						(1)						—						—
			Naviga Inc.+(7)(26)			Senior secured						SF +			1.00%			(i)						5.40%			PIK												09/2026						185						121						—						67
			Onit, Inc.+			One stop						SF +			4.75%			(i)						9.03%															01/2032						5,415						5,365						0.1						5,415
			Onit, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															01/2032						—						(7)						—						—
			Onit, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															01/2032						—						(11)						—						—
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)			One stop						E +			5.75%			(c)						7.73%															11/2029						2,324						2,084						0.1						2,342
			Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)			One stop						E +			5.00%			(c)						6.98%															11/2029						348						285						—						348
			Panzura, LLC+(26)			One stop						N/A												4.00%			cash/			11.00%			PIK						08/2027						128						119						—						116
			Personify, Inc.+			One stop						SF +			4.75%			(i)						9.05%															09/2028						18,530						18,452						0.5						18,530
			Personify, Inc.*			One stop						SF +			4.75%			(i)						9.05%															09/2028						13,722						13,650						0.3						13,722
			Personify, Inc.*+			One stop						SF +			4.75%			(i)						9.05%															09/2028						9,727						9,672						0.2						9,727
			Personify, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															09/2028						—						(2)						—						—
			Pineapple German Bidco GMBH+(8)(19)(26)			One stop						SF +			5.25%			(i)						9.54%															01/2031						15,046						14,909						0.4						14,858
			Pineapple German Bidco GMBH+(8)(9)(19)(26)			One stop						E +			5.50%			(c)						7.44%															01/2031						5,321						4,545						0.1						5,088
			Pineapple German Bidco GMBH+(8)(9)(19)(26)			One stop						E +			5.25%			(c)						7.19%															01/2031						1,143						1,039						—						1,129
			Pineapple German Bidco GMBH+(8)(9)(19)(26)			One stop						E +			5.50%			(c)						7.44%															01/2031						354						318						—						350
			Pineapple German Bidco GMBH+(8)(19)(26)			One stop						SF +			5.25%			(i)						9.54%															01/2031						77						75						—						76
			Pineapple German Bidco GMBH+(8)(9)(19)(26)			One stop						E +			5.25%			(c)						7.19%															01/2031						78						71						—						78
			Pineapple German Bidco GMBH+(5)(8)(9)(19)			One stop						E +			5.25%									N/A(6)															01/2031						—						(58)						—						(125)
			PING Identity Holding Corp.+			One stop						SF +			4.75%			(i)						9.05%															10/2029						15,031						14,999						0.4						15,031
			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						6,541						6,343						0.2						6,475
			Pluralsight, LLC+(26)			One stop						SF +			4.50%			(i)						7.33%			cash/			1.50%			PIK						08/2029						4,019						3,921						0.1						3,979
			Pluralsight, LLC+(26)			One stop						SF +			4.50%			(i)						7.33%			cash/			1.50%			PIK						08/2029						2,010						2,010						0.1						1,990
			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)						10.80%															09/2028						6,014						6,023						0.2						6,014
			ProcessUnity Holdings, LLC+			One stop						SF +			6.75%			(i)						11.05%															09/2028						4,240						4,221						0.1						4,240
			ProcessUnity Holdings, LLC+			One stop						SF +			6.50%			(i)						10.80%															09/2028						2,864						2,846						0.1						2,864
			ProcessUnity Holdings, LLC+			One stop						SF +			6.50%			(i)						10.80%															09/2028						1,203						1,199						—						1,203
			ProcessUnity Holdings, LLC+			One stop						SF +			6.50%			(i)						10.80%															09/2028						64						63						—						64
			QAD, Inc.*+			One stop						SF +			4.75%			(h)						9.08%															11/2027						42,929						43,404						1.1						42,929
			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						7,350						7,294						0.2						7,350
			Quant Buyer, Inc.*+			One stop						SF +			5.25%			(i)						9.58%															06/2029						4,439						4,403						0.1						4,439
			Quant Buyer, Inc.*+			One stop						SF +			5.25%			(i)						9.58%															06/2029						4,327						4,313						0.1						4,327
			Quant Buyer, Inc.+			One stop						SF +			5.25%			(i)						9.58%															06/2029						170						167						—						170
			Quant Buyer, Inc.+(5)			One stop						SF +			5.25%									N/A(6)															06/2029						—						(45)						—						—
			Rainforest Bidco Limited+(8)(9)(10)(26)			One stop						SN +			6.05%			(f)						7.72%			cash/			2.55%			PIK						07/2029						21,718						19,446						0.6						21,610
			Rainforest Bidco Limited+(8)(10)(26)			One stop						SF +			6.05%			(g)						7.79%			cash/			2.55%			PIK						07/2029						3,739						3,717						0.1						3,720
			Rainforest Bidco Limited+(8)(9)(10)(26)			One stop						SN +			6.80%			(f)						8.22%			cash/			2.80%			PIK						07/2029						2,269						1,993						0.1						2,269
			Rainforest Bidco Limited+(8)(9)(10)(26)			One stop						SN +			6.05%			(f)						7.72%			cash/			2.55%			PIK						07/2029						1,596						1,419						—						1,588
			Rainforest Bidco Limited+(8)(10)			One stop						SF +			4.00%			(g)						8.29%															07/2029						999						999						—						999
			Riskonnect Parent, LLC*+			One stop						SF +			5.00%			(j)						9.22%															12/2028						45,285						45,695						1.1						44,832
			Riskonnect Parent, LLC+			One stop						SF +			5.00%			(j)						9.22%															12/2028						2,125						2,140						0.1						2,103
			Riskonnect Parent, LLC+			One stop						SF +			5.00%			(j)						9.22%															12/2028						817						810						—						809

See Notes to Consolidated Financial Statements.

35

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Riskonnect Parent, LLC+			One stop						SF +			5.00%			(j)						9.22%															12/2028						$	575					$	567					—			%			$	569
			Riskonnect Parent, LLC+			One stop						SF +			5.00%			(i)						9.32%															12/2028						77						73						—						68
			Riskonnect Parent, LLC+(5)			One stop						SF +			5.00%									N/A(6)															12/2028						—						(8)						—						(10)
			Rodeo Buyer Company & Absorb Software Inc.+(8)(12)			One stop						SF +			6.25%			(i)						10.55%															05/2027						13,056						12,980						0.3						13,056
			Rodeo Buyer Company & Absorb Software Inc.^+(8)(12)			One stop						SF +			6.25%			(i)						10.70%															05/2027						7,616						7,607						0.2						7,616
			Rodeo Buyer Company & Absorb Software Inc.+(8)(12)			One stop						SF +			6.25%									N/A(6)															05/2027						—						—						—						—
			Rodeo Buyer Company & Absorb Software Inc.+(8)(12)			One stop						SF +			6.25%			(i)						10.55%															05/2027						2,000						1,990						0.1						2,000
			Sapphire Bidco Oy+(8)(9)(16)			One stop						E +			5.25%			(c)						7.53%															07/2029						53,853						47,198						1.4						53,853
			Sapphire Bidco Oy+(8)(9)(16)			One stop						E +			5.50%			(c)						7.76%															07/2029						4,401						3,981						0.1						4,401
			Sapphire Bidco Oy+(8)(9)(16)			One stop						E +			5.50%			(c)						7.82%															07/2029						1,622						1,491						—						1,626
			Sonatype, Inc.^+			One stop						SF +			5.50%			(h)						9.81%															01/2028						69,460						69,570						1.8						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)						10.83%			cash/			1.00%			PIK						06/2027						44,819						44,671						1.1						44,370
			Spartan Buyer Acquisition Co.+(26)			One stop						SF +			7.50%			(i)						10.83%			cash/			1.00%			PIK						06/2027						2,851						2,825						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)						10.18%															12/2026						21,019						21,168						0.5						21,019
			Telesoft Holdings LLC+			One stop						SF +			6.25%			(h)						10.68%															12/2026						1,421						1,428						—						1,421
			Telesoft Holdings LLC+			One stop						SF +			5.75%			(h)						10.18%															12/2026						74						73						—						74
			Templafy APS and Templafy, LLC+(8)(18)			One stop						SF +			6.00%			(h)						10.43%															07/2028						4,800						4,783						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%			(h)						8.90%			cash/			1.00%			PIK						06/2027						4,213						4,208						0.1						3,244
			TI Intermediate Holdings, LLC+(26)			Senior secured						SF +			5.50%			(h)						8.90%			cash/			1.00%			PIK						06/2027						1,117						1,117						—						861
			TI Intermediate Holdings, LLC+(26)			Senior secured						SF +			5.50%			(h)						8.90%			cash/			1.00%			PIK						06/2027						701						701						—						540
			TI Intermediate Holdings, LLC+(26)			Senior secured						SF +			5.50%			(h)						8.90%			cash/			1.00%			PIK						06/2027						526						526						—						405
			TI Intermediate Holdings, LLC+(26)			Senior secured						SF +			5.50%			(i)						8.90%			cash/			1.00%			PIK						06/2027						193						193						—						149
			TI Intermediate Holdings, LLC+(26)			Senior secured						SF +			5.50%			(i)						8.90%			cash/			1.00%			PIK						06/2027						91						91						—						69
			Togetherwork Holdings, LLC*+			One stop						SF +			5.00%			(h)						9.33%															05/2031						27,763						27,721						0.7						27,485
			Togetherwork Holdings, LLC+			One stop						SF +			5.00%			(h)						9.33%															05/2031						696						666						—						649
			Togetherwork Holdings, LLC+(5)			One stop						SF +			5.00%									N/A(6)															05/2031						—						(15)						—						(24)
			Transform Bidco Limited+(8)(10)			One stop						SF +			6.50%			(i)						10.76%															01/2031						5,405						5,478						0.1						5,405
			Transform Bidco Limited+(8)(10)			One stop						SF +			6.50%			(i)						10.76%															01/2031						4,308						4,227						0.1						4,308
			Transform Bidco Limited+(8)(9)(10)			One stop						A +			6.25%			(e)						10.01%															01/2031						4,010						3,938						0.1						4,010
			Transform Bidco Limited+(8)(9)(10)			One stop						SN +			6.25%			(f)						10.47%															01/2031						653						602						—						653
			Transform Bidco Limited+(5)(8)(10)			One stop						SF +			7.00%									N/A(6)															06/2030						—						(2)						—						—
			Transform Bidco Limited+(5)(8)(10)			One stop						SF +			7.00%									N/A(6)															01/2031						—						(76)						—						—
			Transform Bidco Limited+(5)(8)(10)			One stop						SF +			6.50%									N/A(6)															01/2031						—						(35)						—						—
			Tricentis Operations Holdings, Inc.+(26)			One stop						SF +			6.25%			(i)						5.68%			cash/			4.88%			PIK						02/2032						7,646						7,610						0.2						7,646
			Tricentis Operations Holdings, Inc.+(5)			One stop						SF +			5.50%									N/A(6)															02/2032						—						(4)						—						—
			Tricentis Operations Holdings, Inc.+(5)			One stop						SF +			5.50%									N/A(6)															02/2032						—						(7)						—						—
			Vantage Bidco GMBH+(8)(9)(19)(26)			One stop						E +			6.25%			(c)						8.23%															04/2031						9,261						8,392						0.2						9,261
			Vantage Bidco GMBH+(5)(8)(9)(19)			One stop						E +			6.25%									N/A(6)															10/2030						—						(12)						—						—
			Varinem German Midco GMBH+(8)(9)(19)			One stop						E +			5.25%			(d)						7.84%															07/2031						7,800						7,159						0.2						7,820
			Varinem German Midco GMBH+(8)(9)(19)			One stop						E +			5.00%			(c)						7.35%															07/2031						4,159						3,834						0.1						4,159
			Vendavo, Inc.+			One stop						SF +			5.75%			(i)						10.17%															09/2027						27,165						26,736						0.6						24,720
			Vendavo, Inc.+			One stop						SF +			5.75%			(a)(i)						10.29%															09/2027						2,055						2,038						0.1						1,831
			Vendavo, Inc.+			One stop						SF +			5.75%			(i)						10.17%															09/2027						990						987						—						901
			Viper Bidco, Inc.+			One stop						SF +			5.00%			(i)						9.30%															11/2031						37,986						37,812						1.0						37,986
			Viper Bidco, Inc.+(8)(9)			One stop						SN +			5.00%			(f)						9.22%															11/2031						19,099						17,431						0.5						19,099
			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						—						(22)						—						—
			WebPT, Inc.+			One stop						SF +			6.25%			(i)						10.68%															01/2028						929						921						—						873

See Notes to Consolidated Financial Statements.

36

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Zendesk, Inc.^+			One stop						SF +			5.00%			(i)						9.32%															11/2028						$	28,438					$	28,349					0.7			%			$	28,438
			Zendesk, Inc.+			One stop						SF +			5.00%			(i)						9.32%															11/2028						2,185						2,168						0.1						2,185
			Zendesk, Inc.+			One stop						SF +			5.00%									N/A(6)															11/2028						—						—						—						—
																																													2,197,226						2,167,988						54.8						2,185,860

			Specialty Retail
			Ave Holdings III, Corp*+			One stop						SF +			5.50%			(j)						9.97%															02/2028						23,240						23,050						0.6						22,775
			Ave Holdings III, Corp+			One stop						SF +			5.50%			(j)						9.97%															02/2028						6,061						6,149						0.2						5,940
			Ave Holdings III, Corp+			One stop						SF +			5.50%			(j)						9.97%															02/2028						796						796						—						780
			Ave Holdings III, Corp+(5)			One stop						SF +			5.50%									N/A(6)															02/2028						—						(1)						—						(6)
			Biscuit Parent, LLC*+			One stop						SF +			4.75%			(i)						9.05%															02/2031						20,055						19,887						0.5						20,055
			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						—						(42)						—						—
			Cavender Stores L.P.*			Senior secured						SF +			5.00%			(i)						9.30%															10/2029						5,418						5,382						0.2						5,418
			Consilio Midco Limited+(8)(9)(10)			Senior secured						E +			4.75%			(c)						6.73%															04/2032						13,180						12,657						0.3						13,114
			Consilio Midco Limited+(8)(10)			Senior secured						SF +			4.75%			(i)						9.05%															04/2032						10,689						10,637						0.3						10,636
			Consilio Midco Limited+(8)(10)			Senior secured						SF +			4.75%			(i)						9.05%															04/2032						6,589						6,557						0.2						6,555
			Consilio Midco Limited+(5)(8)(10)			Senior secured						SF +			4.75%									N/A(6)															04/2032						—						—						—						(19)
			Consilio Midco Limited+(5)(8)(10)			Senior secured						SF +			4.75%									N/A(6)															04/2032						—						—						—						(12)
			Consilio Midco Limited+(8)(9)(10)			Subordinated debt						E +			7.50%			(d)						9.71%															04/2033						1,350						1,294						—						1,340
			Consilio Midco Limited+(8)(10)			Subordinated debt						SF +			7.50%			(j)						11.64%															04/2033						1,681						1,669						—						1,669
			Consilio Midco Limited+(5)(8)(10)			Subordinated debt						SF +			4.75%									N/A(6)															04/2033						—						—						—						(6)
			CVP Holdco, Inc.+			One stop						SF +			4.75%			(h)						9.08%															06/2031						13,529						13,413						0.3						13,529
			CVP Holdco, Inc.+			One stop						SF +			4.75%			(h)						9.07%															06/2031						736						721						—						736
			CVP Holdco, Inc.+(5)			One stop						SF +			4.75%									N/A(6)															06/2030						—						(12)						—						—
			Cycle Gear, Inc.+			One stop						SF +			6.75%			(h)						11.18%															04/2026						46,304						45,825						1.2						46,304
			Metal Supermarkets US Buyer, LLC+(8)(12)			One stop						SF +			4.75%			(j)						8.97%															12/2030						11,544						11,492						0.3						11,544
			Metal Supermarkets US Buyer, LLC+(5)(8)(12)			One stop						SF +			4.75%									N/A(6)															12/2030						—						(6)						—						—
			PetVet Care Centers LLC*+			One stop						SF +			6.00%			(h)						10.33%															11/2030						4,704						4,739						0.1						4,421
			PetVet Care Centers LLC+(5)			One stop						SF +			6.00%									N/A(6)															11/2029						—						(2)						—						(6)
			PetVet Care Centers LLC+(5)			One stop						SF +			6.00%									N/A(6)															11/2030						—						(6)						—						—
			Radiance Borrower, LLC+(26)			One stop						SF +			5.75%			(h)						7.33%			cash/			2.75%			PIK						06/2031						21,850						21,713						0.6						21,850
			Radiance Borrower, LLC+			One stop						SF +			5.25%			(h)						9.58%															06/2031						205						190						—						205
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						5,216						5,221						0.1						5,242
			Salon Lofts Group, LLC+(26)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						3,364						3,338						0.1						3,390
			Salon Lofts Group, LLC+(26)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						1,785						1,771						0.1						1,799
			Salon Lofts Group, LLC+(26)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						1,492						1,481						—						1,511
			Salon Lofts Group, LLC+(26)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						872						852						—						879
			Salon Lofts Group, LLC+(26)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						650						644						—						655
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						536						534						—						539
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						498						494						—						500
			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						341						340						—						342
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						383						377						—						383
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						270						269						—						271
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						249						248						—						249
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						168						168						—						169
			Salon Lofts Group, LLC+(26)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						165						164						—						167
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						154						153						—						155
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						112						111						—						113

See Notes to Consolidated Financial Statements.

37

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						$	104					$	104					—			%			$	105
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						85						84						—						86
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						79						78						—						79
			Salon Lofts Group, LLC+			Senior secured						SF +			5.75%			(i)						10.05%															08/2028						636						632						—						639
			Salon Lofts Group, LLC+(5)(26)			Second lien						SF +			9.00%									N/A(6)															09/2029						—						(17)						—						26
			Salon Lofts Group, LLC+(5)			Senior secured						SF +			5.25%									N/A(6)															08/2028						—						(23)						—						—
			Salon Lofts Group, LLC+(26)			Second lien						SF +			9.00%			(i)						13.30%			PIK												09/2029						663						658						—						670
			Salon Lofts Group, LLC+			Senior secured						SF +			5.25%			(i)						9.55%															08/2028						2,233						2,224						0.1						2,233
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^*+(8)(12)			One stop						SF +			5.25%			(i)						9.55%															12/2029						30,918						30,679						0.8						30,610
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(9)(12)			One stop						CA +			5.25%			(l)						7.93%															12/2029						7,930						7,878						0.2						7,851
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(12)			One stop						SF +			5.25%			(i)						9.55%															12/2029						1,231						1,158						—						1,186
			Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(12)			One stop						SF +			5.25%			(i)						9.55%															12/2028						331						326						—						325
			Titan Fitness, LLC+(26)			One stop						SF +			7.25%			(i)						5.45%			cash/			6.25%			PIK						10/2026						40,880						40,172						0.8						31,477
			Titan Fitness, LLC+(26)			One stop						SF +			7.25%			(i)						5.45%			cash/			6.25%			PIK						10/2026						2,965						2,887						0.1						2,283
			Titan Fitness, LLC+(26)			One stop						SF +			7.25%			(i)						5.45%			cash/			6.25%			PIK						10/2026						510						486						—						318
			Titan Fitness, LLC+(26)			One stop						SF +			2.50%			(i)						6.95%															10/2026						12						2						—						12
			Vermont Aus Pty Ltd+(8)(9)(11)			One stop						A +			5.75%			(e)						9.40%															03/2028						8,939						9,901						0.2						8,939
			Vermont Aus Pty Ltd+(8)(9)(11)			One stop						A +			5.75%			(e)						9.41%															03/2028						8,746						9,190						0.2						8,746
			VSG Acquisition Corp. and Sherrill, Inc.*+			One stop						SF +			5.50%			(i)						10.09%															04/2028						12,020						11,827						0.3						12,020
			VSG Acquisition Corp. and Sherrill, Inc.+			One stop						SF +			5.50%			(i)						10.09%															04/2028						2,079						2,054						0.1						2,079
			VSG Acquisition Corp. and Sherrill, Inc.+			One stop						SF +			5.50%			(i)						10.09%															04/2028						1,606						1,552						—						1,606
			VSG Acquisition Corp. and Sherrill, Inc.+			One stop						SF +			5.50%			(i)						10.09%															04/2028						38						32						—						38
																																													326,540						324,497						7.9						314,865

See Notes to Consolidated Financial Statements.

38

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Textiles, Apparel & Luxury Goods
			Dollfus Mieg Company, Inc.+(8)(10)			One stop						SF +			6.00%			(j)						10.45%															03/2028						$	2,347					$	2,328					0.1			%			$	2,112
			Dollfus Mieg Company, Inc.+(8)(10)			One stop						SF +			6.00%			(j)						10.45%															03/2028						1,170						1,160						—						1,052
			Dollfus Mieg Company, Inc.+(8)(10)			One stop						SF +			6.00%			(j)						10.45%															03/2028						1,027						1,020						—						925
			Elite Sportswear, L.P.+(26)			Senior secured						SF +			7.50%			(i)						10.81%			cash/			1.25%			PIK						09/2025						9,943						9,935						0.3						9,943
			Elite Sportswear, L.P.+(26)			Senior secured						SF +			7.50%			(i)						10.81%			cash/			1.25%			PIK						09/2025						3,996						3,991						0.1						3,996
			Elite Sportswear, L.P.+(26)			Senior secured						SF +			7.50%			(i)						10.81%			cash/			1.25%			PIK						09/2025						2,057						2,054						0.1						2,057
			Elite Sportswear, L.P.+(26)			Senior secured						SF +			7.50%			(i)						10.81%			cash/			1.25%			PIK						09/2025						683						682						—						683
			Elite Sportswear, L.P.+(26)			Senior secured						SF +			7.50%			(i)						10.81%			cash/			1.25%			PIK						09/2025						312						312						—						312
			Elite Sportswear, L.P.+(26)			Senior secured						SF +			7.50%			(i)						10.81%			cash/			1.25%			PIK						09/2025						299						298						—						299
			Elite Sportswear, L.P.+(26)			Senior secured						SF +			7.50%			(i)						10.82%			cash/			1.25%			PIK						09/2025						1,086						1,085						—						1,086
			Elite Sportswear, L.P.+(26)			Senior secured						SF +			7.50%			(i)						10.82%			cash/			1.25%			PIK						09/2025						37						37						—						37
			Georgica Pine Clothiers, LLC+			One stop						SF +			5.50%			(i)						9.95%															11/2026						9,131						9,086						0.2						9,154
			Georgica Pine Clothiers, LLC+			One stop						SF +			5.50%			(i)						9.95%															11/2026						6,326						6,294						0.2						6,342
			Georgica Pine Clothiers, LLC+			One stop						SF +			5.50%			(i)						9.95%															11/2026						979						974						—						982
			Georgica Pine Clothiers, LLC+			One stop						SF +			5.50%			(i)						9.95%															11/2026						880						875						—						882
			Georgica Pine Clothiers, LLC+			One stop						SF +			5.50%			(i)						9.95%															11/2026						617						614						—						619
			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						1,292						1,292						—						1,292
			Shoes For Crews Global, LLC+(26)			Senior secured						SF +			7.00%			(h)						6.44%			cash/			5.00%			PIK						07/2029						747						725						—						747
			Shoes For Crews Global, LLC+			Senior secured						SF +			6.50%			(h)						10.94%															07/2029						418						418						—						418
			Shoes For Crews Global, LLC+(5)			Senior secured						SF +			6.50%									N/A(6)															07/2029						—						(29)						—						—
																																													43,349						43,151						1.0						42,940
			Trading Companies & Distributors
			Marcone Yellowstone Buyer Inc.+(26)			One stop						SF +			7.00%			(i)						8.19%			cash/			3.25%			PIK						06/2028						20,406						20,190						0.5						18,672
			Marcone Yellowstone Buyer Inc.+(26)			One stop						SF +			7.00%			(i)						8.19%			cash/			3.25%			PIK						06/2028						21,167						20,780						0.5						19,367
			Marcone Yellowstone Buyer Inc.+(26)			One stop						SF +			7.25%			(i)						8.44%			cash/			3.25%			PIK						06/2028						6,283						6,146						0.2						5,780
			Marcone Yellowstone Buyer Inc.+(26)			One stop						SF +			7.00%			(i)						8.19%			cash/			3.25%			PIK						06/2028						2,590						2,497						—						2,370
			Marcone Yellowstone Buyer Inc.+(26)			One stop						SF +			7.00%			(i)						8.19%			cash/			3.25%			PIK						06/2028						6,780						6,513						0.2						6,204
																																													57,226						56,126						1.4						52,393
			Transportation Infrastructure
			LDS Intermediate Holdings, LLC+			One stop						SF +			5.00%			(h)						9.33%															02/2032						7,427						7,383						0.2						7,427
			LDS Intermediate Holdings, LLC+(5)			One stop						SF +			5.00%									N/A(6)															02/2032						—						(7)						—						—
			LDS Intermediate Holdings, LLC+(5)			One stop						SF +			5.00%									N/A(6)															02/2032						—						(9)						—						—
																																													7,427						7,367						0.2						7,427
			Water Utilities
			S.J. Electro Systems, LLC*			Senior secured						SF +			4.75%			(i)						9.18%															06/2027						24,287						24,157						0.6						24,165
			S.J. Electro Systems, LLC*+			Senior secured						SF +			4.75%			(i)						9.18%															06/2027						18,630						18,593						0.4						18,538
			S.J. Electro Systems, LLC+			Senior secured						SF +			4.75%			(i)						9.18%															06/2027						1,176						1,168						—						1,169
			S.J. Electro Systems, LLC+(5)			Senior secured						SF +			4.75%									N/A(6)															06/2027						—						(45)						—						(43)
			S.J. Electro Systems, LLC+(5)			Senior secured						SF +			4.75%									N/A(6)															06/2027						—						(5)						—						(5)
			Vessco Midco Holdings, LLC*			One stop						SF +			4.75%			(h)(j)						9.05%															07/2031						22,500						22,305						0.6						22,500
			Vessco Midco Holdings, LLC+			One stop						SF +			4.75%			(h)(j)						9.04%															07/2031						2,925						2,893						0.1						2,925
			Vessco Midco Holdings, LLC+(5)			One stop						SF +			4.75%									N/A(6)															07/2031						—						(22)						—						—
																																													69,518						69,044						1.7						69,249
			Total non-controlled/non-affiliate company debt investments																																										8,310,587						8,214,993						205.3						8,202,321

See Notes to Consolidated Financial Statements.

39

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Equity investments (23)(24)
			Aerospace & Defense
			PPW Aero Buyer, Inc.+			LP units						N/A												N/A															02/2023						N/A						93						$	948					—			%			$	606
			Tronair Parent, Inc.+			LLC units						N/A												N/A															07/2021						N/A						—						40						—						84
																																																									988						—						690
			Air Freight & Logistics
			RJW Group Holdings, Inc.+			LP units						N/A												N/A															11/2024						N/A						4,370						4,370						0.1						4,716
			Auto Components
			Arnott, LLC+			LP units						N/A												N/A															12/2024						N/A						—						350						—						355
			Polk Acquisition Corp.+			LP interest						N/A												N/A															06/2016						N/A						5						314						—						25
																																																									664						—						380
			Automobiles
			CAP-KSI Holdings, LLC+			Preferred stock						N/A												N/A															06/2024						N/A						645						645						—						702
			CAP-KSI Holdings, LLC+			LP units						N/A												N/A															06/2024						N/A						645						—						—						125
			CG Group Holdings, LLC+			LP units						N/A												N/A															07/2021						N/A						1						983						—						883
			Go Car Wash Parent, Corp.+(25)			Preferred stock						N/A												17.00%			Non-Cash												04/2022						N/A						—						3,634						0.1						3,534
			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						—						339
			MOP GM Holding, LLC+			Preferred stock						N/A												N/A															06/2024						N/A						—						51						—						60
			National Express Wash Parent Holdco, LLC+			LP units						N/A												N/A															07/2022						N/A						1						103						—						176
			POY Holdings, LLC+			LLC units						N/A												N/A															11/2022						N/A						446						820						—						635
			Quick Quack Car Wash Holdings, LLC+			LP units						N/A												N/A															06/2024						N/A						1,085						1,085						0.1						1,363
			Quick Quack Car Wash Holdings, LLC+			LLC units						N/A												N/A															06/2024						N/A						215						215						—						259
			Yorkshire Parent, Inc.+			LP units						N/A												N/A															12/2023						N/A						—						544						—						577
																																																									9,132						0.2						8,653
			Beverages
			Spindrift Beverage Co. Inc.+			LP units						N/A												N/A															02/2025						N/A						2						2,039						0.1						2,231
			Biotechnology
			Cobepa BlueSky Aggregator, SCSp+(25)			LP units						N/A												N/A															10/2023						N/A						4						40						—						43
			Cobepa BlueSky Aggregator, SCSp+(25)			Preferred stock						N/A												15.00%			Non-Cash												04/2024						N/A						5						59						—						57
			Cobepa BlueSky Aggregator, SCSp+			LP interest						N/A												N/A															12/2021						N/A						219						1,899						—						67
																																																									1,998						—						167
			Building Products
			BECO Holding Company, Inc.+(25)			Preferred stock						N/A												11.75%			Non-Cash												11/2021						N/A						132						19,666						0.5						20,001
			BECO Holding Company, Inc.+			LP interest						N/A												N/A															11/2021						N/A						10						1,218						—						928
																																																									20,884						0.5						20,929
			Chemicals
			Inhance Technologies Holdings, LLC+			Preferred stock						N/A												N/A															12/2021						N/A						12						7,284						—						195

See Notes to Consolidated Financial Statements.

40

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Inhance Technologies Holdings, LLC+			LLC units						N/A												N/A															07/2018						N/A						—						$	124					—			%			$	—
																																																									7,408						—						195
			Commercial Services & Supplies
			CI (Quercus) Intermediate Holdings, LLC+			LP interest						N/A												N/A															10/2021						N/A						773						836						—						962
			CHA Vision Holdings, Inc.+			LP units						N/A												N/A															01/2024						N/A						—						461						—						544
			North Haven Stack Buyer, LLC			LLC units						N/A												N/A															07/2021						N/A						516						637						—						1,232
			PT Intermediate Holdings III, LLC+			LLC units						N/A												N/A															12/2021						N/A						16						1,787						0.1						1,841
			Radwell Parent, LLC+			LP units						N/A												N/A															03/2022						N/A						4						477						—						415
																																																									4,198						0.1						4,994
			Containers & Packaging
			Chase Intermediate+			LP units						N/A												N/A															04/2022						N/A						217						209						—						401
			Diversified Consumer Services
			CHHJ Midco, LLC+(25)			LLC units						N/A												N/A															01/2021						N/A						27						311						—						456
			CHVAC Services Investment, LLC+			Common stock						N/A												N/A															05/2024						N/A						105						267						—						439
			DP Flores Holdings, LLC+			LLC units						N/A												N/A															09/2022						N/A						106						98						—						169
			EMS LINQ, LLC+			LP interest						N/A												N/A															12/2021						N/A						761						758						—						394
			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						—						634
			Liminex, Inc.+			Common stock						N/A												N/A															11/2020						N/A						17						633						—						486
			NSG Buyer, Inc. +(8)			LP units						N/A												N/A															11/2022						N/A						3						2,992						0.1						3,892
			PADI Holdco, Inc.+(25)			LLC interest						N/A												N/A															07/2017						N/A						1						945						0.1						1,398
			Project Alpha Intermediate Holdings, Inc.+			LP units						N/A												N/A															05/2025						N/A						327						1,359						—						1,359
			Virginia Green Acquisition, LLC+			LP units						N/A												N/A															12/2023						N/A						397						407						—						446
																																																									8,514						0.2						9,673
			Electric Utilities
			Smart Energy Systems, Inc.+			Warrant						N/A												N/A															01/2025						N/A						18						96						—						375
			Electrical Equipment
			Wildcat TopCo, Inc.+			LP units						N/A												N/A															12/2024						N/A						503						503						—						563
			Electronic Equipment, Instruments & Components
			Inventus Power, Inc.+			Preferred stock						N/A												N/A															03/2014						N/A						—						372						—						56
			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						—						393

See Notes to Consolidated Financial Statements.

41

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair 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						—						1,370
			PDI TA Holdings, Inc.+			Preferred stock						N/A												N/A															02/2023						N/A						135						4,613						0.2						6,305
			Ruby Slipper Cafe LLC, The+			LLC units						N/A												N/A															06/2024						N/A						3						47						—						52
			Ruby Slipper Cafe LLC, The+			LLC interest						N/A												N/A															01/2018						N/A						38						423						—						112
			Ruby Slipper Cafe LLC, The+			LLC interest						N/A												N/A															08/2020						N/A						2						28						—						52
																																																									6,430						0.2						8,222
			Food Products
			Borrower R365 Holdings, LLC+			Preferred stock						N/A												N/A															06/2021						N/A						107						195						—						288
			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						0.1						1,806
			Louisiana Fish Fry Products, Ltd.+			Common stock						N/A												N/A															07/2021						N/A						—						599						—						253
			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						—						41
			P&P Food Safety Holdings, Inc.+			Common stock						N/A												N/A															12/2020						N/A						5						434						—						342
			Purfoods, LLC+			LLC interest						N/A												N/A															05/2016						N/A						—						945						0.1						5,513
			Zullas, L.C.+			LP units						N/A												N/A															06/2025						N/A						—						250						—						250
																																																									3,142						0.2						8,633
			Healthcare Equipment & Supplies
			Aspen Medical Products, LLC+			LP interest						N/A												N/A															06/2019						N/A						—						98						—						96
			Blue River Pet Care, LLC+			Common stock						N/A												N/A															08/2019						N/A						—						734						—						778
			CCSL Holdings, LLC+(8)			LP interest						N/A												N/A															12/2020						N/A						—						499						—						577
			CMI Parent Inc.+			Common stock						N/A												N/A															08/2019						N/A						—						557						—						664
			CMI Parent Inc.+			Common stock						N/A												N/A															08/2019						N/A						8						483						—						909
			JHC Investment Intermediate Holdings, LLC+			LLC units						N/A												N/A															03/2024						N/A						5,293						—						0.1						1,516
																																																									2,371						0.1						4,540

See Notes to Consolidated Financial Statements.

42

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Providers & Services
			Active Day, Inc.+			LLC interest						N/A												N/A															12/2015						N/A						2						$	1,099					0.1			%			$	2,049
			Acuity Eyecare Holdings, LLC+			LLC interest						N/A												N/A															03/2017						N/A						1,632						2,235						0.2						5,335
			Acuity Eyecare Holdings, LLC+			LLC units						N/A												N/A															05/2021						N/A						889						1,023						0.1						3,421
			ADCS Clinics Intermediate Holdings, LLC+			Preferred stock						N/A												N/A															05/2016						N/A						2						1,119						0.1						1,170
			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						—						853
			DCA Investment Holding, LLC(7)(25)			Preferred stock						N/A												8.00%			Non-Cash												12/2022						N/A						1,142						659						—						100
			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						—						—
			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						—						85
			ERC Topco Holdings, LLC+			LLC units						N/A												N/A															03/2025						N/A						3						4,841						0.1						4,650
			Krueger-Gilbert Health Physics, LLC+			Common stock						N/A												N/A															05/2019						N/A						239						324						—						636
			MWD Management, LLC & MWD Services, Inc.+			LLC interest						N/A												N/A															06/2017						N/A						412						335						—						624
			New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)			Common stock						N/A												N/A															05/2021						N/A						—						409						—						446
			Pinnacle Treatment Centers, Inc.+			LLC interest						N/A												N/A															08/2016						N/A						—						528						—						859
			Pinnacle Treatment Centers, Inc.+			LLC interest						N/A												N/A															08/2016						N/A						4						74						—						—
			Pyramid Healthcare Acquisition Corp.+			Common stock						N/A												N/A															05/2021						N/A						257						310						—						392
			Radiology Partners, Inc.+			LLC units						N/A												N/A															02/2018						N/A						11						68						—						91
			Radiology Partners, Inc.+			LLC interest						N/A												N/A															09/2014						N/A						43						55						—						360
			Sage Dental Management, LLC+			LLC units						N/A												N/A															10/2012						N/A						—						249						—						486
			Sage Dental Management, LLC+			LLC units						N/A												N/A															10/2012						N/A						3						3						—						—
			Southern Veterinary Partners, LLC+(25)			Preferred stock						N/A												10.00%			Non-Cash												12/2024						N/A						5						1,247						0.1						5,194
			Southern Veterinary Partners, LLC+(25)			Preferred stock						N/A												10.00%			Non-Cash												12/2024						N/A						—						254						—						432
			Southern Veterinary Partners, LLC+			LLC units						N/A												N/A															12/2024						N/A						52						81						—						268
			Southern Veterinary Partners, LLC+			LLC units						N/A												N/A															12/2024						N/A						4						15						—						22
			Southern Veterinary Partners, LLC+(25)			Preferred stock						N/A												10.00%			Non-Cash												12/2024						N/A						—						12						—						51
			Southern Veterinary Partners, LLC+(25)			Preferred stock						N/A												10.00%			Non-Cash												12/2024						N/A						—						3						—						4
			Southern Veterinary Partners, LLC+			LLC units						N/A												N/A															12/2024						N/A						1						—						—						3
			Southern Veterinary Partners, LLC+			LLC units						N/A												N/A															12/2024						N/A						—						—						—						—
			Suveto Buyer, LLC+			Common stock						N/A												N/A															11/2021						N/A						8						727						—						523
																																																									17,422						0.7						28,188

See Notes to Consolidated Financial Statements.

43

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Technology
			Amberfield Acquisition Co.+			LLC units						N/A												N/A															05/2024						N/A						446						$	449					—			%			$	452
			Connexin Software, Inc.+			LLC interest						N/A												N/A															02/2018						N/A						180						228						—						325
			Connexin Software, Inc.+			LLC units						N/A												N/A															02/2024						N/A						12						16						—						26
			HSI Halo Acquisition, Inc.+(25)			Preferred stock						N/A												10.00%			Non-Cash												10/2019						N/A						—						121						—						251
			HSI Halo Acquisition, Inc.+			LP interest						N/A												N/A															10/2019						N/A						—						14						—						98
			Modernizing Medicine, Inc.+(25)			Preferred stock						N/A												13.00%			Non-Cash												04/2025						N/A						5						4,534						0.1						4,432
			Symplr Software, Inc.+(25)			Preferred stock						N/A												11.00%			Non-Cash												10/2021						N/A						15						20,715						0.5						20,457
			Symplr Software, Inc.+(25)			Preferred stock						SF +			10.50%			(i)						14.80%			Non-Cash												11/2018						N/A						3						6,309						0.2						7,365
			Symplr Software, Inc.+(25)			Preferred stock						N/A												11.00%			Non-Cash												12/2020						N/A						2						2,609						0.1						2,715
			Symplr Software, Inc.+(25)			Preferred stock						N/A												11.00%			Non-Cash												06/2021						N/A						1						1,571						0.1						1,588
			Symplr Software, Inc.+			LLC units						N/A												N/A															09/2021						N/A						—						161						—						138
			Symplr Software, Inc.+			Common stock						N/A												N/A															11/2018						N/A						219						237						—						789
			Tebra Technologies, Inc.+			LLC interest						N/A												N/A															07/2022						N/A						348						2,824						0.1						4,631
			Tebra Technologies, Inc.+			Warrant						N/A												N/A															03/2019						N/A						169						871						—						675
			Tebra Technologies, Inc.+			Warrant						N/A												N/A															06/2017						N/A						53						162						—						6
			Tebra Technologies, Inc.+			Preferred stock						N/A												N/A															09/2018						N/A						1						8						—						13
																																																									40,829						1.1						43,961
			Hotels, Restaurants & Leisure
			Cafe Rio Holding, Inc.+			Common stock						N/A												N/A															09/2017						N/A						5						603						—						602
			Freddy's Frozen Custard LLC+			LP interest						N/A												N/A															03/2021						N/A						287						384						—						838
			Harri US LLC+			LLC units						N/A												N/A															02/2022						N/A						119						892						—						702
			Harri US LLC+			Preferred stock						N/A												N/A															10/2021						N/A						102						649						—						586
			Harri US LLC+			Warrant						N/A												N/A															10/2021						N/A						34						171						—						195
			Harri US LLC+			Preferred stock						N/A												N/A															10/2023						N/A						96						1,141						0.1						1,407
			Harri US LLC+			Warrant						N/A												N/A															03/2024						N/A						9						69						—						137
			Harri US LLC+			Warrant						N/A												N/A															02/2025						N/A						10						—						—						—
			Harri US LLC+			Warrant						N/A												N/A															06/2025						N/A						9						107						—						120
			LMP TR Holdings, LLC			LLC units						N/A												N/A															05/2013						N/A						712						712						—						622
			PB Group Holdings, LLC+			LP units						N/A												N/A															08/2024						N/A						383						886						0.1						1,054
			Rooster BidCo Limited+(8)(10)			Preferred stock						N/A												N/A															03/2025						N/A						1,258						1,301						—						1,301
			SSRG Holdings, LLC+			LP interest						N/A												N/A															11/2019						N/A						46						604						—						650
																																																									7,519						0.2						8,214
			Insurance
			Accession Risk Management Group, Inc.+(25)			Preferred stock						N/A												13.25%			Non-Cash												08/2023						N/A						9						11,025						0.3						11,026
			Majesco+(25)			Preferred stock						N/A												9.00%			Non-Cash												09/2020						N/A						—						576						—						653
			Majesco+			LP interest						N/A												N/A															09/2020						N/A						97						94						—						390
			Oakbridge Insurance Agency LLC+			LP units						N/A												N/A															11/2023						N/A						20						404						—						517
																																																									12,099						0.3						12,586
			Internet & Direct Marketing Retail
			Revalize, Inc.+			Preferred stock						N/A												N/A															12/2021						N/A						25						26,216						0.5						20,134
			Revalize, Inc.+			Preferred stock						N/A												N/A															12/2021						N/A						15						15,735						0.3						12,085
			Revalize, Inc.+			Preferred stock						N/A												N/A															12/2022						N/A						11						11,050						0.2						7,885
			Revalize, Inc.+			Preferred stock						N/A												N/A															04/2022						N/A						4						4,285						0.1						3,001
																																																									57,286						1.1						43,105

See Notes to Consolidated Financial Statements.

44

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			IT Services
			Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A												N/A															02/2020						N/A						804						$	2,398					0.2			%			$	8,619
			Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A												N/A															10/2020						N/A						211						931						0.1						2,260
			Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Preferred stock						N/A												N/A															07/2021						N/A						48						408						—						519
			Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+			Warrant						N/A												N/A															08/2020						N/A						277						779						0.1						2,815
			Critical Start, Inc.+			Common stock						N/A												N/A															05/2022						N/A						343						379						—						156
			Kentik Technologies, Inc.+			Preferred stock						N/A												N/A															09/2021						N/A						509						2,933						0.1						2,954
			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						0.1						1,667
			Saturn Borrower Inc.+			LP units						N/A												N/A															09/2020						N/A						520						470						—						698
																																																									9,336						0.6						19,711
			Leisure Products
			Massage Envy, LLC+			LLC interest						N/A												N/A															09/2012						N/A						749						210						0.1						1,947
			Movement Holdings, LLC+(8)(10)			LLC units						N/A												N/A															03/2024						N/A						—						152						—						108
			WBZ Investment, LLC+			LLC interest						N/A												N/A															09/2018						N/A						82						141						—						93
			WBZ Investment, LLC+			LLC interest						N/A												N/A															09/2018						N/A						56						96						—						64
			WBZ Investment, LLC+			LLC interest						N/A												N/A															09/2018						N/A						47						78						—						53
			WBZ Investment, LLC+			LLC interest						N/A												N/A															09/2018						N/A						41						70						—						45
			WBZ Investment, LLC+			LLC interest						N/A												N/A															09/2018						N/A						18						29						—						20
			WBZ Investment, LLC+			LLC interest						N/A												N/A															09/2018						N/A						2						2						—						2
																																																									778						0.1						2,332
			Life Sciences Tools & Services
			Celerion Buyer, Inc.+(25)			LP units						N/A												N/A															11/2022						N/A						1,302						1,096						—						891
			Celerion Buyer, Inc.+			LP units						N/A												N/A															11/2022						N/A						1,302						188						0.1						3,108
			PAS Parent Inc.+			LP interest						N/A												N/A															12/2021						N/A						15						1,651						0.1						1,875
			PAS Parent Inc.+			Preferred stock						N/A												N/A															03/2023						N/A						2						267						—						339
																																																									3,202						0.2						6,213
			Oil, Gas & Consumable Fuels
			W3 Co.+			LLC interest						N/A												N/A															03/2017						N/A						3						1,632						—						1,277
			W3 Co.+			Preferred stock						N/A												N/A															01/2019						N/A						—						224						—						241
																																																									1,856						—						1,518
			Paper & Forest Products
			Messenger, LLC+			LLC units						N/A												N/A															12/2021						N/A						8						667						—						816
			Messenger, LLC+			LLC units						N/A												N/A															12/2021						N/A						1						—						—						—
																																																									667						—						816
			Pharmaceuticals
			Amalthea Parent, Inc.+(8)(12)			LP interest						N/A												N/A															03/2021						N/A						701						605						—						408
			Cobalt Buyer Sub, Inc.+(25)			Preferred stock						N/A												13.75%			Non-Cash												10/2021						N/A						11						17,759						0.5						18,783
			Cobalt Buyer Sub, Inc.+			Preferred stock						N/A												N/A															10/2021						N/A						—						246						—						134
			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						3,651
																																																									21,984						0.6						22,976

See Notes to Consolidated Financial Statements.

45

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Professional Services
			Eclipse Buyer, Inc.+(25)			Preferred stock						N/A												12.50%			Non-Cash												09/2024						N/A						—						$	1,767					0.1			%			$	1,797
			Enboarder, Inc.+(8)			Preferred stock						N/A												N/A															01/2022						N/A						83						859						—						550
			Filevine, Inc.+			Preferred stock						N/A												N/A															04/2022						N/A						362						2,867						0.1						4,987
			Filevine, Inc.+			Warrant						N/A												N/A															04/2022						N/A						54						224						—						633
			Filevine, Inc.+			Preferred stock						N/A												N/A															05/2024						N/A						21						176						—						291
			Net Health Acquisition Corp.+			LP interest						N/A												N/A															12/2017						N/A						14						1,684						0.1						2,392
			Procure Acquireco, Inc.+			LP interest						N/A												N/A															12/2021						N/A						—						901						—						1,216
																																																									8,478						0.3						11,866
			Real Estate Management & Development
			Inhabit IQ Inc.+			Common stock						N/A												N/A															01/2018						N/A						2						528						—						663
			SC Landco Parent, LLC+			Common stock						N/A												N/A															09/2022						N/A						2						274						—						259
																																																									802						—						922
			Road & Rail
			Internet Truckstop Group, LLC+			LP interest						N/A												N/A															04/2019						N/A						554						587						—						410
			Software
			Anaplan, Inc.+			LP interest						N/A												N/A															06/2022						N/A						962						1,254						0.1						1,498
			Aras Corporation+(25)			Preferred stock						N/A												12.00%			Non-Cash												04/2021						N/A						1						2,140						0.1						2,346
			Aras Corporation+			LP interest						N/A												N/A															04/2021						N/A						427						446						—						696
			Astute Holdings, Inc.+			LP interest						N/A												N/A															04/2019						N/A						—						520						—						204
			Auvik Networks Inc.+(8)(12)			Preferred stock						N/A												N/A															07/2021						N/A						37						405						—						595
			Auvik Networks Inc.+(8)(12)			Preferred stock						N/A												N/A															02/2023						N/A						4						46						—						67
			Bayshore Intermediate #2, L.P.+			Common stock						N/A												N/A															10/2021						N/A						5,841						5,890						0.2						7,322
			Calabrio, Inc.+			LP interest						N/A												N/A															04/2021						N/A						1						1,157						—						1,168
			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						—						176
			Cloudbees, Inc.+			Preferred stock						N/A												N/A															11/2021						N/A						179						2,007						0.1						2,113
			Cloudbees, Inc.+			Warrant						N/A												N/A															05/2018						N/A						158						445						—						1,103
			Cloudbees, Inc.+			Preferred stock						N/A												N/A															06/2018						N/A						86						602						—						807
			Cynet Security Ltd.+(8)(15)			Preferred stock						N/A												N/A															08/2022						N/A						220						855						—						1,074
			Denali Bidco Limited+(8)(10)			LP interest						N/A												N/A															08/2023						N/A						431						610						—						1,033
			Diligent Corporation+(25)			Preferred stock						N/A												10.50%			Non-Cash												04/2021						N/A						24						32,908						0.9						34,382
			Diligent Corporation+			Preferred stock						N/A												N/A															04/2016						N/A						415						912						0.1						1,762
			Energy Worldnet, LLC+(25)			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						—						228
			FirstUp, Inc.+			Preferred stock						N/A												N/A															03/2025						N/A						14						27						—						29
			GS Acquisitionco, Inc.+(25)			Preferred stock						N/A												11.00%			Non-Cash												04/2021						N/A						35						49,102						1.3						51,707
			GS Acquisitionco, Inc.+(25)			Preferred stock						N/A												11.00%			Non-Cash												11/2021						N/A						5						6,262						0.2						6,425
			GS Acquisitionco, Inc.+			LP interest						N/A												N/A															09/2021						N/A						1						363						—						846
			GS Acquisitionco, Inc.+(25)			Preferred stock						SF +			10.50%			(i)						14.80%			Non-Cash												08/2023						N/A						—						134						—						134
			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						—						777
			Impartner, Inc.+			Preferred stock						N/A												N/A															10/2021						N/A						39						307						—						200
			Kaseya Inc.+(25)			Preferred stock						SF +			10.75%			(i)						14.92%			Non-Cash												06/2022						N/A						3						4,072						0.1						4,030
			Kaseya Inc.+			LP interest						N/A												N/A															06/2022						N/A						250						252						—						285

See Notes to Consolidated Financial Statements.

46

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			LogicMonitor, Inc.+			LP interest						N/A												N/A															12/2024						N/A						250						$	250					—			%			$	266
			Menlo Ridgeview Co-Invest, LLC+			LLC interest						N/A												N/A															05/2025						N/A						931						946						—						946
			Ministry Brands Holdings LLC+			LP interest						N/A												N/A															12/2021						N/A						799						774						—						620
			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						2,132
			Pluralsight, LLC+			LLC units						N/A												N/A															08/2024						N/A						1,988						3,663						0.1						4,648
			QAD, Inc.+(25)			Preferred stock						N/A												9.00%			Non-Cash												11/2021						N/A						1						1,330						—						1,326
			QAD, Inc.+			Common stock						N/A												N/A															11/2021						N/A						68						134						—						40
			RegEd Aquireco, LLC+			LP interest						N/A												N/A															12/2018						N/A						—						358						—						168
			RegEd Aquireco, LLC+			Preferred stock						N/A												N/A															07/2023						N/A						—						29						—						37
			RegEd Aquireco, LLC+			LP interest						N/A												N/A															12/2018						N/A						4						21						—						0
			Riskonnect Parent, LLC+(25)			Preferred stock						N/A												11.00%			Non-Cash												04/2022						N/A						26						35,325						0.9						35,515
			Riskonnect Parent, LLC+			LP interest						N/A												N/A															11/2021						N/A						1,382						1,414						0.1						1,429
			Riskonnect Parent, LLC+(25)			Preferred stock						SF +			10.50%			(i)						14.70%			Non-Cash												07/2022						N/A						—						1,028						—						1,034
			Riskonnect Parent, LLC+(25)			Preferred stock						N/A												10.50%			Non-Cash												06/2024						N/A						—						55						—						58
			Rokt Inc.+			Common stock						N/A												N/A															01/2025						N/A						20						683						—						718
			SnapLogic, Inc.+			Preferred stock						N/A												N/A															09/2019						N/A						344						1,029						0.1						2,007
			SnapLogic, Inc.+			Warrant						N/A												N/A															09/2019						N/A						131						162						—						517
			Spartan Buyer Acquisition Co.+			Common stock						N/A												N/A															12/2020						N/A						1						794						—						414
			Spartan Buyer Acquisition Co.+			Preferred stock						N/A												N/A															12/2022						N/A						—						110						—						131
			StrongDM, Inc.+			Preferred stock						N/A												N/A															05/2025						N/A						424						2,257						0.1						2,257
			Telesoft Holdings LLC+			LP interest						N/A												N/A															12/2019						N/A						137						129						—						133
			Templafy APS and Templafy, LLC+(8)(18)			Warrant						N/A												N/A															07/2022						N/A						—						82						—						43
			Togetherwork Holdings, LLC+			Preferred stock						N/A												N/A															07/2024						N/A						307						1,342						—						1,303
			Transform Bidco Limited+(8)(10)			LP interest						N/A												N/A															04/2025						N/A						2,349						2,349						0.1						2,349
			Tricentis Operations Holdings, Inc.+			LP interest						N/A												N/A															02/2025						N/A						40						40						—						42
			Zendesk, Inc.+			LP units						N/A												N/A															11/2022						N/A						63						708						—						627
																																																									168,932						4.6						180,019

See Notes to Consolidated Financial Statements.

47

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Specialty Retail
			Ave Holdings III, Corp+(25)			Preferred stock						N/A												11.50%			Non-Cash												02/2022						N/A						15						$	19,975					0.5			%			$	17,377
			Ave Holdings III, Corp+			LP units						N/A												N/A															02/2022						N/A						2						1,736						—						159
			Batteries Plus Holding Corporation+			LP interest						N/A												N/A															07/2016						N/A						10						1,287						—						1,386
			Cycle Gear, Inc.+			LLC units						N/A												N/A															02/2016						N/A						2,002						481						—						258
			Cycle Gear, Inc.+			Preferred stock						N/A												N/A															01/2023						N/A						75						75						—						156
			Metal Supermarkets US Buyer, LLC+(8)(12)			Preferred stock						N/A												N/A															12/2024						N/A						3						347						—						347
			Metal Supermarkets US Buyer, LLC+(8)(12)			LLC units						N/A												N/A															12/2024						N/A						1						—						—						—
			Salon Lofts Group, LLC+			LP units						N/A												N/A															08/2022						N/A						—						137						—						106
			VSG Acquisition Corp. and Sherrill, Inc.+			LP units						N/A												N/A															04/2022						N/A						—						57						—						83
																																																									24,095						0.5						19,872
			Textiles, Apparel & Luxury Goods
			Georgica Pine Clothiers, LLC+(25)			LLC interest						N/A												N/A															11/2015						N/A						20						238						—						337
			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						—						96
			Shoes For Crews Global, LLC+			LLC units						N/A												N/A															06/2024						N/A						2						1,083						—						1,233
																																																									1,586						—						1,668
			Total non-controlled/non-affiliate company equity investments																																																						450,884						12.0						480,132
			Total non-controlled/non-affiliate company investments																																																						8,665,877						217.3						8,682,453

See Notes to Consolidated Financial Statements.

48

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Non-controlled/affiliate company investments(28)
			Debt investments
			Beverages
			Abita Brewing Co., L.L.C.+(7)(26)			One stop						SF +			1.00%			(i)						5.30%			PIK												06/2027						$	7,486					$	7,071					0.1			%			$	4,193
			Abita Brewing Co., L.L.C.+(7)(26)			Second lien						SF +			1.00%			(i)						5.30%			PIK												06/2027						5,154						3,724						—						360
			Abita Brewing Co., L.L.C.+(26)			One stop						SF +			1.00%			(i)						5.31%			PIK												06/2027						2,295						2,295						0.1						1,904
																																													14,935						13,090						0.2						6,457
			Energy, Equipment & Services
			Benetech, Inc.+(7)(26)			One stop						SF +			1.00%			(i)						5.30%			PIK												08/2027						4,926						3,623						0.1						2,019
			Benetech, Inc.+(7)(26)			One stop						SF +			1.00%			(i)						5.30%			PIK												08/2027						1,090						732						—						102
																																													6,016						4,355						0.1						2,121
			Healthcare Equipment & Supplies
			G & H Wire Company, Inc.+(26)			One stop						SF +			6.00%			(i)						5.48%			cash/			5.00%			PIK						11/2029						2,812						2,812						0.1						2,812
			G & H Wire Company, Inc.+			One stop						SF +			6.00%									N/A(6)															11/2029						—						—						—						—
																																													2,812						2,812						0.1						2,812
			Healthcare Providers & Services
			Bayside Opco, LLC+			One stop						SF +			7.25%			(i)						11.70%															06/2026						12,758						12,723						0.3						12,758
			Bayside Opco, LLC+(26)			Subordinated debt						SF +			10.00%			(i)						14.45%			PIK												06/2026						5,624						5,385						0.1						5,624
			Bayside Opco, LLC+			One stop						SF +			7.25%			(i)						11.70%															06/2026						4,513						4,440						0.1						4,513
			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												09/2026						17,949						13,029						0.1						5,205
			Elite Dental Partners LLC+(7)(26)			One stop						SF +			12.00%			(i)						16.45%			PIK												09/2026						11,035						7,225						0.1						3,752
			Elite Dental Partners LLC+(26)			One stop						SF +			5.25%			(i)						9.70%			PIK												09/2026						1,935						1,935						0.1						1,935
			Elite Dental Partners LLC+(26)			One stop						SF +			5.25%			(i)						9.70%			PIK												09/2026						567						567						—						567
			Opening Day Borrower 111 LLC+(26)			One stop						SF +			6.25%			(i)						10.68%			PIK												05/2027						3,847						3,847						0.1						3,847
			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%															02/2028						8,625						8,625						0.2						8,625
			SPF Borrower LLC+			One stop						SF +			6.25%									N/A(6)															02/2028						—						—						—						—
																																													83,044						73,967						1.5						63,017
			Life Sciences Tools & Services
			Reaction Biology Corporation+(26)			One stop						SF +			4.75%			(i)						4.30%			cash/			4.75%			PIK						03/2029						2,857						2,857						0.1						2,743
			Reaction Biology Corporation+(26)			One stop						SF +			4.75%			(i)						4.30%			cash/			4.75%			PIK						03/2029						683						683						—						683
																																													3,540						3,540						0.1						3,426
			Multiline Retail
			Fleet Farm Group, LLC+(26)			Senior secured						SF +			5.50%			(i)						9.78%			PIK												12/2026						5,273						5,273						0.1						5,167
			Fleet Farm Group, LLC+			One stop						SF +			5.50%									N/A(6)															12/2026						—						—						—						—
																																													5,273						5,273						0.1						5,167
			Software
			Switchfly LLC+(26)			One stop						N/A												1.00%			PIK												10/2026						1,423						1,423						—						1,281
			Specialty Retail
			Chestnut Optical Midco, Inc.+			One stop						SF +			1.00%			(i)						5.30%															06/2029						45,064						41,466						1.0						39,657
			Chestnut Optical Midco, Inc.+(5)			One stop						SF +			1.00%									N/A(6)															06/2029						—						—						—						(338)
			Chestnut Optical Midco, Inc.+			One stop						SF +			1.00%			(i)						5.30%															06/2029						2,817						2,817						—						1,014
																																													47,881						44,283						1.0						40,333
			Total non-controlled/affiliate company debt investments																																										164,924						148,743						3.1						124,614

See Notes to Consolidated Financial Statements.

49

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

			Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
Equity investments(23)(24)
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						4,209
Healthcare Providers & Services
Bayside Opco, LLC+			LLC units						N/A												N/A															05/2023						N/A						6						2,592						0.3						9,321
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						19,733
Opening Day Borrower 111 LLC+			LLC units						N/A												N/A															04/2023						N/A						181						7,836						—						245
SPF Borrower LLC+			LLC units						N/A												N/A															02/2024						N/A						—						9,347						0.3						12,522
																																																						45,099						1.1						41,821
Life Sciences Tools & Services
Reaction Biology Corporation+			LLC units						N/A												N/A															03/2025						N/A						139						4,980						0.1						4,137
Multiline Retail
Fleet Farm Group, LLC			LLC units						N/A												N/A															12/2024						N/A						129						23,874						0.6						24,503
Software
Switchfly LLC+			LLC interest						N/A												N/A															09/2018						N/A						98,370						2,321						—						811
Switchfly LLC+			Preferred stock						N/A												N/A															09/2024						N/A						7,275						5,375						0.2						5,723
Switchfly LLC+			LLC units						N/A												N/A															03/2022						N/A						950						950						—						587
																																																						8,646						0.2						7,121
Specialty Retail
Chestnut Optical Midco, Inc.+			LLC units						N/A												N/A															06/2024						N/A						189						53,764						1.5						60,835
Total non-controlled/affiliate company equity investments																																																						140,173						3.6						142,626
Total non-controlled/affiliate company investments																																																						288,916						6.7						267,240

See Notes to Consolidated Financial Statements.

50

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

			Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
Controlled affiliate company investments(29)
Debt investments
IT Services
MMan Acquisition Co.+(26)			One stop						N/A												8.00%			PIK																		03/2026						$	2,094					$	2,094					0.1			%			$	1,968
MMan Acquisition Co.+(26)			One stop						N/A												12.00%			PIK																		03/2026						1,173						1,173						—						1,173
MMan Acquisition Co.+(26)			One stop						N/A												12.00%			PIK																		03/2026						1,261						1,261						—						1,261
MMan Acquisition Co.+(26)			One stop						N/A												12.00%			PIK																		03/2026						365						365						—						365
Total controlled affiliate company debt investments																																																4,893						4,893						0.1						4,767
Equity investments(23)(24)
IT Services
MMan Acquisition Co.+			Preferred stock						N/A												N/A															09/2024						N/A						—						7,832						0.2						7,089
Total controlled affiliate equity investments																																																						7,832						0.2						7,089
Total controlled affiliate company investments																																																						12,725						0.3						11,856
Total investments																																																						8,967,518						224.3						8,961,549
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)																					4.21%			(30)																														$	40,862					1.0			%			$	40,862
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)																					4.18%			(30)																														591						—						591
Morgan Stanley US Dollar Liquidity Fund Institutional Distributing Share Class (CUSIP L64887109)																					4.32%			(30)																														14,126						0.4						14,126
Allspring Government Money Market Fund Select Share Class (CUSIP 949921126)																					4.26%			(30)																														6,412						0.2						6,412
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)																					4.09%			(30)																														46,878						1.2						46,878
Total money market funds																																																						108,869						2.8						108,869
Total investments and money market funds																																																						$	9,076,387					227.1			%			$	9,070,418

See Notes to Consolidated Financial Statements.

51

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 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 June 30, 2025. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of June 30, 2025, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed could not be the applicable index rate outstanding as of June 30, 2025, as the loan could have priced or repriced based on an index rate prior to June 30, 2025.

(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.50% as of June 30, 2025.

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

(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 1.94% as of June 30, 2025.

(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.04% as of June 30, 2025.

(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.60% as of June 30, 2025.

(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.22% as of June 30, 2025.

(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.45% as of June 30, 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 June 30, 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 June 30, 2025.

(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.15% as of June 30, 2025.

(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.75% as of June 30, 2025.

(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.68% as of June 30, 2025.

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

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

(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 June 30, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

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

(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2025, total non-qualifying assets at fair value represented 15.7% 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)The headquarters of this portfolio company is located in Spain.

See Notes to Consolidated Financial Statements.

52

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

June 30, 2025

(Dollar and share amounts in thousands)

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

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

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

(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 nine months ended June 30, 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 nine months ended June 30, 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 June 30, 2025						Interest, dividend and fee income
Abita Brewing Co. LLC						$	6,000					$	9,247					$	(7,735)											$	(1,055)					$	—								$	6,457					$	78
Bayside Opco, LLC						29,127						863						(119)												2,345						—									32,216						2,437
Benetech, Inc.						1,793						347						(538)												519						—									2,121						8
Chestnut Optical Midco, Inc.(c)						93,864						3,490						—												3,814						—									101,168						2,557
Elite Dental Partners LLC						11,696						3,244						(2,540)												(941)						—									11,459						156
Fleet Farm Group LLC						—						29,147						—												523						—									29,670						239
G & H Wire Company, Inc.						—						6,623						—												398						—									7,021						176
Opening Day Borrower 111 LLC						24,936						12,072						(8,225)												(4,958)						—									23,825						182
Reaction Biology Corporation						—						10,227						(1,707)												(957)						—									7,563						94
SPF Borrower LLC						36,653						538						(246)												393						—									37,338						2,239
Switchfly LLC						7,313						713						—												376						—									8,402						22
Total Non-Controlled Affiliates						$	211,382					$	76,511					$	(21,110)											$	457					$	—								$	267,240					$	8,188

(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 nine months ended June 30, 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 June 30, 2025						Interest, dividend and fee income
MMan Acquisition Co.						$	12,205					$	362					$	—											$	(711)					$	—					$	11,856					$	377
Total Controlled Affiliates						$	12,205					$	362					$	—											$	(711)					$	—					$	11,856					$	377

(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 June 30, 2025.

See Notes to Consolidated Financial Statements.

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Investments
			Non-controlled/non-affiliate company investments
			Debt investments
			Aerospace & Defense
			PPW Aero Buyer, Inc.~+			One stop						SF +			6.50%			(h)(i)						11.24%															02/2029						$	34,377					$	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

See Notes to Consolidated Financial Statements.

54

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Denali Midco 2, LLC+			One stop						SF +			6.50%			(h)						11.45%															12/2027						$	201					$	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)						—						—

See Notes to Consolidated Financial Statements.

55

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			TWAS Holdings, LLC#&<			One stop						SF +			6.75%			(h)						11.70%															12/2026						$	46,804					$	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

			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.

56

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			PHM NL SP Bidco B.V.+(8)(9)(14)(25)			One stop						E +			9.25%			(d)						9.41%			cash/			3.00%			PIK						09/2028						$	51,136					$	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

			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.

57

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Radwell Parent, LLC+			One stop						SF +			5.50%			(i)						10.10%															03/2029						$	553					$	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

See Notes to Consolidated Financial Statements.

58

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			CHVAC Services Investment, LLC+			One stop						SF +			5.00%			(i)						9.60%															05/2030						$	1,371					$	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

See Notes to Consolidated Financial Statements.

59

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			PADI Holdco, Inc.+			One stop						SF +			6.25%			(i)						11.35%															01/2027						$	170					$	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

See Notes to Consolidated Financial Statements.

60

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Diversified Telecommunication Services
			NTI Connect, LLC<+			Senior secured						SF +			5.00%			(i)						9.75%															07/2027						$	1,529					$	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

			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.

61

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Food Products
			Blast Bidco Inc.<+			One stop						SF +			6.00%			(i)						10.60%															10/2030						$	4,905					$	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

See Notes to Consolidated Financial Statements.

62

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Equipment & Supplies
			Aspen Medical Products, LLC#~+			One stop						SF +			4.75%			(h)						9.81%															06/2025						$	5,013					$	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

See Notes to Consolidated Financial Statements.

63

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Healthcare Providers & Services
			AAH TOPCO, LLC <+			One stop						SF +			5.25%			(h)						10.20%															12/2027						$	8,672					$	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

See Notes to Consolidated Financial Statements.

64

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			CRH Healthcare Purchaser, Inc.+			Senior secured						SF +			6.25%			(i)						10.98%															06/2025						$	240					$	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

See Notes to Consolidated Financial Statements.

65

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Krueger-Gilbert Health Physics, LLC~+			Senior secured						SF +			5.75%			(i)						10.50%															05/2026						$	2,599					$	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

See Notes to Consolidated Financial Statements.

66

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

Investment Type

Spread Above Index(1)

Interest Rate(2)

Maturity Date

Principal ($) / Shares(3)

Amortized Cost

Percentage of Net Assets

Fair Value (4)

			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.

67

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Hotels, Restaurants & Leisure
			Barteca Restaurants, LLC#~+			One stop						SF +			6.00%			(i)						11.21%															08/2028						$	13,680					$	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

See Notes to Consolidated Financial Statements.

68

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements.

69

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Insurance
			Accession Risk Management Group, Inc.*#~^+			One stop						SF +			4.75%			(i)						9.96%															11/2029						$	37,070					$	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

See Notes to Consolidated Financial Statements.

70

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Keystone Agency Partners LLC+			Senior secured						SF +			5.00%			(i)						9.60%															05/2027						$	2,108					$	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

See Notes to Consolidated Financial Statements.

71

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements.

72

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Leisure Products
			Crunch Holdings, LLC+			One stop						SF +			4.75%			(h)						9.61%															09/2031						$	57,121					$	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)						—						—

See Notes to Consolidated Financial Statements.

73

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements.

74

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Pharmaceuticals
			ACP Ulysses Buyer, Inc.*#~&			One stop						SF +			5.50%			(i)						10.75%															02/2029						$	30,144					$	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

See Notes to Consolidated Financial Statements.

75

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			NBG Acquisition Corp. and NBG-P Acquisition Corp.+			One stop						SF +			5.25%			(i)						10.72%															11/1/2028						$	791					$	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

%

			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.

76

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Software
			Anaplan, Inc.^<+			One stop						SF +			5.25%			(i)						9.85%															06/2029						$	24,680					$	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

See Notes to Consolidated Financial Statements.

77

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Bullhorn, Inc.~<			One stop						SF +			5.00%			(h)						9.85%															10/2029						$	3,190					$	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)

See Notes to Consolidated Financial Statements.

78

---

TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Gainsight, Inc.^+(25)			One stop						SF +			6.00%			(i)						11.40%			PIK												07/2027						$	17,981					$	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

See Notes to Consolidated Financial Statements.

79

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

See Notes to Consolidated Financial Statements.

80

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Sapphire Bidco Oy<+(8)(9)(16)			One stop						E +			5.75%			(c)						9.46%															07/2029						$	1,533					$	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

See Notes to Consolidated Financial Statements.

81

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Specialty Retail
			Ave Holdings III, Corp*<+			One stop						SF +			5.25%			(j)						9.75%															02/2028						$	23,420					$	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

See Notes to Consolidated Financial Statements.

82

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Salon Lofts Group, LLC+(25)			Second lien						SF +			9.00%			(i)						13.60%			PIK												09/2029						$	150					$	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

See Notes to Consolidated Financial Statements.

83

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Textiles, Apparel & Luxury Goods
			Dollfus Mieg Company, Inc.<+(8)(10)			One stop						SF +			6.00%			(j)						10.58%															03/2028						$	2,347					$	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

See Notes to Consolidated Financial Statements.

84

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

85

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

86

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

87

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

88

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

89

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

90

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

91

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

92

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

93

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TABLE OF CONTENTS

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

						Investment Type						Spread Above Index(1)												Interest Rate(2)															Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair Value (4)
			Non-controlled/affiliate company investments(27)
			Debt investments
			Beverages
			Abita Brewing Co., L.L.C.+(7)(25)			One stop						SF +			1.00%			(i)						5.60%			PIK												06/2026						$	7,188					$	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

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

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Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

			Investment Type						Spread Above Index(1)												Interest Rate(2)															Acquisition Date						Maturity Date						Principal ($) / Shares(3)						Amortized Cost						Percentage of Net Assets						Fair 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					$	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 Institutional Shares (CUSIP 09248U718)																					4.83%			(29)																														$	103,410					2.6			%			$	103,410
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio 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 Institutional Distributing Share Class (CUSIP L64887109)																					4.98%			(29)																														10,658						0.3						10,658
Allspring Government Money Market Fund 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

See Notes to Consolidated Financial Statements.

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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.

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

(6)The entire commitment was unfunded as of September 30, 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.

(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.

See Notes to Consolidated Financial Statements.

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Consolidated Schedule of Investments - (continued)

September 30, 2024

(Dollar and share amounts in thousands)

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

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

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

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

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

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

(25) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the year ended September 30, 2024.

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

(27) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended September 30, 2024 were as follows:

Portfolio Company						Fair value as of September 30, 2023						Gross additions(a)						Gross reductions(b)												Net change in unrealized appreciation (depreciation)						Net realized gain (loss)									Fair value as of September 30, 2024						Interest, dividend and fee income
Abita Brewing Co. LLC						$	6,536					$	2,166					$	(709)											$	(1,993)					$	—								$	6,000					$	575
Bayside Opco, LLC						22,044						2,758						(699)												5,024						—									29,127						3,660
Benetech, Inc.						1,353						780						(843)												503						—									1,793						9
Elite Dental Partners LLC						13,396						5,845						(3,013)												(4,532)						—									11,696						180
Imperial Optical Midco Inc.						—						94,556						—												(692)						—									93,864						1,008
Opening Day Borrower 111 LLC						24,438						27,853						(23,040)												(4,272)						(43)									24,936						629
Rubio's Restaurants, Inc.						12,063						3,759						(3,929)												6,624						(18,517)									—						1,187
SPF Borrower LLC						—						34,008						(136)												2,781						—									36,653						2,112
Switchfly LLC						7,254						6,180						(5,378)												1,157						(1,900)									7,313						88
Total Non-Controlled Affiliates						$	87,084					$	177,905					$	(37,747)											$	4,600					$	(20,460)								$	211,382					$	9,448

(a)						Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)						Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

(28) As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the year ended September 30, 2024 were as follows:

Portfolio Company						Fair value as of September 30, 2023						Gross additions(a)						Gross reductions(b)												Net change in unrealized appreciation (depreciation)						Net realized gain (loss)						Fair value as of September 30, 2024						Interest, dividend and fee income
MMan Acquisition Co.						$	12,790					$	11,979					$	(11,344)											$	10,406					$	(11,626)					$	12,205					$	439
Total Controlled Affiliates						$	12,790					$	11,979					$	(11,344)											$	10,406					$	(11,626)					$	12,205					$	439

(a)						Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)						Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

(29) The rate shown is the annualized seven-day yield as of September 30, 2024.

See Notes to Consolidated Financial Statements.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 1. Organization

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

The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies that are, in most cases, sponsored by private equity firms. The Company also selectively invests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, U.S. middle-market companies. The Company has entered into the Fifth Amended and Restated Investment Advisory Agreement effective as of June 3, 2024 (the “Investment Advisory Agreement” or “Post-GBDC 3 Merger Advisory Agreement”) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC.

On September 16, 2019, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”), a Maryland corporation (the “GCIC Merger”), pursuant to that certain Agreement and Plan of Merger (as amended, the “GCIC Merger Agreement”), dated as of November 27, 2018, by and among the Company, GCIC, Fifth Ave Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“GCIC Merger Sub”), the Investment Adviser, and, for certain limited purposes, the Administrator.

On June 3, 2024, the Company completed its acquisition of Golub Capital BDC 3, Inc. (“GBDC 3”), a Maryland corporation (the “GBDC 3 Merger”), pursuant to that certain Agreement and Plan of Merger (as amended, the “GBDC 3 Merger Agreement”), dated as of January 16, 2024, by and among the Company, GBDC 3, Park Avenue Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“GBDC 3 Merger Sub”), the Investment Adviser, and, for certain limited purposes, Golub Capital LLC. Upon consummation of the GBDC 3 Merger, the Company entered into the Investment Advisory Agreement. The Investment Advisory Agreement replaced the Fourth Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of July 1, 2023 (the “Prior Investment Advisory Agreement”). Refer to Note 3 for more information on the Investment Advisory Agreement and the Prior Investment Advisory Agreement.

Note 2. Significant Accounting Policies and Recent Accounting Updates

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

The accompanying unaudited interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2024, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

Fair value of financial instruments: The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. On August 2, 2024, the Company’s board of directors (the “Board”) designated the Investment Adviser as the Company’s valuation designee (“Valuation Designee”) in accordance with Rule 2a-5 under the 1940 Act. As of such date, the Valuation Designee is responsible for determining the fair value of the Company’s portfolio investments, subject to oversight of the Board. In accordance with ASC Topic 820, the Valuation Designee has categorized the Company’s financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Investment Adviser’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

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

Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Valuation Designee will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6.

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Consolidation: As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries listed in the table below in its consolidated financial statements:

Entity Name			Abbreviation
Golub Capital BDC CLO III Depositor LLC1			(“2018 CLO Depositor”)1
Golub Capital BDC CLO III LLC2			(“2018 Issuer”)2
Golub Capital BDC Holdings, LLC			(“BDC Holdings”)
GCIC Holdings LLC			(“GCIC Holdings”)
GCIC CLO II Depositor LLC 3			(“GCIC 2018 CLO Depositor”)3
GCIC CLO II LLC4			(“GCIC 2018 Issuer”)4
Golub Capital BDC CLO 8 Depositor LLC3			("BDC CLO 8 Depositor")3
Golub Capital BDC CLO 8 LLC4			(“2024 Issuer”)4
GCIC Funding LLC5			(“GCIC Funding”)5
GBDC Holdings Coinvest, Inc.
GBDC Holdings ED Coinvest, Inc.
GCIC North Haven Stack Buyer Coinvest, Inc.
GCIC Quick Quack Coinvest LLC5
GBDC Quick Quack Coinvest LLC5
Golub Capital 3 Holdings LLC			(“GBDC 3 Holdings”)
GBDC 3 Funding LLC6			(“GBDC 3 Funding”)6
Golub Capital BDC 3 CLO 1 Depositor LLC1			(“GBDC 3 2021 CLO Depositor”)1
Golub Capital BDC 3 CLO 1 LLC2			(“GBDC 3 2021 Issuer”)2
Golub Capital BDC 3 ABS 2022-1 Depositor LLC			(“GBDC 3 2022 ABS 2022-1 Depositor”)
Golub Capital BDC 3 ABS 2022-1 LLC			(“GBDC 3 2022 Issuer”)
Golub Capital BDC 3 CLO 2 Depositor LLC			(“GBDC 3 2022 CLO 2 Depositor”)
Golub Capital BDC 3 CLO 2 LLC6			(“GBDC 3 2022-2 Issuer”)6
GBDC 3 Holdings Coinvest, Inc.
GBDC 3 Quick Quack Coinvest LLC5

1.Prior to April 22, 2025, the date of each entity’s dissolution.

2.Prior to November 18, 2024, the date of each entity’s dissolution.

3.GCIC CLO II Depositor LLC (“GCIC 2018 CLO Depositor”) was renamed to Golub Capital BDC CLO 8 Depositor LLC (“BDC CLO 8 Depositor”) effective November 18, 2024.

4.GCIC CLO II LLC (“GCIC 2018 Issuer”) was renamed to Golub Capital BDC CLO 8 LLC (“2024 Issuer”) effective November 18, 2024.

5.Prior to April 30, 2025, the date of each entity’s dissolution.

6.Golub Capital BDC 3 CLO 2 LLC (“GBDC 3 2022-2 Issuer”) merged into GBDC 3 Funding LLC (“GBDC 3 Funding”) effective May 19, 2025.

Assets related to transactions that do not meet ASC Topic 860 requirements for accounting sale treatment are reflected in the Company’s Consolidated Statements of Financial Condition as investments. Those assets are owned by special purpose entities, including BDC Holdings, Funding II, GCIC Holdings, GBDC 3 Holdings, GBDC 3 Funding, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer, 2024 Issuer and, prior to November 18, 2024, GCIC 2018 Issuer, 2018 Issuer and GBDC 3 2021 Issuer that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of GBDC (or any affiliate of GBDC).

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

Restricted cash and cash equivalents and restricted foreign currencies: Restricted cash and cash equivalents and restricted foreign currencies include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents and restricted foreign currencies are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.

Foreign currency translation: The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars. Non-U.S. dollar transactions during the period are valued at the prevailing spot rates on the applicable transaction date and the related assets and liabilities are revalued at the prevailing spot rates as of period-end.

Net assets and fair values are presented based on the applicable foreign exchange rates and fluctuations arising from the translation of assets and liabilities are included within the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

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

Derivative instruments:

The Company follows the guidance in ASC Topic 815 - Derivatives and Hedging (“ASC Topic 815”), when accounting for derivative instruments.

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

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

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

Interest rate swaps: The Company designated interest rate swaps as the hedging instrument in qualifying fair value hedge accounting relationships, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of “Interest and other debt financing expenses” in the Company’s Consolidated Statements of Operations. The fair value of the interest rate swaps is recorded on the Consolidated Statements of Financial Condition as a component of “Net unrealized appreciation on derivatives” or “Net unrealized depreciation on derivatives” by counterparty on a net basis across all derivative instruments, not taking into account collateral posted which is recorded separately, if applicable. Refer to Note 5 for more information regarding the interest rate swaps.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Revenue recognition:

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

Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and the Company accretes or amortizes such amounts over the life of the loan as interest income (“Discount Amortization”). For the three and nine months ended June 30, 2025, the Company received Loan Origination Fees that were capitalized of $5,122 and $22,662, respectively. For the three and nine months ended June 30, 2024, the Company received Loan Origination Fees that were capitalized of $6,300 and $10,298, respectively. For the three and nine months ended June 30, 2025, interest income included $6,449 and $19,404, respectively, of Discount Amortization. For the three and nine months ended June 30, 2024, interest income included $6,632 and $16,489, respectively, of Discount Amortization.

For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and nine months ended June 30, 2025, investment income included $13,516 and $38,577, respectively, of PIK interest and the Company capitalized PIK interest of $12,518 and $40,439, respectively, into the principal balance of certain debt investments. For the three and nine months ended June 30, 2024, investment income included $10,177 and $33,805, respectively, of PIK interest and the Company capitalized PIK interest of $11,245 and $36,551, respectively, into the principal balance of certain debt investments.

In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees that are not deemed to be an adjustment to yield as fee income when earned. For the three and nine months ended June 30, 2025, fee income included $81 and $1,378 from non-recurring prepayment premiums, respectively. For the three and nine months ended June 30, 2024, fee income included $162 and $338 from non-recurring prepayment premiums, respectively. Other income is recorded into income when earned.

For the three and nine months ended June 30, 2025, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $188,717 and $587,500, respectively. For the three and nine months ended June 30, 2024, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $132,038 and $417,195, respectively.

Dividend income on equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. The Company has certain preferred equity securities in the portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer.

For the three and nine months ended June 30, 2025, the Company recognized PIK and non-cash dividend income of $8,020 and $23,091, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and nine months ended June 30, 2024, the Company recognized PIK and non-cash dividend income of $5,287 and $13,890, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and nine months ended June 30, 2025, the Company received $739 and $4,288 of cash payments of accrued and capitalized preferred dividends. For both the three and nine months ended June 30, 2024, the Company received $47 cash payments of accrued and capitalized preferred dividends.

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and nine months ended June 30, 2025, the Company recorded dividend income received in cash of $204 and $1,497, respectively, and return of capital distributions received in cash of less than $1 and $344, respectively. For the three and nine months ended June 30, 2024, the Company recorded dividend income received in cash of $418 and $555, respectively, and return of capital distributions received in cash of $733 and $1,551, respectively.

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

Non-accrual investments: A loan can be left on accrual status while the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any capitalized Loan Origination Fees are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans was $56,195 and $93,204 as of June 30, 2025 and September 30, 2024, respectively.

Management reviews all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. The total fair value of non-accrual preferred equity securities was $100 as of June 30, 2025. There were no preferred equity securities on non-accrual status as of September 30, 2024.

Asset Acquisition: Pursuant to the GCIC Merger Agreement, the GCIC Merger Sub was first merged with and into GCIC, with GCIC as the surviving company, and, immediately following this initial merger, GCIC was then merged with and into the Company, with the Company as the surviving company. Pursuant to the GBDC 3 Merger Agreement, the GBDC 3 Merger Sub was first merged with and into GBDC 3, with GBDC 3 as the surviving company and, immediately following this initial merger, GBDC 3 was then merged with and into the Company, with the Company as the surviving company. The GCIC Merger and the GBDC 3 Merger were accounted for under the asset acquisition method of accounting in accordance with ASC 805 — Business Combinations — Related Issues (“ASC Topic 805”), also referred to as “asset acquisition.” Under the asset acquisition method of accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s books.

The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill. To the extent that the consideration paid to GCIC or GBDC 3’s stockholders exceeded the relative fair values of the net identifiable assets of GCIC or GBDC 3 acquired other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the GCIC or GBDC 3 assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets. As both GCIC and GBDC 3 did not have any “qualifying” assets at the time of acquisition, the premium was allocated to “non-qualifying” assets, which are GCIC and GBDC 3’s investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisitions of GCIC and GBDC 3, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC and GBDC 3 assets acquired were immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding reversal of the unrealized depreciation on the loans acquired from GCIC and GBDC 3 through their ultimate disposition. Amortization

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

expense of purchase premium for the three and nine months ended June 30, 2025 was $3,602 and $13,880, respectively. Amortization expense of purchase premium for the three and nine months ended June 30, 2024 was $3,086 and $5,493, respectively. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC or GBDC 3 and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired from GCIC or GBDC 3.

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

Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company could then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended June 30, 2025, the Company did not record any U.S. federal excise tax expense. For the nine months ended June 30, 2025, the Company recorded a reversal of the accrual for U.S. federal excise tax expense of $475. For the three and nine months ended June 30, 2024, $125 and $1,124, respectively, was recorded for U.S. federal excise tax.

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through June 30, 2025. The Company’s tax returns for the 2022 through 2024 tax years remain subject to examination by U.S. federal and most state tax authorities.

Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations. For the three and nine months ended June 30, 2025, the Company did not record any U.S. income taxes. For the three months ended June 30, 2024, the Company did not record any U.S. income taxes. For the nine months ended June 30, 2024, $71 was recorded for U.S. income taxes.

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

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

purchase such shares, the Company intends to purchase shares in the open market in connection with any obligations under the DRIP.

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

Share repurchase plan: The Company has a share repurchase program (the “Program”) which allows the Company to repurchase the Company’s outstanding common stock on the open market at prices below the Company’s NAV as reported in its most recently published consolidated financial statements. The Board re-approved the Program in August 2024 (the “2024 Program”) and August 2025 and the Program is implemented at the discretion of management. Shares can be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. The Program permits repurchases up to $150,000 of the Company's common stock. Refer to Note 11 for more information on the share repurchases under the Program.

Equity Distribution Agreement: On October 6, 2023, the Company entered into an equity distribution agreement as most recently amended on May 16, 2025, (the “2023 Equity Distribution Agreement”), by and among the Company, the Investment Adviser, the Administrator, and Keefe, Bruyette & Woods, Inc. and Regions Securities LLC (the “Placement Agents”), in connection with the sale by the Company of shares of its common stock, having an aggregate offering price of up to $288,043, in an “at the market offering,” in amounts and at times to be determined by the Company. Through June 30, 2025, the Company has issued $38,043 of shares of its common stock through the 2023 Equity Distribution Agreement. Actual sales, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions and the market price of the Company’s common stock. The 2023 Equity Distribution Agreement provides that the Company can offer and sell shares from time to time through, or to, the Placement Agents. Sales of the shares can be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on The Nasdaq Global Select Market or any similar securities exchange or sales made to or through a market maker other than on a securities exchange, at prices related to the prevailing market prices or at negotiated prices. Pursuant to the terms of the 2023 Equity Distribution Agreement, the Placement Agents receive a commission from the Company of up to 1.50% of the gross sales price of any shares sold through the Placement Agents under the 2023 Equity Distribution Agreement. Offering costs for the 2023 Equity Distribution Agreement are charged against the proceeds from equity offerings when proceeds are received. For the three months ended June 30, 2025, the Company did not issue any shares of common stock under the 2023 Equity Distribution Agreements. During the nine months ended June 30, 2025, the Company issued 2,408,940 shares of common stock under the 2023 Equity Distribution Agreement. During the three and nine months ended June 30, 2024, the Company did not issue any shares of common stock under the 2023 Equity Distribution Agreements.

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of June 30, 2025 and September 30, 2024, the Company had deferred debt issuance costs of $26,853 and $25,361, respectively.

These amounts are amortized and included in interest expense and other debt financing expenses in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, 2025 was $2,413 and $7,537, respectively. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, 2024 was $2,214 and $6,869, respectively.

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Segment reporting: In accordance with ASC Topic 280 - Segment Reporting (“ASC Topic 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.    

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and, to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (the “CODM”) is comprised of the Company’s chief executive officer, chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in evaluating the Company’s distribution policy. Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations. The Company has elected to early adopt ASC Topic 280 as of March 31, 2025.

Recent Accounting Updates: In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU No. 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-09.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU No. 2024-03 requires disaggregated disclosure of certain costs and expenses, including purchase of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting ASU No. 2024-03.

Note 3. Related Party Transactions

Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, GBDC. The Board most recently reapproved the Investment Advisory Agreement in May 2025. The Investment Advisory Agreement amended the Prior Investment Advisory Agreement in order to incorporate changes to the calculation of the incentive fee rates and the incentive fee cap. Under the Investment Advisory Agreement, the incentive fee rates were reduced from 20.0% to 15.0%, and the incentive fee cap was reduced from 20.0% to 15.0%. None of the other material terms changed in the Investment Advisory Agreement as compared to the Prior Investment Advisory Agreement, including the services to be provided and the calculation of the base management fee. The Investment Advisory Agreement was entered into and effective as of June 3, 2024, the closing of the GBDC 3 Merger. On August 3, 2023, the Board approved, and the Company entered into, the Prior Investment Advisory Agreement with the Investment Adviser, effective as of July 1, 2023, pursuant to which the base management fee rate was reduced from 1.375% to 1.0%. The Investment Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

The base management fee is calculated at an annual rate equal to 1.0% (or 1.375% for periods ending on or before June 30, 2023) of the fair value of the average adjusted gross assets of the Company at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds and securitization-related assets, leverage, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit for such derivative instruments with custodian but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of the Company, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company.

The Investment Adviser serves as collateral manager under the 2018 Collateral Management Agreement (as described in Note 7), the GCIC 2018 Collateral Management Agreement (as described in Note 7), the 2021 Collateral Management Agreement (as described in Note 7), the 2022 Collateral Management Agreement (as described in Note 7), the 2022-2 Collateral Management Agreement (as described in Note 7) and the 2024 Collateral Management Agreement (as described in Note 7). Fees payable to the Investment Adviser for providing these services are offset against the base management fee payable by the Company under the Investment Advisory Agreement.

The base management fee incurred for the three and nine months ended June 30, 2025 was $22,082 and $65,376, respectively. The base management fee incurred for the three and nine months ended June 30, 2024 was $14,362 and $41,980, respectively.

The Company has structured the calculation of the Incentive Fee to include a fee limitation such that an Incentive Fee for any quarter can only be paid to the Investment Adviser if, after such payment, the cumulative Incentive Fees paid to the Investment Adviser, calculated on a per share basis, since April 13, 2010, the effective date of the Company’s election to become a BDC, would be less than or equal to 15.0% of the Company’s Cumulative Pre-Incentive Fee Net Income Per Share (as defined below).

The Company accomplishes this limitation by subjecting each quarterly Incentive Fee payable under the Income and Capital Gain Incentive Fee Calculation (as defined below) to a cap (the “Incentive Fee Cap”). Under the Investment Advisory Agreement, the Incentive Fee Cap in any quarter is equal to the difference between (a) 15.0% of Cumulative Pre-Incentive Fee Net Income Per Share (as defined below) and (b) Cumulative Incentive Fees Paid Per Share (as defined below). To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no Incentive Fee would be payable in that quarter. If, for any relevant period, the Incentive Fee Cap calculation results in the Company paying less than the amount of the Incentive Fee calculated above, then the difference between the Incentive Fee and the Incentive Fee Cap will not be paid by GBDC and will not be received by the Investment Adviser as an Incentive Fee either at the end of such relevant period or at the end of any future period. “Cumulative Pre-Incentive Fee Net Income Per Share” equals the sum of “Pre-Incentive Fee Net Income Per Share” (as defined below) for each quarterly period since April 13, 2010. “Pre-Incentive Fee Net Income Per Share” equals the sum of (i) Pre-Incentive Fee Net Investment Income (as defined below) and (ii) Adjusted Capital Returns for the applicable period, divided by (b) the weighted average number of shares of GBDC common stock outstanding during such period. “Adjusted Capital Returns” for any period is the sum of the realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation for such period; provided that the calculation of realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation resulting solely from the asset acquisition for any premium or discount paid for the acquisition of assets in a merger. “Cumulative Incentive Fees Paid Per Share” is equal to the sum of Incentive Fees Paid Per Share since April 13, 2010. “Incentive Fees Paid Per Share” for any period is equal to the Incentive Fees accrued and/or payable to the Company for such period, divided by the weighted average number of shares of common stock of GBDC during such period.

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.

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

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

For the three and nine months ended June 30, 2025, the Income Incentive Fee incurred was $18,543 and $54,848, respectively. For the three and nine months ended June 30, 2024, the Income Incentive Fee incurred was $14,400 and $56,311, respectively.

On January 16, 2024, the Investment Adviser agreed to irrevocably waive any incentive fees payable under the Prior Investment Advisory Agreement in excess of 15% and waive incentive fees in excess of an incentive fee cap that was also reduced to 15%, in each case effective as of January 1, 2024, for periods ending on or prior to the earlier of (i) the closing of the acquisition of GBDC 3 pursuant to the GBDC 3 Merger Agreement or (ii) the termination of the GBDC 3 Merger Agreement (the “Waiver Period”), in accordance with the terms of a waiver letter agreement (the “GBDC 3 Merger Waiver”) to the Prior Investment Advisory Agreement.

In addition, the Investment Adviser unilaterally agreed to irrevocably waive 100% of the Income Incentive Fee payable to the Investment Adviser under the Investment Advisory Agreement for the three months ended June 30, 2024.

For the three and nine months ended June 30, 2024, the Investment Adviser irrevocably waived $14,400 and $19,557 of income incentive fees, respectively.

The Investment Advisory Agreement excludes the impact of asset acquisition resulting from a merger, including each of the GCIC Merger and GBDC 3 Merger, from the calculation of income subject to the Income Incentive Fee and the calculation of the Incentive Fee Cap. As a result, under the Investment Advisory Agreement, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or any amortization or accretion of any purchase premium or discount to interest income solely from the asset acquisition for any premium or discount paid for the acquisition of assets in a merger, such as the premium to net asset value paid for the shares of GCIC and GBDC 3 common stock in the GCIC Merger and GBDC 3 Merger. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value and an Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Incentive Fee would cause the Company to pay Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap.

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

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

The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of the Company’s total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds and securitization-related assets, unrealized depreciation or appreciation on

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee annual rate.

For periods ended on or before March 31, 2024, the Company calculated the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:

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

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

For periods ended after June 3, 2024, including the three months ended June 30, 2024, the Company calculates the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:

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

•100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to the Adviser equals 15.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. This portion of the Company’s Pre-Incentive Fee Net Investment Income is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Adviser with 15.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply; and

•15.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.

The Capital Gain Incentive Fee equals (a) 15.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), which commenced with the calendar year ending December 31, 2010, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Company’s “Capital Gain Incentive Fee Base” equals (1) the sum of (A) realized capital gains, if any, on a cumulative positive basis from the date the Company elected to become a BDC through the end of each calendar year, (B) all realized capital losses on a cumulative basis and (C) all unrealized capital depreciation on a cumulative basis less (2) all unamortized deferred debt issuance costs, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis.

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

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

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

Realized capital gains and losses include gains and losses on investments, foreign currencies, including gains and losses on borrowings in foreign currencies, derivative contracts and any income tax related to cumulative aggregate realized gains and losses.

For the three and nine months ended June 30, 2025 and 2024, the Company did not accrue a Capital Gain Incentive Fee. As of June 30, 2025 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.

In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 15% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three and nine months ended June 30, 2025 and 2024, the Company did not accrue a capital gain incentive fee under GAAP. Changes in the accrual for the capital gain incentive fee under GAAP are included in incentive fee in the Consolidated Statements of Operations. As of both June 30, 2025 and September 30, 2024, there was no cumulative accrual of capital gain incentive fees under GAAP included in accounts payable and other liabilities on the Consolidated Statements of Financial Condition.

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

Included in accounts payable and other liabilities is $3,142 and $2,840 as of June 30, 2025 and September 30, 2024, respectively, for accrued allocated shared services under the Administration Agreement.

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

Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2025 were $1,900 and $6,280, respectively. Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2024 were $5,716 and $9,752, respectively.

As of June 30, 2025 and September 30, 2024, included in accounts payable and other liabilities were $2,067 and $2,658, respectively, for expenses paid on behalf of the Company by the Administrator.

The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of June 30, 2025 permits the Company to borrow a maximum of $300,000 and expires on June 13, 2032. As of September 30, 2024, the Company was permitted to borrow a maximum of $200,000 under the Adviser Revolver. Refer to Note 7, for discussion of the Adviser Revolver.

Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, an unsecured revolving credit facility with the Investment Adviser (“GBDC 3 Adviser Revolver”) that had a credit limit of $100,000. The GBDC 3 Adviser Revolver was terminated on June 11, 2024.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

On June 3, 2024, the Company completed its acquisition of GBDC 3. Refer to Note 1 for more information regarding the GBDC 3 Merger.

Note 4. Investments

Investments as of June 30, 2025 and September 30, 2024 consisted of the following:

			As of June 30, 2025																		As of September 30, 2024
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
Senior secured			$	487,388					$	481,388					$	480,592					$	510,503					$	506,178					$	502,386
One stop			7,922,217						7,818,613						7,785,066						7,271,543						7,216,368						7,110,258
Second lien			33,322						31,640						28,625						18,430						17,125						14,054
Subordinated debt			37,477						36,988						37,419						30,410						29,943						30,175
Equity			N/A						598,889						629,847						N/A						533,299						578,538
Total			$	8,480,404					$	8,967,518					$	8,961,549					$	7,830,886					$	8,302,913					$	8,235,411

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

			As of June 30, 2025												As of September 30, 2024
Amortized Cost:
United States
Mid-Atlantic			$	1,577,535					17.6		%				$	1,502,136					18.1		%
Midwest			1,388,979						15.5						1,391,538						16.8
West			1,352,377						15.1						1,133,878						13.7
Southeast			1,794,992						20.0						1,638,221						19.7
Southwest			1,144,848						12.8						1,041,814						12.5
Northeast			570,645						6.4						713,024						8.6
Canada			374,296						4.2						182,002						2.2
United Kingdom			390,652						4.4						395,769						4.8
Australia			54,195						0.6						20,909						0.2
Luxembourg			4,566						0.0		*				58,328						0.7
Netherlands			12,824						0.1						95,950						1.2
Finland			78,915						0.9						52,670						0.6
Sweden			34,681						0.4						33,243						0.4
Israel			17,381						0.2						855						0.0		*
Denmark			4,865						0.0		*				4,860						0.1
Germany			79,107						0.9						19,896						0.2
France			20,238						0.2						17,820						0.2
Jersey			57,476						0.6						—						—
Spain			8,946						0.1						—						—
Total			$	8,967,518					100.0		%				$	8,302,913					100.0		%
Fair Value:
United States
Mid-Atlantic			$	1,598,556					17.8		%				$	1,506,726					18.3		%
Midwest			1,395,298						15.6						1,352,353						16.4
West			1,355,968						15.1						1,130,497						13.7
Southeast			1,750,634						19.5						1,634,599						19.8
Southwest			1,120,584						12.5						1,020,950						12.4
Northeast			571,480						6.4						713,123						8.7
Canada			370,838						4.1						178,003						2.2
United Kingdom			402,492						4.5						395,840						4.8
Australia			53,257						0.6						20,113						0.2
Luxembourg			4,882						0.1						57,439						0.7
Netherlands			13,226						0.1						89,708						1.1
Finland			88,369						1.0						56,608						0.7
Sweden			36,891						0.4						34,709						0.4
Israel			17,665						0.2						1,008						0.0		*
Denmark			4,843						0.1						4,896						0.1
Germany			85,152						1.0						20,493						0.3
France			22,204						0.2						18,346						0.2
Jersey			60,125						0.7						—						—
Spain			9,085						0.1						—						—
Total			$	8,961,549					100.0		%				$	8,235,411					100.0		%

* Represents an amount less than 0.1%

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The industry compositions of the portfolio at amortized cost and fair value as a percentage of total investments in portfolio companies as of June 30, 2025 and September 30, 2024 were as follows:

			As of June 30, 2025												As of September 30, 2024
Amortized Cost:
Aerospace & Defense			$	49,044					0.5		%				$	39,344					0.5		%
Air Freight & Logistics			49,886						0.6						—						—
Airlines			8,946						0.1						8,808						0.1
Auto Components			39,076						0.4						48,377						0.6
Automobiles			415,431						4.6						390,804						4.7
Banks			11,778						0.1						2,094						0.0		*
Beverages			99,884						1.1						82,478						1.0
Biotechnology			1,998						0.0		*				1,993						0.0		*
Building Products			62,081						0.7						60,815						0.7
Capital Markets			12,715						0.1						2,557						0.0		*
Chemicals			142,630						1.6						133,436						1.6
Commercial Services & Supplies			211,144						2.4						198,252						2.4
Communications Equipment			16,526						0.2						16,519						0.2
Construction & Engineering			12,022						0.1						4,042						0.1
Containers & Packaging			111,244						1.2						102,694						1.3
Diversified Consumer Services			474,804						5.3						391,054						4.7
Diversified Financial Services			172,669						1.9						90,456						1.1
Diversified Telecommunication Services			1,524						0.0		*				1,521						0.0		*
Electric Utilities			7,019						0.1						—						—
Electrical Equipment			25,338						0.3						1,406						0.0		*
Electronic Equipment, Instruments & Components			33,511						0.4						33,600						0.4
Energy Equipment & Services			4,355						0.0		*				4,543						0.1
Food & Staples Retailing			29,891						0.3						21,957						0.3
Food Products			223,130						2.5						260,340						3.1
Healthcare Equipment & Supplies			316,835						3.5						270,891						3.3
Healthcare Providers & Services			678,332						7.6						559,659						6.7
Healthcare Technology			402,374						4.5						315,628						3.8
Hotels, Restaurants & Leisure			322,874						3.6						271,416						3.3
Household Products			9,507						0.1						8,636						0.1
Industrial Conglomerates			84,973						1.0						72,399						0.9
Insurance			531,664						5.9						460,242						5.5
Internet & Direct Marketing Retail			103,637						1.2						103,829						1.3
IT Services			311,294						3.5						294,569						3.5
Leisure Products			14,615						0.2						69,755						0.8
Life Sciences Tools & Services			133,738						1.5						115,691						1.4
Machinery			30,918						0.3						30,586						0.4
Marine			34,727						0.4						35,033						0.4
Media			15,508						0.2						13,883						0.2
Multiline Retail			29,147						0.3						43,416						0.5
Oil, Gas & Consumable Fuels			7,192						0.1						85,736						1.0
Paper & Forest Products			18,739						0.2						18,771						0.2
Personal Products			38,067						0.4						36,460						0.4
Pharmaceuticals			320,587						3.6						257,011						3.1
Professional Services			222,737						2.5						217,009						2.6
Real Estate Management & Development			110,772						1.2						211,484						2.6
Road & Rail			41,733						0.5						41,776						0.5
Software			2,346,989						26.2						2,229,206						26.9
Specialty Retail			446,639						5.0						476,296						5.7
Textiles, Apparel & Luxury Goods			44,737						0.5						43,892						0.5
Trading Companies & Distributors			56,126						0.6						55,166						0.7
Transportation Infrastructure			7,367						0.1						—						—
Water Utilities			69,044						0.8						67,383						0.8
Total			$	8,967,518					100.0		%				$	8,302,913					100.0		%

* Represents an amount less than 0.1%.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

			As of June 30, 2025												As of September 30, 2024
Fair Value:
Aerospace & Defense			$	49,485					0.6		%				$	40,073					0.5		%
Air Freight & Logistics			51,131						0.6						—						—
Airlines			9,085						0.1						8,547						0.1
Auto Components			33,772						0.4						45,376						0.6
Automobiles			414,744						4.6						389,281						4.7
Banks			11,811						0.1						2,076						0.0		*
Beverages			93,317						1.1						76,785						0.9
Biotechnology			167						0.0		*				764						0.0		*
Building Products			61,404						0.7						59,962						0.7
Capital Markets			12,745						0.1						2,540						0.0		*
Chemicals			133,509						1.5						119,535						1.5
Commercial Services & Supplies			212,507						2.4						198,921						2.4
Communications Equipment			16,591						0.2						16,494						0.2
Construction & Engineering			12,102						0.1						4,050						0.0		*
Containers & Packaging			111,315						1.2						101,467						1.2
Diversified Consumer Services			463,060						5.2						385,797						4.7
Diversified Financial Services			177,673						2.0						90,588						1.1
Diversified Telecommunication Services			1,529						0.0		*				1,529						0.0		*
Electric Utilities			7,284						0.1						—						—
Electrical Equipment			25,686						0.3						1,425						0.0		*
Electronic Equipment, Instruments & Components			34,195						0.4						34,420						0.4
Energy Equipment & Services			2,121						0.0		*				1,793						0.0		*
Food & Staples Retailing			29,467						0.3						22,811						0.3
Food Products			228,970						2.6						258,812						3.1
Healthcare Equipment & Supplies			324,092						3.6						264,737						3.2
Healthcare Providers & Services			675,526						7.5						545,927						6.6
Healthcare Technology			406,310						4.5						317,594						3.9
Hotels, Restaurants & Leisure			324,265						3.6						271,656						3.3
Household Products			9,500						0.1						8,636						0.1
Industrial Conglomerates			91,429						1.0						72,439						0.9
Insurance			534,375						6.0						458,447						5.6
Internet & Direct Marketing Retail			84,087						0.9						108,880						1.3
IT Services			324,207						3.6						302,581						3.7
Leisure Products			16,172						0.2						71,152						0.9
Life Sciences Tools & Services			136,318						1.5						113,608						1.4
Machinery			30,640						0.3						29,750						0.4
Marine			34,588						0.4						34,517						0.4
Media			15,314						0.2						13,717						0.2
Multiline Retail			29,670						0.3						31,866						0.4
Oil, Gas & Consumable Fuels			6,776						0.1						85,689						1.0
Paper & Forest Products			18,947						0.2						18,727						0.2
Personal Products			20,910						0.2						32,813						0.4
Pharmaceuticals			323,059						3.6						254,314						3.1
Professional Services			225,511						2.5						218,402						2.7
Real Estate Management & Development			111,141						1.2						211,343						2.6
Road & Rail			41,179						0.5						41,172						0.5
Software			2,374,281						26.5						2,229,502						27.1
Specialty Retail			435,905						4.9						473,726						5.8
Textiles, Apparel & Luxury Goods			44,608						0.5						43,633						0.5
Trading Companies & Distributors			52,393						0.6						50,288						0.6
Transportation Infrastructure			7,427						0.1						—						—
Water Utilities			69,249						0.8						67,249						0.8
Total			$	8,961,549					100.0		%				$	8,235,411					100.0		%

* Represents an amount less than 0.1%.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 5. Derivatives

The Company enters into derivatives from time to time to help mitigate its foreign currency and interest rate risk exposures.

Forward Currency Contracts

The outstanding forward currency contracts as of June 30, 2025 and September 30, 2024 were as follows:

As of June 30, 2025
Counterparty						Currency to be sold									Currency to be purchased									Settlement date						Unrealized appreciation						Unrealized depreciation
Macquarie Bank Limited						$	7,000		CAD						5,386			USD						7/18/2025						$	242					$	—
Macquarie Bank Limited						£	8,750		GBP						10,667			USD						7/21/2025						—						(1,340)
Macquarie Bank Limited						€	20,700		EUR						22,363			USD						7/21/2025						—						(2,042)
Macquarie Bank Limited						€	10,100		EUR						10,918			USD						7/21/2025						—						(990)
Macquarie Bank Limited						€	16,100		EUR						17,902			USD						7/30/2025						—						(1,091)
Macquarie Bank Limited						€	3,900		EUR						4,371			USD						1/30/2026						—						(277)
Macquarie Bank Limited						£	21,900		GBP						27,811			USD						2/2/2026						—						(2,221)
Macquarie Bank Limited						€	35,000		EUR						39,008			USD						2/5/2026						—						(2,712)
Macquarie Bank Limited						A$	26,100		AUD						17,179			USD						2/5/2026						—						(69)
Macquarie Bank Limited						€	14,650		EUR						16,498			USD						5/12/2027						—						(1,253)
Macquarie Bank Limited						€	20,300		EUR						22,346			USD						5/27/2027						—						(2,228)
																														$	242					$	(14,223)
SMBC Capital Markets, Inc.						€	22,000		EUR						24,594			USD						1/20/2026						$	—					$	(1,600)
SMBC Capital Markets, Inc.						€	23,750		EUR						26,543			USD						1/20/2026						—						(1,734)
SMBC Capital Markets, Inc.						$	7,400		CAD						5,533			USD						2/2/2026						46						—
SMBC Capital Markets, Inc.						£	21,900		GBP						27,746			USD						2/5/2026						—						(2,266)
SMBC Capital Markets, Inc.						€	33,200		EUR						39,008			USD						5/27/2027						—						(1,309)
																														$	46					$	(6,909)

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of September 30, 2024
Counterparty						Currency to be sold									Currency to be purchased									Settlement date						Unrealized appreciation						Unrealized depreciation
Macquarie Bank Limited						€	14,650		EUR						$	17,567		USD						11/12/2024						$	1,225					$	—
Macquarie Bank Limited						$	5,200		CAD						$	4,245		USD						12/9/2024						390						—
Macquarie Bank Limited						€	12,400		EUR						$	14,586		USD						12/23/2024						732						—
Macquarie Bank Limited						€	7,900		EUR						$	8,682		USD						2/5/2025						—						(152)
Macquarie Bank Limited						€	26,000		EUR						$	31,803		USD						2/27/2025						2,654						—
Macquarie Bank Limited						£	5,600		GBP						$	7,321		USD						3/17/2025						—						(152)
Macquarie Bank Limited						£	13,945		GBP						$	19,149		USD						3/31/2025						522						—
Macquarie Bank Limited						$	7,000		CAD						$	5,386		USD						7/18/2025						172						—
Macquarie Bank Limited						£	8,750		GBP						$	10,667		USD						7/21/2025						—						(964)
Macquarie Bank Limited						€	20,700		EUR						$	22,363		USD						7/21/2025						—						(894)
Macquarie Bank Limited						€	10,100		EUR						$	10,918		USD						7/21/2025						—						(430)
Macquarie Bank Limited						€	16,100		EUR						$	17,902		USD						7/30/2025						—						(209)
Macquarie Bank Limited						€	3,900		EUR						$	4,371		USD						1/30/2026						—						(45)
Macquarie Bank Limited						£	21,900		GBP						$	27,811		USD						2/2/2026						—						(1,244)
Macquarie Bank Limited						€	35,000		EUR						$	39,008		USD						2/5/2026						—						(618)
Macquarie Bank Limited						$	26,100		AUD						$	17,179		USD						2/5/2026						—						(761)
																														$	5,695					$	(5,469)
SMBC Capital Markets, Inc.						€	22,000		EUR						$	24,594		USD						1/20/2026						$	—					$	(387)
SMBC Capital Markets, Inc.						€	23,750		EUR						$	26,543		USD						1/20/2026						—						(425)
SMBC Capital Markets, Inc.						$	7,400		CAD						$	5,533		USD						2/2/2026						—						(4)
SMBC Capital Markets, Inc.						£	21,900		GBP						$	27,811		USD						2/5/2026						—						(1,406)
																														$	—					$	(2,222)

The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three and nine months ended June 30, 2025 and 2024 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:

Realized gain (loss) on forward currency contracts recognized in income
Risk exposure category			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Foreign exchange			$	—					$	624					$	7,203					$	624
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure category			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Foreign exchange			$	(22,219)					$	2,972					$	(15,787)					$	1,589

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and nine months ended June 30, 2025 and 2024:

Average U.S. Dollar notional outstanding			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Forward currency contracts			$	296,011					$	442,838					$	324,980					$	343,044

Interest Rate Swaps

In connection with the 2028 Notes and 2029 Notes (each as defined in Note 7), the Company entered into interest rate swap agreements to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. The Company designated these interest rate swaps and the 2028 and 2029 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2028 and 2029 Notes. As of June 30, 2025, the counterparties to the Company’s interest rate swap agreements were SMBC Capital Markets, Inc. and Macquarie Bank Limited. The outstanding interest rate swap contracts as of June 30, 2025 and September 30, 2024 were as follows:

As of June 30, 2025
Counterparty						Hedged item						Company receives						Company pays									Maturity date						Notional amount						Unrealized appreciation						Unrealized depreciation
SMBC Capital Markets, Inc						2028 Notes						7.310%						1M SOFR+			3.327		%				11/5/2028						$	225,000					$	3,403					$	—
SMBC Capital Markets, Inc						2028 Notes						7.310%						1M SOFR+			2.835		%				11/5/2028						225,000						6,910						—
SMBC Capital Markets, Inc						2029 Notes						6.248%						1M SOFR+			2.444		%				6/15/2029						600,000						7,279						—
																																							$	17,592					$	—
Macquarie Bank Limited						2029 Notes						5.881%						3M SOFR+			2.012		%				6/15/2029						150,000						$	2,267					$	—
																																							$	2,267					$	—

As of September 30, 2024
Counterparty						Hedged item						Company receives						Company pays									Maturity date						Notional amount						Unrealized appreciation						Unrealized depreciation
SMBC Capital Markets, Inc						2028 Notes						7.310%						1M SOFR+			3.327		%				11/5/2028						$	225,000					$	8,925					$	—
SMBC Capital Markets, Inc						2028 Notes						7.310%						1M SOFR+			2.835		%				11/5/2028						225,000						13,298						—
SMBC Capital Markets, Inc						2029 Notes						6.248%						1M SOFR+			2.444		%				6/15/2029						600,000						9,263						—
																																							$	31,486					$	—

As a result of the Company’s designation as a hedging instrument in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instrument and the related hedged item, with the changes in the fair value of each being recorded in interest expense. The net unrealized gain/(loss) related to the fair value hedge was $155 and ($4,541), respectively, for the three and nine months ended June 30, 2025. The net unrealized gain/(loss) related to the fair value hedge was ($5,763) and ($2,991), respectively, for the three and nine months ended June 30, 2024. The net unrealized gain /(loss) related to the fair value hedge is included in “Interest and other debt financing expenses” in the Company’s Consolidated Statement of Operations. The table below presents the components of the net unrealized gain /(loss) related to the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the 2028 and 2029 Notes, from derivatives designated in a qualifying hedge accounting relationship for the three and nine months ended June 30, 2025 and 2024.

						Three months ended June 30,												Nine months ended June 30,
						2025						2024						2025						2024
Hedging Instruments (Interest rate swaps)						$	9,598					$	(7,916)					$	(11,627)					$	(13,744)
Hedged items (Unsecured notes)						(9,443)						2,153						7,086						10,753
Fair market value adjustments for hedge accounting recognized in interest expense						$	155					$	(5,763)					$	(4,541)					$	(2,991)

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The table below presents the carrying value of the 2028 and 2029 Notes as of June 30, 2025 and September 30, 2024 that are designated in qualifying hedging relationships and the related cumulative hedging adjustment (increase/(decrease)) from the current hedging relationships included in such carrying value:

						As of June 30, 2025												As of September 30, 2024
Description						Carrying Value						Cumulative Hedging Adjustment						Carrying Value						Cumulative Hedging Adjustment
2028 Notes						$	456,834					$	10,145					$	460,642					$	14,675
2029 Notes						755,252						9,657						606,271						12,213

Offsetting Derivatives

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with each of its derivative counterparties, Macquarie Bank Limited (“Macquarie”) and SMBC Capital Markets, Inc. (“SMBC” and, together with Macquarie, the “Counterparties” and each a “Counterparty”). Each ISDA Master Agreement is a bilateral agreement between the Company and each Counterparty that governs over the counter (“OTC”) derivatives, including forward currency contracts and interest rate swaps, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of each ISDA Master Agreements with each of the Counterparties permits a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from either Counterparty, if any, is included in the Consolidated Statements of Financial Condition as other assets or other liabilities. As of June 30, 2025 and September 30, 2024, there was $9,060 and $650, respectively, of collateral pledged for derivatives which is included in other assets on the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the consolidated financial statements of the Company including: the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of June 30, 2025 and September 30, 2024.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of June 30, 2025
Counterparty						Statement of Financial Condition Location of Amounts						Gross Amount of Recognized Assets						Gross Amount of Recognized (Liabilities)						Net amounts presented in the Consolidated Statements of Financial Condition			Collateral (Received) / Pledged(1)						Net Amounts(2)
Macquarie Bank Limited						Net unrealized depreciation on derivatives						$	2,509					$	(14,223)					$	(11,714)		$	9,060					$	(2,654)
SMBC Capital Markets, Inc.						Net unrealized appreciation on derivatives						17,638						(6,909)						10,729			—						10,729

As of September 30, 2024
Counterparty						Statement of Financial Condition Location of Amounts						Gross Amount of Recognized Assets						Gross Amount of Recognized (Liabilities)						Net amounts presented in the Consolidated Statements of Financial Condition			Collateral (Received) / Pledged(1)						Net Amounts(2)
Macquarie Bank Limited						Net unrealized appreciation on derivatives						$	5,695					$	(5,469)					$	226		$	—					$	226
SMBC Capital Markets, Inc.						Net unrealized appreciation on derivatives						31,486						(2,222)						29,264			—						29,264

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

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

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

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

Note 6. Fair Value Measurements

The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Effective August 2, 2024, the Board designated the Investment Adviser as the Company’s Valuation Designee in accordance with Rule 2a-5 under the 1940 Act. The Company’s fair value analysis, currently undertaken by the Valuation Designee, includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Currently, the Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended June 30, 2025 and 2024. The following section describes the valuation techniques used to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of the portfolio company investments) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of June 30, 2025 were valued using Level 3 inputs. All investments as of September 30, 2024, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. As of June 30, 2025 and September 30, 2024, all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs and all forward currency contracts and interest rate swaps were valued using Level 2 inputs.

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

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

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of June 30, 2025 and September 30, 2024:

As of June 30, 2025						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	8,331,702					$	8,331,702
Equity investments(1)						—						—						629,847						629,847
Money market funds(1)(2)						108,869						—						—						108,869
Forward currency contracts						—						288						—						288
Interest rate swaps						—						19,859						—						19,859
Total assets, at fair value:						$	108,869					$	20,147					$	8,961,549					$	9,090,565
Liabilities, at fair value:
Forward currency contracts						$	—					$	(21,132)					$	—					$	(21,132)
Total liabilities, at fair value:						$	—					$	(21,132)					$	—					$	(21,132)

As of September 30, 2024						Fair Value Measurements Using
Description						Level 1						Level 2						Level 3						Total
Assets, at fair value:
Debt investments(1)						$	—					$	—					$	7,656,873					$	7,656,873
Equity investments(1)						118						—						578,420						578,538
Money market funds(1)(2)						213,101						—						—						213,101
Forward currency contracts						—						5,695						—						5,695
Interest rate swaps						—						31,486						—						31,486
Total assets, at fair value:						$	213,219					$	37,181					$	8,235,293					$	8,485,693
Liabilities at fair value:
Forward currency contracts						$	—					$	(7,691)					$	—					$	(7,691)
Total liabilities, at fair value:						$	—					$	(7,691)					$	—					$	(7,691)

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

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

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2025 reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held as of June 30, 2025 was $41,204 and $10,964, respectively. The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2024 reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held as of June 30, 2024 was ($61,787) and ($37,732), respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the nine months ended June 30, 2025 and 2024:

			For the nine months ended June 30, 2025
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	7,656,873					$	578,420					$	8,235,293
Net change in unrealized appreciation (depreciation) on investments			40,145						(14,274)						25,871
Net translation of investments in foreign currencies			35,668						(2)						35,666
Realized gain (loss) on investments			(41,760)						(70)						(41,830)
Realized gain (loss) on translation of investments in foreign currencies			(1,402)						—						(1,402)
Fundings of (proceeds from) revolving loans, net			7,592						—						7,592
Fundings of investments			1,717,810						63,705						1,781,515
PIK interest and non-cash dividends			40,439						23,091						63,530
Proceeds from non-cash dividends			—						(4,288)						(4,288)
Proceeds from principal payments and sales of portfolio investments			(1,129,187)						(16,735)						(1,145,922)
Accretion of discounts and amortization of premiums			5,524						—						5,524
Fair value, end of period			$	8,331,702					$	629,847					$	8,961,549

			For the nine months ended June 30, 2024
			Debt Investments						Equity Investments						Total Investments
Fair value, beginning of period			$	5,219,183					$	297,330					$	5,516,513
Net change in unrealized appreciation (depreciation) on investments			(41,400)						5,803						(35,597)
Net translation of investments in foreign currencies			14,457						(2)						14,455
Realized gain (loss) on investments			(51,729)						2,224						(49,505)
Realized gain (loss) on translation of investments in foreign currencies			(6,831)						—						(6,831)
Funding of (proceeds from) revolving loans, net			4,658						—						4,658
Fundings of investments			484,277						70,244						554,521
PIK interest and non-cash dividends			36,551						13,890						50,441
Proceeds from non-cash dividends			—						(47)						(47)
Proceeds from principal payments and sales of portfolio investments			(855,953)						(11,280)						(867,233)
Accretion of discounts and amortization of premiums			10,996						—						10,996
Transfers in - GBDC 3 Merger			2,527,770						147,280						2,675,050
Fair value, end of period			$	7,341,979					$	525,442					$	7,867,421

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2025 and September 30, 2024.

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of June 30, 2025

Valuation Techniques

Unobservable Input

Range (Weighted Average) (1)

Assets:

Senior secured loans(2)

$

480,592

Yield analysis

Market interest rate

7.0% - 15.5% (9.2%)

Market comparable companies

EBITDA multiples

3.7x - 23.9x (13.9x)

One stop loans(3)(4)

$

7,785,066

Yield analysis

Market interest rate

3.8% - 26.3% (9.2%)

Market comparable companies

EBITDA multiples

3.4x - 36.0x (15.8x)

Revenue multiples

1.4x - 18.0x (8.3x)

Subordinated debt and second lien loans(5)(6)

$

66,044

Yield analysis

Market interest rate

8.8% - 16.3% (11.2%)

Market comparable companies

EBITDA multiples

5.0x - 24.0x (15.3x)

Revenue multiples

8.5x

Equity(7)

$

629,847

Market comparable companies

EBITDA multiples

4.7x - 29.1x (16.3x)

Revenue multiples

1.3x - 18.0x (8.5x)

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

(2)$8,249 of loans at fair value were valued using the market comparable companies approach only.

(3)$87,147 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $6,840,170 and $944,896 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)$360 of loans at fair value were valued using the market comparable companies approach only.

(6)The Company valued $65,990 and $54 of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively.

(7)The Company valued $550,405 and $79,442 of equity investments using EBITDA and revenue multiples, respectively.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of September 30, 2024

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans(2)

$

502,386

Yield analysis

Market interest rate

6.5% - 20.3% (10.5%)

Market comparable companies

EBITDA multiples

1.5x - 24.0x (12.3x)

One stop loans(3)(4)

$

7,057,577

Yield analysis

Market interest rate

4.3% - 21.0% (9.9%)

Market comparable companies

EBITDA multiples

2.8x - 53.2x (16.0x)

Revenue multiples

1.0x - 18.0x (7.9x)

52,681

Broker/dealer bids or quotes

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans(5)

$

44,229

Yield analysis

Market interest rate

10.0% - 15.5% (13.3%)

Market comparable companies

EBITDA multiples

5.5x - 24.0x (16.0x)

Equity(6)

$

578,420

Market comparable companies

EBITDA multiples

5.5x - 53.2x (18.2x)

Revenue multiples

1.2x - 18.0x (8.1x)

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

(2)$2,807 of loans at fair value were valued using the market comparable companies approach only.

(3)$64,786 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $6,036,312 and $1,021,265 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)$435 of loans at fair value were valued using the market comparable companies approach only.

(6)The Company valued $505,597 and $72,823 of equity investments using EBITDA and revenue multiples, respectively.

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

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

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. The fair value of the Company's 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes (as defined in Note 7) is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of the Company’s remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The following are the carrying values and fair values of the Company’s debt as of June 30, 2025 and September 30, 2024.

			As of June 30, 2025												As of September 30, 2024
			Carrying Value						Fair Value						Carrying Value						Fair Value
Debt(1)			$	5,154,001					$	5,145,736					$	4,624,791					$	4,591,161

(1) As of June 30, 2025 and September 30, 2024, carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship related to the 2028 and 2029 Notes. See Note 5 for additional information.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. As of June 30, 2025, the Company’s asset coverage for borrowed amounts was 176.8%.

2024 Debt Securitization: On November 18, 2024, the Company completed a $2,200,500 term debt securitization (the “2024 Debt Securitization”). The notes offered in the 2024 Debt Securitization (“the 2024 Notes”) were issued by the 2024 Issuer and were backed by a diversified portfolio of senior secured loans. The transaction was executed through a private placement which consisted of $1,192,400 of Aaa/AAA Class A-1R Senior Secured Floating Rate Notes due 2036 (the “Class A-1R 2024 Notes”), which bear interest at three-month SOFR plus 1.56%; $171,600 of AAA Class A-2RR Senior Secured Floating Rate Notes due 2036, which bear interest at three-month SOFR plus 1.75% (the “Class A-2RR 2024 Notes”); $165,000 of AA Class B-R Senior Secured Floating Rate Notes, which bear interest at three-month SOFR plus 1.70% (the “Class B-R Notes”); $154,000 of A Class C-R Senior Secured Floating Rate Notes, which bear interest at three-month SOFR plus 2.10%; and $517,500 of Subordinated Notes due 2124 which do not bear interest (the “Subordinated Notes” and together with the Secured Notes, the “2024 Notes”). The Company indirectly retained all of the Class B-R, Class C-R and Subordinated Notes.

Through October 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2024 Issuer and in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2024 Debt Securitization, allowing the Company to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are scheduled to mature on October 20, 2036. The Subordinated 2024 Notes are due in 2124. The Class A-1R and Class A-2RR 2024 Notes are included in the June 30, 2025 Consolidated Statement of Financial Condition as debt of the company. As of June 30, 2025, the Class B-R, Class C-R and Subordinated 2024 Notes were eliminated in consolidation.

As of June 30, 2025, there were 120 portfolio companies with a total fair value of $2,187,002 securing the 2024 Debt Securitization. The pool of loans in the 2024 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the 2024 Debt Securitization is based on three-month SOFR. The three-month SOFR in effect as of June 30, 2025 based on the last interest rate reset was 4.3%.

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2024 Debt Securitization were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	20,196					$	—					$	50,637					$	—
Amortization of debt issuance costs			232						—						573						—
Total interest and other debt financing expenses			$	20,428					$	—					$	51,210					$	—
Cash paid for interest expense			$	34,891					$	—					$	34,891					$	—
Annualized average stated interest rate			5.9		%				N/A						6.0		%				N/A
Average outstanding balance			$	1,364,000					$	—					$	1,124,176					$	—

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of June 30, 2025, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A-1R and A-2RR 2024 Notes are as follows:

Description

Class A-1R 2024 Notes

Class A-2RR 2024 Notes

Type

Senior Secured Floating Rate

Senior Secured Floating Rate

Amount Outstanding

$1,192,400

$171,600

Fitch Rating

“AAA”

“NR”

S&P Rating

“AAA”

“AAA”

Interest Rate

SOFR + 1.56%

SOFR + 1.75%

As part of the 2024 Debt Securitization, the Company entered into a master loan sale agreement that provides for the sale of assets on the 2024 Debt Securitization closing date as well as future sales from the Company to the 2024 Issuer through the BDC CLO 8 Depositor, (1) the Company sold and/or contributed to the BDC CLO 8 Depositor the remainder of its ownership interest in the portfolio company investments securing the 2024 Debt Securitization and participations for the purchase price and other consideration set forth in the master loan sale agreement and (2) the BDC CLO 8 Depositor, in turn, sold to the 2024 Issuer all of its ownership interest in such portfolio loans and participations for the purchase price and other consideration set forth in the master loan sale agreement. Following these transfers, the 2024 Issuer, and not the BDC CLO 8 Depositor or the Company, holds all of the ownership interest in such portfolio company investments and participations.

2018 Debt Securitization: On November 16, 2018, the Company completed a $602,400 term debt securitization (the “2018 Debt Securitization”). The notes offered in the 2018 Debt Securitization (the “2018 Notes”) were issued by the 2018 Issuer, a subsidiary of the 2018 CLO Depositor, and were backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement which, through November 18, 2024, consisted of approximately $327,000 of AAA/AAA Class A 2018 Notes, which bore interest at three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bore interest at three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bore interest at three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bore interest at three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bore interest at three-month LIBOR plus 2.95%; and $113,400 of Subordinated 2018 Notes which did not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes. The Class A, Class B and Class C-1 2018 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company. As of September 30, 2024, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

Through January 20, 2023, the 2018 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization.

On November 18, 2024, in connection with the 2024 Debt Securitization, the 2018 Issuer redeemed the outstanding 2018 Notes pursuant to the terms of the indenture governing the 2018 Notes. Following such redemption, the agreements which governed the 2018 Debt Securitization were terminated. The 2018 Notes would have otherwise matured on January 20, 2031.

As of September 30, 2024, there were 44 portfolio companies with a total fair value of $351,446 securing the 2018 Notes. The pool of loans in the 2018 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The interest charged under the 2018 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%. For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	—					$	5,823					$	1,839					$	19,422
Amortization of debt issuance costs			—						—						—						2
Total interest and other debt financing expenses			$	—					$	5,823					$	1,839					$	19,424
Cash paid for interest expense			$	—					$	6,354					$	5,152					$	20,766
Annualized average stated interest rate			N/A						7.4		%				7.1		%				7.4		%
Average outstanding balance			$	—					$	316,992					$	34,603					$	350,454

As part of the 2018 Debt Securitization, GBDC entered into a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the 2018 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated 2018 Notes. As of September 30, 2024, the 2018 Notes (other than the Subordinated 2018 Notes) were the secured obligations of the 2018 Issuer and indentures governing the 2018 Notes include customary covenants and events of default.

GCIC 2018 Debt Securitization: Effective September 16, 2019, the Company assumed, as a result of the GCIC Merger, a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). The GCIC 2018 Debt Securitization was originally completed on December 13, 2018. The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and were secured by a diversified portfolio of senior secured and second lien loans. Through November 18, 2024, the GCIC 2018 Debt Securitization consisted of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, the GCIC 2018 CLO Depositor received and retained $27,000 of Class B-2 GCIC 2018 Notes, $95,000 of Class C GCIC 2018 Notes and $60,000 of Class D GCIC 2018 Notes and $179,695 of Subordinated GCIC 2018 Notes. On December 21, 2020, the Company and the GCIC 2018 Issuer amended the GCIC 2018 Debt Securitization to, among other things, (a) refinance the issued Class A-2 GCIC 2018 Notes issued by the GCIC 2018 Issuer by redeeming in full the $38,500 of Class A-2 GCIC 2018 Notes and issuing new Class A-2-R GCIC 2018 Notes in an aggregate principal amount of $38,500 that bore interest at a rate of 2.498%, which is a decrease from the rate of 4.665% of the Class A-2 GCIC 2018 Notes and (b) provide for a non-called period, during which the Class A-2-R GCIC 2018 Notes cannot be redeemed, from December 21, 2020 to but excluding June 21, 2021. The Class A-1, Class A-2-R and Class B-1 GCIC 2018 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company. As of September 30, 2024, the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation.

Through January 20, 2023, the GCIC 2018 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the GCIC 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GCIC 2018 Debt Securitization.

On November 18, 2024, in connection with the 2024 Debt Securitization, the GCIC 2018 Issuer redeemed the outstanding GCIC 2018 Notes pursuant to the terms of the indenture governing such GCIC 2018 Notes. Following such redemption, the agreements that governed the GCIC 2018 Debt Securitization were terminated. The GCIC 2018 Notes would have otherwise matured on January 20, 2031, and the Subordinated GCIC 2018 Notes would have otherwise matured on December 13, 2118.

As of September 30, 2024, there were 58 portfolio companies with a total fair value of $524,168 securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization were required to meet certain requirements,

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the GCIC 2018 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%. For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	—					$	6,734					$	1,682					$	23,410
Accretion of discounts on notes issued			—						—						—						—
Amortization of debt issuance costs			—						—						—						—
Total interest and other debt financing expenses			$	—					$	6,734					$	1,682					$	23,410
Cash paid for interest expense			$	—					$	7,928					$	4,861					$	25,531
Annualized average stated interest rate			N/A						6.8		%				6.1		%				6.8		%
Average outstanding balance			$	—					$	400,163					$	36,904					$	456,622

As part of the GCIC 2018 Debt Securitization, GBDC assumed in the GCIC Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GCIC 2018 Issuer and to purchase or otherwise acquire the LLC equity interests in the GCIC Subordinated 2018 Notes. As of September 30, 2024, the GCIC 2018 Notes (other than the GCIC Subordinated 2018 Notes) were the secured obligations of the GCIC 2018 Issuer and indentures governing the GCIC 2018 Notes include customary covenants and events of default.

GBDC 3 2021 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $398,850 term debt securitization (the “GBDC 3 2021 Debt Securitization”). The GBDC 3 2021 Debt Securitization was originally completed on March 11, 2021. The GBDC 3 2021 Notes were issued by the GBDC 3 2021 Issuer and were backed by a diversified portfolio of senior secured and second lien loans. Through November 18, 2024, the GBDC 3 2021 Notes offered in the GBDC 3 2021 Debt Securitization consisted of $224,000 of AAA Class A GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 1.60%; $28,000 of AA Class B GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 1.85%; $36,000 of A Class C-1 GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 2.80%; $10,000 A Class C-2 GBDC 3 2021 Notes, which bore interest at 3.91%; up to $28,000 of BBB- Class D GBDC 3 2021 Notes, which were unfunded on the closing date of the GBDC 3 2021 Debt Securitization and which, if funded, would bear interest at the three-month SOFR plus a spread set in connection with the funding date but which in no event will be greater than 5.00% (the Class D GBDC 3 2021 Notes, together with the Class A GBDC 3 2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3 2021 Notes and the Class C-2 GBDC 3 2021 Notes are referred to as the “Secured GBDC 3 2021 Notes”); and approximately $100,850 of Subordinated GBDC 3 2021 Notes, which did not bear interest. The Class A GBDC 3 2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3 2021 Notes, and the Class C-2 GBDC 3 2021 Notes were issued through a private placement through Deutsche Bank Securities Inc. The GBDC 3 2021 Issuer indirectly retained all of the Class D GBDC 3 2021 Notes and Subordinated GBDC 3 2021 Notes which were eliminated in consolidation. The Class A, Class B, Class C-1, and Class C-2 GBDC 3 2021 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company.

Through April 15, 2025, the GBDC 3 2021 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the GBDC 3 2021 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the GBDC 3 2021 Debt Securitization, allowing the Company to maintain the initial leverage in the GBDC 3 2021 Debt Securitization.

On November 18, 2024, in connection with the 2024 Debt Securitization, the GBDC 3 2021 Issuer redeemed the outstanding GBDC 3 2021 Notes pursuant to the terms of the indenture governing such GBDC 3 2021 Notes. Following such redemption, the agreements which governed the GBDC 3 2021 Debt Securitization were terminated.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

The redemption of the GBDC 3 2021 Notes resulted in a realized loss on the extinguishment of debt of $48 for the three months ended December 31, 2024, which represented the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination. The Secured GBDC 3 2021 Notes would have otherwise matured on April 15, 2033 and the Subordinated GBDC 3 2021 Notes would have otherwise matured in 2121.

As of September 30, 2024, there were 81 portfolio companies with total fair value of $395,682 securing the GBDC 3 2021 Notes. The pool of loans in the GBDC 3 2021 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the GBDC 3 2021 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%. For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2021 Debt Securitization were as follows:

									Three months ended June 30,												Nine months ended June 30,
															2025						2024						2025						2024
Stated interest expense															$	—					$	1,680					$	2,694					$	1,680
Amortization of debt issuance costs															—						—						—						—
Total interest expense															$	—					$	1,680					$	2,694					$	1,680
Cash paid for interest expense															$	—					$	—					$	7,355					$	—
Annualized average stated interest rate															N/A						7.4		%				6.9		%				7.4		%
Average outstanding balance															$	—					$	91,692					$	52,396					$	30,452

As part of the GBDC 3 2021 Debt Securitization, GBDC assumed in the GBDC 3 Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GBDC 3 2021 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated GBDC 3 2021 Notes. As of September 30, 2024, the Secured GBDC 3 2021 Notes (other than the Subordinated GBDC 3 2021 Notes) were the secured obligations of the GBDC 3 2021 Issuer and indentures governing the Secured GBDC 3 2021 Notes include customary covenants and events of default.

GBDC 3 2022 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $401,750 asset-backed securitization (the “GBDC 3 2022 Debt Securitization”). The GBDC 3 2022 Debt Securitization was originally completed on January 25, 2022. The notes offered in the GBDC 3 2022 Debt Securitization were issued by the GBDC 3 2022 Issuer and are backed by a diversified portfolio of senior secured loans. The notes offered in the GBDC 3 2022 Debt Securitization consist of $252,000 of Class A Senior Secured Floating Rate Notes, which bear interest at a benchmark interest rate, which will be based on three-month term SOFR, plus 2.00% (the “Secured GBDC 3 2022 Notes”) and $149,750 of Subordinated Notes, which do not bear interest (the “Subordinated GBDC 3 2022 Notes” and, together with the Secured GBDC 3 2022 Notes, the “GBDC 3 2022 Notes”). The Secured GBDC 3 2022 Notes were issued through a private placement through Deutsche Bank Securities Inc. The GBDC 3 2022 Issuer indirectly retained all of the Subordinated GBDC 3 2022 Notes, and the Subordinated GBDC 3 2022 Notes were eliminated in consolidation. The Secured GBDC 3 2022 Notes are included in the June 30, 2025 and September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company.

Through January 25, 2024, the GBDC 3 2022 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the GBDC 3 2022 Issuer, in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GBDC 3 2022 Debt Securitization. There were repayments on the GBDC 3 2022 Notes of $14,751 during the period June 3, 2024 through September 30, 2024. The Secured GBDC 3 2022 Notes are due on January 18, 2030. The Subordinated GBDC 3 2022 Notes are due on January 25, 2122.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

As of June 30, 2025 and September 30, 2024, there were 47 and 55 portfolio companies, respectively, with a total fair value of $293,120 and $377,755, respectively, securing the GBDC 3 2022 Debt Securitization. The pool of loans in the GBDC 3 2022 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

The interest charged under the GBDC 3 2022 Debt Securitization is based on three-month term SOFR. The three-month term SOFR rate in effect as of June 30, 2025 based on the last interest rate reset was 4.3%.

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022 Debt Securitization were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024												2025						2024
Stated interest expense			$	2,951					$	1,437											$	10,399					$	1,437
Amortization of debt issuance costs			—						—												—						—
Total interest expense			$	2,951					$	1,437											$	10,399					$	1,437
Cash paid for interest expense			$	3,289					$	—											$	11,581					$	—
Annualized average stated interest rate			6.4		%				7.5		%										6.6		%				7.5		%
Average outstanding balance			$	186,024					$	77,411											$	211,325					$	25,710

As of June 30, 2025, the class, amount, rating and interest rate (expressed as a spread to three-month term SOFR, as applicable) of the GBDC 3 2022 Debt Securitization was as follows:

Description						Secured GBDC 3 2022 Notes
Type						Senior Secured Floating Rate
Amount Outstanding						$179,529
Kroll Bond Rating Agency Rating						A
Interest Rate						SOFR + 2.0%

As part of the GBDC 3 2022 Debt Securitization, GBDC assumed in the GBDC 3 Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured loans (or participation interests therein) to the GBDC 3 2022 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated GBDC 3 2022 Notes. As of June 30, 2025 and September 30, 2024, the Secured GBDC 3 2022 Notes (other than the Subordinated GBDC 3 2022 Notes) were the secured obligations of the Secured GBDC 3 2022 and indentures governing the Secured GBDC 3 2022 Notes include customary covenants and events of default.

GBDC 3 2022-2 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $386,600 term debt securitization (the “GBDC 3 2022-2 Debt Securitization”). The GBDC 3 2022-2 Debt Securitization was originally completed on December 14, 2022. The notes offered in the GBDC 3 2022-2 Debt Securitization (the “GBDC 3 2022-2 Notes”) were issued by the GBDC 3 2022-2 Issuer and were backed by a diversified portfolio of senior secured and second lien loans. Through December 16, 2024, the GBDC 3 2022-2 Notes offered in the GBDC 3 2022-2 Debt Securitization consisted of $140,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Notes due 2034, which bore interest at the three-month term SOFR plus 2.60%; $38,800 of AA Class B GBDC 3 Senior Secured Floating Rate Notes due 2034, which bore interest at the three-month term SOFR plus 3.09% (the “Class B GBDC 3 2022-2 Notes” and, together with the Class A GBDC 3 2022-2 Notes, the “Secured GBDC 3 2022-2 Notes”); $85,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Loans maturing 2034, which bore interest at the three-month term SOFR plus 2.60% (the “Class A GBDC 3 2022-2 Loans” and, together with the Secured GBDC 3 2022-2 Notes, the “Secured GBDC 3 2022-2 Debt”); and $122,800 of Subordinated Notes due 2122 (the “Subordinated GBDC 3 2022-2 Notes”), which did not bear interest. The GBDC 3 2022-2 Issuer indirectly retained all of the Class B GBDC 3 2022-2 Notes and Subordinated GBDC 3 2022-2 Notes which were eliminated in consolidation. The Class A GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Loans are included in the September 30, 2024 Consolidated Statement of Financial Condition as debt of the Company.

Through January 18, 2026, the GBDC 3 2022-2 Issuer was permitted to us all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the GBDC 3 2022-2 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the GBDC 3 2022-2 Debt Securitization, allowing the Company to maintain the initial leverage in the GBDC 3 2022-2 Debt Securitization.

On December 16, 2024, the GBDC 3 2022-2 Issuer redeemed the outstanding GBDC 3 2022-2 Notes pursuant to the terms of the indenture governing such GBDC 3 2022-2 Notes. Following such redemption, the agreements which governed the GBDC 3 2022-2 Debt Securitization were terminated. The Secured GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans would have otherwise matured on January 18, 2034. The Subordinated GBDC 3 2022-2 Notes would have otherwise matured on December 14, 2122.

As of September 30, 2024, there were 73 portfolio companies with a total fair value of $377,471 securing the GBDC 3 2022-2 Debt Securitization. The pool of loans in the GBDC 3 2022-2 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements. The interest charged under the GBDC 3 2022-2 Debt Securitization was based on three-month term SOFR. For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022-2 Debt Securitization were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	—					$	1,387					$	3,504					$	1,387
Amortization of debt issuance costs			—						—						—						—
Total interest expense			$	—					$	1,387					$	3,504					$	1,387
Cash paid for interest expense			$	—					$	—					$	7,197					$	—
Annualized average stated interest rate			N/A						8.1		%				7.5		%				8.1		%
Average outstanding balance			$	—					$	69,231					$	62,637					$	22,993

As part of the GBDC 3 2022-2 Debt Securitization, GBDC assumed in the GBDC 3 Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GBDC 3 2022-2 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated GBDC 3 2022-2 Notes. As of September 30, 2024, the Secured GBDC 3 2022-2 Notes (other than the Subordinated GBDC 3 2022-2 Notes) were the secured obligations of the GBDC 3 2022-2 Issuer and indentures governing the Secured GBDC 3 2022-2 Notes include customary covenants and events of default.

The Investment Adviser serves or served as collateral manager to each of the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer under separate collateral management agreements and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by each of the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 and the 2024 Issuer for rendering such collateral management services.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

GBDC 3 DB Credit Facility: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a loan financing and servicing agreement (as amended, the “GBDC 3 DB Credit Facility”), with the Company and GBDC 3 Funding, as equity holder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Deutsche Bank Trust Company Americas, as collateral agent and as collateral custodian. The GBDC 3 DB Credit Facility was originally entered into on September 10, 2019 (the “GBDC 3 DB Credit Facility Effective Date”). On November 19, 2024, all amounts outstanding under the GBDC 3 DB Credit Facility were repaid, following which the agreements governing the GBDC 3 DB Credit Facility were terminated. The period during which GBDC 3 Funding may have requested drawdowns under the “GBDC 3 DB Credit Facility (the “Revolving Period”) commenced on the GBDC 3 DB Credit Facility Effective Date and would have continued through April 10, 2025. Prior to termination, the GBDC 3 DB Credit Facility allowed GBDC 3 Funding to borrow up to $625,000, subject to leverage and borrowing base restrictions, and had a maturity date of April 10, 2028.

Prior to termination, the GBDC 3 DB Credit Facility bore interest at the applicable base rate plus 2.30% per annum during the Revolving Period and 2.80% after the Revolving Period. The base rate under the GBDC 3 DB Credit Facility was (i) the three-month Canadian Overnight Repo Rate Average (“CORRA”) plus an adjustment equal to 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR with respect to any advances denominated in euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the daily simple Sterling Overnight Index Average with respect to any advances denominated U.K. pound sterling, the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (v) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vi) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (vii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krona, (viii) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona, and (ix) the three-month term SOFR with respect to any other advances. A syndication/agent fee was payable to the facility agent each quarter and was calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day. In addition, a non-usage fee of 0.25% per annum was payable on the undrawn amount under the GBDC 3 DB Credit Facility, and, during the Revolving Period, an additional fee based on unfunded commitments of the lenders could have been payable if borrowings under the GBDC 3 DB Credit Facility did not exceed a minimum utilization percentage threshold. A prepayment fee would have been payable in the event of any permanent reduction in commitments of the GBDC 3 DB Credit Facility in the amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the Effective Date, respectively.

The GBDC 3 DB Credit Facility was secured by all of the assets held by GBDC 3 Funding. GBDC 3 Funding made customary representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings under the GBDC 3 DB Credit Facility were subject to the leverage restrictions contained in the 1940 Act.

As of September 30, 2024, the Company had outstanding debt under the GBDC 3 DB Credit Facility of $411,489.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the “GBDC 3 DB Credit Facility were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	—					$	3,076					$	3,820					$	3,076
Facility fees			—						154						244						154
Accretion of discounts			—						—						—						—
Total interest and other debt financing expenses			$	—					$	3,230					$	4,064					$	3,230
Cash paid for interest expense and facility fees			$	—					$	—					$	11,680					$	—
Annualized average stated interest rate¹			N/A						7.6		%				6.8		%				7.6		%
Average outstanding balance			$	—					$	163,225					$	75,658					$	54,210

(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

JPM Credit Facility: On February 11, 2021, the Company entered into a senior secured revolving credit facility (as amended, the “JPM Credit Facility”) with the Company, as borrower, JPMorgan Chase Bank N.A., as administrative agent and as collateral agent, and the lenders from time to time party thereto which, as of June 30, 2025, allowed the Company to borrow up to $1,997,500 in U.S. dollars and certain agreed upon foreign currencies (“Outstanding Commitments”), subject to leverage and borrowing base restrictions. Through a series of agreements, most recently on November 15, 2024 and December 6, 2024, the Company, through the accordion feature, increased the aggregate commitments under the JPM Credit Facility from $1,822,500 to $1,997,500. On April 4, 2025, the Company amended and restated the JPM Credit Facility to among other things, (i) change the applicable margin to a range of 1.525% to 1.775% for any Term Benchmark Loan or RFR Loan (as defined in the JPM Credit Facility) or a range of 0.525% to 0.775% for any ABR Loan (as defined in the JPM Credit Facility), (ii) reduce the unused fee rate on all unused commitments to 0.325% from 0.375%, (iii) extend the maturity date to April 4, 2030 from August 6, 2029 and (iv) amend the accordion provision to permit increases to the total commitments to up to $3,000,000.

The JPM Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $23,750, subject to increase or reduction from time to time pursuant to the terms of the JPM Credit Facility.

The JPM Credit Facility is secured by a first priority security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries thereunder.

Borrowings for any Term Benchmark Loan or RFR Loan (as defined in the JPM Credit Facility) under the JPM Credit Facility bear interest at the applicable base rate plus a margin of 1.525% if the gross borrowing base is equal to or greater than 2.0 times the Outstanding Commitments, 1.650% if the gross borrowing base is less than 2.0 times and equal to or greater than 1.60 times the Outstanding Commitments or 1.775% if the gross borrowing base is less than 1.60 times the Outstanding Commitments, subject to compliance with a borrowing base test. The applicable base rate under the JPM Credit Facility is (i) one-month SOFR with respect to any advances denominated in U.S. dollars plus an adjustment of 0.10%, (ii) SONIA with respect to any advances denominated in U.K. pound sterling plus an adjustment of 0.0326%, (iii) one-month EURIBOR with respect to any advances denominated in Euros, (iv) CORRA with respect to any advances denominated in Canadian Dollars plus an adjustment of 0.029547%, (v) Australian Bank Bill Swap Bid Rate (“BBSY”) with respect to any advances denominated in Australian Dollars plus an adjustment of 0.20% and (vi) the relevant rate as defined in the JPM Credit Facility for borrowings in other currencies. Borrowings for any ABR Loan (as defined in the JPM Credit Facility) bear interest at the applicable base rate plus a margin of 0.525% if the gross borrowing base is equal to or greater than 2.0 times the Outstanding Commitments, 0.650% if the gross borrowing base is less than 2.0 times and equal to or greater than 1.60 times the Outstanding Commitments or 0.775% if the gross borrowing base is less than 1.60 times the Outstanding Commitments. As of June 30, 2025, the applicable margin for Term Benchmark Loans and RFR Loans (as defined in the JPM Credit Facility) was 1.525% and the applicable margin for ABR Loans (as defined in the JPM Credit Facility) was 0.525%.

The Company pays a commitment fee of 0.325% per annum on the daily unused portion of commitments under the JPM Credit Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

under the JPM Credit Facility. The JPM Credit Facility matures on April 4, 2030 and requires mandatory prepayment of interest and principal upon certain events during the one year amortization period of the facility.

As of June 30, 2025 and September 30, 2024, the Company had outstanding debt of $1,450,188 and $956,590, respectively, and no letters of credit outstanding under the JPM Credit Facility.

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the JPM Credit Facility were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	17,811					$	3,423					$	50,909					$	15,898
Facility fees			671						1,125						2,308						3,358
Amortization of debt issuance costs			888						848						3,039						2,491
Total interest and other debt financing expenses			$	19,370					$	5,396					$	56,256					$	21,747
Cash paid for interest expense and facility fees			$	18,162					$	4,083					$	55,617					$	18,818
Annualized average stated interest rate¹			5.7		%				7.1		%				5.9		%				7.1		%
Average outstanding balance			$	1,262,514					$	194,775					$	1,154,567					$	300,911

(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

2024 Notes: On October 2, 2020, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2024 Notes”), and on October 15, 2021, the Company issued an additional $100,000 in aggregate principal amount of 2024 Notes under the same terms of the original issuance. On April 8, 2024, the Company redeemed $500,000 in aggregate principal amount of the 2024 Notes. The 2024 Notes were redeemed at 100% of the principal amount, plus the accrued and unpaid interest thereon. The 2024 Notes bore interest at a rate of 3.375% per year payable semiannually in arrears on April 15 and October 15 of each year, commencing on April 15, 2021. The 2024 Notes would otherwise have matured on April 15, 2024.

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

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2024 Notes were as follows:

			Three months ended June 30,																		Nine months ended June 30,
			2025						2024												2025						2024
Stated interest expense			$	—					$	328											$	—					$	8,766
Accretion of discounts and amortization of premiums on notes issued			—						(53)												—						(747)
Amortization of debt issuance costs			—						84												—						1,204
Total interest and other debt financing expenses			$	—					$	359											$	—					$	9,223
Cash paid for interest expense			$	—					$	8,109											$	—					$	16,547
Annualized average stated interest rate			N/A						3.4		%										N/A						3.4		%
Average outstanding balance			$	—					$	38,462											$	—					$	346,715

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

2026 Notes: On February 24, 2021, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2026 Notes”) and on October 13, 2021, the Company issued an additional $200,000 aggregate principal amount of 2026 Notes under the same terms as the original issuance. As of both June 30, 2025 and September 30, 2024, outstanding aggregate principal amount of the 2026 Notes was $600,000. The 2026 Notes bear interest at a rate of 2.500% per year payable semiannually in arrears on February 24 and August 24 of each year, commencing on August 24, 2021. The 2026 Notes mature on August 24, 2026.

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

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

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2026 Notes were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	3,750					$	3,750					$	11,250					$	11,250
Accretion of discounts on notes issued			132						132						397						398
Amortization of debt issuance costs			372						420						1,161						1,269
Total interest and other debt financing expenses			$	4,254					$	4,302					$	12,808					$	12,917
Cash paid for interest expense			$	—					$	—					$	7,500					$	7,500
Annualized average stated interest rate			2.5		%				2.5		%				2.5		%				2.5		%
Average outstanding balance			$	600,000					$	600,000					$	600,000					$	600,000

2027 Notes: On August 3, 2021, the Company issued $350,000 in aggregate principal amount of unsecured notes (the “2027 Notes”). As of both June 30, 2025 and September 30, 2024, outstanding aggregate principal amount of the 2027 Notes was $350,000. The 2027 Notes bear interest at a rate of 2.050% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2022. The 2027 Notes mature on February 15, 2027.

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

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

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

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2027 Notes were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	1,794					$	1,794					$	5,382					$	5,382
Accretion of discounts on notes issued			182						182						548						549
Amortization of debt issuance costs			203						231						635						698
Total interest and other debt financing expenses			$	2,179					$	2,207					$	6,565					$	6,629
Cash paid for interest expense			$	—					$	—					$	3,588					$	3,588
Annualized average stated interest rate			2.1		%				2.1		%				2.1		%				2.1		%
Average outstanding balance			$	350,000					$	350,000					$	350,000					$	350,000

2028 Notes: On December 5, 2023, the Company issued $450,000 in aggregate principal amount of unsecured notes (the “2028 Notes”). As of June 30, 2025 and September 30, 2024, the outstanding aggregate principal amount of the 2028 Notes was $450,000. The 2028 Notes bear interest at a rate of 7.050% per year payable semi-annually in arrears on June 5 and December 5 of each year, commencing on June 5, 2024. The 2028 Notes mature on December 5, 2028.

The 2028 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2028 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company could redeem some or all of the 2028 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2028 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2028 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 45 basis points less interest accrued to the date of redemption. If the Company redeems any 2028 Notes on or after November 5, 2028 (the date falling one month prior to the maturity date of the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2028 Notes.

On December 5, 2023, the Company entered into an interest rate swap on the 2028 Notes with SMBC as the counterparty. Under the terms of the agreement, the Company agreed to receive a fixed rate of 7.310% and pay SMBC a rate of one-month Term SOFR + 3.327%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225,000 and terminates on November 5, 2028. The

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

On April 11, 2024, the Company entered into an interest rate swap on the 2028 Notes pursuant to which the Company agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225,000 and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2028 Notes were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	7,931					$	7,931					$	23,793					$	18,153
Net contractual interest rate swap expense			197						1,279						1,050						2,368
Net (gain)/loss related to the fair value hedge			(64)						3,906						7,380						(279)
Accretion of discounts on notes issued			241						241						722						552
Amortization of debt issuance costs			295						299						917						661
Total interest and other debt financing expenses			$	8,600					$	13,656					$	33,862					$	21,455
Cash paid (received) for interest expense(1)			$	7,930					$	12,944					$	24,831					$	17,873
Annualized average interest rate swap and stated interest rate(2)			7.2		%				8.2		%				7.4		%				8.0		%
Average outstanding balance			$	450,000					$	450,000					$	450,000					$	343,248

(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 2028 Notes.

(2) The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.

2029 Notes: On February 1, 2024, the Company issued $600,000 in aggregate principal amount of unsecured notes (the “2029 Notes”) and on December 3, 2024, the Company issued an additional $150,000 in aggregate principal amount of 2029 Notes under the same terms as the original issuance. As of June 30, 2025 and September 30, 2024, the outstanding aggregate principal amount of the 2029 Notes was $750,000 and $600,000, respectively. The 2029 Notes bear interest at a rate of 6.000% per year payable semi-annually in arrears on January 15 and July 15 of each year, commencing on July 15, 2024. The 2029 Notes mature on July 15, 2029.

The 2029 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2029 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

At any time or from time to time, the Company could redeem some or all of the 2029 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2029 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2029 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points less interest accrued to the date of redemption. If the Company redeems any 2029 Notes on or after June 15, 2029 (the date falling one month prior to the maturity date of the 2029 Notes), the redemption price for the 2029 Notes will be equal to 100% of the principal amount of the 2029 Notes to

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(In thousands, except shares and per share data)

be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2029 Notes.

On February 1, 2024 and December 3, 2024, the Company entered into interest rate swap agreements on the 2029 Notes with SMBC and Macquarie, respectively, as counterparties. Under the terms of the agreement with SMBC, the Company (i) receives a fixed rate of 6.248% and (ii) pays SMBC a rate of one-month Term SOFR + 2.444% on the first $600,000 of 2029 Notes. Under the terms of the agreement with Macquarie, the Company (i) receives a fixed rate of 5.881% and (ii) pays Macquarie a floating interest rate of three-month Term SOFR + 2.012% on the second $150,000 of the 2029 Notes. The Company designated these interest rate swap as effective hedge accounting instruments. The total notional amount of both swap agreements is $750,000 and both agreements terminate on June 15, 2029. The carrying value of the 2029 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2029 Notes were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	11,250					$	9,000					$	32,200					$	15,000
Net contractual interest rate swap expense			1,064						2,405						3,957						3,923
Net (gain)/loss related to the fair value hedge			(92)						1,857						(2,840)						3,270
Accretion of discounts on notes issued			272						309						841						513
Amortization of debt issuance costs			423						333						1,212						543
Total interest and other debt financing expenses			$	12,917					$	13,904					$	35,370					$	23,249
Cash paid (received) for interest expense (1)			$	2,368					$	—					$	25,669					$	—
Annualized average interest rate swap and stated interest rate (2)			6.6		%				7.6		%				6.8		%				7.6		%
Average outstanding balance			$	750,000					$	600,000					$	715,385					$	330,657

(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 2029 Notes.

(2)     The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of June 30, 2025, the Company was permitted to borrow up to $300,000. On June 13, 2025, the Company amended the Adviser Revolver to, among other things, increase the borrowing capacity under the Adviser Revolver from $200,000 to $300,000, extend the maturity date to June 13, 2032, and amend the rate that interest accrues on each loan from the short-term applicable federal rate to the mid-term applicable federal rate. As of September 30, 2024, the Company was permitted to borrow up to $200,000. The Adviser Revolver bears an interest rate equal to the mid-term Applicable Federal Rate (“AFR”). The mid-term AFR as of June 30, 2025 was 4.0%. As of both June 30, 2025 and September 30, 2024, the Company had no outstanding debt under the Adviser Revolver.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Stated interest expense			$	—					$	—					$	—					$	—
Cash paid for interest expense			—						—						—						—
Annualized average stated interest rate			N/A						N/A						N/A						N/A
Average outstanding balance			$	—					$	—					$	—					$	—

For the three and nine months ended June 30, 2025, the average total debt outstanding was $4,962,538 and $4,867,651, respectively. For the three and nine months ended June 30, 2024, the average total debt outstanding was $3,351,951 and $3,211,972, respectively.

For the three and nine months ended June 30, 2025, the effective average interest rate, which includes amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on the Company's total debt was 5.7% and 5.9%, respectively. For the three and nine months ended June 30, 2024, the effective average interest rate, which includes amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on the Company's total debt was 6.5% and 5.9%, respectively.

A summary of the Company’s maturity requirements for borrowings as of June 30, 2025 is as follows:

			Payments Due by Period
			Total						Less Than 1 Year						1 – 3 Years						3 – 5 Years						More Than 5 Years
GBDC 3 2022 Debt Securitization			$	179,529					$	—					$	—					$	179,529					$	—
2024 Debt Securitization			1,364,000						—						—						—						1,364,000
JPM Credit Facility			1,450,188						—						—						1,450,188						—
2026 Notes(1)			599,391						—						599,391						—						—
2027 Notes(1)			348,807						—						348,807						—						—
2028 Notes(1)(2)			456,834						—						—						456,834						—
2029 Notes(1)(2)			755,252						—						—						755,252						—
Total borrowings			$	5,154,001					$	—					$	948,198					$	2,841,803					$	1,364,000

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

(2) Carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 8. Commitments and Contingencies

Commitments: As of June 30, 2025, the Company had outstanding commitments to fund investments totaling $996,089, including $251,179 of commitments on undrawn revolvers. As of September 30, 2024, the Company had outstanding commitments to fund investments totaling $717,869, including $157,618 of commitments on undrawn revolvers.

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

Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that could result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 for outstanding forward currency contracts and interest rate swap agreements as of June 30, 2025 and September 30, 2024. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it could not achieve the anticipated benefits of the derivative instruments and could realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.

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

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

Note 9. Financial Highlights

The financial highlights for the Company are as follows:

			Nine months ended June 30,
Per share data:(1)			2025												2024
Net asset value at beginning of period			$	15.19											$	15.02
Net increase (decrease) in net assets as a result of issuance of shares(2)			—												0.51
Net increase in net assets as a result of repurchases of shares			0.01												—
Distributions declared:
From net investment income - after tax			(1.26)												(1.40)
Net investment income - after tax			1.12												1.46
Net realized gain (loss) on investment transactions			(0.15)												(0.28)
Net realized gain (loss) on extinguishment of debt			0.00									(3)			—
Net change in unrealized appreciation (depreciation) on investment transactions(4)			0.09												0.01
Net asset value at end of period			$	15.00											$	15.32
Per share market value at end of period			$	14.65											$	15.71
Total return based on market value(5)			5.10		%										17.41		%
Number of common shares outstanding			266,376,416												264,609,056

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

			Nine months ended June 30,
Listed below are supplemental data and ratios to the financial highlights:			2025						2024
Ratio of net investment income - after tax to average net assets *			9.84%						12.92%
Ratio of total expenses to average net assets *(6)			11.37%						11.92%
Ratio of incentive fee waiver to average net assets			—%						(0.72)%
Ratio of incentive fees to average net assets (6)			1.36%						2.07%
Ratio of income and excise taxes to average net assets (6)			(0.01)%						0.04%
Ratio of net expenses (without incentive fees) to average net assets *(6)			10.01%						9.85%
Total return based on average net asset value(7)			6.96%						6.57%
Total return based on average net asset value - annualized(7)			9.30%						8.78%
Net assets at end of period			$3,995,329						$4,053,643
Average debt outstanding			$4,867,651						$3,211,972
Average debt outstanding per share			$18.27						$12.14
Portfolio turnover*			17.80%						13.11%
Asset coverage ratio(8)			176.75%						192.15%
Asset coverage ratio per unit(9)			$1,768						$1,922
Average market value per unit:(10)
2018 Debt Securitization			N/A						N/A
GCIC 2018 Debt Securitization			N/A						N/A
GBDC 3 2021 Debt Securitization			N/A						N/A
GBDC 3 2022 Debt Securitization			N/A						N/A
GBDC 3 2022-2 Debt Securitization			N/A						N/A
2024 Debt Securitization			N/A						N/A
DB Credit Facility			N/A						N/A
JPM Credit Facility			N/A						N/A
2024 Notes			N/A						N/A
2026 Notes			$960						$909
2027 Notes			$938						$882
2028 Notes			$1,046						$1,027
2029 Notes			$1,003						$980
Adviser Revolver			N/A						N/A

*Annualized for periods less than one year, unless otherwise noted.

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

(2)Net increase in net assets as a result of issuance of shares pursuant to the GBDC 3 Merger.

(3)Represents an amount less than $0.01.

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

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

(6)Incentive fees and excise taxes are not annualized in the calculation.

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

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

(9)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

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Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

(10)Not applicable since such senior securities are not registered for public trading, with the exception of the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes. The average market value per unit calculated for the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes is based on the average monthly prices of such notes and is expressed in terms of dollar amounts per $1,000 of indebtedness.

Note 10. Earnings Per Share

The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three and nine months ended June 30, 2025 and 2024:

			Three months ended June 30,												Nine months ended June 30,
			2025						2024						2025						2024
Earnings available to stockholders			$	90,058					$	9,252					$	280,356					$	178,586
Basic and diluted weighted average shares outstanding			266,844,118						199,969,889						265,882,773						180,047,668
Basic and diluted earnings per share			$	0.34					$	0.05					$	1.05					$	0.99

Note 11. Common Stock Transactions

On October 6, 2023, the Company entered into the 2023 Equity Distribution Agreement (the “ATM Program”), as most recently amended on May 16, 2025, which provides that the Company may, from time to time, issue and sell shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $288,043 in an “at the market offering,” as defined in Rule 415 under the Securities Act of 1933, as amended.

For the nine months ended June 30, 2025, the Company issued common stock under the ATM Program as follows:

			Total Number of Shares Issued						Average Offering Price per share						Gross Proceeds						Underwriting Fees/Offering Expenses			Approximate Dollar Value of Shares that May Yet be Issued Under the ATM Program
ATM Program			2,408,940						$	15.79					$	38,043					$	609		$	250,000

On August 1, 2025, the Board reapproved the Program to repurchase up to $150,000 of the Company’s common stock, exclusive of shares repurchased prior to the date of such authorization (the “2025 Program”). Under the Program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. As of June 30, 2025, the repurchased shares have been retired and returned to the status of authorized but unissued shares of GBDC Common Stock.

As of June 30, 2025, Wells Fargo Securities, LLC, as broker, had repurchased 2,864,403 shares of the Company’s common stock pursuant to the 2024 Program at an average price of $14.06 per share for an aggregate purchase price of approximately $40,274.

For the three and nine months ended June 30, 2025, repurchases under the Program were as follows:

Month Purchased									Total Number of Shares Repurchased						Average Price Paid Per Share						Approximate Dollar Value of Shares that have been Purchased Under the Plan						Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan
March 1 - 31, 2025									77,777						$	14.53					$	1,130					$	144,062
April 1 - 30, 2025									2,285,299						$	13.97					$	31,918					$	112,144
May 1 - 31, 2025									158,199						$	14.27					$	2,258					$	109,886
June 1 - 30, 2025									11,200						$	14.29					$	160					$	109,726
Total									2,532,475						$	14.00					$	35,466					$	150,000	*

*The Program was reapproved on August 1, 2025 to purchase $150,000 of the Company’s common stock, exclusive of shares repurchased prior to the date of such authorization. No additional shares have been purchased since the re-approval.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

There were no repurchases under the Program for the nine months ended June 30, 2024.

On February 21, 2025, the Company filed an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of capital stock of the Company from 351,000,000 shares to 501,000,000 shares, consisting of 500,000,000 shares of common stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share (the “Certificate of Incorporation Amendment”). The Certificate of Incorporation Amendment became effective immediately upon filing.

Note 12. Dividends and Distributions

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the nine months ended June 30, 2025 and 2024:

Date Declared									Record Date						Payment Date						Amount Per Share						Cash Distribution						DRIP Shares Issued						DRIP Shares Value
For the nine months ended June 30, 2025
			06/02/2024						11/29/2024						12/13/2024						$	0.05					$	10,760					—						$	2,454		(1)
			11/14/2024						11/29/2024						12/13/2024						$	0.04					$	8,607					—						$	1,964		(2)
			11/14/2024						12/09/2024						12/27/2024						$	0.39					$	84,514					1,221,469						$	18,554
			02/03/2025						03/03/2025						03/28/2025						$	0.39					$	89,334					1,001,354						$	15,150
			05/02/2025						06/13/2025						06/27/2025						$	0.39					$	87,755					—						$	16,136		(3)
For the nine months ended June 30, 2024
			11/17/2023						12/01/2023						12/15/2023						$	0.07					$	9,584					152,288						$	2,287
			11/17/2023						12/08/2023						12/29/2023						$	0.37					$	50,152					838,765						$	12,599
			02/02/2024						02/15/2024						03/15/2024						$	0.07					$	9,906					134,135						$	2,035
			01/16/2024						03/01/2024						03/29/2024						$	0.39					$	53,930					797,377						$	12,599
			04/19/2024						05/02/2024						06/21/2024						$	0.39					$	55,368					762,152						$	11,524
			05/03/2024						05/16/2024						06/14/2024						$	0.06					$	8,572					113,668						$	1,718
			06/02/2024						06/13/2024						06/27/2024						$	0.05					$	11,661					100,621						$	1,521

(1)In accordance with the Company's DRIP, 162,709 shares of the Company's stock were purchased in the open market at an average price of $15.08 and were allocated to stockholders of the Company participating in DRIP.

(2)In accordance with the Company’s DRIP, 130,168 shares of the Company’s stock were purchased in the open market at an average price of $15.08 and were allocated to stockholders of the Company participating in DRIP.

(3)In accordance with the Company's DRIP, 1,094,965 shares of the Company's stock were purchased in the open market at an average price of $14.74 and were allocated to stockholders of the Company participating in DRIP.

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Golub Capital BDC, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(In thousands, except shares and per share data)

Note 13. Subsequent Events

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

On August 1, 2025, the Company’s Board declared a quarterly distribution of $0.39 per share payable on September 29, 2025 to holders of record as of September 15, 2025.

On August 1, 2025, the Company redeemed its GBDC 3 2022 Debt Securitization.

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

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

Forward-Looking Statements

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

•our future operating results;

•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including, without limitation, those caused by global health pandemics, or other large scale events;

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

•our contractual arrangements and relationships with third parties;

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

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

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

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

•the adequacy of our financing sources and working capital;

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

•general economic and political trends and other external factors;

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

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

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

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

•the ability of GC Advisors to continue to effectively manage our business due to disruptions, including those caused by global health pandemics, or other large scale events;

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

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

•the impact of information technology systems and systems failures, including data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•general price and volume fluctuations in the stock markets;

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

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

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward-looking statements contained in this

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Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2024.

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

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Overview

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

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

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $75.0 billion in capital under management(1) as of April 1, 2025, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

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

Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was most recently approved by our board of directors in May 2025. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

We seek to create a portfolio that includes primarily one stop and other senior secured loans by primarily investing approximately $10.0 million to $80.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $80.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.

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

As of June 30, 2025 and September 30, 2024, our portfolio at fair value was comprised of the following:

						As of June 30, 2025												As of September 30, 2024
Investment Type						Investments at  Fair Value (In thousands)						Percentage of Total Investments						Investments at  Fair Value (In thousands)						Percentage of Total Investments
Senior secured						$	480,592					5.4		%				$	502,386					6.1		%
One stop						7,785,066						86.9						7,110,258						86.3
Second lien						28,625						0.3						14,054						0.2
Subordinated debt						37,419						0.4						30,175						0.4
Equity						629,847						7.0						578,538						7.0
Total						$	8,961,549					100.0		%				$	8,235,411					100.0		%

(1) “Capital under management” is a gross measure of invested capital including leverage as of April 1, 2025.

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One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of June 30, 2025 and September 30, 2024, one stop loans included $771.3 million and $1,021.3 million, respectively, of recurring revenue loans at fair value.

As of June 30, 2025 and September 30, 2024, we had debt and equity investments in 401 and 381 portfolio companies, respectively.

The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on (i) our average net asset value, (ii) our average net asset value per share, and (iii) the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:        

			For the three months ended												For the nine months ended
			June 30, 2025						March 31, 2025												June 30, 2025												June 30, 2024
Weighted average income yield (1)*			10.3%						10.5%												10.6%												12.3%
Weighted average investment income yield (2)*			10.6%						10.8%												10.9%												12.8%
Weighted average income yield of total investments (3)*			9.8%						9.9%												10.0%												11.6%
Weighted average investment income yield of total investments (4)*			10.1%						10.3%												10.3%												12.0%
Total return based on average net asset value excluding the one-time write-down of the GBDC 3 purchase premium (5)*			9.0%						7.9%												9.3%												11.3%
Total return based on average net asset value (6)*			9.0%						7.9%												9.3%												8.8%
Total return based on net asset value per share (7)*			9.1%						8.0%												9.3%												8.6%
Total return based on market value (8)			(0.7)%						2.4%												5.1%												17.4%

*Annualized for periods less than one year.

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

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

(3)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.

(4)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.

(5)During the three and nine months ended June 30, 2024, we recognized a $51.7 million net change in unrealized depreciation on investments due to the one-time write-down of the purchase premium allocated to former GBDC 3 investments acquired in the GBDC 3 Merger.

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

(7)Total return based on net asset value per share is calculated as (a) net income per share for the period, (b) divided by net asset value per share as of the end of the period. Total return does not include sales load.

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

Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven

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years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities.

In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date.

In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies—Revenue Recognition.” We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.

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

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

•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses;

•expenses related to unsuccessful portfolio acquisition efforts;

•offerings of our common stock and other securities;

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

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

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

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

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

•U.S. federal, state and local taxes;

•independent directors’ fees and expenses;

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

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

•costs associated with individual or group stockholders;

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

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

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

•proxy voting expenses; and

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

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

Prior to the redemption of the 2018 Notes and termination of the documents governing the 2018 Debt Securitization on November 18, 2024, GC Advisors served as collateral manager for the 2018 Issuer under a collateral management agreement, or the 2018 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.25% of the principal balance of the portfolio loans held by the 2018 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the 2018 Collateral Management Agreement, the term "collection period" referred to the period commencing on the third business day prior to the preceding payment date and ending on (but excluding) the third business day prior to such payment date.

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

Prior to the redemption of the GBDC 3 2021 Notes and the termination of the documents governing the GBDC 3 2021 Debt Securitization, GC Advisors served as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 CLO 1 LLC, or the GBDC 3 2021 Issuer, under a collateral management agreement, or the GBDC 3 2021 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GBDC 3 2021 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the GBDC 3 2021 Collateral Management Agreement, the term “collection period” referred to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

Prior to the redemption of the GBDC 3 2022-2 Notes and the termination of the documents governing the GBDC 3 2022-2 Debt Securitization, GC Advisors served as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 CLO 2 LLC, or the GBDC 3 2022-2 Issuer, under a collateral management agreement, or the GBDC 3 2022-2 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GBDC 3 2022-2 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the GBDC 3 2022-2 Collateral Management Agreement, the term “collection period” referred to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 ABS 2022-1 LLC, or the GBDC 3 2022 Issuer, under a collateral management agreement, or the GBDC 3 2022-2 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GBDC 3 2022 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the GBDC 3 2022 Collateral Management Agreement, the term “collection period” relating to any payment date, refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC CLO 8 LLC, or the 2024 Issuer, under a collateral management agreement, or the 2024 Issuer Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2024 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2024 Issuer Collateral Management Agreement, the term “collection period” refers to the period commencing on the third business day prior to the preceding payment date and ending on (but excluding) the third business day prior to such payment date.

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Collateral management fees are paid directly by the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 2 2022-2 Issuer and the 2024 Issuer and are offset against the management fees payable under the Investment Advisory Agreement. The 2018 Issuer paid Morgan Stanley & Co. LLC structuring and placement fees for its services in connection with the structuring of the 2018 Debt Securitization. Before we acquired the GCIC 2018 Issuer as part of our acquisition of Golub Capital Investment Corporation, a Maryland corporation, or GCIC, on September 6, 2019, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of the GCIC 2018 Debt Securitization. Before we acquired the GBDC 3 2022 Issuer as a part of our acquisition of Golub Capital BDC 3, Inc., or GBDC 3, on June 3, 2024, the GBDC 3 2022 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GBDC 3 2022-2 Issuer as a part of our acquisition of GBDC 3 on June 3, 2024, the GBDC 3 2022-2 Issuer paid GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc. structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022-2 Debt Securitization (as defined in Note 7 of our consolidated financial statements).Term debt securitizations are also known as CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2018 Debt Securitization, GCIC 2018 Debt Securitization, the GBDC 3 2021 Debt Securitization, the GBDC 3 2022 Debt Securitization, the GBDC 3 2022-2 Debt Securitization and the 2024 Debt Securitization and collectively the Debt Securitizations, as applicable.

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

GBDC 3 Acquisition

On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger Agreement (as defined in Note 1 of our consolidated financial statements). Pursuant to the GBDC 3 Merger Agreement, and, immediately following the initial merger of GBDC 3 Merger Sub (as defined in Note 1 of our consolidated financial statements) with and into GBDC 3, was then merged with and into us, with us as the surviving company. As a result of, and as of the effective time of, the GBDC 3 Merger, GBDC 3’s separate existence ceased.

In accordance with the terms of the GBDC 3 Merger Agreement, at the effective time of the GBDC 3 Merger, each outstanding share of GBDC 3’s common stock was converted into the right to receive 0.9138 shares of our common stock (with GBDC 3’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the GBDC 3 Merger, we issued an aggregate of 92,115,308 shares of our common stock to former stockholders of GBDC 3.

Upon the consummation of the GBDC 3 Merger, we entered into the Investment Advisory Agreement, with GC Advisors, which replaced the Fourth Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of July 1, 2023, or the Prior Investment Advisory Agreement.

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Recent Developments

On August 1, 2025, our Board declared a quarterly distribution of $0.39 per share, which is payable on September 29, 2025 to holders of record as of September 15, 2025.

On August 1, 2025, we redeemed our GBDC 3 2022 Debt Securitization.

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Consolidated Results of Operations

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

Consolidated operating results for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024 are as follows:

			Three months ended												Variances												Nine months ended												Variances
			June 30, 2025						March 31, 2025												June 30, 2025 vs March 31, 2025												June 30, 2025						June 30, 2024						2025 vs. 2024
			(In thousands)
Interest income			$	192,934					$	188,150											$	4,784											$	581,119					$	439,438					$	141,681
Payment-in-kind interest income			13,516						14,045												(529)												38,577						33,805						4,772
Loan Origination Fees Discount Amortization			6,449						6,700												(251)												19,404						16,489						2,915
Acquisition purchase premium amortization			(3,602)						(4,592)												990												(13,880)						(5,493)						(8,387)
Non-cash dividend income			8,020						7,807												213												23,091						13,890						9,201
Dividend income			204						70												134												1,497						555						942
Fee income			823						1,712												(889)												3,128						1,587						1,541
Total investment income			218,344						213,892												4,452												652,936						500,271						152,665
Total net expenses			117,082						115,230												1,852												356,897						236,286						120,611
Net investment income before taxes			101,262						98,662												2,600												296,039						263,985						32,054
Income and excise taxes			—						—												—												(475)						1,195						(1,670)
Net investment income after taxes			101,262						98,662												2,600												296,514						262,790						33,724
Net realized gain (loss) on investment transactions excluding purchase premium			15						(10,698)												10,713												(38,486)						(49,951)						11,465
Net realized gain (loss) on investment transactions due to purchase premium			(39)						(343)												304												(434)						(490)						56
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium			(15,032)						(13,718)												(1,314)												8,087						11,406						(3,319)
Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium			3,641						4,935												(1,294)												14,314						5,984						8,330
Unrealized (depreciation) from the write-down of the GBDC 3 purchase premium			—						—												—												—						(51,670)						51,670
Net gain (loss) on investment transactions			(11,415)						(19,824)												8,409												(16,519)						(84,721)						68,202
Net realized gain (loss) on extinguishment of debt			—						—												—												(48)						—						(48)
(Provision) benefit for taxes on unrealized appreciation on investments			211						146												65												409						517						(108)
Net increase (decrease) in net assets resulting from operations			$	90,058					$	78,984											$	11,074											$	280,356					$	178,586					$	101,770
Average earning debt investments, at fair value			$	8,138,124					$	7,959,225											$	178,899											$	7,928,153					$	5,137,959					$	2,790,194
Average earning preferred equity investments, at fair value			$	249,282					$	244,810											$	4,472											$	245,864					$	146,514					$	99,350

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

On September 16, 2019, and June 3, 2024, we completed our acquisitions of GCIC and GBDC 3, respectively. Each acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification, or ASC, 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC and GBDC 3’s stockholders exceeded the relative fair values of the assets acquired and liabilities assumed, the premium paid by us was allocated to the cost of the GCIC and GBDC 3 investments acquired by us pro-rata based on their relative fair value. Immediately following each acquisition of GCIC and GBDC 3, we recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC and GBDC 3 assets acquired was immediately recognized as unrealized

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depreciation on our Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and GBDC 3 and disposition of such equity securities at fair value, we will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired.

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

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

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

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

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

						Three months ended												Nine months ended
						June 30, 2025						March 31, 2025												June 30, 2025						June 30, 2024
						(In thousands)
Net investment income after taxes						$	101,262					$	98,662											$	296,514					$	262,790
Add: Acquisition purchase premium amortization						3,602						4,592												13,880						5,493
Adjusted Net Investment Income						$	104,864					$	103,254											$	310,394					$	268,283
Net gain (loss) on investment transactions						$	(11,415)					$	(19,824)											$	(16,519)					$	(84,721)
Add: Realized loss on investment transactions due to purchase premium						39						343												434						490
Less: Net change in unrealized appreciation on investment transactions due to purchase premium						(3,641)						(4,935)												(14,314)						(5,984)
Add: Unrealized depreciation from the write-down of the GBDC 3 purchase premium						—						—												—						51,670
Adjusted Net Realized and Unrealized Gain/(Loss)						$	(15,017)					$	(24,416)											$	(30,399)					$	(38,545)
Net increase (decrease) in net assets resulting from operations						$	90,058					$	78,984											$	280,356					$	178,586
Add: Acquisition purchase premium amortization						3,602						4,592												13,880						5,493
Add: Realized loss on investment transactions due to purchase premium						39						343												434						490
Less: Net change in unrealized appreciation on investment transactions due to purchase premium and purchase premium write-down						(3,641)						(4,935)												(14,314)						(5,984)
Add: Unrealized depreciation from the write-down of the GBDC 3 purchase premium						—						—												—						51,670
Adjusted Net Income						$	90,058					$	78,984											$	280,356					$	230,255

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

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

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Investment Income

Investment income increased from the three months ended March 31, 2025 to the three months ended June 30, 2025 by $4.5 million primarily due to an increase in interest income as a result of an increase in the average earning debt investments balance of $178.9 million. Investment income increased from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 by $152.7 million, primarily due to (1) an increase in interest income as a result of an increase in the average earning debt investments balance of $2,790.2 million primarily driven by our acquisition of GBDC 3 and (2) an increase in non-cash dividend income driven by an increase in the average earning preferred equity investments balance of $99.4 million primarily driven by our acquisition of GBDC 3.

The annualized income yield by debt security type for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024 are as follows:

			Three months ended												Nine months ended
			June 30, 2025						March 31, 2025												June 30, 2025						June 30, 2024
Senior secured			9.8%						10.1%												10.2%						11.8%
One stop			10.1%						10.3%												10.4%						12.1%
Second lien			13.3%						13.4%												13.5%						14.2%
Subordinated debt			13.6%						13.8%												13.8%						15.6%

Income yields on senior secured and one stop loans decreased for the three months ended June 30, 2025 as compared to the three months ended March 31, 2025 and for the nine months ended June 30, 2025 as compared to the nine months ended June 30, 2024, primarily due to declining interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates, as 97.8% of the loan portfolio at fair value is subject to an interest rate floor. As of June 30, 2025 and September 30, 2024, the weighted average base rate floor of our loans was 0.78% and 0.81%, respectively.

As of June 30, 2025, we have second lien investments in six portfolio companies and subordinated debt investments in eight portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

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

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Expenses

The following table summarizes our expenses for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:

						Three months ended												Variances												Nine months ended												Variances
						June 30, 2025						March 31, 2025												June 30, 2025 vs March 31, 2025												June 30, 2025						June 30, 2024						2025 vs. 2024
						(In thousands)
Interest and other debt financing expenses						$	68,285					$	67,432											$	853											$	212,716					$	138,932					$	73,784
Amortization of debt issuance costs						2,413						2,479												(66)												7,537						6,869						668
Base management fee						22,082						21,714												368												65,376						41,980						23,396
Income Incentive fee, net of waiver						18,543						18,247												296												54,848						36,754						18,094
Professional fees						2,142						1,765												377												5,747						4,136						1,611
Administrative service fee						3,142						3,185												(43)												9,229						6,480						2,749
General and administrative expenses						475						408												67												1,444						1,135						309
Net expenses						$	117,082					$	115,230											$	1,852											$	356,897					$	236,286					$	120,611
Average debt outstanding						$	4,962,538					$	4,834,487											$	128,051											$	4,867,651					$	3,211,972					$	1,655,679

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the three months ended March 31, 2025 to the three months ended June 30, 2025 by $0.8 million, primarily due to an increase in interest expense as a result of an increase in the average debt outstanding of $128.1 million that was partially offset by (i) reduced borrowing costs on the JPM Credit Facility as a result of the April 2025 amendment that reduced the applicable margin to a range of 1.525% to 1.775% from a range of 1.75% to 1.875% and, to a lesser extent, (ii) lower interest base rates due to resetting interest rate contracts on borrowings denominated in foreign currencies. Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 by $74.5 million, primarily due to an increase in interest expense as a result of an increase in the average debt outstanding of $1,655.7 million driven by (1) the assumption of GBDC 3’s debt facilities and (2) the issuance of the 2029 Notes that was partially offset by decreasing interest base rates on borrowings from our floating rate debt facilities for the nine months ended June 30, 2025 as compared to the nine months ended June 30, 2024. For more information about our outstanding borrowings for the three and nine months ended June 30, 2025 and 2024, including the terms thereof, see Note 7 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

For the three months ended June 30, 2025 and March 31, 2025, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt was 5.7% and 5.9%, respectively. For the nine months ended June 30, 2025 and June 30, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt, on our total debt was 5.9% and 5.9%, respectively. The effective average interest rate decreased for the three months ended June 30, 2025 compared to the three months ended March 31, 2025 primarily due to (i) reduced borrowing costs on the JPM Credit Facility as a result of the April 2025 amendment that reduced the applicable margin and, to a lesser extent, (ii) lower interest base rates due to resetting interest rate contracts on borrowings denominated in foreign currencies on our floating rate debt facilities. The effective annualized average interest rate remained relatively flat for the nine months ended June 30, 2025 compared to the nine months ended June 30, 2024.

Management Fee

The base management fee increased by $0.4 million from the three months ended March 31, 2025 to the three months ended June 30, 2025 primarily due to an increase in average adjusted gross assets from the three months ended March 31, 2025 to the three months ended June 30, 2025.

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The base management fee increased by $23.4 million from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 primarily due to an increase in average adjusted gross assets primarily as a result of our acquisition of GBDC 3 in June 2024.

Incentive Fees

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

The Income Incentive Fee increased by $0.3 million from the three months ended March 31, 2025 to the three months ended June 30, 2025 due to an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by net funds growth. The Income Incentive Fee increased by $18.1 million from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 due to an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by net funds growth partially offset by the $14.4 million of income incentive fee waiver unilaterally provided by GC Advisors to waive 100% of Income Incentive Fees during the three months ended June 30, 2024. For each of the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024, we were fully through the Income Incentive Fee “catch-up” provision and the Income Incentive Fee was equal to 15% of Pre-Incentive Fee Net Investment Income for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, net of the GBDC 3 Merger Waiver (as defined in Note 3 of our consolidated financial statements) and 20% of Pre-Incentive Fee Net Investment Income for the three months ended December 31, 2023.

As of June 30, 2025 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. As of June 30, 2025 and September 30, 2024, there was no capital gain incentive fee accrual calculated in accordance with GAAP. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. No Capital Gain Incentive Fees as calculated under the Investment Advisory Agreement or any prior investment advisory agreements, as applicable, have been payable since December 31, 2018.

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

Professional Fees, Administrative Service Fee and General and Administrative Expenses

In total, professional fees, the administrative service fee and general and administrative expenses increased by $0.4 million from the three months ended March 31, 2025 to the three months ended June 30, 2025 primarily due to an increase in professional fees and general and administrative expenses that was partially offset by a decrease in the administrative service fee.

In total, professional fees, the administrative service fee and general and administrative expenses increased by $4.7 million from the nine months ended June 30, 2024 to the nine months ended June 30, 2025, primarily due to an increase in the administrative service fee and professional fees.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024 were $1.9 million, $1.7 million, $6.3 million and $9.8 million, respectively.

As of June 30, 2025 and September 30, 2024, included in accounts payable and other liabilities were $2.1 million and $2.7 million, respectively, of expenses paid on behalf of us by the Administrator.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:

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			Three months ended												Variances												Nine months ended												Variances
			June 30, 2025						March 31, 2025												June 30, 2025 vs March 31, 2025												June 30, 2025						June 30, 2024						2025 vs. 2024
			(in thousands)																		(In thousands)
Net realized gain (loss) from investments			$	376					$	(16,864)											$	17,240											$	(41,844)					$	(49,505)					$	7,661
Net realized gain (loss) from foreign currency transactions			(400)						(174)												(226)												(4,279)						(1,560)						(2,719)
Net realized gain (loss) from forward currency contracts			—						5,997												(5,997)												7,203						624						6,579
Net realized gain (loss) on investment transactions			$	(24)					$	(11,041)											$	11,017											$	(38,920)					$	(50,441)					$	11,521
Unrealized appreciation from investments			$	23,353					$	47,086											$	(23,733)											$	119,810					$	54,076					$	65,734
Unrealized (depreciation) from investments			(36,382)						(51,801)												15,419												(93,933)						(38,015)						(55,918)
Unrealized loss from write-down of the GBDC 3 purchase premium			—						—												—												—						(51,670)						51,670
Unrealized appreciation (depreciation) from forward currency contracts			(22,219)						(15,495)												(6,724)												(15,787)						1,589						(17,376)
Unrealized appreciation (depreciation) on foreign currency translation			23,857						11,427												12,430												12,311						(260)						12,571
Net change in unrealized appreciation (depreciation) on investment transactions			$	(11,391)					$	(8,783)											$	(2,608)											$	22,401					$	(34,280)					$	56,681
Net realized gain (loss) on extinguishment of debt			$	—					$	—											—												$	(48)					$	—					$	(48)

During the three months ended June 30, 2025, we had a net realized loss of less than $0.1 million, primarily attributable to the net realized gains recognized on the disposition of three equity investments, that was partially offset by realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended March 31, 2025, we had a net realized loss of $11.0 million, primarily attributable to realized losses recognized on (i) the restructure of debt and equity investments of two portfolio company investments and (ii) net realized gains recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars.

During the nine months ended June 30, 2025, we had a net realized loss of $38.9 million, primarily attributable to realized losses recognized on the restructuring of debt and equity investments of multiple portfolio company investments and the sale of a portfolio company debt investment that was partially offset by net realized gains recognized on the disposition of three equity investments and the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars. During the nine months ended June 30, 2024, we had a net realized loss of $50.4 million, primarily attributable to realized losses recognized on (i) the restructure of equity and debt investments of a portfolio company during the three months ended June 30, 2024 and (ii) the disposition of equity and debt investments of a portfolio company during the three months ended March 31, 2024 that were partially offset by realized gains recognized on the sale of equity investments in multiple portfolio companies throughout the nine months ended June 30, 2024.

For the three months ended June 30, 2025, we had $23.4 million in unrealized appreciation on 189 portfolio company investments, which was offset by $36.4 million in unrealized depreciation on 242 portfolio company investments. For the three months ended March 31, 2025, we had $47.1 million in unrealized appreciation on 188 portfolio company investments, which was offset by $51.8 million in unrealized depreciation on 226 portfolio company investments.

Unrealized appreciation for the three months ended June 30, 2025 and March 31, 2025 was primarily due to (i) improved performance from certain portfolio companies and (ii) fair valuing recent originations up to or near par. Unrealized depreciation for the three months ended June 30, 2025 and March 31, 2025 primarily resulted from isolated deterioration in the performance of (i) a small number of portfolio company equity investments, (ii) portfolio companies that were on non-accrual status and (iii) certain portfolio companies with pre-existing credit challenges.

For the nine months ended June 30, 2025, we had $119.8 million in unrealized appreciation on 251 portfolio company investments, which was offset by $93.9 million in unrealized depreciation on 180 portfolio company investments. For the nine months ended June 30, 2024, we had $54.1 million in unrealized appreciation on 165 portfolio company investments, which was offset by $38.0 million in unrealized depreciation on 239 portfolio company investments.

Unrealized appreciation for the nine months ended June 30, 2025 was primarily due to (i) the reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments and (ii) fair valuing recent

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originations up to or near par. Unrealized appreciation for the nine months ended June 30, 2024 primarily resulted from the reversal of unrealized depreciation on the disposition or restructuring of portfolio company investments, improved performance of certain portfolio companies and the reversal of unrealized depreciation due to spread tightening in the market during the 2024 fiscal year.

Unrealized depreciation for the nine months ended June 30, 2025 primarily resulted from isolated deterioration in credit performance in (i) a small number of portfolio companies and (ii) portfolio companies that were moved to or on non-accrual status. Unrealized depreciation for the nine months ended June 30, 2024 primarily resulted from isolated deterioration in the credit performance of certain portfolio companies that were moved to or on non-accrual status as well as certain portfolio companies with pre-existing credit challenges.

For the nine months ended June 30, 2025, we had a realized loss on extinguishment of debt of less than $0.1 million, which represents the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination.

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Liquidity and Capital Resources

For the nine months ended June 30, 2025, we experienced a net decrease in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $179.0 million. During the period, cash used in operating activities was $379.7 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $1,146.0 million and net investment income after tax of $296.5 million, offset by fundings of portfolio investments of $1,781.5 million. Lastly, cash provided by financing activities was $200.7 million, primarily driven by borrowings on debt of $3,517.9 million and net proceeds from the issuance of common stock through the ATM Program (as defined in Note 11 of our consolidated financial statements) of $37.4 million, offset by repayments of debt of $3,008.6 million, distributions paid of $281.0 million, purchases of common stock under the Program of $35.5 million and purchases of common stock under the DRIP of $20.6 million.

For the nine months ended June 30, 2024, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $326.0 million. During the period, cash provided by operating activities was $543.9 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $867.2 million and net investment income after tax of $262.8 million, offset by fundings of portfolio investments of $554.5 million. Lastly, cash used in financing activities was $217.9 million, primarily driven by borrowings on debt of $1,966.6 million, offset by repayments of debt of $1,971.9 million and distributions paid of $199.2 million.

As of June 30, 2025 and September 30, 2024, we had cash and cash equivalents of $91.9 million and $123.1 million, respectively. In addition, we had foreign currencies of $7.9 million and $8.0 million as of June 30, 2025 and September 30, 2024, respectively, restricted cash and cash equivalents of $79.0 million and $227.2 million as of June 30, 2025 and September 30, 2024, respectively. We had no restricted foreign currencies as of June 30, 2025. As of September 30, 2024 we had restricted foreign currencies of $1.2 million. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable. As of June 30, 2025 and September 30, 2024, $4.0 million and $136.3 million, respectively, of restricted cash was retained for partial repayments on the notes of certain of our debt securitizations that are past their reinvestment period term.

Revolving Debt Facilities

JPM Credit Facility - On February 11, 2021, we entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of June 30, 2025, allowed us to borrow up to $2.0 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2025 and September 30, 2024, we had outstanding debt under the JPM Credit Facility of $1,450.2 million and $956.6 million, respectively. As of June 30, 2025 and September 30, 2024, subject to leverage and borrowing base restrictions, we had $547.3 million and $865.9 million, respectively, of remaining commitments and availability on the JPM Credit Facility.

Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $300.0 million at any one time outstanding as of June 30, 2025. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and have in the past repaid, and generally intend in the future to repay, borrowings under the Adviser Revolver within 30 to 45 days from which they are drawn. As of both June 30, 2025 and September 30, 2024, we had no amounts outstanding on the Adviser Revolver.

GBDC 3 DB Credit Facility - Effective June 3, 2024, we assumed, as a result of the GBDC 3 Merger, the GBDC 3 DB Credit Facility (as defined in Note 7 of our consolidated financial statements). On November 19, 2024, all amounts outstanding under the GBDC 3 DB Credit Facility were repaid, following which the agreements governing the GBDC 3 DB Credit Facility were terminated. As of September 30, 2024, we had outstanding debt under the GBDC 3 DB Credit Facility of $411.5 million and subject to leverage and borrowing base restrictions, we had $213.5 million of remaining commitments and $113.9 million of availability on the GBDC 3 DB Credit Facility. As of September 30, 2024, we could borrow up to $625.0 million on the GBDC 3 DB Credit Facility.

Debt Securitizations

2024 Debt Securitization - On November 18, 2024, we completed the 2024 Debt Securitization. The Class A-1R 2024 Notes and Class A-2RR 2024 Notes (each as defined in Note 7 to our consolidated financial statements) are included in the June 30, 2025 Consolidated Statements of Financial Condition as our debt, and the Class B-R, Class

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C-R and Subordinated Notes were eliminated in consolidation. As of June 30, 2025, we had no amounts outstanding under the 2024 Debt Securitization.

GBDC 3 2022 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022 Debt Securitization. The Class A Senior Secured Floating Rate GBDC 3 Notes are included in the June 30, 2025 and September 30, 2024 Consolidated Statements of Financial Condition as our debt and the GBDC 3 Subordinated Notes were eliminated in consolidation. As of June 30, 2025 and September 30, 2024, we had debt outstanding under the GBDC 3 2022 Debt Securitization of $179.5 million and $236.8 million, respectively.

2018 Debt Securitization - On November 18, 2024, in conjunction with the $2.2 billion term debt securitization, (“the 2024 Debt Securitization”), the 2018 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the 2018 Debt Securitization were terminated. The Class A, Class B and Class C-1 2018 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt, and the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation. As of September 30, 2024, we had outstanding debt under the 2018 Debt Securitization of $230.0 million.

GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the GCIC Merger, the GCIC 2018 Debt Securitization. On November 18, 2024, in conjunction with the 2024 Debt Securitization, the GCIC 2018 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GCIC 2018 Debt Securitization were terminated. The Class A-1, Class A-2 (Class A-2-R GCIC 2018 Notes after refinancing on December 21, 2020) and Class B-1 GCIC 2018 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt, and the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of September 30, 2024, we had outstanding debt under the GCIC 2018 Debt Securitization of $252.8 million.

GBDC 3 2021 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2021 Debt Securitization. On November 18, 2024, in conjunction with the 2024 Debt Securitization, the GBDC 3 2021 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GBDC 3 2021 Debt Securitization were terminated. The Class A, Class B, Class C-1, and Class C-2 GBDC 3 2021 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt and the Class D and Subordinated 2021 GBDC 3 Notes were eliminated in consolidation. As of September 30, 2024, we had debt outstanding under the GBDC 3 2021 Debt Securitization of $298.0 million.

GBDC 3 2022-2 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022-2 Debt Securitization. On December 16, 2024, the GBDC 3 2022-2 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GBDC 3 2022-2 Notes were terminated. The Class A 2022-2 Notes and Class A GBDC 3 2022-2 Loan are included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt and Subordinated GBDC 3 2022-2 Notes were eliminated in consolidation. As of September 30, 2024, we had debt outstanding under the GBDC 3 2022-2 Debt Securitization of $225.0 million.

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

2024 Notes

On October 2, 2020, we issued $400.0 million in aggregate principal amount of the 2024 Notes (as defined in Note 7 of our consolidated financial statements). On October 15, 2021, we issued an additional $100.0 million in aggregate

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principal of the 2024 Notes. On April 8, 2024, we redeemed the $500.0 million in aggregate principal amount of the 2024 Notes, or 100% of the principal amount, plus the accrued and unpaid interest thereon.

2026 Notes

On February 24, 2021, we issued $400.0 million in aggregate principal amount of the 2026 Notes. On October 13, 2021, we issued an additional $200.0 million in aggregate principal of the 2026 Notes. As of both June 30, 2025 and September 30, 2024, we had $600.0 million of outstanding aggregate principal amount of the 2026 Notes.

2027 Notes

On July 27, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Notes, all of which remained outstanding as our debt as of both June 30, 2025 and September 30, 2024.

2028 Notes

On December 5, 2023, we issued $450.0 million in aggregate principal amount of the 2028 Notes, all of which remained outstanding as our debt as of both June 30, 2025 and September 30, 2024.

On December 5, 2023, we entered into an interest rate swap on the 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month Term SOFR plus 3.327%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028.

On April 11, 2024, we entered into an interest rate swap on the remaining portion of the 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.

2029 Notes

On February 1, 2024, we issued $600.0 million in aggregate principal amount of the 2029 Notes, and on December 3, 2024, we issued an additional $150.0 million in aggregate principal amount of the 2029 Notes under the same terms of the original issuance. As of June 30, 2025 and September 30, 2024, the outstanding aggregate principal amount of the 2029 Notes was $750.0 million and $600.0 million, respectively.

On February 1, 2024 and December 3, 2024, we entered into interest rate swap agreements on the 2029 Notes pursuant to which we agreed (i) to receive a fixed rate of 6.248% and pay a rate of one-month Term SOFR plus 2.444% on the first $600.0 million of the 2029 Notes and (ii) to receive a fixed rate of 5.881% and pay a rate of three-month SOFR plus 2.012% on the second $150.0 million of the 2029 Notes. The interest rate swap agreements are designated as effective hedge accounting instruments. The aggregate notional amount of the swap is $750.0 million and terminates on July 15, 2029. The carrying value of the 2029 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.

Equity Distribution Agreement

On October 6, 2023, we entered into an equity distribution agreement, or, as amended, the 2023 Equity Distribution Agreement, in connection with an at the market program to sell up to $288.0 million of shares of our common stock. An at the market offering is a registered offering by a publicly traded issuer of its listed equity securities that allows the issuer to sell shares directly into the market at market prices. As of June 30, 2025, we issued 2.4 million shares of common stock for aggregate proceeds totaling $38.0 million under the 2023 Equity Distribution Agreement. As of September 30, 2024, there were no common stock issuances under the 2023 Equity Distribution Agreement. As of June 30, 2025, following an amendment to the 2023 Equity Distribution Agreement in May 2025 to increase the aggregate offering amount by $38.0 million, common stock with an aggregate offering amount of $250.0 million remained available for issuance under the 2023 Distribution Agreement.

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

As of June 30, 2025, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow

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amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of June 30, 2025, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 176.8% and 1.30x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash and cash equivalents, foreign currencies and restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) was 1.26x as of June 30, 2025.

On August 1, 2025, our board of directors reapproved the Program (as defined in Note 2 of our consolidated financial statements), which allows us to repurchase up to $150.0 million of our outstanding common stock, exclusive of shares repurchased prior to the date of such authorization, on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market prices, through open market transactions, including block transactions, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the nine months ended June 30, 2025, we repurchased 2.5 million shares of our common stock for an aggregate repurchase price of approximately $35.5 million. During the nine months ended June 30, 2024, we did not make any repurchases of our common stock.

As of June 30, 2025 and September 30, 2024, we had outstanding commitments to fund investments totaling $996.1 million and $717.9 million, respectively. As of June 30, 2025, total commitments of $996.1 million included $251.2 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of June 30, 2025 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of June 30, 2025. As of June 30, 2025, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under the Adviser Revolver and JPM Credit Facility, as well as ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.

In addition, we have entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 of our consolidated financial statements for outstanding forward currency contracts and interest rate swap agreements as of June 30, 2025 and September 30, 2024. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and could realize a loss. We minimize market risk through monitoring its investments and borrowings.

Although we expect to fund the growth of our investment portfolio through the net proceeds from future securities offerings and future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our efforts to raise capital will be successful. In addition, from time to time, we can amend or refinance our leverage facilities and securitization financings, to the extent permitted by applicable law. In addition to capital not being available, it also could not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing capital generated from repayments into new investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to raise capital and are at or near our targeted leverage ratios, we expect to receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy and have, in the past, received such smaller allocations under similar circumstances.

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Portfolio Composition, Investment Activity and Yield

As of June 30, 2025 and September 30, 2024, we had investments in 401 and 381 portfolio companies, respectively, with a total fair value of $9.0 billion and $8.2 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:

			Three months ended																								Nine months ended
			June 30, 2025												March 31, 2025																		June 30, 2025												June 30, 2024
			(In thousands)						Percentage						(In thousands)						Percentage																		(In thousands)						Percentage						(In thousands)						Percentage
Senior secured			$	54,841					9.9		%				$	22,058					7.4		%																$	104,665					5.0		%				$	44,494					8.6		%
One stop			486,902						87.4						272,985						91.3																		1,931,157						93.1						458,560						88.9
Second lien			3,749						0.7						—						—																		14,027						0.7						8,141						1.6
Subordinated debt			—						—						—						—																		—						—						100						0.0		*
Equity			11,320						2.0						3,907						1.3																		25,767						1.2						4,433						0.9
Total new investment commitments			$	556,812					100.0		%				$	298,950					100.0		%																$	2,075,616					100.0		%				$	515,728					100.0		%

* Represents an amount less than 0.1%

For the nine months ended June 30, 2025, we had approximately $1,146.0 million in proceeds from principal payments and sales of portfolio investments.

For the nine months ended June 30, 2024, we had approximately $867.2 million in proceeds from principal payments and sales of portfolio investments.

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

			As of June 30, 2025(1)																		As of September 30, 2024(2)
			Principal						Amortized Cost						Fair Value						Principal						Amortized Cost						Fair Value
			(In thousands)																		(In thousands)
Senior secured:
Performing			$	483,155					$	477,684					$	477,611					$	506,457					$	502,318					$	499,579
Non-accrual(3)			4,233						3,704						2,981						4,046						3,860						2,807
One stop:
Performing			7,809,044						7,719,094						7,732,212						7,120,505						7,081,793						7,020,296
Non-accrual(3)			113,173						99,519						52,854						151,038						134,575						89,962
Second lien:
Performing			28,168						27,916						28,265						13,596						13,400						13,619
Non-accrual(3)			5,154						3,724						360						4,834						3,725						435
Subordinated debt:
Performing			37,477						36,988						37,419						30,410						29,943						30,175
Non-accrual(3)			—						—						—						—						—						—
Equity:
Performing			N/A						598,230						629,747						N/A						533,299						578,538
Non-accrual(3)			N/A						659						100						N/A						—						—
Total			$	8,480,404					$	8,967,518					$	8,961,549					$	7,830,886					$	8,302,913					$	8,235,411

(1)As of June 30, 2025, $1,446.6 million and $1,385.1 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of June 30, 2025, $107.0 million and $56.2 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

(2)As of September 30, 2024, $1,395.5 million and $1,328.0 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of September 30, 2024, $98.6 million and $61.3 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal, interest or our management has reasonable doubt that principal or interest will be collected. Preferred equity securities accruing contractual PIK dividend income may be placed on non-accrual

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status if there is reasonable doubt that the amortized cost or capitalized PIK and non-cash dividend income is collectible. See “— Critical Accounting Policies — Revenue Recognition.”

As of June 30, 2025, we had loans in eight portfolio companies and preferred equity securities in one portfolio company on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 1.2% and 0.6%, respectively. As of September 30, 2024, we had loans in eleven portfolio companies on non-accrual status, and non-accrual loans as a percentage of total investments at cost and fair value were 1.7% and 1.1%, respectively, and as a percentage of total debt investments at cost and fair value were 1.8% and 1.2%, respectively. As of September 30, 2024, we did not have any preferred equity securities on non-accrual status.

As of June 30, 2025 and September 30, 2024, the fair value of our debt investments as a percentage of the outstanding principal value was 98.2% and 97.8%, respectively.

The following table shows the weighted average rate, spread over the applicable base rate of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:

			Three months ended															Nine months ended
			June 30, 2025						March 31, 2025												June 30, 2025												June 30, 2024
Weighted average rate of new investment fundings			9.2%						9.7%												9.3%												10.7%
Weighted average spread over the applicable base rate of new floating rate investment fundings			5.1%						5.4%												5.1%												5.4%
Weighted average fees of new investment fundings			0.8%						0.8%												0.8%												0.8%
Weighted average rate of sales and payoffs of portfolio investments			9.8%						10.4%												10.6%												11.3%

As of June 30, 2025, 97.8% of our debt portfolio at both amortized cost and fair value had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2024, 98.0% and 98.1% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.

As of June 30, 2025 and September 30, 2024, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $68.1 million and $63.7 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

1 The portfolio median EBITDA is based on our portfolio of debt investments and excludes (i) portfolio companies with negative or de minimis EBITDA, (ii) investments designated as recurring revenue loans and (iii) portfolio companies with any loans on non-accrual status.

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

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

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

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

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

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The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of June 30, 2025 and September 30, 2024:

						As of June 30, 2025												As of September 30, 2024
Internal Performance Rating						Investments at Fair Value (In thousands)						Percentage of Total Investments						Investments at Fair Value (In thousands)						Percentage of Total Investments
5						$	263,250					2.9%						$	158,656					1.9%
4						7,774,149						86.8						7,013,631						85.2
3						810,015						9.0						955,079						11.6
2						114,135						1.3						108,045						1.3
1						—						—						—						—
Total						$	8,961,549					100.0%						$	8,235,411					100.0%

The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of June 30, 2025 and September 30, 2024.

						Average Price1
Category						June 30, 2025						September 30, 2024
Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)						99.7%						99.5%
Internal Performance Rating 3 (Performing Below Expectations)						91.0%						91.3
Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)						45.9%						58.2
Total						98.2%						97.8%

(1)Includes only debt investments held as of June 30, 2025 and September 30, 2024. Value reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.

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Distributions

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

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

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

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

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

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Related Party Transactions

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

•We entered into the Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, our chairman, is a manager of GC Advisors, and Mr. David Golub, our chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors. The Board most recently approved an amended and restated Investment Advisory Agreement on June 3, 2024. The Investment Advisory Agreement amended the Prior Investment Advisory Agreement in order to incorporate changes to the calculation of the incentive fee rates and the incentive fee cap. Under the Investment Advisory Agreement, the incentive fee rates were reduced from 20.0% to 15.0%, and the incentive fee cap was reduced from 20.0% to 15.0%. None of the other material terms changed in the Investment Advisory Agreement as compared to the Prior Investment Advisory Agreement, including the services to be provided and the calculation of the base management fee. On August 3, 2023, effective July 1, 2023 the Board approved an amended and restated Investment Advisory Agreement, pursuant to which the base management fee rate was reduced from 1.375% to 1.0%.

•GC Advisors agreed to irrevocably waive any incentive fees payable under the Prior Investment Advisory Agreement in excess of 15% and waive incentive fees in excess of an incentive fee cap that was also reduced to 15%, in each case effective as of January 1, 2024 for periods ending on or prior to the earlier of (i) the closing of the acquisition of GBDC 3 pursuant to the GBDC 3 Merger Agreement or (ii) the termination of the GBDC 3 Merger Agreement (the “Waiver Period”). During the Waiver Period, fees payable to the Investment Adviser under the Prior Investment Advisory Agreement, net of the GBDC 3 Merger Waiver, was equal to what was payable under the Investment Advisory Agreement, which was entered into and effective upon closing of the GBDC 3 Merger Agreement.

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

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

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

•GC Advisors serves as collateral manager to the 2018 Issuer, the GBDC 3 2021 Issuer, the GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer under the 2018 Collateral Management Agreement, the GCIC 2018 Collateral Management Agreement, the 2021 Collateral Management Agreement, the 2022 Collateral Management Agreement, 2022-2 Collateral Management Agreement , and the 2024 Issuer Collateral Management Agreement, respectively. Fees payable to GC Advisors for providing these services offset against the base management fee payable by us under the Investment Advisory Agreement.

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

•During the second calendar quarter of 2025, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $12.4 million, or 858,467 shares of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. Through the first two calendar quarters of 2025, the Trust purchased approximately $25.4 million, or 1,691,288 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital. During the calendar year 2024, the Trust purchased approximately $10.1 million, or 670,760 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital.

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

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•On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger Agreement.

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

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

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Critical Accounting Policies

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

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Fair Value Measurements

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

Pursuant to Rule 2a-5 under the 1940 Act, as recently amended, effective August 2, 2024, our board of directors, as permitted, has designated GC Advisors as our valuation designee (the “Valuation Designee”) to perform the determination of fair value of our investments for which market quotations are not readily available, or valued by a third-party pricing service, in accordance with our valuation policies and procedures, subject to the oversight of our board of directors.

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

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

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

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

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

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

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

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

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

In certain cases, the inputs used to measure fair value could fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. The Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended June 30, 2025 and 2024. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of June 30, 2025 were valued using Level 3 inputs. All investments as of September 30, 2024, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. As of June 30, 2025 and September 30, 2024, all money market funds included in cash and cash equivalents and restricted cash and restricted cash equivalents were valued using Level 1 inputs and all forward currency contracts and interest rate swaps were valued using Level 2 inputs.

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

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

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

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

Valuation of Other Financial Assets and Liabilities

The fair value of the 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of our remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.

Revenue Recognition:

Our revenue recognition policies are as follows:

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

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

Non-accrual Investments: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans could be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $56.2 million and $93.2 million as of June 30, 2025 and September 30, 2024, respectively. We review all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected, for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. The total fair value of our non-accrual preferred equity securities was $0.1 million as of June 30, 2025. We did not have any preferred equity securities on non-accrual status as of September 30, 2024.

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

Depending on the level of taxable income earned in a tax year, we could choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We could then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended June 30, 2025, we did not record any U.S. federal excise tax. For the nine months ended June 30, 2025, we recorded a reversal of the accrual for U.S. federal excise tax expense of $0.5 million. For the three and nine months ended June 30, 2024, $0.1 million and $1.1 million, respectively, was recorded for U.S. federal excise tax.

We have consolidated subsidiaries that are subject to U.S. federal and state corporate-level income taxes. For the three and nine months ended June 30, 2025, we did not record any U.S. income taxes and we recorded a net tax benefit of $0.2 million and $0.4 million, respectively, for taxable subsidiaries. For the three months ended June 30, 2024, we did not record any U.S. income taxes and we recorded a net tax benefit of $0.2 million. For the nine months ended June 30, 2024, $0.1 million was recorded for U.S. income taxes and we recorded a net tax benefit of $0.5 million. As of June 30, 2025 and September 30, 2024, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $0.4 million and $0.8 million, respectively, for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries.

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

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including valuation risk and changes in interest rates.

Valuation Risk. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Investment Adviser, as our valuation designee, subject to the oversight of our Board based on, among other things, the input of independent third-party valuation firms engaged at the direction of the valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments could fluctuate from period to period, if we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.

Interest Rate Risk. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future could also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual, or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of June 30, 2025 and September 30, 2024, the weighted average floor on loans subject to floating interest rates was 0.78% and 0.81%, respectively. The Class A Senior Secured GBDC 3 Notes issued in connection with the GBDC 3 2022 Debt Securitization have floating rate interest provisions based on three-month term SOFR and the Class A-1R, and A-2RR 2024 Notes issued in connection with the 2024 Debt Securitization have floating rate interest provisions based on three-month SOFR plus a spread adjustment. The JPM Credit Facility has a floating interest rate provision that, as of June 30, 2025, is primarily based on an applicable base rate (as defined in Note 7 to our consolidated financial statements) plus a spread that ranges from 1.525% to 1.775% plus a spread adjustment of 0.10% on SOFR borrowings. We have entered into two interest rate swaps on the 2028 Notes and two interest rate swaps on the 2029 Notes and these swaps have floating rate provisions based on one-month SOFR plus a spread of 3.327%, one-month SOFR plus a spread of 2.835%, one-month SOFR plus a spread of 2.444%, and three-month SOFR plus a spread of 2.012%, respectively. We expect that other credit facilities into which we enter in the future could have floating interest rate provisions.

Assuming that the unaudited interim Consolidated Statement of Financial Condition as of June 30, 2025 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

Change in interest rates						Increase (decrease) in interest income(1)						Increase (decrease) in interest expense						Net increase (decrease) in  investment income
						(In thousands)
Down 200 basis points						$	(165,497)					$	(83,874)					$	(81,623)
Down 150 basis points						(124,936)						(62,906)						(62,030)
Down 100 basis points						(83,721)						(41,937)						(41,784)
Down 50 basis points						(41,878)						(20,969)						(20,909)
Up 50 basis points						41,878						20,969						20,909
Up 100 basis points						83,757						41,937						41,820
Up 150 basis points						125,635						62,906						62,729
Up 200 basis points						167,514						83,874						83,640

(1) Assumes applicable three-month base rate as of June 30, 2025, with the exception of SONIA and Prime that utilize the June 30, 2025 rate.

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of June 30, 2025, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Debt Securitizations, the JPM Credit Facility, the Adviser Revolver, or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

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

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Item 4. Controls and Procedures.

As of June 30, 2025 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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Part II - Other Information

Item 1: Legal Proceedings.

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

Item 1A: Risk Factors.

There have been no material changes during the nine months ended June 30, 2025 to the risk factors discussed in Item 1A. Risk Factors in our annual report on Form 10-K for the year ended September 30, 2024.

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

None.

Item 3: Defaults Upon Senior Securities.

None.

Item 4: Mine Safety Disclosures

None.

Item 5: Other Information.

None.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6: Exhibits.

EXHIBIT INDEX

Number						Description
3.1						Second Amended and Restated Bylaws of Golub Capital BDC, Inc. (Incorporated by reference to Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q (File No. 814-00794), filed on May 5, 2025).
10.1						Third Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 4, 2025, by and among Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders, syndication agents, joint bookrunners, and joint lead arrangers party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on April 10, 2025).
10.2						Second Amendment to the Equity Distribution Agreement, dated May 16, 2025, by and among Golub Capital BDC, Inc., GC Advisors LLC, Golub Capital LLC, Keefe, Bruyette & Woods, Inc. and Regions Securities LLC (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on May 16, 2025).
10.3						Fourth Amendment to Amended and Restated Revolving Loan Agreement dated as of June 13, 2025, by and between Golub Capital BDC Inc., as the borrower and GC Advisors LLC as the lender. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 16, 2025).
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.			*
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.			*
32.1						Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.			*
101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.			*
101.SCH						Inline XBRL Taxonomy Extension Schema Document.			*
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document			*
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.			*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.			*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.			*
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).			*

_________________

* Filed herewith

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SIGNATURES

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

			Golub Capital BDC, Inc.
Date: August 4, 2025			By			/s/ David B. Golub
						David B. Golub
						Chief Executive Officer
						(Principal Executive Officer)
Date: August 4, 2025			By			/s/ Christopher C. Ericson
						Christopher C. Ericson
						Chief Financial Officer
						(Principal Accounting and Financial Officer)

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ATTACHMENTS / EXHIBITS

EX-31.1

EX-31.2

EX-32.1

XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

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