# EDGAR Filing Document

**Accession Number:** 0001476765
**File Stem:** 0001476765-23-000018
**Filing Date:** 2023-2
**Character Count:** 901689
**Document Hash:** bf85df7bc834058ad95998aaf5ff2edb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001476765-23-000018.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001476765-23-000018

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLUB CAPITAL BDC, Inc.
- **CENTRAL INDEX KEY:** 0001476765
- **IRS NUMBER:** 471893276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00794
- **FILM NUMBER:** 23599166

**BUSINESS ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166
- **BUSINESS PHONE:** 212.750.6060

**MAIL ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLUB CAPITAL INVESTMENT Corp
- **DATE OF NAME CHANGE:** 20170511

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Golub Capital BDC, Inc.
- **DATE OF NAME CHANGE:** 20100414

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Golub Capital BDC LLC
- **DATE OF NAME CHANGE:** 20091113

?xml version="1.0" ? gbdc-20221231

**______________________________________________________________________________________________________**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**______________________________________________________________________________________________________** 

**FORM 10-Q**

☑&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**<u>THE SECURITIES EXCHANGE ACT OF 1934</u>**

For the Quarterly Period Ended December 31, 2022

**<u>OR</u>**

**☐&nbsp;&nbsp;&nbsp;&nbsp; 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 🗹 No □

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 🗹 No □

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☑ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | | |

---

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. □

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

As of February 8, 2023, the Registrant had 170,895,670 shares of common stock, $0.001 par value, outstanding.

------

---

| | | |
|:---|:---|:---|
| **Part I. Financial Information** | **Part I. Financial Information** | |
| Item 1. | Financial Statements | <u>[3](#ief2c26433feb4de9bc598652797534c5_121)</u> |
| | Consolidated Statements of Financial Condition as of December 31, 2022 (unaudited) and September 30, 2022 | <u>[3](#ief2c26433feb4de9bc598652797534c5_121)</u> |
| | Consolidated Statements of Operations for the three months ended December 31, 2022 (unaudited) and 2021 (unaudited) | <u>[4](#ief2c26433feb4de9bc598652797534c5_124)</u> |
| | Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2022 (unaudited) and 2021 (unaudited) | <u>[5](#ief2c26433feb4de9bc598652797534c5_127)</u> |
| | Consolidated Statements of Cash Flows for the three months ended December 31, 2022 (unaudited) and 2021 (unaudited) | <u>[6](#ief2c26433feb4de9bc598652797534c5_130)</u> |
| | Consolidated Schedules of Investments as of December 31, 2022 (unaudited) and September 30, 2022 | <u>[8](#ief2c26433feb4de9bc598652797534c5_133)</u> |
| | Notes to Consolidated Financial Statements (unaudited) | <u>[108](#ief2c26433feb4de9bc598652797534c5_145)</u> |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | <u>[142](#ief2c26433feb4de9bc598652797534c5_73)</u> |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | <u>[168](#ief2c26433feb4de9bc598652797534c5_106)</u> |
| Item 4. | Controls and Procedures | <u>[169](#ief2c26433feb4de9bc598652797534c5_217)</u> |
| **Part II. Other Information** | **Part II. Other Information** | |
| Item 1. | Legal Proceedings | <u>[170](#ief2c26433feb4de9bc598652797534c5_223)</u> |
| Item 1A. | Risk Factors | <u>[170](#ief2c26433feb4de9bc598652797534c5_226)</u> |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | <u>[170](#ief2c26433feb4de9bc598652797534c5_229)</u> |
| Item 3. | Defaults Upon Senior Securities | <u>[170](#ief2c26433feb4de9bc598652797534c5_232)</u> |
| Item 4. | Mine Safety Disclosures | <u>[170](#ief2c26433feb4de9bc598652797534c5_235)</u> |
| Item 5. | Other Information | <u>[170](#ief2c26433feb4de9bc598652797534c5_238)</u> |
| Item 6. | Exhibits | <u>[171](#ief2c26433feb4de9bc598652797534c5_241)</u> |

---

------

<u>**TABLE OF CONTENTS**</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Statements of Financial Condition** 

*(In thousands, except share and per share data)*

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **September 30, 2022** |
| | (unaudited) | |
| **Assets** |  |  |
| Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate company investments | $5389908 | $5374594 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliate company investments | 47556 | 57689 |
| &nbsp;&nbsp;&nbsp;Controlled affiliate company investments | 14482 | 14073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value (amortized cost of $5,583,415 and $5,569,604, respectively) | 5451946 | 5446356 |
| Cash and cash equivalents | 96422 | 117290 |
| Foreign currencies (cost of $6,566 and $7,021, respectively) | 6785 | 6847 |
| Restricted cash and cash equivalents | 62826 | 56416 |
| Interest receivable | 28334 | 20794 |
| Receivable from investments sold | 463 |  |
| Net unrealized appreciation on forward currency contracts | 17885 | 32333 |
| Other assets | 1090 | 1188 |
| **Total Assets** | $5665751 | $5681224 |
| **Liabilities** |  |  |
| Debt | $3100057 | $3093603 |
| &nbsp;&nbsp;&nbsp;Less unamortized debt issuance costs | (15641) | (17211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt less unamortized debt issuance costs | 3084416 | 3076392 |
| Interest payable | 24942 | 20384 |
| Management and incentive fees payable | 35081 | 33430 |
| Accounts payable and other liabilities | 7601 | 6293 |
| Accrued trustee fees | 26 | 225 |
| **Total Liabilities** | 3152066 | 3136724 |
| Commitments and Contingencies (Note 8) |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2022 and September 30, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, par value $0.001 per share, 350,000,000 shares authorized, 170,895,670 shares issued and outstanding as of December 31, 2022 and September 30, 2022, respectively. | 171 | 171 |
| Paid in capital in excess of par | 2676674 | 2676674 |
| Distributable earnings (losses) | (163160) | (132345) |
| **Total Net Assets** | 2513685 | 2544500 |
| **Total Liabilities and Total Net Assets** | $5665751 | $5681224 |
| Number of common shares outstanding | 170895670 | 170895670 |
| Net asset value per common share | $14.71 | $14.89 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_13)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Statements of Operations (unaudited)**

*(In thousands, except share and per share data)*

---

| | | |
|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** |
| | **2022** | **2021** |
| **Investment income** |  |  |
| From non-controlled/non-affiliate company investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $130761 | $84222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 4133 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income | 487 | 1009 |
| Total investment income from non-controlled/non-affiliate company investments | 135381 | 85548 |
| From non-controlled affiliate company investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1389 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income | 38 |  |
| Total investment income from non-controlled affiliate company investments | 1427 | 1017 |
| From controlled affiliate company investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 65 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income | 4 |  |
| Total investment income from controlled affiliate company investments | 69 | 2 |
| **Total investment income** | 136877 | 86567 |
| **Expenses** |  |  |
| Interest and other debt financing expenses | 34245 | 17836 |
| Base management fee | 19062 | 17501 |
| Incentive fee | 16011 | 3381 |
| Professional fees | 1208 | 899 |
| Administrative service fee | 2175 | 1818 |
| General and administrative expenses | 313 | 342 |
| **Total expenses** | 73014 | 41777 |
| **Net investment income - before tax** | 63863 | 44790 |
| Excise tax | 2200 |  |
| **Net investment income - after tax** | 61663 | 44790 |
| **Net gain (loss) on investment transactions** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate company investments | 2455 | 15599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliate company investments | 320 | (1026) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 56 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | 463 |  |
| Net realized gain (loss) on investment transactions | 3294 | 14548 |
| Net change in unrealized appreciation (depreciation) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate company investments | (33397) | 6538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliate company investments | (7981) | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled affiliate company investments | 307 | (2694) |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | 15897 | (797) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | (14448) | 281 |
| Net change in unrealized appreciation (depreciation) on investment transactions | (39622) | 4235 |
| **Net gain (loss) on investment transactions** | (36328) | 18783 |
| (Provision) benefit for taxes on realized gains on investments | (207) |  |
| (Provision) benefit for taxes on unrealized appreciation on investments | 453 | (495) |
| **Net increase (decrease) in net assets resulting from operations** | $25581 | $63078 |
| **Per Common Share Data** |  |  |
| Basic and diluted earnings per common share (Note 10) | $0.15 | $0.37 |
| Dividends and distributions declared per common share | $0.33 | $0.30 |
| Basic and diluted weighted average common shares outstanding (Note 10) | 170895670 | 170046783 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Statements of Changes in Net Assets (unaudited)**

*(In thousands, except share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Paid in Capital in Excess of Par** | **Distributable Earnings (Losses)** | **Total Net Assets** |
| | **Shares** | **Par Amount** | **Paid in Capital in Excess of Par** | **Distributable Earnings (Losses)** | **Total Net Assets** |
| **Balance at September 30, 2021** | 170028584 | $170 | $2664251 | $(81729) | $2582692 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  | 44790 | 44790 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment transactions |  |  |  | 14548 | 14548 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment transactions |  |  |  | 4235 | 4235 |
| &nbsp;&nbsp;&nbsp;(Provision) benefit for taxes on unrealized appreciation on investments |  |  |  | (495) | (495) |
| &nbsp;&nbsp;&nbsp;Distributions to stockholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock issued in connection with dividend reinvestment plan | 837158 | 1 | 12716 |  | 12717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from distributable earnings |  |  |  | (51008) | (51008) |
| &nbsp;&nbsp;Total increase (decrease) for the three months ended December 31, 2021 | 837158 | 1 | 12716 | 12070 | 24787 |
| **Balance at December 31, 2021** | 170865742 | $171 | $2676967 | $(69659) | $2607479 |
| **Balance at September 30, 2022** | 170895670 | $171 | $2676674 | $(132345) | $2544500 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  | 61663 | 61663 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment transactions |  |  |  | 3294 | 3294 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment transactions |  |  |  | (39622) | (39622) |
| &nbsp;&nbsp;&nbsp;(Provision) benefit for taxes on realized gain on investments |  |  |  | (207) | (207) |
| &nbsp;&nbsp;&nbsp;(Provision) benefit for taxes on unrealized appreciation on investments |  |  |  | 453 | 453 |
| &nbsp;&nbsp;&nbsp;Distributions to stockholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from distributable earnings |  |  |  | (56396) | (56396) |
| &nbsp;&nbsp;Total increase (decrease) for the three months ended December 31, 2022 |  |  |  | (30815) | (30815) |
| **Balance at December 31, 2022** | 170895670 | $171 | $2676674 | $(163160) | $2513685 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Statements of Cash Flows (unaudited)**

*(In thousands, except share data)*

---

| | | |
|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** |
| | **2022** | **2021** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $25581 | $63078 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred debt issuance costs | 1748 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discounts and amortization of premiums on investments | (3893) | (640) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discounts and amortization of premiums on issued debt securities | 421 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (2775) | (14573) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on forward currency contracts | (463) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency transactions | (56) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 41071 | (4751) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | (15897) | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on forward currency contracts | 14448 | (281) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from (fundings of) revolving loans, net | (868) | (336) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fundings of investments | (248882) | (890932) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal payments and sales of portfolio investments | 253833 | 661760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from settlements of forward currency contracts | 463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK interest | (7777) | (3473) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash dividends | (3449) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (7540) | (3007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from investments sold | (463) | (2926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 98 | (294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 4558 | 3668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and incentive fees payable | 1651 | 8552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased |  | (294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 1308 | (241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued trustee fees | (199) |  |
| **Net cash provided by (used in) operating activities** | 52918 | (181734) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings on debt | 77080 | 620205 |
| &nbsp;&nbsp;&nbsp;Repayments of debt | (88000) | (336800) |
| &nbsp;&nbsp;&nbsp;Capitalized debt issuance costs | (178) | (6221) |
| &nbsp;&nbsp;&nbsp;Distributions paid | (47245) | (38291) |
| &nbsp;&nbsp;&nbsp;Purchases of common stock for dividend reinvestment plan | (9151) |  |
| **Net cash provided by (used in) financing activities** | (67494) | 238893 |
| &nbsp;&nbsp;&nbsp;**Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents** | (14576) | 57159 |
| &nbsp;&nbsp;&nbsp;Effect of foreign currency exchange rates | 56 | (25) |
| &nbsp;&nbsp;&nbsp;**Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, beginning of period** | 180553 | 244343 |
| &nbsp;&nbsp;&nbsp;**Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents, end of period** | $166033 | $301477 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid during the period for interest | $27518 | $12034 |
| &nbsp;&nbsp;&nbsp;Distributions declared during the period | 56396 | 51008 |
| **Supplemental disclosure of non-cash operating and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Stock issued in connection with dividend reinvestment plan | $— | $12717 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

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

*(In thousands, except share data)*

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

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **December 31, 2022** | **September 30, 2022** |
| Cash and cash equivalents | $96422 | $117290 |
| Foreign currencies (cost of $6,566 and $7,021, respectively) | 6785 | 6847 |
| Restricted cash and cash equivalents | 62826 | 56416 |
| Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows | $166033 | $180553 |

---

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

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | | Fair<br>Value <sup>(4)</sup> |
| **Investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Non-controlled/non-affiliate company investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace and Defense** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronair Parent, Inc.+(22) | Senior loan | L + | 6.25% | (b) | 10.34% | cash/ | 0.50% | PIK | 09/2023 | $668 | $667 |  | % | $614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronair Parent, Inc.+(22) | Senior loan | L + | 6.25% | (b) | 10.34% | cash/ | 0.50% | PIK | 06/2023 | 120 | 120 |  |  | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitcraft LLC\*#+ | One stop | SF + | 7.00% | (l) | 11.73% |  |  |  | 12/2023 | 68383 | 68395 | 2.8 |  | 68383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitcraft LLC+ | One stop | SF + | 6.00% | (a)(d)(l) | 10.84% |  |  |  | 12/2023 | 240 | 238 |  |  | 240 |
|  |  |  |  |  |  |  |  |  |  | 69411 | 69420 | 2.8 |  | 69345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurora Lux Finco S.A.R.L. +(8)(13) | One stop | L + | 6.00% | (b) | 10.32% |  |  |  | 12/2026 | 973 | 960 |  |  | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Components** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP CollisionRight Holdings, Inc.#+ | One stop | SF + | 4.75% | (l) | 9.39% |  |  |  | 04/2028 | 9766 | 9618 | 0.4 |  | 9571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP CollisionRight Holdings, Inc.+ | One stop | SF + | 4.75% | (l) | 9.48% |  |  |  | 04/2028 | 27 | 26 |  |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP CollisionRight Holdings, Inc.+(5) | One stop | SF + | 4.75% |  | N/A(6) |  |  |  | 04/2028 |  | (2) |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covercraft Parent III, Inc.+ | Senior loan | L + | 4.50% | (b) | 8.24% |  |  |  | 08/2027 | 4877 | 4840 | 0.2 |  | 4780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covercraft Parent III, Inc.+ | Senior loan | L + | 4.50% | (b) | 9.23% |  |  |  | 08/2027 | 994 | 974 |  |  | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covercraft Parent III, Inc.+ | Senior loan | L + | 4.50% | (b) | 9.23% |  |  |  | 08/2027 | 19 | 18 |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Falcon Buyer, LLC+ | One stop | L + | 6.50% | (b) | 11.18% |  |  |  | 05/2027 | 6083 | 5993 | 0.3 |  | 5779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Falcon Buyer, LLC+ | One stop | L + | 6.50% | (b) | 11.23% |  |  |  | 05/2027 | 1019 | 1004 |  |  | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Acquisition Corp.\*#+(22) | Senior loan | SF + | 6.25% | (k) | 9.57% | cash/ | 1.00% | PIK | 12/2024 | 18022 | 17958 | 0.7 |  | 17660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Acquisition Corp.+ | Senior loan | SF + | 6.50% | (k) | 10.82% |  |  |  | 03/2023 | 695 | 694 |  |  | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Acquisition Corp.+(22) | Senior loan | SF + | 6.25% | (k) | 9.57% | cash/ | 1.00% | PIK | 12/2024 | 50 | 52 |  |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Acquisition Corp.+(22) | Senior loan | SF + | 6.25% | (k) | 9.57% | cash/ | 1.00% | PIK | 12/2024 | 107 | 106 |  |  | 104 |
|  |  |  |  |  |  |  |  |  |  | 41659 | 41281 | 1.6 |  | 40591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CG Group Holdings, LLC\*#+(22) | One stop | L + | 7.25% | (b) | 9.98% | cash/ | 2.00% | PIK | 07/2027 | 31520 | 31183 | 1.2 |  | 28999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CG Group Holdings, LLC+(22) | One stop | L + | 7.25% | (a) | 9.63% | cash/ | 2.00% | PIK | 07/2026 | 340 | 336 |  |  | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC\*#+ | One stop | SF + | 6.25% | (k) | 10.67% |  |  |  | 12/2027 | 42756 | 42401 | 1.7 |  | 41919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+(5) | One stop | SF + | 6.25% |  | N/A(6) |  |  |  | 12/2027 |  | (4) |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% |  |  |  | 12/2027 | 197 | 195 |  |  | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% |  |  |  | 12/2027 | 99 | 98 |  |  | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% |  |  |  | 12/2027 | 79 | 79 |  |  | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% |  |  |  | 12/2027 | 79 | 79 |  |  | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% |  |  |  | 12/2027 | 66 | 65 |  |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.50% | (k) | 10.92% |  |  |  | 12/2027 | 976 | 948 |  |  | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% |  |  |  | 12/2027 | 658 | 653 |  |  | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% |  |  |  | 12/2027 | 120 | 119 |  |  | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% |  |  |  | 12/2027 | 114 | 113 |  |  | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% |  |  |  | 12/2027 | 82 | 81 |  |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 12/2027 |  | (22) |  |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.50% | (k) | 10.92% |  |  |  | 12/2027 | 130 | 127 |  |  | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.50% | (k) | 10.92% |  |  |  | 12/2027 | 65 | 63 |  |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC+ | One stop | L + | 5.75% | (b) | 10.48% |  |  |  | 09/2025 | 15275 | 15093 | 0.6 |  | 14817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC+ | One stop | P + | 4.75% | (d) | 12.25% |  |  |  | 09/2025 | 494 | 490 |  |  | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC+ | One stop | L + | 5.75% | (b)(d) | 11.03% |  |  |  | 09/2025 | 294 | 292 |  |  | 285 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC+ | One stop | P + | 4.75% | (b)(d) | 11.52% | 09/2025 | $61 | $61 |  | % | $58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC+ | One stop | L + | 5.75% | (b) | 10.48% | 09/2025 | 1779 | 1747 | 0.1 |  | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC\*#+ | One stop | SF + | 5.75% | (m) | 9.98% | 11/2026 | 23916 | 23719 | 0.9 |  | 22721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 10.45% | 11/2026 | 2622 | 2603 | 0.1 |  | 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 10.70% | 11/2026 | 2592 | 2558 | 0.1 |  | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 10.45% | 11/2026 | 2572 | 2551 | 0.1 |  | 2443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 10.79% | 11/2026 | 1906 | 1890 | 0.1 |  | 1810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 8.98% | 11/2026 | 1567 | 1555 | 0.1 |  | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 10.62% | 11/2026 | 1444 | 1422 | 0.1 |  | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 9.98% | 11/2026 | 526 | 522 |  |  | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 9.50% | 11/2026 | 358 | 354 |  |  | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (l) | 9.55% | 11/2026 | 147 | 146 |  |  | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 10.79% | 11/2026 | 60 | 59 |  |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 10.58% | 11/2026 | 136 | 134 |  |  | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) | 11/2026 |  | (20) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (l) | 8.99% | 11/2026 | 179 | 178 |  |  | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 8.94% | 11/2026 | 60 | 59 |  |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POY Holdings, LLC# | One stop | L + | 5.50% | (b) | 10.23% | 11/2027 | 9519 | 9363 | 0.4 |  | 9519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POY Holdings, LLC+ | One stop | L + | 5.50% | (b) | 10.23% | 11/2027 | 36 | 32 |  |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POY Holdings, LLC+(5) | One stop | L + | 5.50% |  | N/A(6) | 11/2027 |  | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POY Holdings, LLC+ | One stop | L + | 5.50% | (b) | 10.23% | 11/2027 | 81 | 81 |  |  | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Express Wash Parent Holdco, LLC+ | One stop | SF + | 5.50% | (m) | 10.29% | 07/2029 | 3150 | 3121 | 0.1 |  | 3024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Express Wash Parent Holdco, LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) | 07/2029 |  | (2) |  |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Express Wash Parent Holdco, LLC+ | One stop | SF + | 5.50% | (m) | 10.22% | 07/2029 | 1493 | 1472 | 0.1 |  | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC\*# | One stop | L + | 7.00% | (b) | 11.41% | 10/2024 | 12783 | 12753 | 0.5 |  | 12655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+ | One stop | L + | 7.00% | (b) | 11.41% | 10/2024 | 9748 | 9713 | 0.4 |  | 9651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC#+ | One stop | L + | 7.00% | (b) | 11.41% | 10/2024 | 2306 | 2298 | 0.1 |  | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC\*+ | One stop | L + | 7.00% | (b) | 11.41% | 10/2024 | 2015 | 2029 | 0.1 |  | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC\*+ | One stop | L + | 7.00% | (b) | 11.41% | 10/2024 | 1347 | 1356 | 0.1 |  | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC\*+ | One stop | L + | 7.00% | (b) | 11.41% | 10/2024 | 1097 | 1100 |  |  | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+ | One stop | L + | 7.00% | (b) | 11.41% | 10/2024 | 95 | 90 |  |  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+(5) | One stop | SF + | 7.00% |  | N/A(6) | 10/2024 |  |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+(5) | One stop | SF + | 7.00% |  | N/A(6) | 10/2024 |  | (1) |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+ | One stop | L + | 7.00% | (b) | 11.41% | 10/2024 | 344 | 340 |  |  | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+ | One stop | L + | 7.00% | (b) | 11.41% | 10/2024 | 104 | 99 |  |  | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+ | One stop | L + | 7.00% | (c) | 11.72% | 10/2024 | 3310 | 3278 | 0.1 |  | 3277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+ | One stop | L + | 7.00% | (b) | 11.41% | 10/2024 | 95 | 93 |  |  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands, LLC+ | One stop | SF + | 6.50% | (l) | 10.71% | 07/2028 | 8369 | 8214 | 0.4 |  | 8285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands, LLC+ | One stop | SF + | 6.50% | (k)(l) | 11.12% | 07/2028 | 908 | 900 |  |  | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) | 07/2028 |  | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands, LLC+ | One stop | SF + | 6.50% | (l) | 10.71% | 07/2028 | 673 | 667 |  |  | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWAS Holdings, LLC#+ | One stop | SF + | 6.75% | (k) | 11.17% | 12/2026 | 40357 | 40038 | 1.6 |  | 39954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWAS Holdings, LLC\*+ | One stop | SF + | 6.75% | (k) | 11.17% | 12/2026 | 30488 | 30231 | 1.2 |  | 30184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWAS Holdings, LLC+ | One stop | SF + | 6.75% | (k) | 11.17% | 12/2026 | 7914 | 7849 | 0.3 |  | 7835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWAS Holdings, LLC+ | One stop | SF + | 6.75% | (k) | 11.17% | 12/2026 | 608 | 603 |  |  | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWAS Holdings, LLC+ | One stop | SF + | 6.75% | (k) | 11.17% | 12/2026 | 386 | 383 |  |  | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWAS Holdings, LLC+(5) | One stop | SF + | 6.75% |  | N/A(6) | 12/2026 |  | (3) |  |  | (4) |
|  |  |  |  |  |  |  | 270495 | 268022 | 10.5 |  | 263103 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fintech Midco, LLC\*# | One stop | L + | 5.00% | (b)(c) | 9.93% | 08/2024 | $23852 | $23980 | 1.0 | $23613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fintech Midco, LLC+ | One stop | L + | 5.00% | (b)(c) | 9.93% | 08/2024 | 15145 | 15062 | 0.6 | 14994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fintech Midco, LLC#+ | One stop | L + | 5.00% | (b)(c) | 9.93% | 08/2024 | 1105 | 1120 |  | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fintech Midco, LLC+(5) | One stop | L + | 5.00% |  | N/A(6) | 08/2024 |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC+ | One stop | L + | 5.50% | (b) | 10.23% | 04/2027 | 2239 | 2222 | 0.1 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC+ | One stop | L + | 5.50% |  | N/A(6) | 04/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC+ | One stop | L + | 5.50% | (b) | 10.23% | 04/2027 | 134 | 133 |  | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winebow Holdings, Inc.+ | One stop | L + | 6.25% | (a) | 10.63% | 07/2025 | 7780 | 7709 | 0.3 | 7780 |
|  |  |  |  |  |  |  | 50255 | 50226 | 2.0 | 49851 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BECO Holding Company, Inc.#+ | One stop | L + | 5.25% | (b) | 9.98% |  | 11/2028 | $7519 | $7456 | 0.3 | $7293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BECO Holding Company, Inc.+(5) | One stop | L + | 5.25% |  | N/A(6) |  | 11/2027 |  | (4) |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BECO Holding Company, Inc.+(5) | One stop | L + | 5.25% |  | N/A(6) |  | 11/2028 |  | (16) |  | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | 4.50% | (b)(c) | 9.43% |  | 03/2024 | 4095 | 4096 | 0.2 | 4095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | 4.50% | (b)(c) | 9.43% |  | 03/2024 | 1385 | 1397 | 0.1 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | 4.50% | (b)(c) | 9.43% |  | 03/2024 | 893 | 897 | 0.1 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | 4.50% | (b)(c) | 9.43% |  | 03/2024 | 842 | 838 |  | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | 4.50% | (b)(c) | 9.43% |  | 03/2024 | 428 | 434 |  | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | 4.50% | (b)(c) | 9.43% |  | 03/2024 | 273 | 274 |  | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | 4.50% | (b)(c) | 9.50% |  | 03/2024 | 884 | 877 |  | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | 4.50% | (b)(c) | 9.43% |  | 03/2024 | 213 | 213 |  | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | 4.50% | (b)(c) | 9.43% |  | 03/2024 | 114 | 114 |  | 114 |
|  |  |  |  |  |  |  |  | 16646 | 16576 | 0.7 | 16351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhance Technologies Holdings LLC#+ | One stop | L + | 5.25% | (b) | 8.99% |  | 07/2024 | 12412 | 12462 | 0.5 | 12163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhance Technologies Holdings LLC+ | One stop | L + | 5.25% | (b) | 8.99% |  | 07/2024 | 9888 | 9829 | 0.4 | 9690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhance Technologies Holdings LLC+ | One stop | L + | 5.25% | (b) | 8.99% |  | 07/2024 | 1886 | 1881 | 0.1 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhance Technologies Holdings LLC+ | One stop | L + | 5.25% | (b) | 8.99% |  | 07/2024 | 21 | 22 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHM NL SP Bidco B.V.+(8)(9)(14) | One stop | E + | 6.25% | (f) | 8.11% |  | 09/2028 | 33905 | 36159 | 1.3 | 32209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHM NL SP Bidco B.V.+(8)(14) | One stop | L + | 6.25% | (c) | 10.42% |  | 09/2028 | 13766 | 13568 | 0.5 | 13077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHM NL SP Bidco B.V.+(8)(9)(14) | One stop | SN + | 6.25% | (i) | 9.68% |  | 09/2028 | 7271 | 7915 | 0.3 | 6907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHM NL SP Bidco B.V.+(8)(9)(14) | One stop | E + | 6.25% | (f) | 8.72% |  | 09/2028 | 3584 | 3713 | 0.1 | 3363 |
|  |  |  |  |  |  |  |  | 82733 | 85549 | 3.2 | 79275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI (Quercus) Intermediate Holdings, LLC\*#+ | One stop | L + | 5.25% | (b) | 9.98% |  | 10/2028 | 16903 | 16705 | 0.7 | 16564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI (Quercus) Intermediate Holdings, LLC+(5) | One stop | L + | 5.25% |  | N/A(6) |  | 10/2028 |  | (2) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI (Quercus) Intermediate Holdings, LLC+(5) | One stop | L + | 5.25% |  | N/A(6) |  | 10/2028 |  | (14) |  | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Authority III Limited+(8)(9)(10) | One stop | SN + | 5.00% | (i) | 8.46% |  | 11/2025 | 10453 | 11000 | 0.4 | 10453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Authority III Limited+(8)(9)(10) | One stop | E + | 5.00% | (e) | 7.20% |  | 11/2025 | 1152 | 1120 | 0.1 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Authority III Limited+(8)(9)(10)(22) | One stop | N/A |  |  | 11.00% | PIK | 11/2028 | 261 | 277 |  | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Authority III Limited+(8)(9)(10) | One stop | SN + | 5.00% |  | N/A(6) |  | 11/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Stack Buyer, LLC\*+ | One stop | SF + | 5.50% | (k) | 9.92% |  | 07/2027 | 8744 | 8611 | 0.3 | 8483 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Stack Buyer, LLC+ | One stop | SF + | 5.50% | (k) | 9.92% |  |  |  | 07/2027 | $354 | $333 |  | $270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Stack Buyer, LLC+ | One stop | SF + | 5.50% | (k) | 9.92% |  |  |  | 07/2027 | 50 | 49 |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Stack Buyer, LLC+ | One stop | SF + | 5.50% | (k) | 9.92% |  |  |  | 07/2027 | 2945 | 2923 | 0.1 | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Stack Buyer, LLC+ | One stop | SF + | 5.50% | (k) | 9.92% |  |  |  | 07/2027 | 972 | 964 |  | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OVG Business Services, LLC+ | One stop | L + | 6.25% | (a) | 10.64% |  |  |  | 11/2028 | 1795 | 1761 | 0.1 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OVG Business Services, LLC+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 11/2026 |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile Products LLC+(8) | One stop | L + | 5.50% | (b) | 10.14% |  |  |  | 11/2027 | 5913 | 5805 | 0.2 | 5795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile Products LLC+(8) | One stop | L + | 5.50% | (b) | 10.14% |  |  |  | 11/2027 | 1285 | 1264 | 0.1 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile Products LLC+(8) | One stop | L + | 5.50% | (a)(d) | 10.67% |  |  |  | 11/2027 | 32 | 31 |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile Products LLC+(5)(8) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 11/2027 |  | (3) |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile Products LLC+(5)(8) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 11/2027 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC+ | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 11/2028 | 29448 | 28984 | 1.2 | 29154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC+ | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 11/2028 | 20821 | 20637 | 0.8 | 20613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC+ | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 11/2028 | 9875 | 9755 | 0.4 | 9776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC+ | One stop | SF + | 6.53% | (l) | 11.21% |  |  |  | 03/2029 | 19028 | 18753 | 0.7 | 18351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC+(5) | One stop | SF + | 6.75% |  | N/A(6) |  |  |  | 03/2028 |  | (5) |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC+(5) | One stop | SF + | 6.53% |  | N/A(6) |  |  |  | 03/2029 |  | (8) |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC+ | One stop | SF + | 6.75% | (l) | 11.33% |  |  |  | 03/2029 | 24950 | 24212 | 1.0 | 24202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Air Consultants Holdings Corporation+ | One stop | L + | 5.25% | (c) | 10.18% |  |  |  | 06/2027 | 2458 | 2421 | 0.1 | 2409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Air Consultants Holdings Corporation+ | One stop | L + | 5.25% | (c) | 9.40% |  |  |  | 06/2027 | 33 | 32 |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Air Consultants Holdings Corporation+ | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 06/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.\*# | Senior loan | SF + | 5.00% | (k)(l) | 9.60% |  |  |  | 01/2025 | 2223 | 2216 | 0.1 | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | 5.00% | (k)(l) | 9.60% |  |  |  | 01/2025 | 918 | 915 |  | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | 5.00% | (k)(l) | 9.60% |  |  |  | 01/2025 | 673 | 671 |  | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | 5.00% | (k)(m) | 9.60% |  |  |  | 01/2025 | 398 | 397 |  | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | 5.00% | (k)(l) | 9.60% |  |  |  | 01/2025 | 128 | 128 |  | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | 5.00% | (k)(m) | 9.60% |  |  |  | 01/2025 | 23 | 23 |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | 5.00% |  | N/A(6) |  |  |  | 01/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | 5.00% | (k)(l)(m) | 9.35% |  |  |  | 01/2025 | 59 | 57 |  | 59 |
|  |  |  |  |  |  |  |  |  |  | 161894 | 160011 | 6.3 | 158756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Finco Limited+(8)(10) | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 09/2028 | 10349 | 10182 | 0.4 | 10039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Finco Limited+(8)(9)(10) | One stop | E + | 5.50% | (e) | 7.45% |  |  |  | 09/2028 | 1137 | 1241 |  | 1103 |
|  |  |  |  |  |  |  |  |  |  | 11486 | 11423 | 0.4 | 11142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers and Packaging** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers and Packaging** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal LLC+(22) | Senior loan | SF + | 5.50% | (l) | 9.48% | cash/ | 0.50% | PIK | 11/2025 | 746 | 738 |  | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal LLC+(22) | Senior loan | SF + | 5.50% | (l) | 9.48% | cash/ | 0.50% | PIK | 11/2025 | 159 | 157 |  | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal LLC+(22) | Senior loan | SF + | 5.50% | (l) | 9.48% | cash/ | 0.50% | PIK | 11/2025 | 155 | 153 |  | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal LLC+(8)(22) | Senior loan | SF + | 5.50% | (l) | 9.48% | cash/ | 0.50% | PIK | 11/2025 | 134 | 132 |  | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Intermediate+ | One stop | L + | 5.00% | (b)(c) | 9.85% |  |  |  | 10/2028 | 10253 | 10172 | 0.4 | 10048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Intermediate+(5) | One stop | SF + | 5.00% |  | N/A(6) |  |  |  | 10/2028 |  | (3) |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Intermediate+(5) | One stop | SF + | 5.00% |  | N/A(6) |  |  |  | 10/2028 |  | (7) |  | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis Solutions Group, LLC\*#+ | One stop | L + | 5.50% | (b) | 9.73% |  |  |  | 10/2028 | 34665 | 34173 | 1.4 | 33971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis Solutions Group, LLC+ | One stop | L + | 5.50% | (c)(d) | 10.83% |  |  |  | 10/2027 | 40 | 35 |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis Solutions Group, LLC+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 10/2028 |  | (93) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis Solutions Group, LLC+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 10/2028 |  | (39) |  | (112) |
|  |  |  |  |  |  |  |  |  |  | 46152 | 45418 | 1.8 | 45099 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributors** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributors** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSC Holdings Midco LLC+ | Senior loan | SF + | 4.50% | (m) | 9.15% | 07/2027 | $1238 | $1226 |  | $1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSC Holdings Midco LLC+ | Senior loan | SF + | 4.50% | (m) | 9.28% | 07/2027 | 1788 | 1774 | 0.1 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSC Holdings Midco LLC+ | Senior loan | SF + | 4.50% | (m) | 9.20% | 07/2027 | 2954 | 2925 | 0.1 | 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSC Holdings Midco LLC+(5) | Senior loan | SF + | 4.50% |  | N/A(6) | 07/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSC Holdings Midco LLC+ | Senior loan | SF + | 4.50% | (m) | 8.77% | 07/2027 | 50 | 49 |  | 50 |
|  |  |  |  |  |  |  | 6030 | 5973 | 0.2 | 6030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.# | One stop | SF + | 7.50% | (l) | 12.23% | 02/2026 | 1585 | 1551 | 0.1 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.# | One stop | SF + | 7.50% | (l) | 12.23% | 02/2026 | 1520 | 1472 | 0.1 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 7.50% | (l) | 12.18% | 02/2026 | 1096 | 1091 |  | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.# | One stop | SF + | 7.50% | (l) | 12.23% | 02/2026 | 1080 | 1066 |  | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 7.50% | (l) | 12.23% | 02/2026 | 751 | 734 |  | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.# | One stop | SF + | 7.50% | (l) | 12.23% | 02/2026 | 662 | 629 |  | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 7.50% | (l) | 12.23% | 02/2026 | 645 | 638 |  | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 7.50% | (l) | 12.23% | 02/2026 | 381 | 371 |  | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 7.50% | (l) | 12.23% | 02/2026 | 239 | 224 |  | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 7.50% | (l) | 12.23% | 02/2026 | 130 | 106 |  | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 7.50% | (l) | 12.23% | 02/2026 | 55 | 50 |  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+(5) | One stop | SF + | 7.50% |  | N/A(6) | 02/2026 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHHJ Midco, LLC# | Senior loan | L + | 5.00% | (a) | 9.38% | 01/2026 | 2716 | 2699 | 0.1 | 2716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHHJ Midco, LLC+ | Senior loan | L + | 5.00% |  | N/A(6) | 01/2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.50% | (b) | 8.24% | 07/2027 | 1708 | 1695 | 0.1 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.50% | (b) | 8.24% | 07/2027 | 1665 | 1645 | 0.1 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.50% | (b) | 8.37% | 07/2027 | 1091 | 1080 | 0.1 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.50% | (b) | 8.70% | 07/2027 | 771 | 763 |  | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.50% | (b) | 8.24% | 07/2027 | 199 | 196 |  | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.75% | (b) | 9.42% | 07/2027 | 120 | 118 |  | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+(5) | Senior loan | L + | 4.50% |  | N/A(6) | 07/2027 |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP Flores Holdings, LLC# | One stop | SF + | 6.50% | (m) | 11.23% | 09/2028 | 2593 | 2550 | 0.1 | 2593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP Flores Holdings, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) | 09/2028 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP Flores Holdings, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) | 09/2028 |  | (14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMS LINQ, LLC+ | One stop | L + | 6.25% | (a) | 10.63% | 12/2027 | 9591 | 9512 | 0.4 | 9400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMS LINQ, LLC+(5) | One stop | L + | 6.25% |  | N/A(6) | 12/2027 |  | (1) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EWC Growth Partners LLC+ | One stop | L + | 6.00% | (b) | 10.73% | 03/2026 | 927 | 918 |  | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EWC Growth Partners LLC+ | One stop | L + | 6.00% |  | N/A(6) | 03/2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EWC Growth Partners LLC+ | One stop | L + | 6.00% | (b) | 10.73% | 03/2026 | 14 | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EWC Growth Partners LLC+ | One stop | L + | 6.00% | (b) | 10.73% | 03/2026 | 73 | 73 |  | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelligence Learning Corporation#+ | One stop | SF + | 6.00% | (l) | 10.73% | 01/2024 | 10240 | 10197 | 0.4 | 10240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FPG Intermediate Holdco, LLC+ | One stop | SF + | 6.00% | (k) | 10.42% | 03/2027 | 9075 | 8948 | 0.4 | 8744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FPG Intermediate Holdco, LLC+ | One stop | SF + | 6.00% | (k) | 10.42% | 03/2027 | 543 | 532 |  | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FPG Intermediate Holdco, LLC+ | One stop | P + | 5.00% | (d)(k) | 12.31% | 03/2027 | 32 | 31 |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FPG Intermediate Holdco, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) | 03/2027 |  | (13) |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSS Buyer LLC+ | One stop | L + | 5.75% | (a) | 10.13% | 08/2028 | 5477 | 5389 | 0.2 | 5423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSS Buyer LLC+(5) | One stop | L + | 5.75% |  | N/A(6) | 08/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS Spa Holdings, Inc.+ | One stop | SF + | 5.75% | (m) | 10.45% | 06/2029 | 7763 | 7620 | 0.3 | 7608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS Spa Holdings, Inc.+(5) | One stop | SF + | 5.75% |  | N/A(6) | 06/2028 |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Learn-it Systems, LLC+ | Senior loan | L + | 4.75% | (c) | 8.92% | 03/2025 | 2491 | 2512 | 0.1 | 2291 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Learn-it Systems, LLC+ | Senior loan | L + | 4.75% | (c) | 9.90% |  |  |  | 03/2025 | $1340 | $1338 | 0.1 | $1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Learn-it Systems, LLC+ | Senior loan | L + | 4.75% | (c) | 9.90% |  |  |  | 03/2025 | 604 | 596 |  | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Learn-it Systems, LLC+ | Senior loan | L + | 4.75% | (c) | 9.90% |  |  |  | 03/2025 | 33 | 32 |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liminex, Inc.+ | One stop | SF + | 7.25% | (l) | 11.98% |  |  |  | 11/2026 | 25462 | 25149 | 1.0 | 25971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liminex, Inc.+ | One stop | SF + | 6.25% | (l) | 10.98% |  |  |  | 11/2026 | 20000 | 19827 | 0.8 | 19800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liminex, Inc.+ | One stop | SF + | 7.25% | (l) | 11.98% |  |  |  | 11/2026 | 800 | 794 |  | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liminex, Inc.+(5) | One stop | SF + | 7.25% |  | N/A(6) |  |  |  | 11/2026 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC+ | One stop | SF + | 6.00% | (k) | 10.42% |  |  |  | 05/2026 | 5704 | 5654 | 0.2 | 5647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC+ | One stop | SF + | 5.75% | (k) | 10.17% |  |  |  | 05/2026 | 3664 | 3678 | 0.2 | 3602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC+ | One stop | SF + | 5.75% | (k) | 10.17% |  |  |  | 05/2026 | 687 | 702 |  | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC+ | One stop | SF + | 5.75% | (k) | 10.17% |  |  |  | 05/2026 | 687 | 702 |  | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC+ | One stop | SF + | 6.00% | (k) | 10.42% |  |  |  | 05/2026 | 516 | 512 |  | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC+ | One stop | L + | 5.75% | (b) | 10.35% |  |  |  | 05/2025 | 16 | 16 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mario Purchaser, LLC+ | One stop | SF + | 5.75% | (k) | 10.17% |  |  |  | 04/2029 | 7634 | 7497 | 0.3 | 7482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mario Purchaser, LLC+(22) | One stop | SF + | 10.75% | (k) | 15.17% | PIK |  |  | 04/2032 | 1584 | 1545 | 0.1 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mario Purchaser, LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 04/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mario Purchaser, LLC+ | One stop | SF + | 5.75% | (k) | 10.17% |  |  |  | 04/2029 | 108 | 104 |  | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mathnasium, LLC# | One stop | L + | 5.00% | (c) | 10.13% |  |  |  | 11/2027 | 9237 | 9162 | 0.4 | 9145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mathnasium, LLC+ | One stop | L + | 5.00% | (c) | 10.13% |  |  |  | 11/2027 | 13 | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSG Buyer, Inc. \*#+ | One stop | SF + | 6.50% | (k) | 10.92% |  |  |  | 11/2029 | 20152 | 19711 | 0.8 | 19950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSG Buyer, Inc. +(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 11/2029 |  | (47) |  | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSG Buyer, Inc. +(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 11/2028 |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PADI Holdco, Inc.\*#(22) | One stop | L + | 7.25% | (b) | 10.49% | cash/ | 1.50% | PIK | 04/2024 | 21631 | 21596 | 0.9 | 21197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PADI Holdco, Inc.+(8)(9)(22) | One stop | E + | 7.25% | (e) | 7.71% | cash/ | 1.50% | PIK | 04/2024 | 19541 | 20927 | 0.8 | 19149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PADI Holdco, Inc.+(22) | One stop | L + | 7.25% | (b) | 9.96% | cash/ | 1.50% | PIK | 04/2024 | 827 | 824 |  | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PADI Holdco, Inc.+(22) | One stop | L + | 7.25% | (b) | 10.49% | cash/ | 1.50% | PIK | 04/2024 | 171 | 170 |  | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PADI Holdco, Inc.+(5) | One stop | L + | 5.75% |  | N/A(6) |  |  |  | 04/2023 |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provenance Buyer LLC#+ | One stop | L + | 5.00% | (a) | 9.38% |  |  |  | 06/2027 | 18232 | 17956 | 0.7 | 18232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provenance Buyer LLC+ | One stop | L + | 5.00% | (a) | 9.38% |  |  |  | 06/2027 | 9950 | 9861 | 0.4 | 9950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provenance Buyer LLC+(5) | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 06/2027 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provenance Buyer LLC+(5) | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 06/2027 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RW AM Holdco LLC#+ | One stop | SF + | 5.25% | (m) | 9.33% |  |  |  | 04/2028 | 17685 | 17528 | 0.7 | 16800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RW AM Holdco LLC+(5) | One stop | P + | 4.25% |  | N/A(6) |  |  |  | 04/2028 |  | (1) |  | (8) |
|  |  |  |  |  |  |  |  |  |  | 251511 | 250229 | 9.9 | 248189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adenza Group, Inc. + | One stop | L + | 5.75% | (a) | 10.13% |  |  |  | 12/2027 | 4006 | 3944 | 0.1 | 3885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adenza Group, Inc. +(5) | One stop | L + | 5.75% |  | N/A(6) |  |  |  | 12/2027 |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adenza Group, Inc. + | One stop | L + | 5.75% |  | N/A(6) |  |  |  | 12/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avalara, Inc.+ | One stop | SF + | 7.25% | (l) | 11.83% |  |  |  | 10/2028 | 11941 | 11653 | 0.5 | 11642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avalara, Inc.+(5) | One stop | SF + | 7.25% |  | N/A(6) |  |  |  | 10/2028 |  | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banker's Toolbox, Inc.+ | One stop | SF + | 5.25% | (m) | 9.23% |  |  |  | 07/2027 | 7997 | 7922 | 0.3 | 7837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banker's Toolbox, Inc.+(5) | One stop | SF + | 5.25% |  | N/A(6) |  |  |  | 07/2027 |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banker's Toolbox, Inc.+ | One stop | SF + | 5.25% | (k) | 9.57% |  |  |  | 07/2027 | 1284 | 1279 |  | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flash Topco, Inc.\* | One stop | L + | 5.75% | (b) | 10.16% |  |  |  | 10/2028 | 9795 | 9713 | 0.4 | 9305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flash Topco, Inc.+ | One stop | L + | 5.75% | (b) | 10.12% |  |  |  | 10/2028 | 27 | 26 |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higginbotham Insurance Agency, Inc.+ | One stop | L + | 5.25% | (a) | 9.63% |  |  |  | 11/2026 | 4565 | 4519 | 0.2 | 4519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higginbotham Insurance Agency, Inc.+ | One stop | L + | 5.25% | (a) | 9.63% |  |  |  | 11/2026 | 78 | 78 |  | 77 |
|  |  |  |  |  |  |  |  |  |  | 39693 | 39131 | 1.5 | 38496 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTI Connect, LLC+ | Senior loan | SF + | 4.75% | (l) | 9.48% | 12/2024 | $1624 | $1607 | 0.1 | $1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CST Holding Company+ | One stop | SF + | 6.75% | (k) | 10.97% | 11/2028 | 24719 | 23998 | 1.0 | 23977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CST Holding Company+ | One stop | SF + | 6.75% | (k) | 10.97% | 11/2028 | 5 | 4 |  | 4 |
|  |  |  |  |  |  |  | 24724 | 24002 | 1.0 | 23981 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.\*# | One stop | SF + | 5.50% | (l) | 10.23% | 09/2028 | $18178 | $18083 | 0.7 | $18178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.+ | One stop | SF + | 5.50% | (l) | 10.23% | 09/2028 | 3269 | 3242 | 0.2 | 3269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.#+ | One stop | SF + | 5.50% | (l) | 10.23% | 09/2028 | 2196 | 2196 | 0.1 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.\*# | One stop | SF + | 5.50% | (l) | 10.23% | 09/2028 | 1394 | 1394 | 0.1 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.#+ | One stop | SF + | 5.50% | (l) | 10.23% | 09/2028 | 1231 | 1231 | 0.1 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.+ | One stop | SF + | 5.50% | (l) | 10.23% | 09/2028 | 229 | 227 |  | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.+ | One stop | SF + | 5.50% | (l) | 10.23% | 09/2028 | 177 | 176 |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.+(5) | One stop | SF + | 5.50% |  | N/A(6) | 09/2028 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.+ | One stop | SF + | 5.50% | (l) | 10.23% | 09/2028 | 80 | 79 |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% | 06/2025 | 929 | 925 |  | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% | 06/2025 | 730 | 727 |  | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% | 06/2025 | 716 | 710 |  | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% | 06/2025 | 353 | 349 |  | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% | 06/2025 | 352 | 349 |  | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% | 06/2025 | 174 | 172 |  | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% | 06/2025 | 105 | 104 |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+(5) | One stop | SF + | 6.25% |  | N/A(6) | 06/2025 |  | (15) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 10.67% | 06/2025 | 310 | 307 |  | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The\*+ | One stop | SF + | 7.50% | (l) | 12.23% | 06/2024 | 2018 | 2018 | 0.1 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The+ | One stop | SF + | 7.50% | (l) | 12.23% | 06/2024 | 409 | 409 |  | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The+ | One stop | SF + | 7.50% | (l) | 12.23% | 06/2024 | 291 | 289 |  | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The+ | One stop | SF + | 7.50% | (l) | 12.23% | 06/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The+ | One stop | SF + | 7.50% |  | N/A(6) | 06/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wineshipping.com LLC+ | One stop | L + | 5.75% | (b) | 10.16% | 10/2027 | 6776 | 6722 | 0.3 | 6505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wineshipping.com LLC+ | One stop | L + | 5.75% | (b) | 9.66% | 10/2027 | 185 | 177 |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wineshipping.com LLC+ | One stop | L + | 5.75% | (b) | 10.24% | 10/2027 | 20 | 19 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wood Fired Holding Corp.\*# | One stop | L + | 6.25% | (b) | 10.98% | 12/2023 | 8006 | 8047 | 0.3 | 8006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wood Fired Holding Corp.+ | One stop | L + | 6.25% |  | N/A(6) | 12/2023 |  |  |  |  |
|  |  |  |  |  |  |  | 48128 | 47936 | 1.9 | 47847 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+(22) | One stop | L + | 6.50% | (b) | 8.23% | cash/ | 3.00% | PIK | 06/2027 | $13560 | $13369 | 0.6 | $13560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+(22) | One stop | L + | 6.50% | (b) | 8.23% | cash/ | 3.00% | PIK | 06/2027 | 1118 | 1100 |  | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+(5) | One stop | L + | 6.50% |  | N/A(6) |  |  |  | 06/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+(5) | One stop | L + | 6.50% |  | N/A(6) |  |  |  | 06/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flavor Producers, LLC#+(22) | Senior loan | SF + | 6.50% | (d)(l) | 9.43% | cash/ | 1.75% | PIK | 12/2024 | 5006 | 4976 | 0.2 | 4856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flavor Producers, LLC+(22) | Senior loan | SF + | 6.50% | (l) | 11.13% |  |  |  | 09/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak Cakes, LLC\*#+ | Senior loan | L + | 6.00% | (b) | 10.73% |  |  |  | 06/2027 | 12369 | 12253 | 0.4 | 11256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak Cakes, LLC+ | Senior loan | L + | 6.00% | (b) | 10.73% |  |  |  | 06/2026 | 150 | 149 |  | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Fish Fry Products, Ltd.\*+ | One stop | SF + | 6.25% | (l) | 10.80% |  |  |  | 07/2027 | 9753 | 9677 | 0.4 | 8875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Fish Fry Products, Ltd.+ | One stop | SF + | 6.25% | (l) | 10.91% |  |  |  | 07/2027 | 73 | 71 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAPF Holdings, Inc.\*#+ | One stop | SF + | 5.50% | (l) | 10.23% |  |  |  | 12/2026 | 37883 | 37629 | 1.5 | 37504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAPF Holdings, Inc.+ | One stop | SF + | 5.50% | (b)(l) | 10.08% |  |  |  | 12/2026 | 120 | 118 |  | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P&P Food Safety Holdings, Inc.\*+ | One stop | SF + | 6.00% | (l) | 10.73% |  |  |  | 12/2026 | 17677 | 17518 | 0.7 | 16970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P&P Food Safety Holdings, Inc.+(5) | One stop | SF + | 6.00% |  | N/A(6) |  |  |  | 12/2026 |  | (1) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P&P Food Safety Holdings, Inc.+(5) | One stop | SF + | 6.00% |  | N/A(6) |  |  |  | 12/2026 |  | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purfoods, LLC+(22) | One stop | N/A |  |  | 7.00% | PIK |  |  | 05/2026 | 66 | 69 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultimate Baked Goods Midco LLC+ | One stop | L + | 6.50% | (a) | 10.88% |  |  |  | 08/2027 | 6654 | 6591 | 0.3 | 6322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultimate Baked Goods Midco LLC+(5) | One stop | L + | 6.50% | (a) | 10.88% |  |  |  | 08/2027 | 18 | (9) |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitebridge Pet Brands, LLC\*#+ | One stop | L + | 5.00% | (a) | 9.38% |  |  |  | 07/2027 | 22945 | 22645 | 0.9 | 22486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitebridge Pet Brands, LLC+ | One stop | L + | 5.00% | (a) | 9.36% |  |  |  | 07/2027 | 100 | 98 |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wizard Bidco Limited+(8)(9)(10) | One stop | SN + | 4.50% | (i) | 7.93% |  |  |  | 03/2029 | 6573 | 7066 | 0.2 | 6094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wizard Bidco Limited+(8)(9)(10) | One stop | SN + | 4.50% | (i) | 7.93% |  |  |  | 09/2028 | 91 | 88 |  | 85 |
|  |  |  |  |  |  |  |  |  |  | 134156 | 133400 | 5.2 | 129617 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Medical Products, LLC#+ | One stop | L + | 5.25% | (b) | 9.08% |  |  |  | 06/2025 | $4115 | $4152 | 0.2 | $4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Medical Products, LLC+ | One stop | L + | 5.25% | (b) | 9.08% |  |  |  | 06/2025 | 263 | 262 |  | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Medical Products, LLC+ | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 06/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baduhenna Bidco Limited+(8)(10) | One stop | SF + | 5.95% | (j) | 10.53% |  |  |  | 08/2028 | 5415 | 5355 | 0.2 | 5415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baduhenna Bidco Limited+(8)(9)(10) | One stop | E + | 5.95% | (e) | 7.93% |  |  |  | 08/2028 | 3100 | 3391 | 0.1 | 3065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baduhenna Bidco Limited+(8)(9)(10) | One stop | SN + | 5.95% | (i) | 9.50% |  |  |  | 08/2028 | 856 | 942 |  | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baduhenna Bidco Limited+(8)(9)(10) | One stop | E + | 5.95% | (e) | 8.15% |  |  |  | 08/2028 | 740 | 757 |  | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baduhenna Bidco Limited+(5)(8)(9)(10) | One stop | SF + | 5.95% |  | N/A(6) |  |  |  | 08/2028 |  | (16) |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belmont Instrument, LLC\*# | One stop | SF + | 6.25% | (l) | 10.76% |  |  |  | 08/2028 | 9875 | 9783 | 0.4 | 9777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belmont Instrument, LLC+ | One stop | P + | 5.25% | (d) | 12.75% |  |  |  | 08/2028 | 15 | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc.#+ | Senior loan | SF + | 5.00% | (l)(m) | 8.66% |  |  |  | 03/2028 | 10026 | 9929 | 0.4 | 9773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc.+(5) | Senior loan | SF + | 4.75% |  | N/A(6) |  |  |  | 03/2028 |  | (1) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc.+ | Senior loan | SF + | 5.00% | (k) | 9.37% |  |  |  | 03/2028 | 319 | 318 |  | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc.+ | Senior loan | SF + | 5.25% | (k) | 9.37% |  |  |  | 03/2028 | 1311 | 1290 | 0.1 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Pet Care, LLC\*#+ | One stop | L + | 5.00% | (a) | 9.38% |  |  |  | 07/2026 | 51066 | 50779 | 2.0 | 49533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Pet Care, LLC+(5) | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 08/2025 |  | (2) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Pet Care, LLC+ | One stop | L + | 5.00% | (a) | 9.37% |  |  |  | 07/2026 | 770 | 761 |  | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Pet Care, LLC+ | One stop | L + | 5.00% | (a) | 9.38% |  |  |  | 07/2026 | 180 | 178 |  | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Pet Care, LLC+ | One stop | L + | 5.00% | (a) | 9.38% |  |  |  | 07/2026 | 173 | 171 |  | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC\*+ | One stop | SF + | 6.50% | (k) | 10.92% |  |  |  | 12/2026 | 15359 | 15230 | 0.6 | 15206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC+ | One stop | SF + | 6.50% | (k) | 10.92% |  |  |  | 12/2026 | 4146 | 4114 | 0.2 | 4104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC+(8)(9) | One stop | SN + | 6.50% | (i) | 10.03% |  |  |  | 12/2026 | 2351 | 2423 | 0.1 | 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC+ | One stop | SF + | 6.50% | (k) | 10.92% |  |  |  | 12/2026 | 130 | 128 |  | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 12/2026 |  | (14) |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 12/2026 |  | (23) |  | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMI Parent Inc.#+ | Senior loan | SF + | 4.75% | (k) | 9.17% |  |  |  | 08/2025 | 6483 | 6541 | 0.3 | 6352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMI Parent Inc.+ | Senior loan | SF + | 4.75% | (k) | 9.17% |  |  |  | 08/2025 | 3212 | 3190 | 0.1 | 3148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMI Parent Inc.+(5) | Senior loan | L + | 4.75% |  | N/A(6) |  |  |  | 08/2025 |  | (2) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMI Parent Inc.+ | Senior loan | SF + | 4.75% | (k) | 9.17% |  |  |  | 08/2025 | 2925 | 2898 | 0.1 | 2866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G & H Wire Company, Inc.#+(22) | One stop | L + | 9.00% | (c) | 11.17% | cash/ | 2.00% | PIK | 09/2023 | 11471 | 11278 | 0.5 | 11356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G & H Wire Company, Inc.+(22) | One stop | L + | 9.00% | (b) | 11.73% | cash/ | 2.00% | PIK | 06/2023 | 94 | 92 |  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joerns Healthcare, LLC+(7)(22) | One stop | SF + | 16.00% | (l) | 10.78% | cash/ | 10.00% | PIK | 08/2024 | 2187 | 1974 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joerns Healthcare, LLC+(7)(22) | One stop | SF + | 16.00% | (l) | 10.78% | cash/ | 10.00% | PIK | 08/2024 | 2103 | 1900 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joerns Healthcare, LLC+ | One stop | SF + | 18.00% | (l) | 22.51% |  |  |  | 01/2024 | 1290 | 1290 |  | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joerns Healthcare, LLC+ | One stop | SF + | 18.00% | (l) | 22.51% |  |  |  | 01/2024 | 262 | 262 |  | 262 |
|  |  |  |  |  |  |  |  |  |  | 140237 | 139344 | 5.3 | 132787 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAH TOPCO, LLC + | One stop | L + | 5.50% | (a) | 9.89% |  |  |  | 12/2027 | $8308 | $8239 | 0.3 | $8059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAH TOPCO, LLC +(22) | Subordinated debt | N/A |  |  | 11.50% | PIK |  |  | 12/2031 | 1111 | 1093 |  | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAH TOPCO, LLC +(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 12/2027 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAH TOPCO, LLC + | One stop | L + | 5.50% | (a) | 9.82% |  |  |  | 12/2027 | 280 | 275 |  | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.#+ | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 02/2025 | 17701 | 17540 | 0.7 | 17347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.#+ | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 02/2025 | 1366 | 1354 | 0.1 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.\*# | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 02/2025 | 880 | 873 | 0.1 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.+ | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 02/2025 | 701 | 695 |  | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.+ | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 02/2025 | 619 | 614 |  | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.\*# | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 02/2025 | 608 | 603 |  | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 02/2025 |  | (2) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.+ | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 02/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.00% | (l) | 10.65% |  |  |  | 03/2025 | 16467 | 16355 | 0.6 | 16222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+(22) | One stop | N/A |  |  | 15.00% |  |  |  | 06/2027 | 10831 | 10642 | 0.4 | 10831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 10.98% |  |  |  | 03/2025 | 4067 | 4059 | 0.2 | 4027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 10.93% |  |  |  | 03/2025 | 3623 | 3601 | 0.1 | 3587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC#+ | One stop | SF + | 6.25% | (l) | 10.98% |  |  |  | 03/2025 | 3504 | 3505 | 0.2 | 3469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 10.98% |  |  |  | 03/2025 | 3195 | 3234 | 0.1 | 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.00% | (l) | 10.41% |  |  |  | 03/2025 | 2042 | 2014 | 0.1 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 10.98% |  |  |  | 03/2025 | 1863 | 1901 | 0.1 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 10.98% |  |  |  | 03/2025 | 451 | 452 |  | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+(22) | One stop | SF + | 13.00% | (l) | 10.98% | cash/ | 6.75% | PIK | 03/2025 | 254 | 253 |  | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 10.98% |  |  |  | 03/2025 | 166 | 165 |  | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+(5) | One stop | SF + | 6.00% |  | N/A(6) |  |  |  | 03/2025 |  | (5) |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | Senior loan | SF + | 6.25% | (l) | 10.60% |  |  |  | 03/2025 | 110 | 109 |  | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+(22) | One stop | SF + | 13.00% | (l) | 10.89% | cash/ | 6.75% | PIK | 03/2025 | 98 | 97 |  | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 10.98% |  |  |  | 03/2025 | 1 | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+(5) | One stop | SF + | 6.25% |  | N/A(6) |  |  |  | 03/2025 |  |  |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.00% | (l) | 10.71% |  |  |  | 03/2025 | 768 | 762 |  | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Pain Management Holdings, Inc.+(7)(22) | Senior loan | P + | 3.75% | (d) | 11.25% |  |  |  | 07/2021 | 15968 | 4922 |  | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Pain Management Holdings, Inc.+(7)(22) | Senior loan | L + | 8.50% | (a) | 12.88% |  |  |  | 07/2021 | 7120 | 6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Pain Management Holdings, Inc.+(7)(22) | Senior loan | P + | 3.75% | (d) | 11.25% |  |  |  | 07/2021 | 1089 | 337 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Pain Management Holdings, Inc.+(7)(22) | Senior loan | P + | 3.75% | (d) | 11.25% |  |  |  | 07/2021 | 813 | 446 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ | One stop | L + | 6.13% | (b) | 10.85% |  |  |  | 03/2027 | 4696 | 4652 | 0.2 | 4637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ | One stop | L + | 6.13% | (b) | 10.85% |  |  |  | 03/2027 | 3926 | 3875 | 0.2 | 3877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22) | Subordinated debt | L + | 10.50% | (b) | 15.23% |  |  |  | 03/2028 | 1945 | 1920 | 0.1 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22) | Subordinated debt | L + | 10.50% | (b) | 15.23% |  |  |  | 03/2028 | 743 | 736 |  | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(22) | Subordinated debt | L + | 10.50% | (a)(b) | 15.17% |  |  |  | 03/2028 | 233 | 230 |  | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ | One stop | L + | 6.25% | (b) | 10.98% |  |  |  | 03/2027 | 112 | 109 |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5) | One stop | L + | 6.00% |  | N/A(6) |  |  |  | 03/2027 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ | One stop | L + | 6.25% | (a)(b) | 10.81% |  |  |  | 03/2027 | 43 | 42 |  | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC+ | One stop | SF + | 6.00% | (k) | 10.44% |  |  |  | 06/2026 | 2343 | 2325 | 0.1 | 2296 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC+(5) | One stop | SF + | 6.00% |  | N/A(6) |  |  |  | 06/2026 | $— | $(3) |  | $(7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc.\*+ | Senior loan | L + | 4.50% | (b) | 9.23% |  |  |  | 12/2024 | 19502 | 19499 | 0.8 | 19111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc.# | Senior loan | L + | 4.50% | (b) | 9.23% |  |  |  | 12/2024 | 5184 | 5153 | 0.2 | 5081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc.#+ | Senior loan | L + | 4.50% | (b) | 9.23% |  |  |  | 12/2024 | 4100 | 4088 | 0.2 | 4019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc.+ | Senior loan | L + | 4.50% | (b) | 9.23% |  |  |  | 12/2024 | 3512 | 3489 | 0.1 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc.+(5) | Senior loan | L + | 4.50% |  | N/A(6) |  |  |  | 12/2024 |  | (1) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datix Bidco Limited+(8)(9)(10) | Senior loan | SN + | 4.50% | (i) | 7.93% |  |  |  | 04/2025 | 53824 | 59981 | 2.1 | 52209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datix Bidco Limited+(8)(9)(10) | Second lien | SN + | 7.75% | (i) | 11.18% |  |  |  | 04/2026 | 19099 | 21250 | 0.7 | 18335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerge Intermediate, Inc.\*#(22) | One stop | SF + | 6.50% | (l) | 10.73% | cash/ | 0.50% | PIK | 05/2024 | 19253 | 19156 | 0.8 | 19060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerge Intermediate, Inc.+(22) | One stop | SF + | 6.50% | (l) | 10.73% | cash/ | 0.50% | PIK | 05/2024 | 1743 | 1734 | 0.1 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerge Intermediate, Inc.+(22) | One stop | SF + | 6.50% | (l) | 10.52% | cash/ | 0.50% | PIK | 05/2024 | 30 | 28 |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 982 | 978 |  | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 617 | 614 |  | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 306 | 304 |  | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 293 | 291 |  | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 265 | 264 |  | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Senior loan | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 244 | 243 |  | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 162 | 161 |  | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 114 | 113 |  | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Senior loan | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 109 | 109 |  | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Senior loan | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 68 | 68 |  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Senior loan | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 57 | 56 |  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 56 | 55 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 32 | 32 |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Senior loan | L + | 6.75% | (b) | 11.48% |  |  |  | 11/2024 | 10 | 10 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Senior loan | L + | 6.75% | (b) | 11.12% |  |  |  | 11/2024 | 27 | 26 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+(5) | One stop | L + | 6.75% |  | N/A(6) |  |  |  | 11/2024 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERC Topco Holdings, LLC+ | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 11/2028 | 9188 | 9119 | 0.4 | 8821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERC Topco Holdings, LLC+ | One stop | P + | 4.50% | (b)(d) | 11.15% |  |  |  | 11/2027 | 93 | 91 |  | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERC Topco Holdings, LLC+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 11/2028 |  | (3) |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(7)(22) | One stop | L + | 9.25% | (b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 19708 | 19718 | 0.4 | 9854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(7)(22) | One stop | L + | 9.25% | (b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 8646 | 8661 | 0.2 | 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(7)(22) | One stop | L + | 9.25% | (b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 7571 | 7585 | 0.2 | 3786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(7)(22) | One stop | L + | 9.25% | (b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 5573 | 5574 | 0.1 | 2786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(7)(22) | One stop | L + | 9.25% | (b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 2585 | 2591 | 0.1 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(7)(22) | One stop | L + | 9.25% | (b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 1660 | 1663 |  | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(7)(22) | One stop | L + | 9.25% | (b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 1227 | 1229 |  | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(7)(22) | One stop | L + | 9.25% | (b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 1081 | 1083 |  | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(7)(22) | One stop | L + | 9.25% | (a)(b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 1365 | 1358 |  | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(7)(22) | One stop | L + | 9.25% | (b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 698 | 699 |  | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(7)(22) | One stop | L + | 9.25% | (b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 432 | 432 |  | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(22) | One stop | L + | 9.25% | (b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 843 | 840 |  | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(7)(22) | One stop | L + | 9.25% | (b) | 5.41% | cash/ | 8.25% | PIK | 05/2023 | 843 | 840 |  | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+(22) | One stop | L + | 9.25% | (b) | 5.61% | cash/ | 8.25% | PIK | 05/2023 | 1630 | 1630 | 0.1 | 1630 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) | One stop | C + | 4.50% | (h) | 8.74% |  |  |  | 03/2027 | $11429 | $11494 | 0.5 | $11429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) | One stop | C + | 5.00% | (h) | 9.88% |  |  |  | 03/2027 | 89 | 86 |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) | One stop | C + | 5.00% | (h) | 9.88% |  |  |  | 03/2027 | 511 | 541 |  | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) | One stop | C + | 5.00% | (h) | 9.88% |  |  |  | 03/2027 | 181 | 183 |  | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12) | One stop | L + | 5.00% | (b) | 9.73% |  |  |  | 03/2027 | 74 | 73 |  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12) | One stop | SF + | 5.00% | (l) | 9.70% |  |  |  | 03/2027 | 100 | 99 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) | One stop | C + | 5.00% | (h) | 9.88% |  |  |  | 03/2027 | 750 | 775 |  | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC+ | Senior loan | SF + | 4.75% | (m) | 9.56% |  |  |  | 12/2026 | 842 | 835 |  | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC+ | Senior loan | SF + | 4.75% | (k)(l)(m) | 9.25% |  |  |  | 12/2026 | 114 | 113 |  | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC+ | Senior loan | SF + | 4.75% |  | N/A(6) |  |  |  | 12/2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Klick Inc.+(8)(12) | Senior loan | L + | 4.50% | (b) | 9.23% |  |  |  | 03/2028 | 9972 | 9897 | 0.4 | 9872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Klick Inc.+(5)(8)(12) | Senior loan | L + | 4.50% |  | N/A(6) |  |  |  | 03/2026 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krueger-Gilbert Health Physics, LLC+ | Senior loan | L + | 5.25% | (b) | 9.98% |  |  |  | 05/2025 | 2305 | 2299 | 0.1 | 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krueger-Gilbert Health Physics, LLC+ | Senior loan | L + | 5.25% | (b) | 9.98% |  |  |  | 05/2025 | 1854 | 1842 | 0.1 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krueger-Gilbert Health Physics, LLC+ | Senior loan | L + | 5.25% | (b) | 9.98% |  |  |  | 05/2025 | 1088 | 1108 | 0.1 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krueger-Gilbert Health Physics, LLC+ | Senior loan | L + | 5.25% | (b) | 9.98% |  |  |  | 05/2025 | 60 | 60 |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krueger-Gilbert Health Physics, LLC+ | Senior loan | L + | 5.25% | (b) | 9.98% |  |  |  | 05/2025 | 764 | 751 |  | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) | One stop | C + | 5.50% | (h) | 10.38% |  |  |  | 05/2028 | 18060 | 19945 | 0.7 | 17157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 05/2028 | 4315 | 4267 | 0.2 | 4099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 05/2028 | 2809 | 2785 | 0.1 | 2668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) | One stop | C + | 5.50% | (h) | 10.38% |  |  |  | 05/2028 | 1101 | 1185 |  | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) | One stop | C + | 5.50% | (h) | 10.38% |  |  |  | 05/2028 | 574 | 585 |  | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) | One stop | C + | 5.50% | (h) | 10.38% |  |  |  | 05/2026 | 125 | 126 |  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 05/2026 | 60 | 60 |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 05/2028 | 18 | 18 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Street Dermatology Holdings, LLC+(7)(22) | One stop | SF + | 11.40% | (l) | 16.13% |  |  |  | 03/2023 | 23658 | 16786 | 0.8 | 18926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Street Dermatology Holdings, LLC+(22) | One stop | SF + | 6.25% | (l) | 10.98% |  |  |  | 03/2023 | 13860 | 13912 | 0.5 | 12890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Street Dermatology Holdings, LLC+(22) | One stop | SF + | 6.25% | (l) | 10.98% |  |  |  | 03/2023 | 357 | 358 |  | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.\*#+ | One stop | L + | 6.50% | (a) | 10.57% |  |  |  | 01/2026 | 18682 | 18264 | 0.8 | 18261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.\* | One stop | L + | 6.50% | (a) | 10.57% |  |  |  | 01/2026 | 7534 | 7366 | 0.3 | 7365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.#+ | One stop | L + | 6.50% | (a) | 10.57% |  |  |  | 01/2026 | 1535 | 1501 | 0.1 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | One stop | L + | 6.50% | (a) | 10.57% |  |  |  | 01/2026 | 693 | 678 |  | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | One stop | L + | 6.50% | (a) | 10.57% |  |  |  | 01/2026 | 182 | 178 |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 01/2026 |  | (5) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | One stop | L + | 6.50% | (a) | 10.57% |  |  |  | 01/2026 | 105 | 102 |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | One stop | L + | 6.50% | (a) | 10.57% |  |  |  | 01/2026 | 37 | 36 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | One stop | SF + | 6.50% | (k) | 10.92% |  |  |  | 01/2026 | 2198 | 2149 | 0.1 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | One stop | L + | 6.50% | (a) | 10.57% |  |  |  | 01/2026 | 1155 | 1129 |  | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPT Management Holdings, LLC+(7)(22) | One stop | L + | 8.50% | (a) | 10.33% | cash/ | 2.50% | PIK | 01/2023 | 27082 | 25482 | 0.8 | 20311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPT Management Holdings, LLC+(7)(22) | One stop | L + | 8.50% | (a) | 10.33% | cash/ | 2.50% | PIK | 01/2023 | 328 | 310 |  | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPT Management Holdings, LLC+(7)(22) | One stop | L + | 10.50% | (a) | 10.33% | cash/ | 4.50% | PIK | 01/2023 | 302 | 282 |  | 226 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPT Management Holdings, LLC+(7)(22) | One stop | L + | 8.50% | (a) | 10.33% | cash/ | 2.50% | PIK | 01/2023 | 194 | 183 |  | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPT Management Holdings, LLC+(7)(22) | One stop | L + | 8.50% | (a) | 10.33% | cash/ | 2.50% | PIK | 01/2023 | 96 | 88 |  | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPT Management Holdings, LLC+ | One stop | L + | 10.50% |  | N/A(6) |  |  |  | 01/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suveto Buyer, LLC+ | One stop | L + | 5.00% | (a) | 9.38% |  |  |  | 09/2027 | 18298 | 18089 | 0.7 | 16962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suveto Buyer, LLC+ | One stop | L + | 5.00% | (a) | 9.38% |  |  |  | 09/2027 | 113 | 112 |  | 104 |
|  |  |  |  |  |  |  |  |  |  | 484381 | 464960 | 16.4 | 412194 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alegeus Technologies Holdings Corp.+ | Senior loan | L + | 8.25% | (b) | 10.95% |  |  |  | 09/2024 | $374 | $373 |  | $374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc.+ | One stop | SF + | 5.50% | (k) | 9.82% |  |  |  | 05/2028 | 5235 | 5188 | 0.2 | 5235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc.+ | One stop | SF + | 5.50% | (k) | 9.82% |  |  |  | 05/2028 | 14 | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc.+(5) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 05/2028 |  | (7) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Color Intermediate, LLC+ | One stop | SF + | 5.50% | (l) | 10.18% |  |  |  | 10/2029 | 11724 | 11497 | 0.4 | 11255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connexin Software, Inc.+ | One stop | L + | 8.50% | (b) | 13.23% |  |  |  | 02/2024 | 9465 | 9481 | 0.4 | 9465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connexin Software, Inc.+ | One stop | SF + | 8.50% |  | N/A(6) |  |  |  | 02/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESO Solution, Inc.+ | One stop | SF + | 7.00% | (l) | 11.59% |  |  |  | 05/2027 | 7549 | 7495 | 0.3 | 7549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESO Solution, Inc.+(5) | One stop | SF + | 7.00% |  | N/A(6) |  |  |  | 03/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (m) | 9.83% |  |  |  | 08/2026 | 6170 | 6147 | 0.2 | 6046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (m) | 9.83% |  |  |  | 08/2026 | 2941 | 2913 | 0.1 | 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (m) | 9.83% |  |  |  | 08/2026 | 1938 | 1925 | 0.1 | 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (m) | 9.84% |  |  |  | 08/2026 | 1352 | 1334 | 0.1 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (m) | 9.83% |  |  |  | 08/2026 | 633 | 629 |  | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (l)(m) | 10.26% |  |  |  | 09/2025 | 64 | 63 |  | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (m) | 9.86% |  |  |  | 08/2026 | 132 | 130 |  | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+(22) | One stop | N/A |  |  | 10.00% |  |  |  | 08/2026 | 18 | 18 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nextech Holdings, LLC+ | One stop | L + | 5.25% | (b) | 9.66% |  |  |  | 06/2025 | 3921 | 3957 | 0.2 | 3881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nextech Holdings, LLC+ | One stop | L + | 5.25% | (b) | 9.66% |  |  |  | 06/2025 | 1912 | 1904 | 0.1 | 1893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nextech Holdings, LLC+ | One stop | L + | 5.25% | (b) | 9.99% |  |  |  | 06/2025 | 100 | 99 |  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plasma Buyer LLC+ | One stop | SF + | 5.75% | (k) | 10.07% |  |  |  | 05/2029 | 5390 | 5292 | 0.2 | 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plasma Buyer LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 05/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plasma Buyer LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 05/2029 |  | (13) |  | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qgenda Intermediate Holdings, LLC+ | One stop | L + | 5.00% | (b) | 9.73% |  |  |  | 06/2025 | 14929 | 14929 | 0.6 | 14630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qgenda Intermediate Holdings, LLC# | One stop | L + | 5.00% | (b) | 9.73% |  |  |  | 06/2025 | 12163 | 12096 | 0.5 | 11920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qgenda Intermediate Holdings, LLC+ | One stop | L + | 5.00% | (b) | 9.73% |  |  |  | 06/2025 | 1451 | 1446 | 0.1 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qgenda Intermediate Holdings, LLC# | One stop | L + | 5.00% | (b) | 9.73% |  |  |  | 06/2025 | 970 | 970 |  | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qgenda Intermediate Holdings, LLC+(5) | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 06/2025 |  |  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+(22) | One stop | SF + | 8.00% | (k) | 8.92% | cash/ | 3.50% | PIK | 06/2025 | 10479 | 10337 | 0.4 | 10479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+(22) | One stop | SF + | 8.00% | (k) | 8.92% | cash/ | 3.50% | PIK | 06/2025 | 10200 | 9750 | 0.4 | 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+(22) | One stop | SF + | 8.00% | (k) | 8.92% | cash/ | 3.50% | PIK | 06/2025 | 6720 | 6532 | 0.3 | 6720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+(22) | One stop | SF + | 8.00% | (k) | 8.92% | cash/ | 3.50% | PIK | 06/2025 | 1728 | 1706 | 0.1 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+(22) | One stop | SF + | 8.00% | (k) | 8.92% | cash/ | 3.50% | PIK | 06/2025 | 1536 | 1505 | 0.1 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+(22) | One stop | SF + | 8.00% | (k) | 8.92% | cash/ | 3.50% | PIK | 06/2025 | 1152 | 1137 |  | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+(22) | One stop | SF + | 8.00% | (k) | 8.92% | cash/ | 3.50% | PIK | 06/2025 | 960 | 947 |  | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+(22) | One stop | SF + | 8.00% | (k) | 8.92% | cash/ | 3.50% | PIK | 06/2025 | 768 | 758 |  | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+(22) | One stop | SF + | 8.00% | (k) | 8.92% | cash/ | 3.50% | PIK | 06/2025 | 153 | 151 |  | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+(22) | One stop | SF + | 8.00% | (k) | 8.92% | cash/ | 3.50% | PIK | 06/2025 | 82 | 80 |  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction Data Systems, Inc.\*#+ | One stop | L + | 4.50% | (b) | 9.23% |  |  |  | 02/2026 | 66067 | 65349 | 2.6 | 64746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction Data Systems, Inc.+(5) | One stop | L + | 4.50% |  | N/A(6) |  |  |  | 02/2026 |  | (4) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veranex, Inc.+ | Senior loan | SF + | 4.75% | (m) | 7.52% |  |  |  | 04/2028 | 3170 | 3142 | 0.1 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veranex, Inc.+(5) | Senior loan | P + | 3.75% |  | N/A(6) |  |  |  | 04/2028 |  |  |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veranex, Inc.+ | Senior loan | SF + | 4.75% | (l)(m) | 9.47% |  |  |  | 04/2028 | 25 | 24 |  | 13 |
|  |  |  |  |  |  |  |  |  |  | 191485 | 189292 | 7.5 | 188394 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barteca Restaurants, LLC# | One stop | SF + | 6.00% | (m) | 9.19% |  |  |  | 08/2028 | $7659 | $7588 | 0.3 | $7659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barteca Restaurants, LLC+(5) | One stop | SF + | 6.00% |  | N/A(6) |  |  |  | 08/2028 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barteca Restaurants, LLC+(5) | One stop | SF + | 6.00% |  | N/A(6) |  |  |  | 08/2028 |  | (19) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJH Holdings III Corp.\*#+ | One stop | L + | 4.50% | (a) | 8.46% |  |  |  | 08/2025 | 50571 | 51252 | 2.0 | 49055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJH Holdings III Corp.+ | One stop | L + | 4.50% | (a)(b) | 8.74% |  |  |  | 08/2025 | 390 | 386 |  | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company, LLC+ | One stop | L + | 5.25% | (a) | 9.63% |  |  |  | 07/2024 | 7074 | 7064 | 0.3 | 7074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company, LLC+ | One stop | L + | 5.25% | (a) | 9.63% |  |  |  | 07/2024 | 1089 | 1088 |  | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company, LLC+ | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 07/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC\*#+ | One stop | SF + | 4.75% | (m) | 9.79% |  |  |  | 01/2026 | 9368 | 9376 | 0.4 | 9368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC+ | One stop | SF + | 4.75% | (m) | 9.79% |  |  |  | 01/2026 | 894 | 895 |  | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC+ | One stop | SF + | 4.75% | (m) | 9.73% |  |  |  | 01/2026 | 32 | 32 |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC+(5) | One stop | SF + | 4.75% |  | N/A(6) |  |  |  | 01/2026 |  | (11) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESN Venture Holdings, LLC+ | One stop | SF + | 6.50% | (l) | 11.08% |  |  |  | 10/2028 | 3652 | 3603 | 0.1 | 3606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESN Venture Holdings, LLC+ | One stop | SF + | 6.50% | (l) | 11.06% |  |  |  | 10/2028 | 16 | 14 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESN Venture Holdings, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 10/2028 |  | (30) |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddy's Frozen Custard LLC+ | One stop | L + | 5.00% | (b) | 9.73% |  |  |  | 03/2027 | 9136 | 9073 | 0.4 | 9136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddy's Frozen Custard LLC+ | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 03/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+(22) | One stop | L + | 10.00% | (b) | 10.59% | cash/ | 4.00% | PIK | 08/2026 | 812 | 733 |  | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+ | One stop | SF + | 10.00% |  | N/A(6) |  |  |  | 08/2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+(5) | One stop | SF + | 10.00% |  | N/A(6) |  |  |  | 08/2026 |  | (3) |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+(22) | One stop | SF + | 10.00% | (l) | 10.64% | cash/ | 4.00% | PIK | 08/2026 | 552 | 550 |  | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Buyer, LLC+ | Senior loan | SF + | 5.25% | (l)(m) | 10.29% |  |  |  | 04/2029 | 2597 | 2562 | 0.1 | 2493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Buyer, LLC+ | Senior loan | SF + | 5.25% | (k) | 9.66% |  |  |  | 04/2028 | 17 | 17 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSRG Holdings, LLC+ | One stop | SF + | 4.75% | (l) | 9.48% |  |  |  | 11/2025 | 998 | 988 |  | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSRG Holdings, LLC+ | One stop | SF + | 4.75% | (l) | 9.48% |  |  |  | 11/2025 | 20 | 20 |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tropical Smoothie Cafe Holdings, LLC+ | One stop | SF + | 5.25% | (l) | 9.49% |  |  |  | 09/2026 | 19900 | 19729 | 0.8 | 19701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tropical Smoothie Cafe Holdings, LLC\*# | One stop | SF + | 5.25% | (k)(l) | 9.74% |  |  |  | 09/2026 | 13695 | 13562 | 0.6 | 13558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tropical Smoothie Cafe Holdings, LLC# | One stop | SF + | 5.25% | (k)(l) | 9.50% |  |  |  | 09/2026 | 5501 | 5450 | 0.2 | 5446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tropical Smoothie Cafe Holdings, LLC+(5) | One stop | SF + | 4.25% |  | N/A(6) |  |  |  | 09/2026 |  | (1) |  | (1) |
|  |  |  |  |  |  |  |  |  |  | 133973 | 133917 | 5.2 | 131863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 4.75% | (b) | 9.48% |  |  |  | 01/2026 | 4603 | 4561 | 0.2 | 4603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 4.75% | (b) | 9.48% |  |  |  | 01/2026 | 1800 | 1783 | 0.1 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 4.75% | (b) | 9.48% |  |  |  | 01/2026 | 1200 | 1191 | 0.1 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 4.75% | (b) | 9.48% |  |  |  | 01/2026 | 1069 | 1058 |  | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 4.75% | (b) | 9.48% |  |  |  | 01/2026 | 82 | 81 |  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 4.75% | (b) | 9.48% |  |  |  | 01/2026 | 56 | 52 |  | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 4.75% |  | N/A(6) |  |  |  | 01/2026 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 8810 | 8726 | 0.4 | 8810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WU Holdco, Inc.#+ | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 03/2026 | 3732 | 3776 | 0.1 | 3582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WU Holdco, Inc.+ | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 03/2026 | 1315 | 1315 | 0.1 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WU Holdco, Inc.+ | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 03/2026 | 342 | 339 |  | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WU Holdco, Inc.+ | One stop | L + | 5.50% | (b) | 10.20% |  |  |  | 03/2025 | 26 | 25 |  | 24 |
|  |  |  |  |  |  |  |  |  |  | 5415 | 5455 | 0.2 | 5196 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Global CCT Holdings Corp.#+ | Senior loan | L + | 4.75% | (b) | 9.16% | 04/2026 | $2349 | $2391 | 0.1 | $2324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Global CCT Holdings Corp.+ | Senior loan | L + | 4.75% | (b) | 9.48% | 04/2026 | 135 | 134 |  | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Global CCT Holdings Corp.+ | Senior loan | L + | 4.75% | (b) | 9.46% | 04/2026 | 100 | 100 |  | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Global CCT Holdings Corp.+ | Senior loan | L + | 4.75% |  | N/A(6) | 04/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, Inc.+ | One stop | L + | 6.00% | (b) | 10.73% | 07/2027 | 3912 | 3842 | 0.2 | 3912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, Inc.+ | One stop | L + | 6.00% | (b) | 10.73% | 07/2027 | 7 | 6 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, Inc.+(5) | One stop | L + | 6.00% |  | N/A(6) | 07/2027 |  | (9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Services Holdings Corporation+ | One stop | L + | 5.75% | (a)(b) | 9.82% | 11/2026 | 1496 | 1485 | 0.1 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Services Holdings Corporation+(5) | One stop | L + | 5.75% |  | N/A(6) | 11/2025 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp.+ | One stop | SF + | 5.75% | (l) | 10.12% | 08/2029 | 7131 | 6994 | 0.3 | 7060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp.+(8)(9) | One stop | E + | 5.75% | (e) | 7.55% | 08/2029 | 1261 | 1194 |  | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp.+ | One stop | SF + | 5.75% | (d)(l) | 10.70% | 08/2028 | 126 | 124 |  | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp.+(5) | One stop | SF + | 5.75% |  | N/A(6) | 08/2029 |  | (13) |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Safety & Flow LLC+ | Senior loan | SF + | 4.60% | (k) | 8.86% | 03/2025 | 439 | 439 |  | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Safety & Flow LLC+ | Senior loan | SF + | 4.60% | (k) | 8.92% | 03/2025 | 1 | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Measurement Bidco Limited+(8)(10) | One stop | L + | 5.50% | (b) | 10.23% | 11/2027 | 7961 | 7808 | 0.3 | 7881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Measurement Bidco Limited+(8)(9)(10) | One stop | E + | 5.50% | (e) | 7.45% | 11/2027 | 7159 | 7840 | 0.3 | 7088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Measurement Bidco Limited+(5)(8)(9)(10) | One stop | SN + | 5.50% |  | N/A(6) | 11/2027 |  | (79) |  | (35) |
|  |  |  |  |  |  |  | 32077 | 32256 | 1.3 | 31732 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group, Inc.+ | One stop | SF + | 6.00% | (k) | 10.42% |  |  |  | 10/2028 | $25306 | $25098 | 1.0 | $24547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group, Inc.+ | One stop | SF + | 6.00% | (k) | 10.42% |  |  |  | 10/2028 | 7192 | 7102 | 0.3 | 6976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group, Inc.+ | One stop | SF + | 6.00% | (k) | 10.42% |  |  |  | 10/2028 | 612 | 608 |  | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc.+ | One stop | SF + | 5.25% | (m) | 9.33% |  |  |  | 07/2027 | 3180 | 3156 | 0.1 | 3117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc.+ | One stop | SF + | 5.25% | (m) | 9.33% |  |  |  | 07/2027 | 947 | 944 |  | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc.+ | One stop | SF + | 5.25% | (m) | 9.33% |  |  |  | 07/2027 | 788 | 781 |  | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc.+ | One stop | SF + | 5.25% |  | N/A(6) |  |  |  | 07/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc.+(5) | One stop | SF + | 5.25% |  | N/A(6) |  |  |  | 07/2027 |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Captive Resources Midco, LLC+(22) | One stop | SF + | 5.75% | (k) | 4.78% | cash/ | 5.29% | PIK | 07/2029 | 9788 | 9606 | 0.4 | 9592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Captive Resources Midco, LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 07/2028 |  | (3) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | Senior loan | L + | 6.05% | (c) | 11.28% |  |  |  | 08/2025 | 3039 | 3003 | 0.1 | 2976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | One stop | L + | 5.80% | (b) | 10.56% |  |  |  | 08/2025 | 2415 | 2408 | 0.1 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | Senior loan | L + | 6.05% | (c) | 11.23% |  |  |  | 08/2025 | 1513 | 1495 | 0.1 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | Senior loan | L + | 5.80% | (b)(c) | 10.27% |  |  |  | 08/2025 | 772 | 767 |  | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | One stop | L + | 5.80% | (c) | 10.85% |  |  |  | 08/2025 | 467 | 463 |  | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | Senior loan | L + | 6.05% | (c) | 10.08% |  |  |  | 08/2025 | 244 | 242 |  | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | Senior loan | L + | 6.02% | (c) | 10.68% |  |  |  | 08/2025 | 184 | 182 |  | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 08/2025 |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | One stop | SF + | 6.02% | (l)(m) | 10.37% |  |  |  | 08/2025 | 1755 | 1717 | 0.1 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.S. Held Holdings, LLC#+ | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 07/2025 | 6405 | 6387 | 0.3 | 6341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.S. Held Holdings, LLC+ | One stop | L + | 5.50% | (b) | 10.23% |  |  |  | 07/2025 | 1474 | 1456 | 0.1 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.S. Held Holdings, LLC+ | One stop | SF + | 5.50% | (l) | 10.23% |  |  |  | 07/2025 | 1426 | 1404 | 0.1 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.S. Held Holdings, LLC+ | One stop | SF + | 5.50% | (l) | 10.23% |  |  |  | 07/2025 | 118 | 114 |  | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.S. Held Holdings, LLC+ | One stop | L + | 5.50% | (b)(d) | 10.53% |  |  |  | 07/2025 | 252 | 249 |  | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Agency Partners LLC+ | Senior loan | SF + | 6.25% | (l) | 10.98% |  |  |  | 05/2027 | 2843 | 2805 | 0.1 | 2786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Agency Partners LLC+ | Senior loan | SF + | 6.25% | (l) | 10.98% |  |  |  | 05/2027 | 182 | 179 |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Agency Partners LLC+ | Senior loan | SF + | 6.25% | (l) | 10.98% |  |  |  | 05/2027 | 159 | 147 |  | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Term Care Group, Inc.+ | One stop | L + | 6.00% | (a) | 10.34% |  |  |  | 09/2027 | 2977 | 2930 | 0.1 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Majesco\*# | One stop | L + | 7.25% | (b) | 11.98% |  |  |  | 09/2027 | 18703 | 18486 | 0.8 | 18703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Majesco+(5) | One stop | L + | 7.25% |  | N/A(6) |  |  |  | 09/2026 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norvax, LLC+ | Senior loan | L + | 7.50% | (b) | 12.23% |  |  |  | 09/2025 | 32701 | 32440 | 1.2 | 31066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norvax, LLC+ | Senior loan | L + | 7.50% | (b) | 12.23% |  |  |  | 09/2025 | 9900 | 9754 | 0.4 | 9405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings, Inc.+ | One stop | L + | 4.50% | (b) | 9.23% |  |  |  | 08/2025 | 7207 | 7160 | 0.3 | 7207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC+(22) | One stop | L + | 5.50% | (b)(c) | 8.86% |  |  |  | 10/2028 | 11035 | 10943 | 0.4 | 10694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 10/2028 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC+ | One stop | L + | 5.75% | (b) | 10.47% |  |  |  | 10/2028 | 161 | 140 |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;People Corporation+(8)(9)(12) | One stop | C + | 6.25% | (h) | 10.91% |  |  |  | 02/2028 | 13748 | 14509 | 0.5 | 13611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;People Corporation+(8)(9)(12) | One stop | C + | 6.25% | (h) | 10.91% |  |  |  | 02/2028 | 4487 | 4864 | 0.2 | 4442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;People Corporation+(8)(9)(12) | One stop | C + | 5.50% | (h) | 10.17% |  |  |  | 02/2028 | 4099 | 4215 | 0.1 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;People Corporation+(8)(9)(12) | One stop | C + | 6.25% | (h) | 10.99% |  |  |  | 02/2027 | 39 | 36 |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc.\*#+ | One stop | SF + | 5.50% | (l) | 9.79% |  |  |  | 10/2026 | 25570 | 25260 | 1.0 | 25058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc.+ | One stop | SF + | 5.50% | (l) | 9.91% |  |  |  | 10/2026 | 6544 | 6293 | 0.3 | 6413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc.+ | One stop | SF + | 5.50% | (l) | 10.11% |  |  |  | 10/2026 | 1515 | 1503 | 0.1 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc.+(5) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 10/2026 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc.+ | One stop | SF + | 5.50% | (l) | 10.23% |  |  |  | 10/2026 | 165 | 129 |  | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc.+ | One stop | SF + | 5.50% | (l) | 10.07% |  |  |  | 10/2026 | 1473 | 1460 | 0.1 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstar Insurance Group, LLC+ | Senior loan | SF + | 6.00% | (l) | 10.73% |  |  |  | 10/2026 | 773 | 764 |  | 766 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstar Insurance Group, LLC+ | Senior loan | SF + | 6.00% | (l) | 10.73% |  |  |  | 10/2026 | $791 | $784 |  | $782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstar Insurance Group, LLC+ | Senior loan | SF + | 6.00% | (l) | 10.73% |  |  |  | 10/2026 | 392 | 387 |  | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstar Insurance Group, LLC+ | Senior loan | SF + | 6.00% |  | N/A(6) |  |  |  | 10/2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerRisk, LLC\*+ | One stop | L + | 4.75% | (a) | 9.13% |  |  |  | 06/2027 | 22604 | 22437 | 0.9 | 22604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerRisk, LLC+(5) | One stop | L + | 4.75% |  | N/A(6) |  |  |  | 06/2027 |  | (1) |  |  |
|  |  |  |  |  |  |  |  |  |  | 235945 | 234799 | 9.2 | 230243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet & Catalog Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet & Catalog Retail** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 04/2027 | 14974 | 14867 | 0.5 | 13477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 04/2027 | 8764 | 8702 | 0.3 | 7888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 04/2027 | 4346 | 4315 | 0.2 | 3911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 04/2027 | 2618 | 2599 | 0.1 | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 04/2027 | 1687 | 1674 | 0.1 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | SF + | 5.75% | (l) | 10.48% |  |  |  | 04/2027 | 396 | 394 |  | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 04/2027 |  | (1) |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | SF + | 5.75% | (l) | 10.46% |  |  |  | 04/2027 | 43 | 41 |  | 38 |
|  |  |  |  |  |  |  |  |  |  | 32828 | 32591 | 1.2 | 29522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquia, Inc.+ | One stop | L + | 7.00% | (b) | 10.74% |  |  |  | 10/2025 | 9578 | 9515 | 0.4 | 9578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquia, Inc.+ | One stop | L + | 7.00% | (c) | 12.16% |  |  |  | 10/2025 | 33 | 32 |  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CivicPlus, LLC+(22) | One stop | L + | 6.75% | (b) | 8.98% | cash/ | 2.50% | PIK | 08/2027 | 6200 | 6138 | 0.2 | 6076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CivicPlus, LLC+(22) | One stop | L + | 6.75% | (b) | 8.98% | cash/ | 2.50% | PIK | 08/2027 | 3662 | 3629 | 0.1 | 3589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CivicPlus, LLC+(22) | One stop | L + | 6.75% | (b) | 8.98% | cash/ | 2.50% | PIK | 08/2027 | 2906 | 2877 | 0.1 | 2848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CivicPlus, LLC+ | One stop | SF + | 11.75% | (m) | 14.38% |  |  |  | 06/2034 | 202 | 197 |  | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CivicPlus, LLC+(5) | One stop | L + | 6.75% |  | N/A(6) |  |  |  | 08/2027 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start, Inc.+(22) | One stop | SF + | 5.75% | (k) | 6.94% | cash/ | 3.13% | PIK | 05/2028 | 3278 | 3249 | 0.1 | 3212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start, Inc.+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 05/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delinea Inc.+ | One stop | L + | 6.00% | (b) | 10.73% |  |  |  | 03/2028 | 16538 | 16355 | 0.6 | 15381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delinea Inc.# | One stop | L + | 6.00% | (b) | 10.73% |  |  |  | 03/2028 | 9561 | 9452 | 0.4 | 8892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delinea Inc.+ | One stop | L + | 6.00% | (b) | 10.73% |  |  |  | 03/2027 | 237 | 234 |  | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.+ | One stop | L + | 5.25% | (b) | 9.98% |  |  |  | 04/2026 | 21440 | 21224 | 0.8 | 20797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.+(8)(9) | One stop | E + | 5.50% | (e) | 7.63% |  |  |  | 04/2026 | 19130 | 20201 | 0.8 | 18557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.#+ | One stop | L + | 5.25% | (b) | 9.98% |  |  |  | 04/2026 | 11907 | 11965 | 0.5 | 11549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.\* | One stop | L + | 5.25% | (b) | 9.98% |  |  |  | 04/2026 | 6585 | 6510 | 0.3 | 6387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.+(5) | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 04/2026 |  | (2) |  | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 04/2026 |  | (3) |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldcup 31018 AB+(8)(9)(17)(22) | One stop | E + | 7.07% | (f) | 3.57% | cash/ | 3.82% | PIK | 07/2029 | 8372 | 7740 | 0.3 | 8204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldcup 31018 AB+(5)(8)(9)(17) | One stop | E + | 6.50% |  | N/A(6) |  |  |  | 01/2029 |  | (2) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldcup 31018 AB+(5)(8)(9)(17) | One stop | E + | 6.50% |  | N/A(6) |  |  |  | 07/2029 |  | (15) |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.#+ | One stop | L + | 5.25% | (b) | 9.98% |  |  |  | 10/2026 | 27737 | 27431 | 1.1 | 26905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (b) | 9.98% |  |  |  | 10/2026 | 8382 | 8317 | 0.3 | 8130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (b) | 9.98% |  |  |  | 10/2026 | 2021 | 1988 | 0.1 | 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (b) | 9.98% |  |  |  | 10/2026 | 303 | 301 |  | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (b) | 9.98% |  |  |  | 10/2026 | 213 | 212 |  | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (b) | 9.98% |  |  |  | 10/2026 | 105 | 104 |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+(5) | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 10/2026 |  | (3) |  | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+(5) | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 10/2026 |  | (1) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (b) | 9.98% |  |  |  | 10/2026 | 86 | 76 |  | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (c) | 10.47% |  |  |  | 10/2026 | 486 | 483 |  | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (b)(c) | 10.26% |  |  |  | 10/2026 | 288 | 278 |  | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netwrix Corporation\*+ | One stop | SF + | 5.00% | (m) | 9.70% |  |  |  | 06/2029 | 3924 | 3892 | 0.2 | 3885 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netwrix Corporation+(5) | One stop | SF + | 5.00% |  | N/A(6) |  |  |  | 06/2029 | $— | $(2) |  | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netwrix Corporation+ | One stop | SF + | 5.00% | (l) | 9.53% |  |  |  | 06/2029 | 234 | 225 |  | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Intermediate II Holdings, LLC#+ | One stop | L + | 5.25% | (c) | 8.62% |  |  |  | 01/2026 | 14165 | 14092 | 0.6 | 14165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Intermediate II Holdings, LLC+ | One stop | L + | 5.25% | (c) | 8.62% |  |  |  | 01/2026 | 2045 | 2031 | 0.1 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Intermediate II Holdings, LLC+(5) | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 01/2026 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recordxtechnologies, LLC#(22) | One stop | SF + | 8.50% | (l) | 11.08% | cash/ | 2.00% | PIK | 12/2025 | 728 | 721 |  | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recordxtechnologies, LLC+(22) | One stop | SF + | 8.50% | (l) | 11.08% | cash/ | 2.00% | PIK | 12/2025 | 114 | 113 |  | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recordxtechnologies, LLC+(22) | One stop | SF + | 8.50% | (l) | 11.08% | cash/ | 2.00% | PIK | 12/2025 | 67 | 66 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+(8)(9) | Senior loan | SN + | 4.50% | (i) | 7.93% |  |  |  | 11/2025 | 20819 | 23448 | 0.8 | 20611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+ | Senior loan | L + | 4.50% | (c) | 8.67% |  |  |  | 11/2025 | 5528 | 5494 | 0.2 | 5472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+ | Senior loan | L + | 4.25% | (c) | 8.42% |  |  |  | 11/2025 | 735 | 731 |  | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+ | Senior loan | L + | 4.25% | (c) | 8.42% |  |  |  | 11/2025 | 131 | 130 |  | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+(5) | Senior loan | L + | 4.50% |  | N/A(6) |  |  |  | 11/2025 |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+(5) | Senior loan | L + | 4.25% |  | N/A(6) |  |  |  | 11/2025 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+ | Senior loan | L + | 4.50% | (c) | 8.67% |  |  |  | 11/2025 | 169 | 167 |  | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReliaQuest Holdings, LLC+ | One stop | SF + | 10.75% | (k) | 15.07% |  |  |  | 10/2026 | 1098 | 1079 |  | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReliaQuest Holdings, LLC+ | One stop | SF + | 10.75% | (k) | 15.07% |  |  |  | 10/2026 | 106 | 106 |  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReliaQuest Holdings, LLC+(5) | One stop | SF + | 10.75% |  | N/A(6) |  |  |  | 10/2026 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc.+(22) | One stop | L + | 7.25% | (b) | 11.23% | cash/ | 0.75% | PIK | 09/2026 | 19957 | 19578 | 0.8 | 18959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc.+ | One stop | L + | 6.50% | (b) | 11.23% |  |  |  | 09/2026 | 103 | 101 |  | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zarya Holdco, Inc.+ | Senior loan | SF + | 6.50% | (l) | 10.90% |  |  |  | 07/2027 | 4789 | 4789 | 0.2 | 4741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zarya Holdco, Inc.+ | Senior loan | SF + | 6.50% |  | N/A(6) |  |  |  | 07/2027 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 233962 | 235236 | 9.0 | 227158 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC#+(22) | One stop | L + | 6.25% | (c) | 10.40% | cash/ | 1.00% | PIK | 09/2024 | $8649 | $8676 | 0.3 | $8649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+(22) | One stop | L + | 6.25% | (c) | 10.40% | cash/ | 1.00% | PIK | 09/2024 | 1240 | 1235 | 0.1 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+(22) | One stop | L + | 6.25% | (c) | 10.40% | cash/ | 1.00% | PIK | 09/2024 | 861 | 873 |  | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+(22) | One stop | L + | 6.25% | (c) | 10.40% | cash/ | 1.00% | PIK | 09/2024 | 445 | 452 |  | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | One stop | L + | 6.25% |  | N/A(6) |  |  |  | 09/2024 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 11195 | 11236 | 0.4 | 11195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celerion Buyer, Inc.\*#+ | One stop | SF + | 6.50% | (l) | 10.64% |  |  |  | 11/2029 | 21542 | 21017 | 0.9 | 21217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celerion Buyer, Inc.+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 11/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celerion Buyer, Inc.+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 11/2029 |  | (83) |  | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covaris Intermediate 3, LLC+ | One stop | L + | 4.75% | (b) | 9.16% |  |  |  | 01/2028 | 5894 | 5844 | 0.3 | 5776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covaris Intermediate 3, LLC+ | One stop | L + | 5.25% | (b) | 9.66% |  |  |  | 01/2028 | 18 | 18 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covaris Intermediate 3, LLC+(5) | One stop | L + | 4.75% |  | N/A(6) |  |  |  | 01/2028 |  | (2) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAS Parent Inc.\*#+ | One stop | L + | 5.50% | (a) | 9.88% |  |  |  | 12/2028 | 33735 | 33155 | 1.3 | 32386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAS Parent Inc.+ | One stop | P + | 4.50% | (a)(b)(d) | 11.45% |  |  |  | 12/2027 | 237 | 229 |  | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAS Parent Inc.+ | One stop | L + | 5.50% | (a) | 9.89% |  |  |  | 12/2028 | 11 | 7 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reaction Biology Corporation# | One stop | SF + | 5.00% | (m) | 9.23% |  |  |  | 03/2029 | 8003 | 7932 | 0.3 | 7603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reaction Biology Corporation+(5) | One stop | SF + | 5.00% |  | N/A(6) |  |  |  | 03/2029 |  | (2) |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reaction Biology Corporation+(5) | One stop | SF + | 5.00% |  | N/A(6) |  |  |  | 03/2029 |  | (1) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reaction Biology Corporation+ | One stop | SF + | 5.00% | (m) | 9.96% |  |  |  | 03/2029 | 183 | 181 |  | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reaction Biology Corporation+ | One stop | SF + | 5.00% | (m) | 9.48% |  |  |  | 03/2029 | 122 | 121 |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unchained Labs, LLC+ | Senior loan | SF + | 5.50% | (k) | 9.87% |  |  |  | 08/2027 | 996 | 971 |  | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unchained Labs, LLC+ | Senior loan | SF + | 5.50% | (k) | 9.87% |  |  |  | 08/2027 | 841 | 829 |  | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unchained Labs, LLC+(5) | Senior loan | SF + | 5.50% |  | N/A(6) |  |  |  | 08/2027 |  |  |  | (1) |
|  |  |  |  |  |  |  |  |  |  | 71582 | 70215 | 2.8 | 69220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad Boy Mowers Acquisition, LLC+ | Senior loan | L + | 4.25% | (b) | 9.00% |  |  |  | 03/2028 | 1866 | 1862 | 0.1 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Purchaser, Inc.\*+ | Senior loan | L + | 4.50% | (a) | 8.88% |  |  |  | 04/2026 | 19035 | 19148 | 0.8 | 18654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Purchaser, Inc.+ | Senior loan | L + | 4.50% | (a) | 8.83% |  |  |  | 10/2025 | 86 | 87 |  | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Purchaser, Inc.+(5) | Senior loan | L + | 4.50% |  | N/A(6) |  |  |  | 04/2026 |  | (2) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Industries, Inc.+(7)(22) | Senior loan | L + | 7.00% | (b) | 11.73% |  |  |  | 05/2025 | 12487 | 12106 | 0.4 | 11232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Industries, Inc.+(7)(22) | Senior loan | L + | 7.00% | (b) | 11.73% |  |  |  | 05/2025 | 1021 | 1003 |  | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Industries, Inc.+(7)(22) | Senior loan | L + | 7.00% | (b)(c) | 11.52% |  |  |  | 05/2025 | 316 | 305 |  | 278 |
|  |  |  |  |  |  |  |  |  |  | 34811 | 34509 | 1.3 | 32988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Marine** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Marine** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Nike Purchaser, LLC+ | One stop | SF + | 6.00% | (l) | 10.58% |  |  |  | 04/2029 | 18953 | 18782 | 0.7 | 18194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Nike Purchaser, LLC+ | One stop | SF + | 6.00% | (l) | 10.58% |  |  |  | 04/2029 | 10 | 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Nike Purchaser, LLC+(5) | One stop | P + | 5.00% |  | N/A(6) |  |  |  | 04/2029 |  | (7) |  | (30) |
|  |  |  |  |  |  |  |  |  |  | 18963 | 18783 | 0.7 | 18164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triple Lift, Inc.+ | One stop | SF + | 5.50% | (m) | 10.12% |  |  |  | 05/2028 | 5330 | 5248 | 0.2 | 5170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triple Lift, Inc.+ | One stop | SF + | 5.50% | (m) | 9.61% |  |  |  | 05/2028 | 1130 | 1110 |  | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triple Lift, Inc.+ | One stop | SF + | 5.25% | (m) | 9.58% |  |  |  | 05/2028 | 27 | 26 |  | 25 |
|  |  |  |  |  |  |  |  |  |  | 6487 | 6384 | 0.2 | 6291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiline Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiline Retail** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mills Fleet Farm Group LLC\*#+ | One stop | L + | 6.25% | (b) | 10.66% |  |  |  | 10/2024 | 45138 | 45095 | 1.8 | 45138 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3ES Innovation, Inc.\*+(8)(12) | One stop | L + | 6.50% | (b) | 11.15% |  |  |  | 05/2025 | $20367 | $20442 | 0.8 | $20367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3ES Innovation, Inc.+(8)(12) | One stop | L + | 6.50% | (b) | 11.24% |  |  |  | 05/2025 | 80 | 79 |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envernus, Inc.\*#+ | Senior loan | L + | 4.25% | (a) | 8.63% |  |  |  | 07/2025 | 36969 | 37227 | 1.4 | 36392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envernus, Inc.+ | Senior loan | L + | 4.50% | (a) | 8.88% |  |  |  | 07/2025 | 16949 | 16718 | 0.7 | 16780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envernus, Inc.+ | Senior loan | L + | 4.25% | (a) | 8.63% |  |  |  | 09/2024 | 86 | 86 |  | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envernus, Inc.+ | Senior loan | L + | 4.50% | (a) | 8.88% |  |  |  | 09/2024 | 69 | 66 |  | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Power Buyer, LLC\*#+ | One stop | L + | 6.00% | (a) | 10.38% |  |  |  | 05/2026 | 15424 | 15513 | 0.6 | 15424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Power Buyer, LLC+ | One stop | L + | 6.00% |  | N/A(6) |  |  |  | 05/2025 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 89944 | 90131 | 3.5 | 89196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper & Forest Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper & Forest Products** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messenger, LLC#+ | One stop | SF + | 5.75% | (k) | 10.17% |  |  |  | 12/2027 | 10150 | 10064 | 0.4 | 9947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messenger, LLC+ | One stop | SF + | 5.75% | (k) | 10.17% |  |  |  | 12/2027 | 99 | 98 |  | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messenger, LLC+ | One stop | SF + | 5.75% | (k) | 10.17% |  |  |  | 12/2027 | 50 | 49 |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messenger, LLC+ | One stop | SF + | 5.75% | (d)(k) | 10.99% |  |  |  | 12/2027 | 33 | 33 |  | 32 |
|  |  |  |  |  |  |  |  |  |  | 10332 | 10244 | 0.4 | 10125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Products** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMPLUS Footcare, LLC+(22) | One stop | L + | 8.00% | (b) | 12.48% | cash/ | 0.25% | PIK | 04/2024 | 30407 | 30573 | 1.2 | 28887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMPLUS Footcare, LLC+(22) | One stop | L + | 8.00% | (b) | 12.48% | cash/ | 0.25% | PIK | 04/2024 | 5193 | 5221 | 0.2 | 4933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMPLUS Footcare, LLC\*+(22) | One stop | L + | 8.00% | (b) | 12.48% | cash/ | 0.25% | PIK | 04/2024 | 749 | 758 |  | 711 |
|  |  |  |  |  |  |  |  |  |  | 36349 | 36552 | 1.4 | 34531 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Ulysses Buyer, Inc.\*#+ | One stop | SF + | 5.50% | (l) | 10.23% |  |  |  | 02/2026 | $25424 | $25237 | 1.0 | $24661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Ulysses Buyer, Inc.+ | One stop | SF + | 5.50% | (l) | 10.23% |  |  |  | 02/2026 | 1099 | 1080 | 0.1 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalthea Parent, Inc.\*#+(8)(12) | One stop | L + | 4.75% | (a) | 9.13% |  |  |  | 03/2027 | 57100 | 56616 | 2.2 | 55958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalthea Parent, Inc.+(5)(8)(12) | One stop | SF + | 4.75% |  | N/A(6) |  |  |  | 03/2027 |  | (2) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalthea Parent, Inc.+(5)(8)(12) | One stop | SF + | 4.75% |  | N/A(6) |  |  |  | 03/2027 |  | (22) |  | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalthea Parent, Inc.+(5)(8)(12) | One stop | SF + | 4.75% |  | N/A(6) |  |  |  | 03/2027 |  | (2) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apothecary Products, LLC+ | Senior loan | SF + | 5.00% | (m) | 8.36% |  |  |  | 07/2023 | 2891 | 2912 | 0.1 | 2862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apothecary Products, LLC+ | Senior loan | SF + | 5.00% | (k) | 9.42% |  |  |  | 07/2023 | 52 | 52 |  | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caerus Midco 3 S.A.R.L.+(8)(13) | One stop | SF + | 5.50% | (l) | 10.08% |  |  |  | 05/2029 | 17136 | 16823 | 0.7 | 16592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caerus Midco 3 S.A.R.L.+(8)(13) | One stop | SF + | 5.75% | (k) | 10.07% |  |  |  | 05/2029 | 70 | 65 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caerus Midco 3 S.A.R.L.+(5)(8)(13) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 05/2029 |  | (24) |  | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caerus Midco 3 S.A.R.L.+(8)(13) | One stop | SF + | 5.75% | (l) | 9.83% |  |  |  | 05/2029 | 2829 | 2773 | 0.1 | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caerus Midco 3 S.A.R.L.+(5)(8)(13) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 05/2029 |  | (4) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Buyer Sub, Inc.+ | One stop | L + | 5.25% | (a) | 9.63% |  |  |  | 10/2028 | 10600 | 10426 | 0.4 | 10176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Buyer Sub, Inc.+ | One stop | L + | 5.25% | (a) | 9.63% |  |  |  | 10/2027 | 36 | 35 |  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Buyer Sub, Inc.+ | One stop | L + | 5.25% | (a) | 9.63% |  |  |  | 10/2028 | 3232 | 3172 | 0.1 | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Bidco Limited+(8)(9)(10) | Senior loan | SN + | 4.50% | (i) | 7.93% |  |  |  | 08/2028 | 23714 | 26646 | 0.9 | 22125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Bidco Limited+(8)(9)(10) | Senior loan | SN + | 4.50% | (i) | 7.93% |  |  |  | 08/2028 | 2515 | 2501 | 0.1 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Bidco Limited+(5)(8)(9)(10) | Senior loan | SN + | 4.50% |  | N/A(6) |  |  |  | 02/2028 |  | (2) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Bidco Limited+(8)(9)(10) | Senior loan | SN + | 6.00% | (i) | 9.43% |  |  |  | 08/2028 | 3291 | 3248 | 0.1 | 3242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Bidco Limited+(8)(9)(10) | Senior loan | SN + | 4.50% | (i) | 7.93% |  |  |  | 08/2028 | 2874 | 2689 | 0.1 | 2682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Bidco Limited+(5)(8)(9)(10) | Senior loan | SN + | 4.50% |  | N/A(6) |  |  |  | 08/2028 |  | (37) |  | (37) |
|  |  |  |  |  |  |  |  |  |  | 152863 | 154182 | 5.9 | 147536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bswift, LLC+ | One stop | SF + | 6.63% | (l) | 10.81% |  |  |  | 11/2028 | 5138 | 4981 | 0.2 | 4977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrin Cooperman Advisors LLC+ | One stop | SF + | 5.00% | (m) | 9.06% |  |  |  | 10/2027 | 3119 | 3070 | 0.1 | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrin Cooperman Advisors LLC+ | One stop | SF + | 5.00% |  | N/A(6) |  |  |  | 10/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrin Cooperman Advisors LLC+ | One stop | SF + | 5.00% |  | N/A(6) |  |  |  | 10/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp.+ | Senior loan | SF + | 5.50% | (k) | 9.79% |  |  |  | 09/2028 | 3503 | 3436 | 0.1 | 3450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp.+ | Senior loan | SF + | 5.50% | (k) | 9.82% |  |  |  | 09/2028 | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp.+ | Senior loan | SF + | 5.50% | (k) | 9.67% |  |  |  | 09/2028 | 210 | 204 |  | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp.+ | One stop | SF + | 5.50% | (k) | 9.73% |  |  |  | 09/2028 | 133 | 126 |  | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp.+ | Subordinated debt | SF + | 10.00% | (k) | 14.22% |  |  |  | 03/2029 | 50 | 49 |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC+ | One stop | SF + | 5.50% | (l) | 10.08% |  |  |  | 04/2028 | 1441 | 1428 | 0.1 | 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC+ | One stop | SF + | 5.50% | (l) | 9.93% |  |  |  | 04/2028 | 4 | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filevine, Inc.+(22) | One stop | SF + | 6.50% | (l)(m) | 8.22% | cash/ | 2.50% | PIK | 04/2027 | 5299 | 5235 | 0.2 | 5317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filevine, Inc.+ | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 04/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC+ | One stop | L + | 6.00% | (a) | 10.38% |  |  |  | 09/2028 | 7075 | 6964 | 0.3 | 7075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC+ | One stop | L + | 6.00% | (a) | 10.39% |  |  |  | 09/2027 | 17 | 16 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBG Acquisition Corp. and NBG-P Acquisition Corp.+ | One stop | L + | 5.25% | (b) | 9.66% |  |  |  | 11/2028 | 7574 | 7527 | 0.3 | 7347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5) | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 11/2028 |  | (14) |  | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBG Acquisition Corp. and NBG-P Acquisition Corp.+ | One stop | L + | 5.25% | (a)(b) | 9.64% |  |  |  | 11/2028 | 117 | 116 |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5) | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 11/2028 |  | (17) |  | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.+ | One stop | L + | 5.75% | (a) | 10.13% |  |  |  | 12/2025 | 13202 | 13120 | 0.5 | 12938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.\*# | One stop | L + | 5.75% | (a) | 10.13% |  |  |  | 12/2025 | 8356 | 8354 | 0.3 | 8189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.+ | One stop | L + | 5.75% | (a) | 10.13% |  |  |  | 12/2025 | 6689 | 6721 | 0.3 | 6555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.# | One stop | L + | 5.75% | (a) | 10.13% |  |  |  | 12/2025 | 4226 | 4190 | 0.2 | 4142 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.\*# | One stop | L + | 5.75% | (a) | 10.13% | 12/2025 | $1168 | $1168 |  | $1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.+(5) | One stop | L + | 5.75% |  | N/A(6) | 12/2025 |  | (2) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlanSource Holdings, Inc.+ | One stop | L + | 6.25% | (c) | 9.55% | 04/2025 | 11416 | 11460 | 0.4 | 11301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlanSource Holdings, Inc.+ | One stop | L + | 6.25% | (c) | 9.55% | 04/2025 | 1932 | 1922 | 0.1 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlanSource Holdings, Inc.+ | One stop | L + | 6.25% | (c) | 9.55% | 04/2025 | 139 | 138 |  | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlanSource Holdings, Inc.+(5) | One stop | L + | 6.25% |  | N/A(6) | 04/2025 |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procure Acquireco, Inc.#+ | One stop | L + | 5.00% | (a) | 9.35% | 12/2028 | 17589 | 17439 | 0.7 | 17414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procure Acquireco, Inc.+(5) | One stop | L + | 5.00% |  | N/A(6) | 12/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procure Acquireco, Inc.+(5) | One stop | L + | 5.00% |  | N/A(6) | 12/2028 |  | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teaching Company, The\*#+ | One stop | L + | 4.75% | (b) | 8.83% | 07/2023 | 17419 | 17452 | 0.7 | 17246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teaching Company, The+(5) | One stop | L + | 4.75% |  | N/A(6) | 07/2023 |  |  |  | (2) |
|  |  |  |  |  |  |  | 115817 | 115083 | 4.5 | 113800 |

---

%

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | One stop | L + | 5.75% | (a) | 10.13% | 07/2025 | 21697 | 21555 | 0.9 | 21697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.#+ | One stop | L + | 5.75% | (a) | 10.13% | 07/2025 | 19385 | 19415 | 0.8 | 19385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | One stop | L + | 5.75% | (a) | 10.13% | 07/2025 | 13357 | 13262 | 0.5 | 13357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.\* | One stop | L + | 5.75% | (a) | 10.13% | 07/2025 | 12336 | 12255 | 0.5 | 12336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.\*# | One stop | L + | 5.75% | (a) | 10.13% | 07/2025 | 6500 | 6525 | 0.3 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | One stop | L + | 5.75% | (a) | 10.13% | 07/2025 | 3168 | 3201 | 0.1 | 3168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.#+ | One stop | L + | 5.75% | (a) | 10.13% | 07/2025 | 1392 | 1403 | 0.1 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.#+ | One stop | L + | 5.75% | (a) | 10.13% | 07/2025 | 1178 | 1188 |  | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.#+ | One stop | L + | 5.75% | (a) | 10.13% | 07/2025 | 1161 | 1172 |  | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | One stop | L + | 5.75% | (a) | 10.13% | 07/2025 | 929 | 925 |  | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | One stop | L + | 5.75% | (a) | 10.13% | 07/2025 | 490 | 494 |  | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | One stop | L + | 5.75% |  | N/A(6) | 07/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC\*+ | One stop | L + | 5.50% | (b) | 10.23% | 02/2026 | 14322 | 14249 | 0.6 | 14037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC+ | One stop | L + | 5.50% | (b) | 10.23% | 02/2026 | 5042 | 4998 | 0.2 | 4940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC+(5) | One stop | L + | 5.50% |  | N/A(6) | 02/2026 |  | (1) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC+(5) | One stop | L + | 5.50% |  | N/A(6) | 02/2026 |  | (1) |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPL Bidco Limited+(8)(9)(10) | One stop | SN + | 5.75% | (i) | 9.18% | 08/2028 | 17664 | 20048 | 0.7 | 16957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPL Bidco Limited+(8)(9)(10) | One stop | A + | 5.75% | (g) | 8.91% | 08/2028 | 2035 | 2173 | 0.1 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPL Bidco Limited+(5)(8)(9)(10) | One stop | SN + | 5.75% |  | N/A(6) | 02/2028 |  |  |  | (2) |
|  |  |  |  |  |  |  | 120656 | 122861 | 4.8 | 119467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Road & Rail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Road & Rail** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Channelside Acquisitona Co, Inc.+ | One stop | L + | 5.25% | (a) | 9.63% | 07/2028 | 4233 | 4150 | 0.2 | 4233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Channelside Acquisitona Co, Inc.+(5) | One stop | L + | 5.25% |  | N/A(6) | 07/2026 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Channelside Acquisitona Co, Inc.+ | One stop | L + | 5.25% |  | N/A(6) | 07/2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Truckstop Group LLC\*# | One stop | L + | 5.50% | (b) | 10.23% | 04/2025 | 21507 | 21756 | 0.8 | 21292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Truckstop Group LLC+ | One stop | L + | 5.50% | (b) | 10.23% | 04/2025 | 9418 | 9339 | 0.4 | 9324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Truckstop Group LLC+(5) | One stop | L + | 5.50% |  | N/A(6) | 04/2025 |  | (1) |  | (2) |
|  |  |  |  |  |  |  | 35158 | 35243 | 1.4 | 34847 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accela, Inc.\*#+(22) | One stop | SF + | 7.50% | (k) | 7.67% | cash/ | 4.25% | PIK | 09/2024 | $4735 | $4721 | 0.2 | $4698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accela, Inc.+(22) | One stop | SF + | 7.50% | (k) | 7.67% | cash/ | 4.25% | PIK | 09/2024 | 281 | 280 |  | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accela, Inc.+ | One stop | SF + | 7.50% |  | N/A(6) |  |  |  | 09/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accela, Inc.+ | One stop | SF + | 7.50% | (k) | 11.92% |  |  |  | 09/2024 | 544 | 540 |  | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc.+ | One stop | SF + | 6.50% | (k) | 10.82% |  |  |  | 06/2029 | 9840 | 9749 | 0.4 | 9643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc.+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 06/2028 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appfire Technologies, LLC#+ | One stop | SF + | 5.50% | (k)(l) | 9.45% |  |  |  | 03/2027 | 38214 | 37808 | 1.5 | 37450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appfire Technologies, LLC+ | One stop | SF + | 5.50% | (k) | 9.38% |  |  |  | 03/2027 | 14 | 12 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appfire Technologies, LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 03/2027 |  | (35) |  | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apptio, Inc.+ | One stop | L + | 6.00% | (b) | 9.94% |  |  |  | 01/2025 | 57010 | 57348 | 2.3 | 57010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apptio, Inc.+ | One stop | L + | 6.00% | (b) | 9.93% |  |  |  | 01/2025 | 116 | 115 |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation+(22) | One stop | L + | 7.00% | (b) | 7.19% | cash/ | 3.75% | PIK | 04/2027 | 14296 | 14196 | 0.6 | 14152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation+ | One stop | L + | 6.50% | (c) | 9.50% |  |  |  | 04/2027 | 31 | 30 |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong Bidco Limited+(8)(9)(10) | One stop | SN + | 5.25% | (i) | 8.68% |  |  |  | 06/2029 | 3465 | 3411 | 0.1 | 3361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong Bidco Limited+(8)(9)(10) | One stop | SN + | 5.25% | (i) | 8.68% |  |  |  | 06/2029 | 1403 | 1316 | 0.1 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auvik Networks Inc.+(8)(12)(22) | One stop | SF + | 5.75% | (l) | 7.24% | cash/ | 2.75% | PIK | 07/2027 | 7084 | 7032 | 0.3 | 6885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auvik Networks Inc.+(8)(12)(22) | One stop | SF + | 6.25% | (l) | 7.24% | cash/ | 3.25% | PIK | 07/2027 | 1262 | 1251 |  | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auvik Networks Inc.+(5)(8)(12) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 07/2027 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axiom Merger Sub Inc.+ | One stop | L + | 5.25% | (b)(c) | 9.71% |  |  |  | 04/2026 | 5716 | 5738 | 0.3 | 5716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axiom Merger Sub Inc.+(8)(9) | One stop | E + | 5.50% | (e)(f) | 7.51% |  |  |  | 04/2026 | 2260 | 2368 | 0.1 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axiom Merger Sub Inc.+ | One stop | L + | 5.25% | (c) | 9.70% |  |  |  | 04/2026 | 271 | 269 |  | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axiom Merger Sub Inc.+ | One stop | L + | 5.50% | (b)(c) | 8.87% |  |  |  | 04/2026 | 15 | 14 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axiom Merger Sub Inc.+ | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 10/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayshore Intermediate #2, L.P.+(22) | One stop | L + | 7.75% | (a) | 12.04% |  |  |  | 10/2028 | 67015 | 65908 | 2.6 | 66345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayshore Intermediate #2, L.P.+ | One stop | L + | 6.75% | (a) | 10.89% |  |  |  | 10/2027 | 56 | 53 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonterra LLC+ | One stop | L + | 6.25% | (b) | 10.98% |  |  |  | 09/2027 | 64822 | 64065 | 2.6 | 64173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonterra LLC+ | One stop | L + | 6.25% | (b) | 10.98% |  |  |  | 09/2027 | 74 | 72 |  | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonterra LLC+(5) | One stop | L + | 6.25% |  | N/A(6) |  |  |  | 09/2027 |  | (64) |  | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bottomline Technologies, Inc.+ | One stop | SF + | 5.50% | (k) | 9.82% |  |  |  | 05/2029 | 28092 | 27582 | 1.1 | 27250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bottomline Technologies, Inc.+(5) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 05/2028 |  | (4) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.\*#+ | One stop | L + | 5.75% | (b) | 10.48% |  |  |  | 09/2026 | 65777 | 65093 | 2.6 | 65777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.+(8)(9) | One stop | SN + | 6.00% | (i) | 9.43% |  |  |  | 09/2026 | 11541 | 11616 | 0.5 | 11541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.+(8)(9) | One stop | E + | 5.75% | (e) | 7.88% |  |  |  | 09/2026 | 4614 | 4664 | 0.2 | 4614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.+ | One stop | L + | 5.75% | (b) | 10.48% |  |  |  | 09/2026 | 213 | 211 |  | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.+ | One stop | L + | 5.75% | (b) | 10.48% |  |  |  | 09/2026 | 96 | 95 |  | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.+ | One stop | L + | 5.75% | (b) | 10.48% |  |  |  | 09/2026 | 76 | 75 |  | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.+ | One stop | L + | 5.75% | (b) | 10.48% |  |  |  | 09/2026 | 110 | 107 |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burning Glass Intermediate Holdings Company, Inc.#+ | One stop | L + | 5.00% | (a) | 9.38% |  |  |  | 06/2028 | 9795 | 9641 | 0.4 | 9795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burning Glass Intermediate Holdings Company, Inc.+(5) | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 06/2026 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc.+ | One stop | L + | 7.00% | (b) | 11.73% |  |  |  | 04/2027 | 53683 | 53107 | 2.1 | 53683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc.+ | One stop | L + | 7.00% | (b) | 11.75% |  |  |  | 04/2027 | 135 | 132 |  | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Brands Parentco LLC+ | One stop | SF + | 5.75% | (k) | 10.17% |  |  |  | 02/2028 | 14159 | 13916 | 0.5 | 13734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Brands Parentco LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 02/2028 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Brands Parentco LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 02/2028 |  | (1) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daxko Acquisition Corporation+ | One stop | L + | 5.50% | (a) | 9.88% |  |  |  | 10/2028 | 27640 | 27412 | 1.1 | 26535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daxko Acquisition Corporation+ | One stop | L + | 5.50% | (a) | 9.88% |  |  |  | 10/2028 | 2331 | 2302 | 0.1 | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daxko Acquisition Corporation+ | One stop | P + | 4.50% | (d) | 12.00% |  |  |  | 10/2027 | 6 | 5 |  |  |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daxko Acquisition Corporation+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 10/2028 | $— | $(9) |  | $(44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation\*#+ | One stop | L + | 6.25% | (a) | 10.63% |  |  |  | 08/2025 | 86070 | 86007 | 3.4 | 85211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation+ | One stop | L + | 5.75% | (a) | 10.13% |  |  |  | 08/2025 | 5949 | 5914 | 0.2 | 5824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation+ | One stop | L + | 6.25% | (a) | 10.63% |  |  |  | 08/2025 | 98 | 96 |  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon UK Bidco Limited+(8)(9)(10) | One stop | SN + | 5.75% | (i) | 9.18% |  |  |  | 02/2029 | 14015 | 15075 | 0.5 | 13455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon UK Bidco Limited+(8)(9)(10) | One stop | C + | 5.75% | (h) | 10.69% |  |  |  | 02/2029 | 283 | 294 |  | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon UK Bidco Limited+(5)(8)(9)(10) | One stop | SN + | 6.00% |  | N/A(6) |  |  |  | 02/2029 |  |  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstUp, Inc.+(22) | One stop | L + | 6.75% | (b) | 7.98% | cash/ | 3.50% | PIK | 07/2027 | 8995 | 8930 | 0.3 | 8725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstUp, Inc.+(22) | One stop | L + | 6.75% | (b) | 7.98% | cash/ | 3.50% | PIK | 07/2027 | 38 | 37 |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainsight, Inc.+(22) | One stop | L + | 6.75% | (c) | 9.56% | PIK |  |  | 07/2027 | 10196 | 10070 | 0.4 | 10094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainsight, Inc.+(5) | One stop | L + | 6.75% |  | N/A(6) |  |  |  | 07/2027 |  | (2) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc.\*#+ | One stop | L + | 5.75% | (b)(c)(l) | 9.92% |  |  |  | 05/2026 | 84410 | 84585 | 3.3 | 82721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc.+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 05/2026 |  | (2) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTIV, LLC+ | One stop | SF + | 5.25% | (m) | 8.36% |  |  |  | 02/2029 | 74029 | 73383 | 2.9 | 73289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTIV, LLC+(5) | One stop | SF + | 5.25% |  | N/A(6) |  |  |  | 02/2029 |  | (2) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTY Technology Holdings, Inc.+(22) | One stop | SF + | 6.88% | (l) | 7.16% | cash/ | 4.30% | PIK | 07/2029 | 3134 | 3077 | 0.1 | 3103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTY Technology Holdings, Inc.+(5) | One stop | SF + | 6.25% |  | N/A(6) |  |  |  | 07/2029 |  | (2) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTY Technology Holdings, Inc.+(22) | One stop | SF + | 6.88% | (l) | 7.08% | cash/ | 4.30% | PIK | 07/2029 | 2046 | 2003 | 0.1 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTY Technology Holdings, Inc.+(22) | One stop | SF + | 6.88% | (l) | 7.16% | cash/ | 4.30% | PIK | 07/2029 | 375 | 372 |  | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICIMS, Inc.+(22) | One stop | SF + | 7.25% | (l) | 7.64% | cash/ | 3.88% | PIK | 08/2028 | 7775 | 7646 | 0.3 | 7697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICIMS, Inc.+(5) | One stop | SF + | 7.25% |  | N/A(6) |  |  |  | 08/2028 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICIMS, Inc.+(5) | One stop | SF + | 7.25% |  | N/A(6) |  |  |  | 08/2028 |  |  |  | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQN Holding Corp. #+ | One stop | SF + | 5.25% | (l) | 9.65% |  |  |  | 05/2029 | 14645 | 14512 | 0.6 | 14352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQN Holding Corp. +(5) | One stop | SF + | 5.25% |  | N/A(6) |  |  |  | 05/2028 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQN Holding Corp. +(5) | One stop | SF + | 5.50% | (l) | 9.71% |  |  |  | 05/2029 | 21 | (9) |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Island Bidco AB+(8)(9)(17)(22) | One stop | E + | 7.25% | (f) | 2.75% | cash/ | 7.25% | PIK | 07/2028 | 6022 | 5810 | 0.2 | 5962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Island Bidco AB+(8)(17)(22) | One stop | SF + | 7.00% | (l)(m) | 8.29% | cash/ | 3.50% | PIK | 07/2028 | 2973 | 2947 | 0.1 | 2943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Island Bidco AB+(8)(17) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 07/2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Island Bidco AB+(5)(8)(9)(17) | One stop | E + | 6.50% |  | N/A(6) |  |  |  | 07/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juvare, LLC\* | One stop | L + | 6.25% | (a) | 10.63% |  |  |  | 10/2026 | 7526 | 7466 | 0.3 | 7451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juvare, LLC+ | One stop | L + | 6.25% | (a) | 10.63% |  |  |  | 10/2026 | 1737 | 1723 | 0.1 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juvare, LLC+ | One stop | L + | 6.25% | (a) | 10.63% |  |  |  | 10/2026 | 548 | 526 |  | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juvare, LLC+ | One stop | L + | 6.25% | (a) | 10.63% |  |  |  | 04/2026 | 45 | 45 |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaseya Inc.+ | One stop | SF + | 5.75% | (l) | 10.33% |  |  |  | 06/2029 | 9178 | 9049 | 0.4 | 8994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaseya Inc.+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 06/2029 |  | (2) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaseya Inc.+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 06/2029 |  | (5) |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc.+(22) | One stop | L + | 7.00% | (b) | 11.73% |  |  |  | 02/2025 | 49911 | 50294 | 2.0 | 49911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc.+(22) | One stop | L + | 7.00% | (b) | 11.73% |  |  |  | 02/2025 | 5588 | 5553 | 0.2 | 5588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc.+ | One stop | L + | 7.00% |  | N/A(6) |  |  |  | 02/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry Brands Holdings LLC+ | One stop | L + | 5.50% | (a) | 9.88% |  |  |  | 12/2028 | 21926 | 21738 | 0.8 | 21049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry Brands Holdings LLC+ | One stop | L + | 5.50% | (b)(d) | 10.53% |  |  |  | 12/2027 | 90 | 89 |  | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry Brands Holdings LLC+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 12/2028 |  | (5) |  | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neo Bidco GMBH+(8)(9)(13)(22) | One stop | E + | 6.50% | (e) | 4.70% | cash/ | 3.00% | PIK | 07/2028 | 6998 | 7638 | 0.3 | 6788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neo Bidco GMBH+(8)(13) | One stop | L + | 6.00% | (b) | 10.69% |  |  |  | 01/2028 | 59 | 59 |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neo Bidco GMBH+(8)(9)(13) | One stop | E + | 6.00% |  | N/A(6) |  |  |  | 01/2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naviga Inc.+ | Senior loan | SF + | 7.00% | (l) | 11.68% |  |  |  | 12/2023 | 109 | 109 |  | 109 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | One stop | L + | 4.50% | (b) | 8.73% | 10/2024 | $8388 | $8318 | 0.3 | $8220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | Second lien | L + | 8.50% | (b) | 13.18% | 10/2025 | 3424 | 3379 | 0.1 | 3424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | One stop | L + | 4.50% | (b) | 8.39% | 10/2024 | 1116 | 1112 |  | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | One stop | L + | 4.50% | (b) | 8.73% | 10/2024 | 688 | 684 |  | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | Second lien | L + | 8.50% | (b) | 13.18% | 10/2025 | 640 | 637 |  | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | Second lien | L + | 8.50% | (b) | 13.18% | 10/2025 | 377 | 375 |  | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+(8)(9) | One stop | SN + | 4.50% | (i) | 8.05% | 10/2024 | 84 | 93 |  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | One stop | L + | 4.50% | (b) | 8.73% | 10/2024 | 40 | 40 |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personify, Inc.\*#+ | One stop | SF + | 5.25% | (l) | 9.83% | 09/2024 | 13684 | 13795 | 0.6 | 13684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personify, Inc.# | One stop | SF + | 5.25% | (l) | 9.83% | 09/2024 | 8150 | 8109 | 0.3 | 8150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personify, Inc.+ | One stop | SF + | 5.25% |  | N/A(6) | 09/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PING Identity Holding Corp.+ | One stop | SF + | 7.00% | (k) | 11.32% | 10/2029 | 9953 | 9808 | 0.4 | 9828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PING Identity Holding Corp.+(5) | One stop | SF + | 7.00% |  | N/A(6) | 10/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pluralsight, LLC+ | One stop | L + | 8.00% | (b) | 11.83% | 03/2027 | 23748 | 23578 | 0.9 | 23748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pluralsight, LLC+ | One stop | L + | 8.00% | (b) | 12.75% | 03/2027 | 50 | 49 |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProcessUnity Holdings, LLC+ | One stop | L + | 6.00% | (b) | 10.73% | 09/2028 | 4221 | 4186 | 0.2 | 4178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProcessUnity Holdings, LLC+ | One stop | L + | 6.00% | (a) | 10.38% | 09/2028 | 23 | 22 |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProcessUnity Holdings, LLC+ | One stop | L + | 6.00% | (b) | 9.74% | 09/2028 | 211 | 204 |  | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.#+ | One stop | L + | 4.75% | (b) | 9.17% | 05/2027 | 18325 | 18192 | 0.7 | 18142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 9.48% | 05/2027 | 870 | 864 |  | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 9.48% | 05/2027 | 538 | 534 |  | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 9.16% | 05/2027 | 179 | 178 |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 9.16% | 05/2027 | 157 | 156 |  | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 9.48% | 05/2027 | 147 | 146 |  | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 9.48% | 05/2027 | 147 | 146 |  | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 9.43% | 05/2027 | 1583 | 1539 | 0.1 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 9.16% | 05/2027 | 58 | 58 |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+(5) | One stop | L + | 4.75% |  | N/A(6) | 05/2027 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QAD, Inc.+ | One stop | L + | 6.00% | (a) | 10.38% | 11/2027 | 9464 | 9388 | 0.4 | 9370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QAD, Inc.+(5) | One stop | L + | 6.00% |  | N/A(6) | 11/2027 |  | (4) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quant Buyer, Inc.+ | One stop | SF + | 5.50% | (l) | 9.90% | 06/2029 | 2485 | 2462 | 0.1 | 2402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quant Buyer, Inc.+ | One stop | SF + | 5.50% | (l) | 9.90% | 06/2029 | 2950 | 2923 | 0.1 | 2851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quant Buyer, Inc.+(5) | One stop | SF + | 5.50% |  | N/A(6) | 06/2029 |  | (1) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quant Buyer, Inc.+ | One stop | SF + | 6.00% | (l) | 10.40% | 06/2029 | 2022 | 2003 | 0.1 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rainforest Bidco Limited+(8)(9)(10)(22) | One stop | SN + | 5.75% | (i) | 9.18% | 07/2029 | 7140 | 6847 | 0.3 | 7069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rainforest Bidco Limited+(5)(8)(9)(10) | One stop | SN + | 5.75% |  | N/A(6) | 07/2029 |  | (16) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rainforest Bidco Limited+(8)(10) | One stop | SF + | 5.75% | (l) | 8.79% | 07/2029 | 1394 | 1376 | 0.1 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RegEd Aquireco, LLC+ | Senior loan | L + | 4.25% | (b) | 8.66% | 12/2024 | 11154 | 11159 | 0.4 | 10374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RegEd Aquireco, LLC+ | Senior loan | L + | 4.25% | (b)(d) | 9.59% | 12/2024 | 236 | 236 |  | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riskonnect Parent, LLC\*+ | One stop | SF + | 5.50% | (l) | 10.23% | 12/2028 | 10179 | 10092 | 0.4 | 9975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riskonnect Parent, LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) | 12/2028 |  | (3) |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riskonnect Parent, LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) | 12/2028 |  | (6) |  | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rodeo Buyer Company & Absorb Software Inc.+ | One stop | L + | 6.25% | (a) | 10.63% | 05/2027 | 4541 | 4508 | 0.2 | 4496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rodeo Buyer Company & Absorb Software Inc.+ | One stop | L + | 6.25% | (a) | 10.49% | 05/2027 | 7 | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint Technologies Holdings, Inc.+ | One stop | SF + | 6.25% | (k) | 10.58% | 08/2029 | 9827 | 9640 | 0.4 | 9434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint Technologies Holdings, Inc.+(5) | One stop | SF + | 6.25% |  | N/A(6) | 08/2028 |  | (2) |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapphire Bidco Oy+(8)(9)(16) | One stop | E + | 6.00% | (e) | 7.32% | 04/2029 | 32884 | 30404 | 1.3 | 32556 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonatype, Inc.+ | One stop | SF + | 6.75% | (l) | 11.08% |  |  |  | 12/2025 | $40459 | $40231 | 1.6 | $40459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonatype, Inc.+ | One stop | SF + | 6.75% | (l) | 11.08% |  |  |  | 12/2025 | 851 | 846 |  | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonatype, Inc.+(5) | One stop | SF + | 6.75% |  | N/A(6) |  |  |  | 12/2025 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spartan Buyer Acquisition Co.\*#+(22) | One stop | SF + | 8.50% | (k) | 10.82% | cash/ | 2.00% | PIK | 12/2026 | 31466 | 31058 | 1.2 | 31152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spartan Buyer Acquisition Co.+(22) | One stop | SF + | 8.50% | (k) | 10.82% | cash/ | 2.00% | PIK | 12/2026 | 2000 | 1960 | 0.1 | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spartan Buyer Acquisition Co.+(5)(22) | One stop | P + | 7.50% | (d) | 13.00% | cash/ | 2.00% | PIK | 12/2026 | 1 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tahoe Bidco B.V. + | One stop | L + | 6.00% | (b) | 10.75% |  |  |  | 09/2028 | 12058 | 11959 | 0.5 | 11817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tahoe Bidco B.V. +(5) | One stop | L + | 6.00% |  | N/A(6) |  |  |  | 10/2027 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesoft Holdings LLC+ | One stop | L + | 5.75% | (a)(c) | 10.30% |  |  |  | 12/2025 | 884 | 874 |  | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesoft Holdings LLC+ | One stop | L + | 5.75% | (a) | 10.14% |  |  |  | 12/2025 | 8 | 7 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesoft Holdings LLC+ | One stop | L + | 6.25% | (c) | 11.18% |  |  |  | 08/2028 | 65 | 64 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templafy APS and Templafy, LLC+(8)(18) | One stop | SF + | 6.50% | (m) | 9.64% |  |  |  | 07/2028 | 3171 | 3092 | 0.1 | 3171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templafy APS and Templafy, LLC+(8)(18) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 07/2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templafy APS and Templafy, LLC+(5)(8)(18) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 07/2028 |  | (17) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Intermediate Holdings, LLC+ | Senior loan | L + | 4.25% | (b)(c) | 9.18% |  |  |  | 12/2024 | 3436 | 3459 | 0.2 | 3421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Intermediate Holdings, LLC+ | Senior loan | L + | 4.25% | (b)(c) | 9.18% |  |  |  | 12/2024 | 908 | 897 |  | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Intermediate Holdings, LLC+ | Senior loan | L + | 4.25% | (b)(c) | 9.18% |  |  |  | 12/2024 | 427 | 422 |  | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Intermediate Holdings, LLC+ | Senior loan | L + | 4.50% | (b)(c) | 9.42% |  |  |  | 12/2024 | 386 | 381 |  | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Intermediate Holdings, LLC+ | Senior loan | L + | 4.50% | (b)(c) | 9.43% |  |  |  | 12/2024 | 157 | 155 |  | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Intermediate Holdings, LLC+ | Senior loan | L + | 4.25% |  | N/A(6) |  |  |  | 12/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC\*# | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 15205 | 15254 | 0.6 | 15205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 6876 | 6801 | 0.3 | 6876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 4171 | 4143 | 0.2 | 4171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 1762 | 1791 | 0.1 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC#+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 1710 | 1736 | 0.1 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC\*# | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 1667 | 1693 | 0.1 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC#+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 1611 | 1624 | 0.1 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC\*+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 1552 | 1577 | 0.1 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC#+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 1447 | 1469 | 0.1 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC\*# | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 1185 | 1193 |  | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC#+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 653 | 662 |  | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 452 | 449 |  | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 437 | 435 |  | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 250 | 249 |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 63 | 64 |  | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 58 | 59 |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+(5) | One stop | SF + | 6.25% |  | N/A(6) |  |  |  | 03/2025 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 11.40% |  |  |  | 03/2025 | 1336 | 1325 | 0.1 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech, Inc.\*#+ | One stop | L + | 6.00% | (a) | 10.38% |  |  |  | 12/2024 | 21972 | 22041 | 0.9 | 21751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech, Inc.#+ | One stop | L + | 6.00% | (a) | 10.38% |  |  |  | 12/2024 | 9118 | 9185 | 0.4 | 9026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech, Inc.+ | One stop | L + | 6.00% | (a) | 10.38% |  |  |  | 12/2024 | 100 | 99 |  | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(22) | One stop | N/A |  |  | 4.50% | cash/ | 6.07% | PIK | 05/2024 | 8132 | 8619 | 0.3 | 7156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(22) | One stop | N/A |  |  | 4.50% | cash/ | 6.07% | PIK | 05/2024 | 134 | 144 |  | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vendavo, Inc.\*#+ | One stop | L + | 5.75% | (b) | 10.49% |  |  |  | 09/2027 | 19562 | 19426 | 0.7 | 18388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vendavo, Inc.+ | One stop | P + | 4.75% | (d) | 12.25% |  |  |  | 09/2027 | 40 | 39 |  | 31 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WebPT, Inc.+ | One stop | L + | 6.75% | (b) | 11.48% |  |  |  | 01/2028 | $626 | $618 |  | $620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+(22) | One stop | L + | 7.25% | (c) | 9.46% | cash/ | 3.00% | PIK | 07/2025 | 28391 | 28724 | 1.1 | 27824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+(22) | One stop | L + | 7.25% | (c) | 9.46% | cash/ | 3.00% | PIK | 07/2025 | 5024 | 4994 | 0.2 | 4923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+(22) | One stop | L + | 7.25% | (c) | 9.46% | cash/ | 3.00% | PIK | 07/2025 | 3558 | 3508 | 0.1 | 3487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+ | One stop | L + | 6.50% | (b)(c) | 11.48% |  |  |  | 07/2025 | 118 | 116 |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+(22) | One stop | L + | 7.25% | (c) | 9.46% | cash/ | 3.00% | PIK | 07/2025 | 104 | 103 |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc.+ | One stop | SF + | 6.50% | (l) | 11.04% |  |  |  | 11/2028 | 19960 | 19568 | 0.8 | 19561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc.+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 11/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc.+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 11/2028 |  | (49) |  | (50) |
|  |  |  |  |  |  |  |  |  |  | 1366216 | 1357406 | 53.6 | 1347209 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ave Holdings III, Corp\*+ | One stop | SF + | 5.50% | (l) | 10.23% | 02/2028 | $25831 | $25385 | 1.0 | $25315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ave Holdings III, Corp+(5) | One stop | SF + | 5.50% |  | N/A(6) | 02/2028 |  | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ave Holdings III, Corp+(5) | One stop | SF + | 5.50% |  | N/A(6) | 02/2028 |  | (10) |  | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ave Holdings III, Corp+ | One stop | SF + | 5.50% | (l) | 10.23% | 02/2028 | 300 | 298 |  | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Batteries Plus Holding Corporation\*# | One stop | L + | 6.75% | (a) | 11.13% | 06/2023 | 21921 | 21921 | 0.9 | 21921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Batteries Plus Holding Corporation+ | One stop | L + | 6.75% | (a) | 11.13% | 06/2023 | 1416 | 1414 | 0.1 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Batteries Plus Holding Corporation+ | One stop | L + | 6.75% | (a)(d) | 11.45% | 06/2023 | 59 | 59 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(10) | One stop | SF + | 5.75% | (l) | 10.48% | 05/2028 | 11509 | 11330 | 0.5 | 11164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited#+(8)(10) | One stop | SF + | 5.75% | (l) | 10.48% | 05/2028 | 9950 | 9859 | 0.4 | 9651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(9)(10) | One stop | E + | 6.25% | (e) | 8.38% | 05/2028 | 9086 | 9466 | 0.4 | 8814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(10) | One stop | SF + | 5.75% | (l) | 10.48% | 05/2028 | 2153 | 2119 | 0.1 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(10) | One stop | SF + | 5.75% | (l) | 10.48% | 05/2028 | 1432 | 1418 | 0.1 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(10) | One stop | SF + | 5.75% | (l) | 10.48% | 05/2028 | 732 | 715 |  | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(5)(8)(10) | One stop | SF + | 5.75% |  | N/A(6) | 05/2028 |  | (2) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(9)(10) | One stop | E + | 6.25% | (e) | 8.38% | 05/2028 | 38 | 34 |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(5)(8)(10) | One stop | SF + | 5.75% |  | N/A(6) | 05/2028 |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(9)(10) | One stop | E + | 6.25% | (e) | 8.32% | 05/2028 | 31 | 30 |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cycle Gear, Inc.\*#+ | One stop | SF + | 5.50% | (l) | 10.23% | 01/2026 | 48727 | 48617 | 1.9 | 48241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 20612 | 20564 | 0.8 | 19472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.# | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 4755 | 4740 | 0.2 | 4492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.# | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 4138 | 4125 | 0.2 | 3910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 3581 | 3592 | 0.2 | 3383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.\*+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 2792 | 2787 | 0.1 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 2756 | 2747 | 0.1 | 2604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 2233 | 2226 | 0.1 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 2053 | 2046 | 0.1 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.#+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 1898 | 1909 | 0.1 | 1793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 1650 | 1645 | 0.1 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 1451 | 1446 | 0.1 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 1432 | 1427 | 0.1 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 1386 | 1382 | 0.1 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 1365 | 1361 | 0.1 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.#+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 1236 | 1243 | 0.1 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 1142 | 1139 | 0.1 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.\*+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 1125 | 1131 | 0.1 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 965 | 962 |  | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 877 | 874 |  | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 658 | 656 |  | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 632 | 630 |  | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 624 | 622 |  | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 553 | 551 |  | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 500 | 499 |  | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 498 | 496 |  | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 485 | 483 |  | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 476 | 474 |  | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 458 | 455 |  | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 453 | 451 |  | 428 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | $449 | $447 |  | $424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 445 | 443 |  | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 441 | 439 |  | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 415 | 413 |  | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 413 | 412 |  | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 413 | 411 |  | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 409 | 407 |  | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 409 | 408 |  | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 379 | 378 |  | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 357 | 356 |  | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 357 | 356 |  | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 352 | 351 |  | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 326 | 326 |  | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 313 | 312 |  | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+(5) | One stop | L + | 6.75% |  | N/A(6) | 08/2023 |  | (33) |  | (528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 305 | 304 |  | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 283 | 282 |  | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 276 | 275 |  | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 276 | 275 |  | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 271 | 271 |  | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 269 | 268 |  | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 257 | 256 |  | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 256 | 255 |  | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 238 | 237 |  | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 238 | 237 |  | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 218 | 217 |  | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 218 | 217 |  | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 214 | 214 |  | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 208 | 208 |  | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 195 | 194 |  | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 193 | 192 |  | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 191 | 191 |  | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 188 | 188 |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 179 | 178 |  | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 172 | 171 |  | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 167 | 166 |  | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 165 | 164 |  | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 160 | 160 |  | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 159 | 159 |  | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 158 | 157 |  | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 153 | 152 |  | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 152 | 151 |  | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 143 | 142 |  | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 142 | 142 |  | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 137 | 137 |  | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 132 | 132 |  | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 131 | 131 |  | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 131 | 131 |  | 124 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | $128 | $128 |  | $121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 127 | 127 |  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 124 | 123 |  | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 113 | 113 |  | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 114 | 113 |  | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 114 | 113 |  | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 111 | 111 |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 109 | 109 |  | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 106 | 106 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 105 | 105 |  | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 104 | 104 |  | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 105 | 104 |  | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 99 | 99 |  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 95 | 95 |  | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 85 | 85 |  | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 86 | 85 |  | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 82 | 82 |  | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 79 | 79 |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 78 | 78 |  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 75 | 75 |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 75 | 75 |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 75 | 75 |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 75 | 75 |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 74 | 73 |  | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 73 | 73 |  | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 71 | 71 |  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 68 | 68 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 68 | 67 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 65 | 64 |  | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 63 | 63 |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 62 | 62 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 61 | 61 |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 60 | 60 |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 59 | 59 |  | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 55 | 55 |  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 55 | 54 |  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 54 | 54 |  | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 52 | 52 |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 47 | 47 |  | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 42 | 42 |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 41 | 41 |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 40 | 40 |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 38 | 38 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 35 | 35 |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 34 | 34 |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 34 | 34 |  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 35 | 35 |  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 34 | 34 |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 32 | 32 |  | 31 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | $31 | $31 |  | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 29 | 29 |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 29 | 29 |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 29 | 29 |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 27 | 27 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 27 | 27 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 26 | 26 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 26 | 26 |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 26 | 26 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 25 | 25 |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 25 | 25 |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 24 | 24 |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 23 | 23 |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 23 | 23 |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 21 | 21 |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 19 | 19 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 19 | 19 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 19 | 19 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 19 | 19 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 19 | 19 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 18 | 18 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 17 | 17 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 17 | 17 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 17 | 17 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 16 | 16 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 15 | 15 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 14 | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 12 | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 13 | 13 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 13 | 13 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 13 | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 13 | 13 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 13 | 13 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 11 | 11 |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 11 | 11 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 11 | 11 |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 10 | 10 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 10 | 10 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 10 | 10 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 10 | 10 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 9 | 9 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 9 | 9 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 9 | 9 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 9 | 9 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 8 | 8 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 8 | 8 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 8 | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 8 | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% | 08/2023 | 7 | 7 |  | 6 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% |  |  |  | 08/2023 | $6 | $6 |  | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% |  |  |  | 08/2023 | 6 | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% |  |  |  | 08/2023 | 5 | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% |  |  |  | 08/2023 | 5 | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% |  |  |  | 08/2023 | 3 | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% |  |  |  | 08/2023 | 385 | 384 |  | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% |  |  |  | 08/2023 | 170 | 169 |  | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% |  |  |  | 08/2023 | 57 | 57 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% |  |  |  | 08/2023 | 38 | 38 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% |  |  |  | 08/2023 | 26 | 26 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (b) | 11.16% |  |  |  | 08/2023 | 16 | 16 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC# | One stop | SF + | 5.75% | (k)(l) | 10.11% |  |  |  | 08/2029 | 8470 | 8320 | 0.4 | 8300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC+(22) | One stop | N/A |  |  | 13.00% |  |  |  | 08/2030 | 949 | 927 |  | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC+ | One stop | SF + | 5.75% | (k) | 10.07% |  |  |  | 08/2029 | 105 | 97 |  | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 08/2029 |  | (23) |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC+(5)(22) | One stop | N/A |  |  | 13.00% |  |  |  | 08/2030 | 1 | (3) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salon Lofts Group, LLC+ | One stop | SF + | 5.75% | (l) | 10.33% |  |  |  | 08/2028 | 3567 | 3533 | 0.2 | 3531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salon Lofts Group, LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 08/2028 |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salon Lofts Group, LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 08/2028 |  | (17) |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salon Lofts Group, LLC+ | One stop | SF + | 5.75% | (l) | 10.22% |  |  |  | 08/2028 | 58 | 58 |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III, Inc.+(8)(12) | One stop | SF + | 6.75% | (l) | 11.30% |  |  |  | 12/2029 | 20697 | 20181 | 0.8 | 20387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III, Inc.+(8)(12) | One stop | SF + | 6.75% | (l) | 11.30% |  |  |  | 12/2028 | 6 | 5 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III, Inc.+(5)(8)(12) | One stop | SF + | 6.75% |  | N/A(6) |  |  |  | 12/2029 |  | (64) |  | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan Fitness, LLC\*#+(22) | One stop | L + | 6.75% | (a)(b) | 9.19% | cash/ | 2.00% | PIK | 02/2025 | 30890 | 31052 | 1.1 | 28414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan Fitness, LLC+(22) | One stop | L + | 6.75% | (c) | 8.94% | cash/ | 2.00% | PIK | 02/2025 | 1924 | 1914 | 0.1 | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan Fitness, LLC+(22) | One stop | L + | 6.75% | (c) | 8.94% | cash/ | 2.00% | PIK | 02/2025 | 492 | 491 |  | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermont Aus Pty Ltd+(8)(11) | One stop | SF + | 5.50% | (l) | 10.23% |  |  |  | 03/2028 | 8321 | 8212 | 0.3 | 8321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermont Aus Pty Ltd+(8)(9)(11) | One stop | A + | 5.75% | (g) | 9.06% |  |  |  | 03/2028 | 7736 | 8360 | 0.3 | 7736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSG Acquisition Corp. and Sherrill, Inc.+ | One stop | SF + | 5.50% | (l) | 10.34% |  |  |  | 04/2028 | 8287 | 8178 | 0.4 | 8122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSG Acquisition Corp. and Sherrill, Inc.+(5) | One stop | P + | 4.50% | (d) | 12.00% |  |  |  | 04/2028 | 1 |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSG Acquisition Corp. and Sherrill, Inc.+ | One stop | SF + | 5.50% | (l) | 10.31% |  |  |  | 04/2028 | 70 | 66 |  | 63 |
|  |  |  |  |  |  |  |  |  |  | 304754 | 303725 | 11.7 | 294230 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Recovery Solutions Inc.\*#+(22) | One stop | L + | 6.75% | (b) | 10.73% | cash/ | 0.75% | PIK | 06/2023 | $22073 | $22073 | 0.9 | $21854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Recovery Solutions Inc.+(22) | One stop | L + | 6.75% | (b)(d) | 11.42% | cash/ | 0.75% | PIK | 06/2023 | 873 | 871 |  | 862 |
|  |  |  |  |  |  |  |  |  |  | 22946 | 22944 | 0.9 | 22716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollfus Mieg Company, Inc.+(8)(10) | One stop | L + | 6.00% | (c) | 10.12% |  |  |  | 03/2028 | 1954 | 1933 | 0.1 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollfus Mieg Company, Inc.+(8)(10) | One stop | L + | 6.00% | (c) | 10.12% |  |  |  | 03/2028 | 974 | 963 |  | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollfus Mieg Company, Inc.+(8)(10) | One stop | L + | 6.00% | (c) | 10.12% |  |  |  | 03/2028 | 855 | 846 |  | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollfus Mieg Company, Inc.+(5)(8)(9)(10) | One stop | E + | 6.00% |  | N/A(6) |  |  |  | 03/2028 |  | (1) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.+(22) | Senior loan | L + | 7.00% | (b) | 10.98% | cash/ | 0.75% | PIK | 09/2025 | 9970 | 9864 | 0.4 | 9272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.+(22) | Senior loan | L + | 7.00% | (b) | 10.98% | cash/ | 0.75% | PIK | 09/2025 | 4007 | 3964 | 0.2 | 3727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.+(22) | Senior loan | L + | 7.00% | (b) | 10.98% | cash/ | 0.75% | PIK | 09/2025 | 2063 | 2040 | 0.1 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.+(22) | Senior loan | L + | 7.00% | (b) | 10.98% | cash/ | 0.75% | PIK | 09/2025 | 230 | 218 |  | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.\*+(22) | Senior loan | L + | 7.00% | (b) | 10.98% | cash/ | 0.75% | PIK | 09/2025 | 684 | 677 |  | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.+(22) | Senior loan | L + | 7.00% | (b) | 10.98% | cash/ | 0.75% | PIK | 09/2025 | 314 | 310 |  | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.\*+(22) | Senior loan | L + | 7.00% | (b) | 10.98% | cash/ | 0.75% | PIK | 09/2025 | 300 | 297 |  | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.+(22) | Senior loan | L + | 7.00% | (b) | 10.98% | cash/ | 0.75% | PIK | 09/2025 | 8 | 8 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC#+ | One stop | L + | 5.50% | (c) | 9.67% |  |  |  | 11/2023 | 9583 | 9530 | 0.4 | 9608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC\*# | One stop | L + | 5.50% | (b)(c) | 9.67% |  |  |  | 11/2023 | 6489 | 6447 | 0.3 | 6505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC+ | One stop | L + | 5.50% | (b)(c) | 9.67% |  |  |  | 11/2023 | 1004 | 997 |  | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC#+ | One stop | L + | 5.50% | (b)(c) | 9.67% |  |  |  | 11/2023 | 902 | 897 |  | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC\*# | One stop | L + | 5.50% | (b)(c) | 9.67% |  |  |  | 11/2023 | 633 | 629 |  | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC+ | One stop | L + | 5.50% | (c) | 9.67% |  |  |  | 11/2023 | 2 | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc.+ | One stop | L + | 6.25% | (c) | 10.43% |  |  |  | 12/2027 | 626 | 618 |  | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO Holding I Corporation+ | Senior loan | L + | 5.25% | (b) | 9.66% |  |  |  | 04/2024 | 3950 | 3952 | 0.1 | 3674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO Holding I Corporation+ | Senior loan | L + | 5.23% | (b) | 9.64% |  |  |  | 04/2024 | 67 | 67 |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO Holding I Corporation+ | Senior loan | L + | 5.00% | (b) | 9.57% |  |  |  | 04/2024 | 66 | 66 |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO Holding I Corporation+ | Senior loan | L + | 4.00% | (b) | 8.52% |  |  |  | 04/2024 | 46 | 46 |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO Holding I Corporation+ | Senior loan | L + | 4.00% | (b) | 8.72% |  |  |  | 04/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO Holding I Corporation+ | Senior loan | L + | 5.23% | (b) | 9.57% |  |  |  | 04/2024 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 44727 | 44370 | 1.6 | 42928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies and Distributors** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies and Distributors** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcone Yellowstone Buyer Inc.+ | One stop | SF + | 6.25% | (l) | 10.98% |  |  |  | 06/2028 | 19069 | 18771 | 0.7 | 18304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcone Yellowstone Buyer Inc.+ | One stop | SF + | 6.25% | (l) | 10.98% |  |  |  | 06/2028 | 15208 | 14950 | 0.6 | 14597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcone Yellowstone Buyer Inc.+ | One stop | SF + | 6.25% | (l) | 10.91% |  |  |  | 06/2028 | 454 | 447 |  | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcone Yellowstone Buyer Inc.+ | One stop | SF + | 6.25% | (l) | 10.94% |  |  |  | 06/2028 | 458 | 451 |  | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcone Yellowstone Buyer Inc.+ | One stop | SF + | 6.50% | (l) | 11.23% |  |  |  | 06/2028 | 4144 | 4023 | 0.2 | 4020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcone Yellowstone Buyer Inc.+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 06/2028 |  | (42) |  | (43) |
|  |  |  |  |  |  |  |  |  |  | 39333 | 38600 | 1.5 | 37753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Water Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Water Utilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.J. Electro Systems, LLC+ | Senior loan | L + | 4.50% | (b) | 9.23% |  |  |  | 06/2027 | 16965 | 16839 | 0.6 | 16117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.J. Electro Systems, LLC+(5) | Senior loan | L + | 4.50% |  | N/A(6) |  |  |  | 06/2027 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.J. Electro Systems, LLC+ | Senior loan | L + | 4.50% | (b) | 9.23% |  |  |  | 06/2027 | 151 | 150 |  | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.J. Electro Systems, LLC+ | Senior loan | L + | 4.50% | (b) | 9.23% |  |  |  | 06/2027 | 80 | 79 |  | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC+ | Senior loan | L + | 4.50% | (b)(c) | 9.44% |  |  |  | 11/2026 | 647 | 619 |  | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC+ | Senior loan | L + | 4.50% | (a) | 8.88% |  |  |  | 11/2026 | 208 | 206 |  | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC+ | Senior loan | P + | 3.50% | (d) | 11.00% |  |  |  | 10/2026 | 6 | 6 |  | 6 |
|  |  |  |  |  |  |  |  |  |  | 18057 | 17897 | 0.6 | 17139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company debt investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company debt investments** |  |  |  |  |  |  |  |  | $**5302011** | $**5263200** | **203.8** | $**5122593** |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** <sup>(19)(20)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace and Defense** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace and Defense** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronair Parent, Inc.+ | LLC units | N/A | N/A |  | N/A |  | $40 |  | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitcraft LLC+ | Common Stock | N/A | N/A |  | N/A | 11 | 2285 | 0.1 | 2825 |
|  |  |  |  |  |  |  | 2325 | 0.1 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Components** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Components** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Acquisition Corp.+ | LP Interest | N/A | N/A |  | N/A | 5 | 314 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CG Group Holdings, LLC+ | LP units | N/A | N/A |  | N/A | 1 | 730 |  | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Go Car Wash Parent, Corp.+(21) | Preferred Stock | N/A | 13.00% | Non-Cash | N/A |  | 136 |  | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Go Car Wash Parent, Corp.+ | Common Stock | N/A | N/A |  | N/A |  | 29 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | LP units | N/A | N/A |  | N/A |  | 330 |  | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Express Wash Parent Holdco, LLC+ | LP units | N/A | N/A |  | N/A | 1 | 61 |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POY Holdings, LLC+ | LLC units | N/A | N/A |  | N/A | 141 | 141 |  | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC | LLC interest | N/A | N/A |  | N/A |  | 509 | 0.1 | 1026 |
|  |  |  |  |  |  |  | 1936 | 0.1 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobepa BlueSky Aggregator, SCSp+ | LP Interest | N/A | N/A |  | N/A | 177 | 1769 |  | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BECO Holding Company, Inc.+(21) | Preferred Stock | N/A | 11.75% | Non-Cash | N/A | 10 | 983 | 0.1 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BECO Holding Company, Inc.+ | LP Interest | N/A | N/A |  | N/A | 2 | 196 |  | 195 |
|  |  |  |  |  |  |  | 1179 | 0.1 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhance Technologies Holdings LLC+ | Preferred Stock | N/A | N/A |  | N/A | 2 | 1960 | 0.1 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhance Technologies Holdings LLC+ | LLC units | N/A | N/A |  | N/A |  | 124 |  | 77 |
|  |  |  |  |  |  |  | 2084 | 0.1 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI (Quercus) Intermediate Holdings, LLC+ | LP Interest | N/A | N/A |  | N/A | 540 | 540 |  | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGD Security Systems, LLC + | Common Stock | N/A | N/A |  | N/A | 855 | 855 | 0.1 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Authority III Limited+(8)(9)(10) | Preferred Stock | N/A | N/A |  | N/A | 284 | 385 |  | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Authority III Limited+(8)(9)(10) | Common Stock | N/A | N/A |  | N/A | 6 | 44 | 0.1 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Stack Buyer, LLC | LLC units | N/A | N/A |  | N/A | 359 | 359 |  | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC+ | LLC units | N/A | N/A |  | N/A | 8 | 767 |  | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC+(21) | LP units | N/A | N/A |  | N/A | 2 | 233 |  | 257 |
|  |  |  |  |  |  |  | 3183 | 0.2 | 4844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers and Packaging** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Intermediate+ | LP units | N/A | N/A |  | N/A | 49 | 49 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHHJ Midco, LLC+(21) | LLC units | N/A | N/A |  | N/A | 19 | 193 |  | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP Flores Holdings, LLC+ | LLC units | N/A | N/A |  | N/A | 70 | 70 |  | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMS LINQ, LLC+ | LP Interest | N/A | N/A |  | N/A | 525 | 525 |  | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EWC Growth Partners LLC+ | LLC interest | N/A | N/A |  | N/A |  | 12 |  | 5 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS Spa Holdings, Inc.+ | Common Stock | N/A | N/A | N/A | 479 | $479 |  | $483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liminex, Inc.+ | Common Stock | N/A | N/A | N/A | 12 | 434 | 0.1 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSG Buyer, Inc. + | LP units | N/A | N/A | N/A | 2 | 1860 | 0.1 | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PADI Holdco, Inc.+ | LLC interest | N/A | N/A | N/A | 1 | 987 |  | 434 |
|  |  |  |  |  |  | 4560 | 0.2 | 4502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc.+ | Preferred Stock | N/A | N/A | N/A |  | 372 |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc.+ | LLC units | N/A | N/A | N/A |  | 88 |  | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc.+ | LP Interest | N/A | N/A | N/A |  | 20 |  | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc.+ | Common Stock | N/A | N/A | N/A |  |  |  |  |
|  |  |  |  |  |  | 480 |  | 414 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benihana, Inc.+ | LLC units | N/A | N/A | N/A | 43 | $699 |  | $728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.+ | Common Stock | N/A | N/A | N/A | 5 | 603 | 0.1 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Feeders Supply Company, LLC+ | Preferred Stock | N/A | N/A | N/A | 4 | 400 |  | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Feeders Supply Company, LLC+ | Common Stock | N/A | N/A | N/A |  |  |  | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hopdoddy Holdings, LLC+ | LLC units | N/A | N/A | N/A | 44 | 217 |  | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hopdoddy Holdings, LLC+ | LLC units | N/A | N/A | N/A | 20 | 61 |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | Common Stock | N/A | N/A | N/A | 168 | 770 | 0.1 | 1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The+ | LLC interest | N/A | N/A | N/A | 32 | 389 |  | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The+ | LLC interest | N/A | N/A | N/A | 2 | 20 |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wood Fired Holding Corp.+ | LLC units | N/A | N/A | N/A | 437 | 444 |  | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wood Fired Holding Corp.+ | Common Stock | N/A | N/A | N/A | 437 |  | 0.1 | 1839 |
|  |  |  |  |  |  | 3603 | 0.3 | 6992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+ | Preferred Stock | N/A | N/A | N/A | 77 | 102 |  | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+ | LLC units | N/A | N/A | N/A | 3 | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+ | Common Stock | N/A | N/A | N/A | 1 | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+ | Preferred Stock | N/A | N/A | N/A | 1 | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. J. Foods, Inc.+ | Preferred Stock | N/A | N/A | N/A |  | 75 |  | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak Cakes, LLC+ | Common Stock | N/A | N/A | N/A |  | 281 |  | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak Cakes, LLC+ | LLC units | N/A | N/A | N/A | 191 | 191 |  | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Fish Fry Products, Ltd.+ | Common Stock | N/A | N/A | N/A |  | 483 |  | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Fish Fry Products, Ltd.+ | Preferred Stock | N/A | N/A | N/A |  | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P&P Food Safety Holdings, Inc.+ | Common Stock | N/A | N/A | N/A | 4 | 356 |  | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purfoods, LLC+ | LLC interest | N/A | N/A | N/A |  | 945 | 0.2 | 4324 |
|  |  |  |  |  |  | 2455 | 0.2 | 5678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Medical Products, LLC+ | LP Interest | N/A | N/A | N/A |  | 77 |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Pet Care, LLC+ | Common Stock | N/A | N/A | N/A |  | 76 |  | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC+ | LP Interest | N/A | N/A | N/A |  | 336 |  | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMI Parent Inc.+ | Common Stock | N/A | N/A | N/A |  | 132 |  | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMI Parent Inc.+ | Common Stock | N/A | N/A | N/A | 3 | 3 |  | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G & H Wire Company, Inc.+ | LLC interest | N/A | N/A | N/A | 335 | 269 |  | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joerns Healthcare, LLC\*+ | Common Stock | N/A | N/A | N/A | 432 | 4329 |  |  |
|  |  |  |  |  |  | 5222 |  | 1073 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.+ | LLC interest | N/A | N/A |  | N/A | 2 | $1099 |  | $210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+(21) | LLC interest | N/A | N/A |  | N/A | 1632 | 2235 | 0.2 | 4124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | LLC units | N/A | N/A |  | N/A | 889 | 1023 | 0.1 | 2426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC+ | Preferred Stock | N/A | N/A |  | N/A | 2 | 1119 | 0.1 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC+ | Common Stock | N/A | N/A |  | N/A |  | 6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ | LLC units | N/A | N/A |  | N/A | 129 | 132 |  | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc.+ | LP Interest | N/A | N/A |  | N/A | 429 | 327 | 0.1 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCA Investment Holding, LLC | Preferred Stock | N/A | N/A |  | N/A | 1142 | 533 | 0.1 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCA Investment Holding, LLC | Common Stock | N/A | N/A |  | N/A | 12 | 5 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerge Intermediate, Inc.+ | LLC units | N/A | N/A |  | N/A |  | 648 |  | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerge Intermediate, Inc.+ | LLC units | N/A | N/A |  | N/A |  | 61 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerge Intermediate, Inc.+ | LLC units | N/A | N/A |  | N/A | 9 | 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore GC Acquisition, LLC+ | LLC interest | N/A | N/A |  | N/A | 26 | 272 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore GC Acquisition, LLC+ | LLC units | N/A | N/A |  | N/A | 26 | 52 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Common Stock | N/A | N/A |  | N/A |  | 15 |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | LLC units | N/A | N/A |  | N/A |  | 11 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+ | LLC units | N/A | N/A |  | N/A |  | 262 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+ | LLC units | N/A | N/A |  | N/A |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krueger-Gilbert Health Physics, LLC+ | Common Stock | N/A | N/A |  | N/A | 177 | 199 |  | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest Veterinary Partners, LLC+(21) | Preferred Stock | N/A | 12.00% | Non-Cash | N/A | 1 | 1054 | 0.1 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest Veterinary Partners, LLC+ | Warrant | N/A | N/A |  | N/A | 6 |  |  | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest Veterinary Partners, LLC+ | Warrant | N/A | N/A |  | N/A |  | 29 |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWD Management, LLC & MWD Services, Inc.+ | LLC interest | N/A | N/A |  | N/A | 412 | 335 |  | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NDX Parent, LLC+ | Common Stock | N/A | N/A |  | N/A |  | 272 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) | Common Stock | N/A | N/A |  | N/A |  | 321 |  | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Street Dermatology Holdings, LLC+ | LLC interest | N/A | N/A |  | N/A | 452 | 234 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | LLC interest | N/A | N/A |  | N/A |  | 528 |  | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | LLC interest | N/A | N/A |  | N/A | 4 | 74 |  | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc.+ | LLC units | N/A | N/A |  | N/A | 11 | 68 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc.+ | LLC interest | N/A | N/A |  | N/A | 43 | 55 |  | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC+ | LLC units | N/A | N/A |  | N/A |  | 249 |  | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC+ | LLC units | N/A | N/A |  | N/A | 3 | 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSH Corporation+ | Common Stock | N/A | N/A |  | N/A |  | 40 |  | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suveto Buyer, LLC+ | Common Stock | N/A | N/A |  | N/A | 6 | 562 |  | 277 |
|  |  |  |  |  |  |  | 11828 | 0.7 | 16557 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connexin Software, Inc.+ | LLC interest | N/A | N/A |  | N/A | 154 | $193 |  | $213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | LP Interest | N/A | N/A |  | N/A |  | 292 |  | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | LP Interest | N/A | N/A |  | N/A |  | 5 |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc.+(21) | Preferred Stock | N/A | 11.00% | Non-Cash | N/A | 12 | 12185 | 0.5 | 12313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc.+(21) | Preferred Stock | N/A | 10.63% | Non-Cash | N/A | 2 | 2880 | 0.2 | 4132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc.+(21) | Preferred Stock | N/A | 11.00% | Non-Cash | N/A | 2 | 1477 | 0.1 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc.+(21) | Preferred Stock | N/A | 11.00% | Non-Cash | N/A | 1 | 910 | 0.1 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc.+ | LLC units | N/A | N/A |  | N/A |  | 161 |  | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc.+ | Common Stock | N/A | N/A |  | N/A | 177 |  |  | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | Warrant | N/A | N/A |  | N/A | 169 | 871 |  | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | Warrant | N/A | N/A |  | N/A | 53 | 162 |  | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | LLC interest | N/A | N/A |  | N/A | 348 | 2824 | 0.1 | 2863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 1 | 8 |  | 11 |
|  |  |  |  |  |  |  | 21968 | 1.0 | 24241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddy's Frozen Custard LLC+ | LP Interest | N/A | N/A |  | N/A | 206 | 206 |  | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+ | LLC units | N/A | N/A |  | N/A | 83 | 658 |  | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+ | Preferred Stock | N/A | N/A |  | N/A | 71 | 455 |  | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+ | Warrant | N/A | N/A |  | N/A | 21 | 106 |  | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LMP TR Holdings, LLC | LLC units | N/A | N/A |  | N/A | 712 | 712 | 0.1 | 2769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSRG Holdings, LLC+ | LP Interest | N/A | N/A |  | N/A | 6 | 61 |  | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tropical Smoothie Cafe Holdings, LLC+ | LP Interest | N/A | N/A |  | N/A | 5 | 246 | 0.1 | 934 |
|  |  |  |  |  |  |  | 2444 | 0.2 | 5430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+(21) | LLC interest | N/A | N/A |  | N/A |  | 155 |  | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Majesco+ | LP Interest | N/A | N/A |  | N/A |  | 307 |  | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Majesco+ | LP Interest | N/A | N/A |  | N/A | 69 |  |  | 42 |
|  |  |  |  |  |  |  | 307 |  | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet and Catalog Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet and Catalog Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 17 | 17025 | 0.7 | 17636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 10 | 10219 | 0.4 | 10585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 1 | 1104 |  | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 7 | 7034 | 0.3 | 6540 |
|  |  |  |  |  |  |  | 35382 | 1.4 | 35862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appriss Health Intermediate Holdings, Inc+(21) | Preferred Stock | N/A | 11.00% | Non-Cash | N/A | 2 | 2061 | 0.1 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 587 | 462 | 0.2 | 4524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 154 | 423 | 0.1 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 35 | 291 |  | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ | Warrant | N/A | N/A |  | N/A | 202 | 159 | 0.1 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start, Inc.+ | Common Stock | N/A | N/A |  | N/A | 225 | 225 |  | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.+ | Common Stock | N/A | N/A |  | N/A | 75 | 807 |  | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentik Technologies, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 192 | 1103 |  | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netwrix Corporation+ | LLC units | N/A | N/A |  | N/A | 9 | 18 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Intermediate II Holdings, LLC+ | LLC interest | N/A | N/A |  | N/A | 37 | 367 |  | 498 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+ | LP Interest | N/A | N/A |  | N/A | 13 | $13 |  | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc.+ | LP units | N/A | N/A |  | N/A | 346 | 346 |  | 164 |
|  |  |  |  |  |  |  | 6275 | 0.5 | 12453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massage Envy, LLC+ | LLC interest | N/A | N/A |  | N/A | 749 | 210 | 0.1 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | LLC interest | N/A | N/A |  | N/A | 67 | 117 |  | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | LLC interest | N/A | N/A |  | N/A | 46 | 80 |  | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | LLC interest | N/A | N/A |  | N/A | 38 | 65 |  | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | LLC interest | N/A | N/A |  | N/A | 33 | 58 |  | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | LLC interest | N/A | N/A |  | N/A | 15 | 24 |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | LLC interest | N/A | N/A |  | N/A | 2 | 2 |  | 4 |
|  |  |  |  |  |  |  | 556 | 0.1 | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celerion Buyer, Inc.+ | LP units | N/A | N/A |  | N/A | 930 | 930 | 0.1 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celerion Buyer, Inc.+ | LP units | N/A | N/A |  | N/A | 930 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAS Parent Inc.+ | LP Interest | N/A | N/A |  | N/A | 9 | 933 |  | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reaction Biology Corporation+ | LLC units | N/A | N/A |  | N/A |  | 265 |  | 321 |
|  |  |  |  |  |  |  | 2128 | 0.1 | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas and Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas and Consumable Fuels** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W3 Co.+ | LLC interest | N/A | N/A |  | N/A | 3 | 1632 | 0.1 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W3 Co.+ | Preferred Stock | N/A | N/A |  | N/A |  | 223 |  | 196 |
|  |  |  |  |  |  |  | 1855 | 0.1 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper and Forest Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper and Forest Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messenger, LLC+ | LLC units | N/A | N/A |  | N/A | 3 | 312 |  | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messenger, LLC+ | LLC units | N/A | N/A |  | N/A |  |  |  |  |
|  |  |  |  |  |  |  | 312 |  | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalthea Parent, Inc.+(8)(12) | LP Interest | N/A | N/A |  | N/A | 502 | 502 |  | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Buyer Sub, Inc.+(21) | Preferred Stock | N/A | 10.00% | Non-Cash | N/A | 8 | 7982 | 0.4 | 9143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Buyer Sub, Inc.+ | Preferred Stock | N/A | N/A |  | N/A |  | 168 |  | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Buyer Sub, Inc.+ | Common Stock | N/A | N/A |  | N/A | 2 | 2 |  |  |
|  |  |  |  |  |  |  | 8654 | 0.4 | 10175 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandmuscle, Inc.+ | LLC interest | N/A | N/A |  | N/A |  | $216 |  | $141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enboarder, Inc.+(8)(11) | Preferred Stock | N/A | N/A |  | N/A | 56 | 573 |  | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filevine, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 221 | 1401 | 0.1 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filevine, Inc.+ | Warrant | N/A | N/A |  | N/A | 33 | 49 |  | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.+ | LP Interest | N/A | N/A |  | N/A | 13 | 1509 | 0.1 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procure Acquireco, Inc.+ | LP Interest | N/A | N/A |  | N/A |  | 486 |  | 538 |
|  |  |  |  |  |  |  | 4234 | 0.2 | 4470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | Common Stock | N/A | N/A |  | N/A | 62 | 434 |  | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SC Landco Parent, LLC+(8) | Common Stock | N/A | N/A |  | N/A | 2 | 274 |  | 254 |
|  |  |  |  |  |  |  | 708 |  | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Road & Rail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Road & Rail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Truckstop Group LLC+ | LP Interest | N/A | N/A |  | N/A | 408 | 447 |  | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accela, Inc.+ | LLC interest | N/A | N/A |  | N/A | 670 | 418 |  | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc.+ | LP Interest | N/A | N/A |  | N/A | 385 | 385 |  | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation+(21) | Preferred Stock | N/A | 12.00% | Non-Cash | N/A | 1 | 1015 | 0.1 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation+ | LP Interest | N/A | N/A |  | N/A | 306 | 306 |  | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astute Holdings, Inc.+ | LP Interest | N/A | N/A |  | N/A |  | 304 |  | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auvik Networks Inc.+(8)(12) | Preferred Stock | N/A | N/A |  | N/A | 26 | 256 |  | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayshore Intermediate #2, L.P.+ | Common Stock | N/A | N/A |  | N/A | 4095 | 4095 | 0.1 | 3345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc.+ | LP Interest | N/A | N/A |  | N/A | 1 | 769 |  | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc.+ | LP Interest | N/A | N/A |  | N/A | 96 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudbees, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 149 | 1663 | 0.1 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudbees, Inc.+ | Warrant | N/A | N/A |  | N/A | 131 | 247 | 0.2 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudbees, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 71 | 466 |  | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cynet Security Ltd.+(8)(15) | Preferred Stock | N/A | N/A |  | N/A | 143 | 508 |  | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation+(21) | Preferred Stock | N/A | 10.50% | Non-Cash | N/A | 17 | 17122 | 0.7 | 18263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation+ | Preferred Stock | N/A | N/A |  | N/A | 415 | 912 | 0.1 | 2199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstUp, Inc.+ | Common Stock | N/A | N/A |  | N/A | 221 | 541 |  | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc.+(21) | Preferred Stock | N/A | 11.00% | Non-Cash | N/A | 26 | 26138 | 1.0 | 24937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc.+(21) | Preferred Stock | N/A | 11.00% | Non-Cash | N/A | 2 | 1578 | 0.1 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc.+ | LP Interest | N/A | N/A |  | N/A | 1 | 170 | 0.1 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTY Technology Holdings, Inc.+ | LP units | N/A | N/A |  | N/A | 46 | 46 |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impartner, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 28 | 226 |  | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaseya Inc.+(21) | Preferred Stock | N/A | 11.75% | Non-Cash | N/A | 2 | 1709 | 0.1 | 1754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaseya Inc.+ | LP Interest | N/A | N/A |  | N/A | 100 | 100 |  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetricStream, Inc.+ | Warrant | N/A | N/A |  | N/A | 168 | 263 |  | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry Brands Holdings LLC+ | LP Interest | N/A | N/A |  | N/A | 438 | 439 |  | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mParticle, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 162 | 1060 |  | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mParticle, Inc.+ | Warrant | N/A | N/A |  | N/A | 75 | 16 |  | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+ | Warrant | N/A | N/A |  | N/A | 4 | 9 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personify, Inc.+ | LP Interest | N/A | N/A |  | N/A | 716 | 942 | 0.1 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc.+ | Common Stock | N/A | N/A |  | N/A |  | 964 | 0.1 | 1417 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc.+ | Common Stock | N/A |  |  | N/A |  | N/A | 202 | $329 |  | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | Common Stock | N/A |  |  | N/A |  | N/A | 184 | 184 |  | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QAD, Inc.+ | Preferred Stock | N/A |  |  | N/A |  | N/A |  | 125 |  | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QAD, Inc.+ | Common Stock | N/A |  |  | N/A |  | N/A | 9 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RegEd Aquireco, LLC+ | LP Interest | N/A |  |  | N/A |  | N/A |  | 331 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RegEd Aquireco, LLC+ | LP Interest | N/A |  |  | N/A |  | N/A | 3 | 21 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riskonnect Parent, LLC+(21) | Preferred Stock | N/A |  |  | 11.00% | Non-Cash | N/A | 18 | 18570 | 0.7 | 17878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riskonnect Parent, LLC+ | LP Interest | N/A |  |  | N/A |  | N/A | 857 | 859 |  | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riskonnect Parent, LLC+(21) | Preferred Stock | SF + | 10.50% | (l) | 15.08% | Non-Cash | N/A |  | 335 |  | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SnapLogic, Inc.+ | Preferred Stock | N/A |  |  | N/A |  | N/A | 278 | 695 | 0.1 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SnapLogic, Inc.+ | Warrant | N/A |  |  | N/A |  | N/A | 106 | 75 |  | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spartan Buyer Acquisition Co.+ | Common Stock | N/A |  |  | N/A |  | N/A | 1 | 623 |  | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spartan Buyer Acquisition Co.+ | Preferred Stock | N/A |  |  | N/A |  | N/A |  | 38 |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesoft Holdings LLC+ | LP Interest | N/A |  |  | N/A |  | N/A | 6 | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templafy APS and Templafy, LLC+(8)(18) | Warrant | N/A |  |  | N/A |  | N/A |  | 62 |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+ | Common Stock | N/A |  |  | N/A |  | N/A |  | 973 |  | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+ | Common Stock | N/A |  |  | N/A |  | N/A |  | 36 |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc.+ | LP units | N/A |  |  | N/A |  | N/A | 45 | 454 |  | 454 |
|  |  |  |  |  |  |  |  |  | 86383 | 3.6 | 89659 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ave Holdings III, Corp+(21) | Preferred Stock | N/A | 11.50% | Non-Cash | N/A | 9 | $8777 | 0.4 | $8774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ave Holdings III, Corp+ | LP units | N/A | N/A |  | N/A | 1 | 1129 |  | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Batteries Plus Holding Corporation+ | LP Interest | N/A | N/A |  | N/A | 10 | 1287 | 0.1 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cycle Gear, Inc.+ | LLC units | N/A | N/A |  | N/A | 27 | 462 |  | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | Preferred Stock | N/A | N/A |  | N/A |  | 122 |  | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | Preferred Stock | N/A | N/A |  | N/A |  | 46 |  | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pet Holdings ULC+(8)(12)(21) | LP Interest | N/A | N/A |  | N/A | 677 | 450 | 0.1 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salon Lofts Group, LLC+ | LP units | N/A | N/A |  | N/A |  | 87 |  | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC+(21) | Preferred Stock | N/A | 12.00% | Non-Cash | N/A | 5 | 5083 | 0.2 | 5559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC+ | LLC units | N/A | N/A |  | N/A |  | 717 |  | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC+ | LLC interest | N/A | N/A |  | N/A | 148 | 188 | 0.2 | 4287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSG Acquisition Corp. and Sherrill, Inc.+ | LP units | N/A | N/A |  | N/A |  | 37 |  | 35 |
|  |  |  |  |  |  |  | 18385 | 1.0 | 24990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Recovery Solutions Inc.+ | LLC interest | N/A | N/A |  | N/A | 97 | 604 |  | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC+ | LLC interest | N/A | N/A |  | N/A | 20 | 239 |  | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC+ | Common Stock | N/A | N/A |  | N/A |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MakerSights, Inc.+ | Preferred Stock | N/A | N/A |  | N/A | 40 | 218 |  | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R.G. Barry Corporation+ | Preferred Stock | N/A | N/A |  | N/A |  | 161 |  | 257 |
|  |  |  |  |  |  |  | 618 |  | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company equity investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company equity investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company equity investments** |  |  |  |  | $**232402** | **10.6** | $**267315** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company investments** |  |  |  | $**5302011** | $**5495602** | **214.4** | $**5389908** |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;**Non-controlled/affiliate company investments**<sup>(23)</sup> | &nbsp;&nbsp;**Non-controlled/affiliate company investments**<sup>(23)</sup> | &nbsp;&nbsp;**Non-controlled/affiliate company investments**<sup>(23)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abita Brewing Co., L.L.C.+(22) | One stop | SF + | 8.00% | (m) | 12.45% |  |  |  | 04/2024 | $5832 | $5802 | 0.2 | $4957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abita Brewing Co., L.L.C.+(7)(22) | Second lien | SF + | 8.00% | (l) | 12.58% |  |  |  | 04/2024 | 3840 | 3723 | 0.1 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abita Brewing Co., L.L.C.+ | One stop | SF + | 8.00% | (m) | 12.58% |  |  |  | 04/2024 | 210 | 210 |  | 210 |
|  |  |  |  |  |  |  |  |  |  | 9882 | 9735 | 0.3 | 6511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy, Equipment & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy, Equipment & Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benetech, Inc.+(7)(22) | One stop | SF + | 6.00% | (l) | 10.73% |  |  |  | 08/2024 | 3810 | 3623 | 0.1 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benetech, Inc.+(7)(22) | One stop | SF + | 6.00% | (k)(l) | 10.50% |  |  |  | 08/2024 | 1200 | 1139 |  | 328 |
|  |  |  |  |  |  |  |  |  |  | 5010 | 4762 | 0.1 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food and Staples Retailing** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+(22) | Senior loan | SF + | 8.00% | (l) | 12.68% |  |  |  | 12/2024 | 13206 | 13036 | 0.4 | 10565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+(22) | Senior loan | SF + | 8.00% | (k) | 12.42% |  |  |  | 12/2024 | 1253 | 1244 |  | 975 |
|  |  |  |  |  |  |  |  |  |  | 14459 | 14280 | 0.4 | 11540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare Providers and Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare Providers and Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Dental Partners LLC+(22) | One stop | SF + | 5.25% | (l) | 9.98% | PIK |  |  | 06/2023 | 12032 | 12052 | 0.4 | 9987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Dental Partners LLC+(22) | One stop | SF + | 12.00% | (l) | 16.73% | PIK |  |  | 06/2023 | 4481 | 4481 | 0.2 | 4302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Dental Partners LLC+(22) | One stop | SF + | 5.25% | (l) | 9.98% | PIK |  |  | 06/2023 | 1297 | 1297 |  | 1297 |
|  |  |  |  |  |  |  |  |  |  | 17810 | 17830 | 0.6 | 15586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switchfly LLC+(22) | One stop | L + | 4.00% | (b) | 6.74% | cash/ | 1.00% | PIK | 10/2024 | 6543 | 6499 | 0.2 | 4711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switchfly LLC+(22) | One stop | L + | 4.00% | (b) | 6.74% | cash/ | 1.00% | PIK | 10/2024 | 547 | 543 |  | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switchfly LLC+(22) | One stop | L + | 4.00% | (b) | 6.74% | cash/ | 1.00% | PIK | 10/2024 | 42 | 42 |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switchfly LLC+(5) | One stop | L + | 8.50% | (b) | 12.25% |  |  |  | 10/2024 | 2 | 2 |  | (16) |
|  |  |  |  |  |  |  |  |  |  | 7134 | 7086 | 0.2 | 5118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate debt investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate debt investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate debt investments** |  |  |  |  |  |  |  | $**54295** | $**53693** | **1.6** | $**40607** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity investments**<sup>(19)(20)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abita Brewing Co., L.L.C.+ | Warrant | N/A |  |  | N/A |  |  |  | N/A | 210 | $— |  | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy, Equipment & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy, Equipment & Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benetech, Inc.+ | LLC interest | N/A |  |  | N/A |  |  |  | N/A | 58 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benetech, Inc.+ | LLC interest | N/A |  |  | N/A |  |  |  | N/A | 58 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food and Staples Retailing** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Preferred Stock | N/A |  |  | N/A |  |  |  | N/A | 2779 | 2276 | 0.1 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A |  |  | N/A |  |  |  | N/A | 886 | 182 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A |  |  | N/A |  |  |  | N/A | 536 | 110 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A |  |  | N/A |  |  |  | N/A | 89 | 6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A |  |  | N/A |  |  |  | N/A | 52 | 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A |  |  | N/A |  |  |  | N/A | 21 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A |  |  | N/A |  |  |  | N/A | 21 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A |  |  | N/A |  |  |  | N/A | 42 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A |  |  | N/A |  |  |  | N/A | 18 |  |  |  |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A | N/A |  | N/A | 18 | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A | N/A |  | N/A | 89 |  |  |  |
|  |  |  |  |  |  |  | 2577 | 0.1 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare Providers and Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Dental Partners LLC | LLC interest | N/A | N/A |  | N/A |  | 2902 | 0.1 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Dental Partners LLC | LLC interest | N/A | N/A |  | N/A |  | 1250 |  | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Dental Partners LLC | LLC units | N/A | N/A |  | N/A |  |  |  |  |
|  |  |  |  |  |  |  | 4152 | 0.1 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switchfly LLC+ | LLC interest | N/A | N/A |  | N/A | 98370 | 2321 | 0.1 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switchfly LLC+ | LLC units | N/A | N/A |  | N/A | 950 | 950 |  | 447 |
|  |  |  |  |  |  |  | 3271 | 0.1 | 2721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate equity investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate equity investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate equity investments** |  |  |  |  | $**10000** | **0.3** | $**6949** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate investments** |  |  |  |  |  | $**54295** | $**63693** | **1.9** | $**47556** |
| &nbsp;&nbsp;**Controlled affiliate company investments**<sup>(24)</sup> | &nbsp;&nbsp;**Controlled affiliate company investments**<sup>(24)</sup> | &nbsp;&nbsp;**Controlled affiliate company investments**<sup>(24)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMan Acquisition Co.+(7)(22) | One stop | N/A | 10.00% | PIK | 08/2023 | $31043 | $19524 | 0.5 | $10865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMan Acquisition Co.+(22) | One stop | N/A | 8.00% | PIK | 08/2023 | 1716 | 1716 | 0.1 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMan Acquisition Co.+(22) | One stop | N/A | 12.00% | PIK | 08/2023 | 849 | 849 |  | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMan Acquisition Co.+(22) | One stop | N/A | 12.00% | PIK | 08/2023 | 255 | 255 |  | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMan Acquisition Co.+(22) | One stop | N/A | 12.00% | PIK | 08/2023 | 849 | 849 |  | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total controlled affiliate debt investments** |  |  |  |  |  | $**34712** | $**23193** | **0.6** | $**14482** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** <sup>(19)(20)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMan Acquisition Co.+ | Common Stock | N/A | N/A |  | N/A |  | $927 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total controlled affiliate equity investments** |  |  |  |  |  |  | $**927** | **—** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total controlled affiliate investments** |  |  |  |  |  | $**34712** | $**24120** | **0.6** | $**14482** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investments** |  |  |  | $**5391018** | $**5583415** | **216.9** | $**5451946** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) | 4.0% | <sup>(25)</sup> |  |  | $42768 | 1.7 | $42768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Treasury Plus Money Market Fund (CUSIP 94975H296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Treasury Plus Money Market Fund (CUSIP 94975H296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Treasury Plus Money Market Fund (CUSIP 94975H296) | 4.1% | <sup>(25)</sup> |  |  | 8745 | 0.3 | 8745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | $**51513** | **2.0** | $**51513** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Money Market Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Money Market Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Money Market Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Money Market Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Money Market Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Money Market Funds** |  | $**5634928** | **218.9** | $**5503459** |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

---

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

---

<sup>(1)</sup> The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF"), Euro Interbank Offered Rate ("EURIBOR" or "E"), Prime ("P"), Sterling Overnight Index Average ("SONIA" or "SN"), Australian Interbank Rate ("AUD" or "A"), Canadian Bankers Acceptance Rate ("CDOR" or "C") or London Interbank Offered Rate ("LIBOR" or "L") denominated in U.S. dollars which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of December 31, 2022. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of December 31, 2022, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2022, as the loan may have priced or repriced based on an index rate prior to December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> Denotes that all or a portion of the contract was indexed to the 30-day LIBOR, which was 4.39% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> Denotes that all or a portion of the contract was indexed to the 90-day LIBOR, which was 4.77% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup> Denotes that all or a portion of the contract was indexed to the 180-day LIBOR, which was 5.14% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(d)</sup> Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.50% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(e)</sup> Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.13% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(f)</sup> Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.69% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(g)</sup> Denotes that all or a portion of the contract was indexed to the Three Month AUD, which was 3.26% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(h)</sup> Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was 4.94% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(i)</sup> Denotes that all or a portion of the contract was indexed to SONIA, which was 3.43% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(j)</sup> Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.30% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(k)</sup> Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.36% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(l)</sup> Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.59% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(m)</sup> Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.78% as of December 31, 2022.

<sup>(2)</sup> For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2022.

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

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

<sup>(5)</sup> 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.

<sup>(6)</sup> The entire commitment was unfunded as of December 31, 2022. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.

<sup>(7)</sup> Loan was on non-accrual status as of December 31, 2022, meaning that the Company has ceased recognizing interest income on the loan.

<sup>(8)</sup> The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2022, total non-qualifying assets at fair value represented 12.8% of the Company's total assets calculated in accordance with the 1940 Act.

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

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

<sup>(11)</sup> The headquarters of this portfolio company is located in Australia.

<sup>(12)</sup> The headquarters of this portfolio company is located in Canada.

<sup>(13)</sup> The headquarters of this portfolio company is located in Luxembourg.

<sup>(14)</sup> The headquarters of this portfolio company is located in Netherlands.

<sup>(15)</sup> The headquarters of this portfolio company is located in Israel.

<sup>(16)</sup> The headquarters of this portfolio company is located in Finland.

<sup>(17)</sup> The headquarters of this portfolio company is located in Sweden.

<sup>(18)</sup> The headquarters of this portfolio company is located in Denmark.

<sup>(19)</sup> Equity investments are non-income producing securities unless otherwise noted.

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

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments (unaudited) - (continued)**

**December 31, 2022**

*(In thousands)*

<sup>(21)</sup> The Company holds an equity investment that is income producing.

<sup>(22)</sup> All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the three months ended December 31, 2022.

<sup>(23)</sup> As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities ("non-controlled affiliate"). Transactions related to investments in non-controlled affiliates for the three months ended December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair value as of September 30, 2022** | **Gross Additions**<sup>(a)</sup> | **Gross Reductions**<sup>(b)</sup> | **Net change in unrealized gain (loss)** | **Net realized gain (loss)** | **Fair value as of December 31, 2022** | **Interest, dividend and fee income** |
| Abita Brewing Co. LLC | $8071 | $365 | $(145) | $(1753) | $— | $6538 | $178 |
| Benetech, Inc. | 1740 | 184 | (120) | 48 |  | 1852 | 9 |
| Elite Dental Partners LLC | 20689 | 1780 | (9) | (3432) |  | 19028 | 422 |
| Rubio's Restaurants, Inc | 13174 | 1653 |  | (2528) |  | 12299 | 439 |
| Sloan Company, Inc. | 6318 | 38 | (6329) | (347) | 320 |  | 344 |
| Switchfly LLC | 7697 | 111 |  | 31 |  | 7839 | 35 |
| **Total Non-Controlled Affiliates** | $57689 | $4131 | $(6603) | $(7981) | $320 | $47556 | $1427 |

---

<sup>(a)</sup> Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind ("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.

<sup>(b)</sup> Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

<sup>(24)</sup> As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" of and "control" this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) ("controlled affiliate"). Transactions related to investments in controlled affiliates for the three months ended December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair value as of September 30, 2022** | **Gross Additions**<sup>(a)</sup> | **Gross Reductions**<sup>(b)</sup> | **Net change in unrealized gain (loss)** | **Net realized gain (loss)** | **Fair value as of December 31, 2022** | **Interest, dividend and fee income** |
| MMan Acquisition Co. | $14073 | $895 | $(793) | $307 | $— | $14482 | $69 |
| **Total Controlled Affiliates** | $14073 | $895 | $(793) | $307 | $— | $14482 | $69 |

---

<sup>(a)</sup> Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.

<sup>(b)</sup> Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

<sup>(25)</sup> The rate shown is the annualized seven-day yield as of December 31, 2022.

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments** 

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| **Investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Non-controlled/non-affiliate company investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace and Defense** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronair Parent, Inc.+ | Senior loan | L + | 6.25% | (b) | 8.67% | cash/ | 0.50% | PIK | 09/2023 | $672 | $670 |  | $618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronair Parent, Inc.+ | Senior loan | L + | 6.25% | (b) | 8.67% | cash/ | 0.50% | PIK | 06/2023 | 100 | 99 |  | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitcraft LLC\*#+ | One stop | L + | 6.00% | (b) | 9.67% |  |  |  | 04/2023 | 62608 | 62693 | 2.4 | 60729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitcraft LLC+ | One stop | P + | 5.00% | (d) | 11.25% |  |  |  | 04/2023 | 42 | 38 |  | 33 |
|  |  |  |  |  |  |  |  |  |  | 63422 | 63500 | 2.4 | 61468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurora Lux Finco S.A.R.L. +(8)(13) | One stop | L + | 6.00% | (b) | 8.78% |  |  |  | 12/2026 | 975 | 961 |  | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Components** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP CollisionRight Holdings, Inc.#+ | One stop | SF + | 4.75% | (l) | 7.26% |  |  |  | 04/2028 | 9638 | 9483 | 0.4 | 9542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP CollisionRight Holdings, Inc.+ | One stop | SF + | 4.75% | (l) | 8.45% |  |  |  | 04/2028 | 27 | 26 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP CollisionRight Holdings, Inc.+(5) | One stop | SF + | 4.75% |  | N/A(6) |  |  |  | 04/2028 |  | (2) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covercraft Parent III, Inc.+ | Senior loan | L + | 4.50% | (b) | 6.78% |  |  |  | 08/2027 | 4890 | 4850 | 0.2 | 4890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covercraft Parent III, Inc.+ | Senior loan | L + | 4.50% | (b) | 8.17% |  |  |  | 08/2027 | 994 | 973 |  | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covercraft Parent III, Inc.+(5) | Senior loan | L + | 4.50% |  | N/A(6) |  |  |  | 08/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Falcon Buyer, LLC+ | One stop | L + | 6.50% | (c) | 8.51% |  |  |  | 05/2027 | 6099 | 6004 | 0.3 | 5855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Falcon Buyer, LLC+ | One stop | L + | 6.50% | (c) | 8.67% |  |  |  | 05/2027 | 1021 | 1006 |  | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Acquisition Corp.\*#+ | Senior loan | SF + | 6.00% | (k) | 9.03% |  |  |  | 12/2024 | 18007 | 17927 | 0.7 | 17777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Acquisition Corp.+ | Senior loan | SF + | 6.50% | (k) | 9.53% |  |  |  | 03/2023 | 695 | 693 |  | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Acquisition Corp.+ | Senior loan | SF + | 6.00% | (k) | 9.03% |  |  |  | 12/2024 | 106 | 108 |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Acquisition Corp.+ | Senior loan | SF + | 6.00% | (k) | 9.03% |  |  |  | 12/2024 | 106 | 106 |  | 105 |
|  |  |  |  |  |  |  |  |  |  | 41583 | 41173 | 1.6 | 40966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CG Group Holdings, LLC\*#+ | One stop | L + | 7.25% | (b) | 8.92% | cash/ | 2.00% | PIK | 07/2027 | 31441 | 31084 | 1.1 | 28925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CG Group Holdings, LLC+ | One stop | L + | 7.25% | (a) | 8.37% | cash/ | 2.00% | PIK | 07/2026 | 338 | 334 |  | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC\*#+ | One stop | SF + | 6.25% | (k) | 9.38% |  |  |  | 12/2027 | 42864 | 42490 | 1.7 | 41579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+(5) | One stop | SF + | 5.25% |  | N/A(6) |  |  |  | 12/2027 |  | (4) |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% |  |  |  | 12/2027 | 198 | 196 |  | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% |  |  |  | 12/2027 | 100 | 99 |  | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% |  |  |  | 12/2027 | 80 | 79 |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% |  |  |  | 12/2027 | 80 | 79 |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 9.28% |  |  |  | 12/2027 | 66 | 65 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.50% | (k) | 9.45% |  |  |  | 12/2027 | 978 | 949 |  | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% |  |  |  | 12/2027 | 660 | 654 |  | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% |  |  |  | 12/2027 | 120 | 119 |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% |  |  |  | 12/2027 | 114 | 113 |  | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% |  |  |  | 12/2027 | 82 | 81 |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Midco 2, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 12/2027 |  | (29) |  | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 09/2025 | 15314 | 15116 | 0.6 | 14855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC+ | One stop | P + | 4.75% | (d) | 11.00% |  |  |  | 09/2025 | 496 | 491 |  | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC+ | One stop | L + | 5.75% | (b)(d) | 9.91% |  |  |  | 09/2025 | 295 | 292 |  | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC+ | One stop | P + | 4.75% | (b)(d) | 10.30% |  |  |  | 09/2025 | 57 | 56 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 09/2025 | 302 | 267 |  | 269 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC\*#+ | One stop | SF + | 5.75% | (m) | 9.98% | 11/2026 | $23977 | $23768 | 1.0 | $23498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | L + | 5.75% | (c) | 7.09% | 11/2026 | 2629 | 2609 | 0.1 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 7.62% | 11/2026 | 2599 | 2562 | 0.1 | 2547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | L + | 5.75% | (c) | 6.95% | 11/2026 | 2578 | 2556 | 0.1 | 2527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (l) | 8.58% | 11/2026 | 1910 | 1894 | 0.1 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 8.98% | 11/2026 | 1571 | 1559 | 0.1 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 7.62% | 11/2026 | 1448 | 1424 | 0.1 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 9.98% | 11/2026 | 527 | 523 |  | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 9.50% | 11/2026 | 358 | 355 |  | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (l) | 9.55% | 11/2026 | 148 | 146 |  | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 8.51% | 11/2026 | 60 | 59 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (c)(l)(m) | 8.91% | 11/2026 | 86 | 84 |  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) | 11/2026 |  | (21) |  | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (l) | 8.99% | 11/2026 | 180 | 178 |  | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | One stop | SF + | 5.75% | (m) | 8.94% | 11/2026 | 60 | 59 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POY Holdings, LLC# | One stop | L + | 5.50% | (b) | 9.17% | 11/2027 | 9543 | 9379 | 0.4 | 9543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POY Holdings, LLC+ | One stop | L + | 5.50% | (b) | 9.17% | 11/2027 | 36 | 32 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POY Holdings, LLC+ | One stop | L + | 5.50% | (b) | 9.14% | 11/2027 | 82 | 79 |  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Express Wash Parent Holdco, LLC+ | One stop | SF + | 5.50% | (m) | 8.27% | 07/2029 | 3150 | 3120 | 0.1 | 3119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Express Wash Parent Holdco, LLC+ | One stop | SF + | 5.50% | (m) | 8.39% | 07/2029 | 70 | 68 |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Express Wash Parent Holdco, LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) | 07/2029 |  | (22) |  | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC\*# | One stop | L + | 6.50% | (b) | 9.31% | 10/2024 | 12815 | 12820 | 0.5 | 12815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+ | One stop | L + | 6.50% | (b) | 9.31% | 10/2024 | 9773 | 9750 | 0.4 | 9773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC#+ | One stop | L + | 6.50% | (b) | 9.31% | 10/2024 | 2313 | 2306 | 0.1 | 2313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC\*+ | One stop | L + | 6.50% | (b) | 9.31% | 10/2024 | 2020 | 2042 | 0.1 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC\*+ | One stop | L + | 6.50% | (b) | 9.31% | 10/2024 | 1350 | 1364 | 0.1 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC\*+ | One stop | L + | 6.50% | (b) | 9.31% | 10/2024 | 1099 | 1110 |  | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+ | One stop | L + | 6.50% | (b) | 9.31% | 10/2024 | 95 | 89 |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+ | One stop | L + | 6.50% | (b) | 9.32% | 10/2024 | 120 | 120 |  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+ | One stop | L + | 6.50% | (a)(b) | 9.51% | 10/2024 | 95 | 93 |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+ | One stop | L + | 6.50% | (a) | 9.62% | 10/2024 | 345 | 341 |  | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC+ | One stop | L + | 6.50% | (a)(b) | 9.50% | 10/2024 | 104 | 99 |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands, LLC+ | One stop | SF + | 6.50% | (l) | 9.19% | 07/2028 | 8369 | 8207 | 0.3 | 8202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands, LLC+ | One stop | SF + | 6.50% | (k) | 9.44% | 07/2028 | 428 | 419 |  | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands, LLC+ | One stop | SF + | 6.50% | (d)(k) | 9.92% | 07/2028 | 20 | 20 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) | 07/2028 |  | (7) |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWAS Holdings, LLC#+ | One stop | SF + | 6.25% | (k) | 9.38% | 12/2026 | 40460 | 40118 | 1.6 | 40460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWAS Holdings, LLC\*+ | One stop | SF + | 6.25% | (k) | 9.38% | 12/2026 | 30566 | 30292 | 1.2 | 30566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWAS Holdings, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% | 12/2026 | 7934 | 7865 | 0.3 | 7934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWAS Holdings, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% | 12/2026 | 609 | 604 |  | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWAS Holdings, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% | 12/2026 | 387 | 384 |  | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWAS Holdings, LLC+(5) | One stop | SF + | 6.25% |  | N/A(6) | 12/2026 |  | (3) |  |  |
|  |  |  |  |  |  |  | 263499 | 260975 | 10.1 | 257983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fintech Midco, LLC\*# | One stop | L + | 5.25% | (b) | 8.06% | 08/2024 | 23863 | 24012 | 0.9 | 23624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fintech Midco, LLC+ | One stop | L + | 5.25% | (b) | 8.06% | 08/2024 | 15149 | 15053 | 0.6 | 14998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fintech Midco, LLC#+ | One stop | L + | 5.25% | (b) | 8.06% | 08/2024 | 1105 | 1123 | 0.1 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fintech Midco, LLC+(5) | One stop | L + | 5.25% |  | N/A(6) | 08/2024 |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC+ | One stop | L + | 5.50% | (b) | 9.17% | 04/2027 | 2244 | 2227 | 0.1 | 2222 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC+ | One stop | L + | 5.50% |  | N/A(6) | 04/2027 | $— | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC+(5) | One stop | L + | 5.50% |  | N/A(6) | 04/2027 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winebow Holdings, Inc.+ | One stop | L + | 6.25% | (a) | 9.37% | 07/2025 | 7799 | 7722 | 0.3 | 7799 |
|  |  |  |  |  |  |  | 50160 | 50136 | 2.0 | 49733 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BECO Holding Company, Inc.#+ | One stop | L + | **5.50%** | (b) | 9.17% |  | 11/2028 | $7538 | $7472 | 0.3 | $7387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BECO Holding Company, Inc.+(5) | One stop | L + | 5.50% |  | N/A(6) |  | 11/2027 |  | (4) |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BECO Holding Company, Inc.+(5) | One stop | L + | 5.50% |  | N/A(6) |  | 11/2028 |  | (17) |  | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | **4.50%** | (a)(b) | 7.31% |  | 03/2024 | 4106 | 4107 | 0.2 | 4106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | **4.50%** | (a)(b) | 7.31% |  | 03/2024 | 1388 | 1403 | 0.1 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | **4.50%** | (a)(b) | 7.31% |  | 03/2024 | 895 | 901 |  | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | **4.50%** | (a)(b) | 7.31% |  | 03/2024 | 844 | 839 |  | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | **4.50%** | (a)(b) | 7.31% |  | 03/2024 | 429 | 436 |  | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | **4.50%** | (a)(b) | 7.31% |  | 03/2024 | 274 | 275 |  | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | **4.50%** | (b)(c) | 7.13% |  | 03/2024 | 886 | 877 |  | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | **4.50%** | (a)(b) | 7.31% |  | 03/2024 | 214 | 214 |  | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jensen Hughes, Inc.+ | Senior loan | L + | **4.50%** | (a)(b) | 7.31% |  | 03/2024 | 114 | 114 |  | 114 |
|  |  |  |  |  |  |  |  | 16688 | 16617 | 0.6 | 16489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhance Technologies Holdings LLC#+ | One stop | L + | **5.25%** | (b) | 7.53% |  | 07/2024 | 12444 | 12502 | 0.5 | 12319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhance Technologies Holdings LLC+ | One stop | L + | **5.25%** | (b) | 7.53% |  | 07/2024 | 9913 | 9845 | 0.4 | 9813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhance Technologies Holdings LLC+ | One stop | L + | **5.25%** | (b) | 7.53% |  | 07/2024 | 1891 | 1885 | 0.1 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhance Technologies Holdings LLC+ | One stop | L + | **5.25%** | (b) | 7.53% |  | 07/2024 | 21 | 22 |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHM NL SP Bidco B.V.+(8)(9)(14) | One stop | E + | 6.25% | (f) | 8.11% |  | 09/2028 | 31048 | 36136 | 1.2 | 30116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHM NL SP Bidco B.V.+(8)(14) | One stop | L + | 6.25% | (c) | 10.42% |  | 09/2028 | 13766 | 13559 | 0.5 | 13353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHM NL SP Bidco B.V.+(8)(9)(14) | One stop | SN + | 6.25% | (i) | 8.44% |  | 09/2028 | 6711 | 7914 | 0.2 | 6510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHM NL SP Bidco B.V.+(8)(9)(14) | One stop | E + | 6.25% | (f) | 6.31% |  | 09/2028 | 3282 | 3710 | 0.1 | 3161 |
|  |  |  |  |  |  |  |  | 79076 | 85573 | 3.0 | 77163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI (Quercus) Intermediate Holdings, LLC\*+ | One stop | L + | **5.25%** | (b) | 8.92% |  | 10/2028 | 16063 | 15862 | 0.6 | 15741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI (Quercus) Intermediate Holdings, LLC+(5) | One stop | L + | 5.25% |  | N/A(6) |  | 10/2028 |  | (3) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI (Quercus) Intermediate Holdings, LLC+(5) | One stop | L + | 5.25% |  | N/A(6) |  | 10/2028 |  | (20) |  | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Authority III Limited+(8)(9)(10) | One stop | SN + | 5.00% | (i) | 7.22% |  | 11/2025 | 9675 | 11066 | 0.4 | 9675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Authority III Limited+(8)(9)(10) | One stop | E + | 5.00% | (e) | 6.19% |  | 11/2025 | 1057 | 1122 |  | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Authority III Limited+(8)(9)(10) | One stop | N/A |  |  | 11.00% | PIK | 11/2028 | 217 | 251 |  | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Authority III Limited+(8)(9)(10) | One stop | SN + | 5.00% |  | N/A(6) |  | 11/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Stack Buyer, LLC\*+ | One stop | SF + | 5.50% | (k) | 8.63% |  | 07/2027 | 8767 | 8626 | 0.4 | 8591 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Stack Buyer, LLC+(5) | One stop | SF + | **5.50%** |  | N/A(6) |  |  |  | 07/2027 | $— | $(22) |  | $(56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Stack Buyer, LLC+ | One stop | SF + | **5.50%** | (k) | 8.63% |  |  |  | 07/2027 | 38 | 37 |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Stack Buyer, LLC+ | One stop | SF + | **5.50%** | (k) | 8.63% |  |  |  | 07/2027 | 2953 | 2929 | 0.1 | 2894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Stack Buyer, LLC+ | One stop | SF + | **5.50%** | (k) | 8.63% |  |  |  | 07/2027 | 974 | 966 |  | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OVG Business Services, LLC+ | One stop | L + | **6.25%** | (a) | 9.34% |  |  |  | 11/2028 | 1800 | 1764 | 0.1 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OVG Business Services, LLC+ | One stop | L + | **5.50%** | (a) | 8.14% |  |  |  | 11/2026 | 9 | 9 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile Products LLC+ | One stop | L + | **5.50%** | (b) | 8.43% |  |  |  | 11/2027 | 5466 | 5359 | 0.2 | 5466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile Products LLC+(8) | One stop | L + | **5.50%** | (b) | 8.42% |  |  |  | 11/2027 | 1288 | 1266 | 0.1 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile Products LLC+ | One stop | L + | **5.50%** | (a)(d) | 8.60% |  |  |  | 11/2027 | 18 | 17 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile Products LLC+(5) | One stop | L + | **5.50%** |  | N/A(6) |  |  |  | 11/2027 |  | (8) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile Products LLC+(5) | One stop | L + | **5.25%** |  | N/A(6) |  |  |  | 11/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC+ | One stop | L + | **5.50%** | (b) | 9.17% |  |  |  | 11/2028 | 29523 | 29029 | 1.2 | 28932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC+ | One stop | L + | **5.50%** | (b) | 9.17% |  |  |  | 11/2028 | 20873 | 20681 | 0.8 | 20456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC+ | One stop | L + | **5.50%** | (b) | 9.17% |  |  |  | 11/2028 | 9900 | 9775 | 0.4 | 9702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC+ | One stop | SF + | **5.75%** | (l) | 9.40% |  |  |  | 03/2029 | 19076 | 18789 | 0.7 | 18313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC+(5) | One stop | SF + | **5.75%** |  | N/A(6) |  |  |  | 03/2028 |  | (4) |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC+(5) | One stop | SF + | **5.75%** |  | N/A(6) |  |  |  | 03/2029 |  | (8) |  | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Air Consultants Holdings Corporation+ | One stop | L + | **5.25%** | (c) | 7.08% |  |  |  | 06/2027 | 2458 | 2419 | 0.1 | 2409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Air Consultants Holdings Corporation+ | One stop | L + | **5.25%** | (c) | 8.60% |  |  |  | 06/2027 | 33 | 32 |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Air Consultants Holdings Corporation+ | One stop | L + | **5.25%** |  | N/A(6) |  |  |  | 06/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.\*# | Senior loan | SF + | **5.25%** | (l) | 7.95% |  |  |  | 01/2025 | 2229 | 2225 | 0.1 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | **5.25%** | (l) | 7.95% |  |  |  | 01/2025 | 920 | 920 |  | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | **5.25%** | (l) | 7.95% |  |  |  | 01/2025 | 675 | 673 |  | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | **5.25%** | (l) | 7.95% |  |  |  | 01/2025 | 399 | 398 |  | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | **5.25%** | (l) | 7.95% |  |  |  | 01/2025 | 128 | 129 |  | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | **5.25%** | (l) | 7.95% |  |  |  | 01/2025 | 23 | 23 |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | **5.25%** | (l) | 7.95% |  |  |  | 01/2025 | 14 | 13 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp.+ | Senior loan | SF + | **5.25%** | (l) | 7.99% |  |  |  | 01/2025 | 16 | 14 |  | 16 |
|  |  |  |  |  |  |  |  |  |  | 134592 | 134328 | 5.2 | 131817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Finco Limited+(8)(10) | One stop | L + | **5.50%** | (b) | 8.57% |  |  |  | 09/2028 | 10349 | 10174 | 0.4 | 10142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Finco Limited+(8)(9)(10) | One stop | E + | **5.50%** | (e) | 6.25% |  |  |  | 09/2028 | 1041 | 1240 |  | 1020 |
|  |  |  |  |  |  |  |  |  |  | 11390 | 11414 | 0.4 | 11162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers and Packaging** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers and Packaging** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal LLC+ | Senior loan | L + | **5.50%** | (a) | 8.12% | cash/ | 0.50% | PIK | 11/2025 | 748 | 739 |  | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal LLC+ | Senior loan | L + | **5.50%** | (a) | 8.12% | cash/ | 0.50% | PIK | 11/2025 | 160 | 158 |  | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal LLC+ | Senior loan | L + | **5.50%** | (a) | 8.12% | cash/ | 0.50% | PIK | 11/2025 | 155 | 153 |  | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal LLC+(8) | Senior loan | L + | **5.50%** | (a) | 8.12% | cash/ | 0.50% | PIK | 11/2025 | 134 | 133 |  | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Intermediate+ | One stop | L + | **5.00%** | (b)(c) | 8.00% |  |  |  | 10/2028 | 9900 | 9819 | 0.4 | 9702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Intermediate+(5) | One stop | L + | **5.00%** |  | N/A(6) |  |  |  | 10/2028 |  | (3) |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Intermediate+(5) | One stop | L + | **5.00%** |  | N/A(6) |  |  |  | 10/2028 |  | (11) |  | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis Solutions Group, LLC\*#+ | One stop | L + | **5.50%** | (b)(c) | 9.59% |  |  |  | 10/2028 | 33683 | 33177 | 1.3 | 33346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis Solutions Group, LLC+ | One stop | L + | **5.50%** | (c) | 9.67% |  |  |  | 10/2027 | 20 | 15 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis Solutions Group, LLC+(5) | One stop | L + | **5.50%** |  | N/A(6) |  |  |  | 10/2028 |  | (95) |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis Solutions Group, LLC+(5) | One stop | L + | **5.50%** |  | N/A(6) |  |  |  | 10/2028 |  | (40) |  | (56) |
|  |  |  |  |  |  |  |  |  |  | 44800 | 44045 | 1.7 | 44139 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributors** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributors** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSC Holdings Midco LLC+ | Senior loan | SF + | 4.50% | (l) | 7.13% | 07/2027 | $1244 | $1231 |  | $1232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSC Holdings Midco LLC+ | Senior loan | SF + | 4.50% | (l) | 7.30% | 07/2027 | 1797 | 1782 | 0.1 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSC Holdings Midco LLC+ | Senior loan | SF + | 4.50% | (l) | 7.13% | 07/2027 | 2961 | 2931 | 0.1 | 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSC Holdings Midco LLC+(5) | Senior loan | SF + | 4.50% |  | N/A(6) | 07/2027 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSC Holdings Midco LLC+(5) | Senior loan | SF + | 4.50% |  | N/A(6) | 07/2027 |  | (1) |  | (1) |
|  |  |  |  |  |  |  | 6002 | 5942 | 0.2 | 5941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.# | One stop | SF + | 6.25% | (m) | 9.08% | 02/2026 | 1589 | 1560 | 0.1 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.# | One stop | SF + | 6.25% | (m) | 9.08% | 02/2026 | 1524 | 1479 | 0.1 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 6.25% | (m) | 8.19% | 02/2026 | 1099 | 1099 | 0.1 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.# | One stop | SF + | 6.25% | (l)(m) | 10.04% | 02/2026 | 1080 | 1070 | 0.1 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 6.25% | (m) | 9.08% | 02/2026 | 753 | 739 |  | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.# | One stop | SF + | 6.25% | (m) | 9.08% | 02/2026 | 664 | 632 |  | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 6.25% | (l) | 9.95% | 02/2026 | 647 | 643 |  | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 6.25% | (l) | 9.95% | 02/2026 | 382 | 374 |  | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 6.25% | (m) | 9.08% | 02/2026 | 239 | 225 |  | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 6.25% | (m) | 9.08% | 02/2026 | 131 | 105 |  | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+ | One stop | SF + | 6.25% | (l) | 9.95% | 02/2026 | 55 | 50 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+(5) | One stop | SF + | 6.25% |  | N/A(6) | 02/2026 |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+(5) | One stop | SF + | 6.25% |  | N/A(6) | 02/2026 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus Pest, Inc.+(5) | One stop | SF + | 6.25% |  | N/A(6) | 02/2026 |  | (13) |  | (99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHHJ Midco, LLC# | Senior loan | L + | 5.00% | (a) | 8.12% | 01/2026 | 2723 | 2705 | 0.1 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHHJ Midco, LLC+ | Senior loan | L + | 5.00% |  | N/A(6) | 01/2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.50% | (b) | 7.24% | 07/2027 | 1713 | 1699 | 0.1 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.50% | (b) | 6.78% | 07/2027 | 1669 | 1648 | 0.1 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.50% | (b) | 6.87% | 07/2027 | 1094 | 1082 | 0.1 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.50% | (b) | 7.19% | 07/2027 | 773 | 764 |  | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.50% | (b) | 6.78% | 07/2027 | 199 | 196 |  | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.75% | (b) | 7.75% | 07/2027 | 120 | 118 |  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc.+ | Senior loan | L + | 4.50% |  | N/A(6) | 07/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP Flores Holdings, LLC+ | One stop | SF + | 6.50% | (l) | 10.00% | 09/2028 | 2593 | 2548 | 0.1 | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP Flores Holdings, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) | 09/2028 |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP Flores Holdings, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) | 09/2028 |  | (15) |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP Flores Holdings, LLC+ | One stop | SF + | 6.50% |  | N/A(6) | 09/2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP Flores Holdings, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) | 09/2028 |  | (25) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMS LINQ, LLC+ | One stop | L + | 6.25% | (a) | 9.37% | 12/2027 | 9591 | 9508 | 0.4 | 9495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMS LINQ, LLC+(5) | One stop | L + | 6.25% |  | N/A(6) | 12/2027 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EWC Growth Partners LLC+ | One stop | L + | 6.00% | (b) | 9.67% | 03/2026 | 930 | 920 | 0.1 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EWC Growth Partners LLC+ | One stop | L + | 6.00% | (b) | 9.67% | 03/2026 | 74 | 73 |  | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EWC Growth Partners LLC+ | One stop | L + | 6.00% | (b) | 9.67% | 03/2026 | 14 | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelligence Learning Corporation#+ | One stop | L + | 6.00% | (b) | 9.67% | 04/2023 | 10240 | 10204 | 0.4 | 10240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FPG Intermediate Holdco, LLC+ | One stop | SF + | 6.00% | (k) | 9.13% | 03/2027 | 9098 | 8964 | 0.3 | 8756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FPG Intermediate Holdco, LLC+ | One stop | SF + | 6.00% | (k) | 9.13% | 03/2027 | 314 | 303 |  | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FPG Intermediate Holdco, LLC+(5) | One stop | SF + | 6.00% |  | N/A(6) | 03/2027 |  | (1) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FPG Intermediate Holdco, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) | 03/2027 |  | (13) |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSS Buyer LLC+ | One stop | L + | 5.75% | (a) | 8.87% | 08/2028 | 5491 | 5399 | 0.2 | 5272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSS Buyer LLC+(5) | One stop | L + | 5.75% |  | N/A(6) | 08/2027 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS Spa Holdings, Inc.+ | One stop | SF + | 5.75% | (m) | 7.51% | 06/2029 | 7782 | 7634 | 0.3 | 7627 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS Spa Holdings, Inc.+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 06/2028 | $— | $(2) |  | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Learn-it Systems, LLC+ | Senior loan | L + | 4.75% | (c) | 8.92% |  |  |  | 03/2025 | 2497 | 2521 | 0.1 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Learn-it Systems, LLC+ | Senior loan | L + | 4.75% | (b) | 8.42% |  |  |  | 03/2025 | 1344 | 1341 |  | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Learn-it Systems, LLC+ | Senior loan | L + | 4.75% | (b)(c) | 8.30% |  |  |  | 03/2025 | 606 | 598 |  | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Learn-it Systems, LLC+ | Senior loan | L + | 4.75% | (b) | 7.63% |  |  |  | 03/2025 | 33 | 32 |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liminex, Inc.+ | One stop | SF + | 7.25% | (l) | 10.95% |  |  |  | 11/2026 | 25462 | 25129 | 1.0 | 25971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liminex, Inc.+ | One stop | SF + | 6.25% | (l) | 9.95% |  |  |  | 11/2026 | 20000 | 19816 | 0.8 | 19800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liminex, Inc.+ | One stop | SF + | 7.25% | (l) | 10.95% |  |  |  | 11/2026 | 800 | 794 |  | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liminex, Inc.+(5) | One stop | SF + | 7.25% |  | N/A(6) |  |  |  | 11/2026 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC+ | One stop | L + | 6.00% | (a) | 9.12% |  |  |  | 05/2026 | 5718 | 5666 | 0.2 | 5662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC+ | One stop | L + | 5.75% | (a) | 8.87% |  |  |  | 05/2026 | 3674 | 3688 | 0.1 | 3609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC+ | One stop | L + | 5.75% | (a) | 8.87% |  |  |  | 05/2026 | 688 | 705 |  | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC+ | One stop | L + | 5.75% | (a) | 8.87% |  |  |  | 05/2026 | 688 | 705 |  | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC+ | One stop | L + | 6.00% | (a) | 9.12% |  |  |  | 05/2026 | 517 | 513 |  | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC+ | One stop | L + | 5.75% |  | N/A(6) |  |  |  | 05/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mario Purchaser, LLC+ | One stop | SF + | 5.75% | (k) | 8.88% |  |  |  | 04/2029 | 7654 | 7510 | 0.3 | 7347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mario Purchaser, LLC+ | One stop | SF + | 10.75% | (k) | 13.88% | PIK |  |  | 04/2032 | 1527 | 1487 | 0.1 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mario Purchaser, LLC+(5) | One stop | P + | 4.75% |  | N/A(6) |  |  |  | 04/2028 |  | (1) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mario Purchaser, LLC+ | One stop | SF + | 5.75% | (k) | 8.88% |  |  |  | 04/2029 | 109 | 104 |  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mathnasium, LLC# | One stop | L + | 5.00% | (b) | 7.91% |  |  |  | 11/2027 | 9261 | 9182 | 0.4 | 9168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mathnasium, LLC+ | One stop | L + | 5.00% | (b) | 7.91% |  |  |  | 11/2027 | 13 | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSG Buyer, Inc. + | One stop | SF + | 6.00% | (k) | 9.13% |  |  |  | 06/2029 | 7874 | 7798 | 0.3 | 7874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSG Buyer, Inc. + | One stop | SF + | 6.00% | (k) | 9.13% |  |  |  | 06/2029 | 242 | 239 |  | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSG Buyer, Inc. + | One stop | SF + | 6.00% | (k) | 9.13% |  |  |  | 06/2029 | 141 | 140 |  | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSG Buyer, Inc. + | One stop | SF + | 6.00% | (k) | 9.13% |  |  |  | 06/2029 | 133 | 117 |  | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSG Buyer, Inc. + | One stop | SF + | 6.00% | (k) | 9.13% |  |  |  | 06/2028 | 12 | 11 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PADI Holdco, Inc.\*# | One stop | L + | 7.25% | (b) | 8.82% | cash/ | 1.50% | PIK | 04/2024 | 21638 | 21619 | 0.8 | 20771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PADI Holdco, Inc.+(8)(9) | One stop | E + | 7.25% | (e) | 6.33% | cash/ | 1.50% | PIK | 04/2024 | 17873 | 20923 | 0.7 | 17156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PADI Holdco, Inc.+ | One stop | L + | 7.25% | (b) | 9.38% | cash/ | 1.50% | PIK | 04/2024 | 824 | 820 |  | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PADI Holdco, Inc.+ | One stop | L + | 7.25% | (b) | 8.90% | cash/ | 1.50% | PIK | 04/2024 | 170 | 170 |  | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PADI Holdco, Inc.+(5) | One stop | L + | 5.75% |  | N/A(6) |  |  |  | 04/2023 |  | (1) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provenance Buyer LLC#+ | One stop | L + | 5.00% | (a) | 8.12% |  |  |  | 06/2027 | 18279 | 17987 | 0.7 | 18279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provenance Buyer LLC+ | One stop | L + | 5.00% | (a) | 8.12% |  |  |  | 06/2027 | 9975 | 9881 | 0.4 | 9975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provenance Buyer LLC+(5) | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 06/2027 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provenance Buyer LLC+(5) | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 06/2027 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RW AM Holdco LLC#+ | One stop | SF + | 5.25% | (m) | 9.48% |  |  |  | 04/2028 | 17729 | 17565 | 0.7 | 17551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RW AM Holdco LLC+(5) | One stop | SF + | 5.25% |  | N/A(6) |  |  |  | 04/2028 |  | (1) |  | (2) |
|  |  |  |  |  |  |  |  |  |  | 238062 | 238745 | 9.2 | 234367 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AxiomSL Group, Inc.+ | One stop | L + | 6.00% | (a) | 9.12% | 12/2027 | $4016 | $3951 | 0.2 | $3976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AxiomSL Group, Inc.+ | One stop | L + | 6.00% |  | N/A(6) | 12/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AxiomSL Group, Inc.+ | One stop | L + | 6.00% |  | N/A(6) | 12/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banker's Toolbox, Inc.+ | One stop | SF + | 5.25% | (m) | 9.23% | 07/2027 | 8017 | 7938 | 0.3 | 7857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banker's Toolbox, Inc.+(5) | One stop | L + | 5.25% |  | N/A(6) | 07/2027 |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banker's Toolbox, Inc.+ | One stop | L + | 5.25% | (c) | 8.74% | 07/2027 | 990 | 985 |  | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flash Topco, Inc.\* | One stop | L + | 5.75% | (b) | 8.56% | 10/2028 | 9820 | 9734 | 0.4 | 9623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flash Topco, Inc.+(5) | One stop | L + | 5.75% |  | N/A(6) | 10/2028 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higginbotham Insurance Agency, Inc.+ | One stop | L + | 5.25% | (a) | 8.37% | 11/2026 | 4577 | 4528 | 0.2 | 4531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higginbotham Insurance Agency, Inc.+ | One stop | L + | 5.25% | (a) | 8.37% | 11/2026 | 26 | 25 |  | 24 |
|  |  |  |  |  |  |  | 27446 | 27160 | 1.1 | 26928 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTI Connect, LLC+ | Senior loan | L + | 5.00% | (b) | 8.67% | 12/2024 | $1628 | $1609 | 0.1 | $1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CST Buyer Company#+ | One stop | L + | 5.50% | (a) | 8.62% | 10/2025 | 20121 | 19964 | 0.8 | 20121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CST Buyer Company#+ | One stop | L + | 5.50% | (a) | 8.62% | 10/2025 | 10140 | 10074 | 0.4 | 10140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CST Buyer Company+ | One stop | L + | 5.50% |  | N/A(6) | 10/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC\*#+ | One stop | L + | 5.00% | (b) | 8.07% | 11/2025 | 75982 | 75698 | 3.0 | 75982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | One stop | L + | 5.00% | (b) | 8.67% | 11/2025 | 19780 | 19780 | 0.8 | 19780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | One stop | L + | 5.00% | (b) | 8.07% | 11/2025 | 1752 | 1752 | 0.1 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | Senior loan | L + | 5.00% | (b) | 8.67% | 11/2025 | 648 | 642 |  | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | Senior loan | L + | 5.00% | (b) | 8.67% | 11/2025 | 137 | 136 |  | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | Senior loan | L + | 5.00% | (b) | 8.67% | 11/2025 | 94 | 94 |  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | Senior loan | L + | 5.00% | (b) | 8.67% | 11/2025 | 89 | 88 |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | Senior loan | L + | 5.00% | (b) | 8.67% | 11/2025 | 88 | 86 |  | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+(5) | Senior loan | L + | 5.00% |  | N/A(6) | 11/2025 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | Senior loan | L + | 5.00% | (b) | 8.67% | 11/2025 | 46 | 45 |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | Senior loan | L + | 5.00% | (b) | 8.07% | 11/2025 | 41 | 41 |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | Senior loan | L + | 5.00% | (b) | 8.67% | 11/2025 | 35 | 35 |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | Senior loan | L + | 5.00% | (b) | 8.67% | 11/2025 | 17 | 17 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+(5) | One stop | L + | 5.00% |  | N/A(6) | 11/2025 |  | (119) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | One stop | L + | 5.00% | (b) | 7.77% | 11/2025 | 2305 | 2305 | 0.1 | 2305 |
|  |  |  |  |  |  |  | 131275 | 130636 | 5.2 | 131275 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.\*# | One stop | SF + | 5.50% | (l) | 9.20% | 09/2028 | $18226 | $18096 | 0.7 | $18226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.+ | One stop | SF + | 5.50% | (l) | 9.20% | 09/2028 | 3277 | 3241 | 0.1 | 3277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.#+ | One stop | SF + | 5.50% | (l) | 9.20% | 09/2028 | 2203 | 2202 | 0.1 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.\*# | One stop | SF + | 5.50% | (l) | 9.20% | 09/2028 | 1398 | 1397 | 0.1 | 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.#+ | One stop | SF + | 5.50% | (l) | 9.20% | 09/2028 | 1235 | 1234 | 0.1 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.+ | One stop | SF + | 5.50% | (l) | 9.20% | 09/2028 | 110 | 107 |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.+ | One stop | SF + | 5.50% | (l) | 9.20% | 09/2028 | 178 | 176 |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.+(5) | One stop | SF + | 5.50% |  | N/A(6) | 09/2028 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.+ | One stop | SF + | 5.50% | (l) | 9.20% | 09/2028 | 80 | 79 |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% | 06/2025 | 931 | 928 |  | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% | 06/2025 | 731 | 730 |  | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% | 06/2025 | 718 | 710 |  | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% | 06/2025 | 353 | 350 |  | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% | 06/2025 | 353 | 349 |  | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% | 06/2025 | 174 | 172 |  | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | One stop | SF + | 6.25% | (k) | 9.38% | 06/2025 | 106 | 104 |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+(5) | One stop | SF + | 6.25% |  | N/A(6) | 06/2025 |  | (20) |  | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The\*+ | One stop | SF + | 7.50% | (l) | 11.20% | 06/2024 | 2025 | 2019 | 0.1 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The+ | One stop | SF + | 7.50% | (l) | 11.20% | 06/2024 | 410 | 411 |  | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The+ | One stop | SF + | 7.50% | (l) | 11.20% | 06/2024 | 292 | 289 |  | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The+ | One stop | SF + | 7.50% | (l) | 11.20% | 06/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The+ | One stop | SF + | 7.50% |  | N/A(6) | 06/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wetzel's Pretzels, LLC\*#+ | One stop | L + | 6.50% | (b) | 10.17% | 09/2023 | 14768 | 14679 | 0.6 | 14768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wetzel's Pretzels, LLC+ | One stop | L + | 6.50% | (b) | 10.17% | 09/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wineshipping.com LLC+ | One stop | L + | 5.75% | (c) | 7.58% | 10/2027 | 6793 | 6736 | 0.3 | 6590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wineshipping.com LLC+ | One stop | L + | 5.75% | (b) | 8.17% | 10/2027 | 186 | 178 |  | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wineshipping.com LLC+ | One stop | L + | 5.75% | (b) | 8.83% | 10/2027 | 17 | 16 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wood Fired Holding Corp.\*# | One stop | L + | 6.25% | (b) | 8.67% | 12/2023 | 9679 | 9728 | 0.4 | 9679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wood Fired Holding Corp.+ | One stop | L + | 6.25% |  | N/A(6) | 12/2023 |  |  |  |  |
|  |  |  |  |  |  |  | 64243 | 63910 | 2.5 | 63977 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+ | One stop | L + | 6.50% | (b) | 7.18% | cash/ | 3.00% | PIK | 06/2027 | $13490 | $13288 | 0.5 | $13490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+ | One stop | L + | 6.50% | (b) | 7.18% | cash/ | 3.00% | PIK | 06/2027 | 1112 | 1094 | 0.1 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+(5) | One stop | L + | 6.50% |  | N/A(6) |  |  |  | 06/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+(5) | One stop | L + | 6.50% |  | N/A(6) |  |  |  | 06/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flavor Producers, LLC#+ | Senior loan | L + | 5.75% | (b) | 7.82% | cash/ | 1.00% | PIK | 12/2023 | 5001 | 4962 | 0.2 | 4851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flavor Producers, LLC+ | Senior loan | L + | 5.75% | (b) | 7.82% | cash/ | 1.00% | PIK | 12/2022 | 2 | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak Cakes, LLC\*#+ | Senior loan | L + | 6.00% | (b) | 9.67% |  |  |  | 06/2027 | 12369 | 12246 | 0.4 | 11379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak Cakes, LLC+ | Senior loan | L + | 6.00% | (b) | 9.67% |  |  |  | 06/2026 | 100 | 99 |  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Fish Fry Products, Ltd.\*+ | One stop | SF + | 6.25% | (k) | 9.38% |  |  |  | 07/2027 | 9777 | 9698 | 0.4 | 8994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Fish Fry Products, Ltd.+ | One stop | L + | 6.25% | (c)(k) | 9.24% |  |  |  | 07/2027 | 73 | 71 |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAPF Holdings, Inc.\*#+ | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 12/2026 | 37979 | 37709 | 1.5 | 37979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAPF Holdings, Inc.+ | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 12/2026 | 70 | 68 |  | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P&P Food Safety Holdings, Inc.\*+ | One stop | L + | 6.00% | (c) | 8.88% |  |  |  | 12/2026 | 17722 | 17551 | 0.7 | 17367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P&P Food Safety Holdings, Inc.+ | One stop | L + | 6.00% | (b) | 9.67% |  |  |  | 12/2026 | 38 | 37 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P&P Food Safety Holdings, Inc.+(5) | One stop | L + | 6.00% |  | N/A(6) |  |  |  | 12/2026 |  | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purfoods, LLC+ | One stop | N/A |  |  | 7.00% | PIK |  |  | 05/2026 | 66 | 69 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultimate Baked Goods Midco LLC+ | One stop | L + | 6.50% | (a) | 9.62% |  |  |  | 08/2027 | 6671 | 6604 | 0.2 | 6004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultimate Baked Goods Midco LLC+ | One stop | L + | 6.50% | (a)(d) | 9.92% |  |  |  | 08/2027 | 47 | 19 |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitebridge Pet Brands, LLC\*#+ | One stop | L + | 5.00% | (a) | 8.12% |  |  |  | 07/2027 | 23003 | 22686 | 0.9 | 23003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitebridge Pet Brands, LLC+ | One stop | L + | 5.00% | (a) | 7.98% |  |  |  | 07/2027 | 130 | 128 |  | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wizard Bidco Limited+(8)(9)(10) | One stop | SN + | 4.75% | (i) | 6.94% |  |  |  | 03/2029 | 6067 | 7062 | 0.2 | 6067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wizard Bidco Limited+(5)(8)(9)(10) | One stop | SN + | 4.75% |  | N/A(6) |  |  |  | 09/2028 |  | (1) |  |  |
|  |  |  |  |  |  |  |  |  |  | 133717 | 133385 | 5.1 | 130743 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Medical Products, LLC#+ | One stop | L + | 5.00% | (b) | 7.39% |  |  |  | 06/2025 | $4115 | $4155 | 0.2 | $4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Medical Products, LLC+ | One stop | L + | 5.00% | (b) | 7.39% |  |  |  | 06/2025 | 263 | 262 |  | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Medical Products, LLC+ | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 06/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baduhenna Bidco Limited+(8)(10) | One stop | SF + | 6.50% | (j) | 9.61% |  |  |  | 08/2028 | 5415 | 5353 | 0.2 | 5415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baduhenna Bidco Limited+(8)(9)(10) | One stop | E + | 6.45% | (e) | 6.70% |  |  |  | 08/2028 | 2839 | 3389 | 0.1 | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baduhenna Bidco Limited+(8)(9)(10) | One stop | SF + | 6.50% | (i) | 8.76% |  |  |  | 08/2028 | 790 | 940 |  | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baduhenna Bidco Limited+(8)(9)(10) | One stop | E + | 6.45% | (e) | 7.64% |  |  |  | 08/2028 | 677 | 756 |  | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baduhenna Bidco Limited+(5)(8)(9)(10) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 08/2028 |  | (17) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belmont Instrument, LLC+ | One stop | SF + | 6.25% | (l) | 9.69% |  |  |  | 08/2028 | 9900 | 9803 | 0.4 | 9801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belmont Instrument, LLC+(5) | One stop | SF + | 6.25% |  | N/A(6) |  |  |  | 08/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc.#+ | Senior loan | SF + | 4.75% | (l)(m) | 7.43% |  |  |  | 03/2028 | 10045 | 9940 | 0.4 | 9786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc.+ | Senior loan | SF + | 4.75% | (k) | 7.47% |  |  |  | 03/2028 | 33 | 31 |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc.+(5) | Senior loan | SF + | 4.75% |  | N/A(6) |  |  |  | 03/2028 |  | (1) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc.+ | Senior loan | SF + | 4.75% |  | N/A(6) |  |  |  | 03/2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Pet Care, LLC\*#+ | One stop | L + | 5.00% | (a) | 8.12% |  |  |  | 07/2026 | 51197 | 50889 | 2.0 | 50686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Pet Care, LLC+(5) | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 08/2025 |  | (2) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Pet Care, LLC+(5) | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 07/2026 |  | (10) |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Pet Care, LLC+ | One stop | L + | 5.00% | (a) | 7.94% |  |  |  | 07/2026 | 180 | 178 |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Pet Care, LLC+ | One stop | L + | 5.00% | (a) | 8.12% |  |  |  | 07/2026 | 173 | 172 |  | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC\*+ | One stop | SF + | 6.50% | (k) | 9.63% |  |  |  | 12/2026 | 15399 | 15261 | 0.6 | 15244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC+ | One stop | SF + | 6.50% | (k) | 9.63% |  |  |  | 12/2026 | 4156 | 4123 | 0.2 | 4114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC+(8)(9) | One stop | SN + | 6.50% | (i) | 8.79% |  |  |  | 12/2026 | 2175 | 2428 | 0.1 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC+ | One stop | SF + | 6.50% | (d)(k) | 9.73% |  |  |  | 12/2026 | 115 | 113 |  | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 12/2026 |  | (15) |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 12/2026 |  | (24) |  | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMI Parent Inc.#+ | Senior loan | L + | 4.25% | (b) | 7.26% |  |  |  | 08/2025 | 6499 | 6563 | 0.3 | 6434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMI Parent Inc.+ | Senior loan | L + | 4.25% | (b) | 7.92% |  |  |  | 08/2025 | 3220 | 3196 | 0.1 | 3188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMI Parent Inc.+(5) | Senior loan | L + | 4.25% |  | N/A(6) |  |  |  | 08/2025 |  | (2) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMI Parent Inc.+ | Senior loan | SF + | 4.75% | (l) | 8.30% |  |  |  | 08/2025 | 2932 | 2903 | 0.1 | 2903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G & H Wire Company, Inc.#+ | One stop | L + | 8.00% | (c) | 11.17% | cash/ | 1.00% | PIK | 09/2023 | 11133 | 11109 | 0.4 | 10911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G & H Wire Company, Inc.+ | One stop | L + | 8.00% | (b) | 10.24% | cash/ | 1.00% | PIK | 10/2022 | 72 | 72 |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joerns Healthcare, LLC\*+(7) | One stop | SF + | 16.00% | (l) | 9.75% | cash/ | 10.00% | PIK | 08/2024 | 2084 | 1963 |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joerns Healthcare, LLC\*+(7) | One stop | SF + | 16.00% | (l) | 9.75% | cash/ | 10.00% | PIK | 08/2024 | 2003 | 1889 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joerns Healthcare, LLC+ | One stop | N/A |  |  | 15.00% | PIK |  |  | 11/2022 | 1290 | 1287 |  | 1161 |
|  |  |  |  |  |  |  |  |  |  | 136705 | 136703 | 5.1 | 130975 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAH TOPCO, LLC + | One stop | L + | 5.50% | (a) | 8.58% |  |  |  | 12/2027 | $8329 | $8256 | 0.3 | $8079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAH TOPCO, LLC + | Subordinated debt | N/A |  |  | 11.50% | PIK |  |  | 12/2031 | 1080 | 1062 |  | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAH TOPCO, LLC +(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 12/2027 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAH TOPCO, LLC + | One stop | L + | 5.50% | (a) | 8.36% |  |  |  | 12/2027 | 193 | 187 |  | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.#+ | One stop | SF + | 5.25% | (k) | 8.38% |  |  |  | 02/2025 | 17746 | 17566 | 0.7 | 17389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.#+ | One stop | SF + | 5.25% | (k) | 8.38% |  |  |  | 02/2025 | 1369 | 1356 | 0.1 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.\*# | One stop | SF + | 5.25% | (k) | 8.38% |  |  |  | 02/2025 | 883 | 874 | 0.1 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.+ | One stop | SF + | 5.25% | (k) | 8.38% |  |  |  | 02/2025 | 704 | 696 | 0.1 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.+ | One stop | SF + | 5.25% | (k) | 8.38% |  |  |  | 02/2025 | 620 | 615 |  | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.\*# | One stop | SF + | 5.25% | (k) | 8.38% |  |  |  | 02/2025 | 610 | 604 |  | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.+(5) | One stop | SF + | 5.25% |  | N/A(6) |  |  |  | 02/2025 |  | (2) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.+ | One stop | SF + | 5.25% | (k) | 8.38% |  |  |  | 02/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.00% | (l) | 9.47% |  |  |  | 03/2025 | 16467 | 16342 | 0.6 | 16213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | N/A |  |  | 15.00% |  |  |  | 06/2027 | 10440 | 10239 | 0.4 | 10440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 9.95% |  |  |  | 03/2025 | 4077 | 4071 | 0.2 | 4036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 9.77% |  |  |  | 03/2025 | 3632 | 3607 | 0.2 | 3596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC#+ | One stop | SF + | 6.25% | (l) | 9.95% |  |  |  | 03/2025 | 3504 | 3516 | 0.2 | 3469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 9.95% |  |  |  | 03/2025 | 3203 | 3246 | 0.1 | 3172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.00% | (l) | 9.02% |  |  |  | 03/2025 | 2047 | 2016 | 0.1 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 9.95% |  |  |  | 03/2025 | 1868 | 1909 | 0.1 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 9.95% |  |  |  | 03/2025 | 452 | 455 |  | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 13.00% | (l) | 9.95% | cash/ | 6.75% | PIK | 03/2025 | 251 | 250 |  | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 9.95% |  |  |  | 03/2025 | 167 | 166 |  | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.00% | (l) | 9.71% |  |  |  | 03/2025 | 61 | 51 |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | Senior loan | SF + | 6.25% | (l) | 9.04% |  |  |  | 03/2025 | 110 | 109 |  | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 13.00% | (l) | 9.76% | cash/ | 6.75% | PIK | 03/2025 | 96 | 96 |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 9.95% |  |  |  | 03/2025 | 1 | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 9.94% |  |  |  | 03/2025 | 145 | 145 |  | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | One stop | SF + | 6.00% | (l) | 9.06% |  |  |  | 03/2025 | 208 | 206 |  | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Pain Management Holdings, Inc.+(7) | Senior loan | P + | 3.75% | (d) | 10.00% |  |  |  | 07/2021 | 17456 | 6855 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Pain Management Holdings, Inc.+(7) | Senior loan | L + | 8.50% | (a) | 11.62% |  |  |  | 07/2021 | 6906 | 6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Pain Management Holdings, Inc.+(7) | Senior loan | P + | 3.75% | (d) | 10.00% |  |  |  | 07/2021 | 1190 | 469 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Pain Management Holdings, Inc.+(7) | Senior loan | P + | 3.75% | (d) | 10.00% |  |  |  | 07/2021 | 888 | 544 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ | One stop | L + | 6.13% | (b) | 9.80% |  |  |  | 03/2027 | 4708 | 4661 | 0.2 | 4505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ | One stop | L + | 6.13% | (b) | 9.80% |  |  |  | 03/2027 | 3936 | 3882 | 0.2 | 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ | Subordinated debt | L + | 10.50% | (a) | 13.62% |  |  |  | 03/2028 | 1900 | 1874 | 0.1 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ | Subordinated debt | L + | 10.50% | (a) | 13.62% |  |  |  | 03/2028 | 726 | 719 |  | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ | Subordinated debt | L + | 10.50% | (a) | 13.62% |  |  |  | 03/2028 | 163 | 159 |  | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ | One stop | L + | 6.25% | (a) | 9.37% |  |  |  | 03/2027 | 97 | 95 |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5) | One stop | L + | 6.00% |  | N/A(6) |  |  |  | 03/2027 |  | (1) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5) | One stop | L + | 6.25% |  | N/A(6) |  |  |  | 03/2027 |  | (1) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC+ | One stop | SF + | 5.75% | (k) | 8.89% |  |  |  | 06/2026 | 2349 | 2330 | 0.1 | 2325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 06/2026 |  | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc.\*+ | Senior loan | L + | 4.50% | (b) | 8.17% |  |  |  | 12/2024 | 19502 | 19499 | 0.8 | 19502 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc.# | Senior loan | L + | 4.50% | (b) | 8.17% |  |  |  | 12/2024 | $5197 | $5162 | 0.2 | $5197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc.#+ | Senior loan | L + | 4.50% | (b) | 8.17% |  |  |  | 12/2024 | 4112 | 4098 | 0.2 | 4112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc.+ | Senior loan | L + | 4.50% | (b) | 8.17% |  |  |  | 12/2024 | 3521 | 3495 | 0.2 | 3521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc.+ | Senior loan | L + | 4.50% | (b) | 8.10% |  |  |  | 12/2024 | 50 | 49 |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datix Bidco Limited+(8)(9)(10) | Senior loan | SN + | 4.50% | (i) | 6.69% |  |  |  | 04/2025 | 49685 | 59896 | 1.9 | 47200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datix Bidco Limited+(8)(9)(10) | Second lien | SN + | 7.75% | (i) | 9.94% |  |  |  | 04/2026 | 17630 | 21227 | 0.7 | 16748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerge Intermediate, Inc.\*# | One stop | SF + | 6.50% | (l) | 9.70% | cash/ | 0.50% | PIK | 05/2024 | 19277 | 19162 | 0.8 | 19277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerge Intermediate, Inc.+ | One stop | SF + | 6.50% | (l) | 9.70% | cash/ | 0.50% | PIK | 05/2024 | 1745 | 1734 | 0.1 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerge Intermediate, Inc.+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 05/2024 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 985 | 979 |  | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 619 | 615 |  | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 307 | 305 |  | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 294 | 292 |  | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 266 | 264 |  | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Senior loan | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 244 | 243 |  | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 163 | 162 |  | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 114 | 113 |  | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Senior loan | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 110 | 110 |  | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Senior loan | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 68 | 68 |  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Senior loan | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 57 | 56 |  | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 56 | 55 |  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 32 | 32 |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Senior loan | L + | 6.75% | (a) | 9.87% |  |  |  | 11/2024 | 10 | 10 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+(5) | Senior loan | L + | 6.75% |  | N/A(6) |  |  |  | 11/2024 |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+(5) | One stop | L + | 6.75% |  | N/A(6) |  |  |  | 11/2024 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERC Topco Holdings, LLC+ | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 11/2028 | 9546 | 9471 | 0.4 | 9259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERC Topco Holdings, LLC+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 11/2027 |  | (1) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERC Topco Holdings, LLC+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 11/2028 |  | (3) |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+ | One stop | L + | 9.25% | (a) | 4.13% | cash/ | 8.25% | PIK | 05/2023 | 19569 | 19596 | 0.5 | 12720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC\*+ | One stop | L + | 9.25% | (a) | 4.13% | cash/ | 8.25% | PIK | 05/2023 | 8584 | 8615 | 0.2 | 5580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC\*# | One stop | L + | 9.25% | (a) | 4.12% | cash/ | 8.25% | PIK | 05/2023 | 7518 | 7546 | 0.2 | 4887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+ | One stop | L + | 9.25% | (a) | 4.12% | cash/ | 8.25% | PIK | 05/2023 | 5533 | 5538 | 0.1 | 3596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC\*+ | One stop | L + | 9.25% | (a) | 4.12% | cash/ | 8.25% | PIK | 05/2023 | 2567 | 2577 | 0.1 | 1669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC\*+ | One stop | L + | 9.25% | (a) | 4.12% | cash/ | 8.25% | PIK | 05/2023 | 1648 | 1654 |  | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC\*# | One stop | L + | 9.25% | (a) | 4.12% | cash/ | 8.25% | PIK | 05/2023 | 1218 | 1222 |  | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC\*# | One stop | L + | 9.25% | (a) | 4.12% | cash/ | 8.25% | PIK | 05/2023 | 1073 | 1077 |  | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+ | One stop | L + | 9.25% | (a) | 4.14% | cash/ | 8.25% | PIK | 05/2023 | 1168 | 1159 |  | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC\*+ | One stop | L + | 9.25% | (a) | 4.13% | cash/ | 8.25% | PIK | 05/2023 | 693 | 695 |  | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+ | One stop | L + | 9.25% | (a) | 4.14% | cash/ | 8.25% | PIK | 05/2023 | 428 | 428 |  | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+ | One stop | L + | 9.25% | (a) | 4.14% | cash/ | 8.25% | PIK | 05/2023 | 837 | 832 |  | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+ | One stop | L + | 9.25% | (a) | 4.14% | cash/ | 8.25% | PIK | 05/2023 | 837 | 832 |  | 544 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) | One stop | C + | 4.50% | (h) | 7.26% |  |  |  | 03/2027 | $11224 | $11520 | 0.4 | $11224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(5)(8)(9)(12) | One stop | C + | 4.50% |  | N/A(6) |  |  |  | 03/2027 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) | One stop | C + | 4.50% | (h) | 8.67% |  |  |  | 03/2027 | 502 | 542 |  | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) | One stop | C + | 4.50% | (h) | 8.67% |  |  |  | 03/2027 | 178 | 183 |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12) | One stop | L + | 4.50% | (b) | 8.17% |  |  |  | 03/2027 | 74 | 74 |  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(5)(8)(12) | One stop | SF + | 4.50% |  | N/A(6) |  |  |  | 03/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12) | One stop | C + | 4.50% | (h) | 8.67% |  |  |  | 03/2027 | 736 | 777 |  | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC+ | Senior loan | SF + | 4.75% | (l) | 7.63% |  |  |  | 12/2026 | 844 | 837 |  | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC+ | Senior loan | SF + | 4.75% | (l) | 7.63% |  |  |  | 12/2026 | 62 | 61 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC+ | Senior loan | SF + | 4.75% |  | N/A(6) |  |  |  | 12/2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Klick Inc.+(8)(12) | Senior loan | L + | 4.50% | (b) | 8.17% |  |  |  | 03/2028 | 9997 | 9919 | 0.4 | 9997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Klick Inc.+(5)(8)(12) | Senior loan | L + | 4.50% |  | N/A(6) |  |  |  | 03/2026 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krueger-Gilbert Health Physics, LLC+ | Senior loan | L + | 5.25% | (b) | 8.92% |  |  |  | 05/2025 | 2311 | 2305 | 0.1 | 2311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krueger-Gilbert Health Physics, LLC+ | Senior loan | L + | 5.25% | (b) | 8.92% |  |  |  | 05/2025 | 1858 | 1846 | 0.1 | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krueger-Gilbert Health Physics, LLC+ | Senior loan | L + | 5.25% | (b) | 8.92% |  |  |  | 05/2025 | 1091 | 1113 |  | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krueger-Gilbert Health Physics, LLC+ | Senior loan | L + | 5.25% | (b) | 8.92% |  |  |  | 05/2025 | 60 | 60 |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krueger-Gilbert Health Physics, LLC+(5) | Senior loan | L + | 5.25% |  | N/A(6) |  |  |  | 05/2025 |  | (14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) | One stop | C + | 5.50% | (h) | 9.67% |  |  |  | 05/2028 | 17736 | 19985 | 0.7 | 17381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 05/2028 | 4326 | 4275 | 0.2 | 4239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 05/2028 | 2816 | 2791 | 0.1 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) | One stop | C + | 5.50% | (h) | 9.67% |  |  |  | 05/2028 | 1081 | 1188 |  | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) | One stop | C + | 5.50% | (h) | 9.67% |  |  |  | 05/2028 | 563 | 586 |  | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) | One stop | C + | 5.50% | (h) | 9.65% |  |  |  | 05/2026 | 103 | 106 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 05/2026 | 60 | 60 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12) | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 05/2028 | 18 | 18 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Street Dermatology Holdings, LLC+(7) | One stop | SF + | 11.43% | (l) | 15.13% |  |  |  | 01/2023 | 22787 | 16786 | 0.7 | 17090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Street Dermatology Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 9.95% |  |  |  | 01/2023 | 13521 | 12666 | 0.5 | 12845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Street Dermatology Holdings, LLC+ | One stop | SF + | 6.25% | (l) | 9.95% |  |  |  | 01/2023 | 348 | 329 |  | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.#+ | One stop | L + | 5.75% | (b) | 8.56% |  |  |  | 01/2023 | 18732 | 18730 | 0.7 | 18732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.\* | One stop | L + | 5.75% | (b) | 8.56% |  |  |  | 01/2023 | 7553 | 7548 | 0.3 | 7553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.#+ | One stop | L + | 5.75% | (b) | 8.56% |  |  |  | 01/2023 | 1539 | 1539 | 0.1 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | One stop | L + | 5.75% | (b) | 8.56% |  |  |  | 01/2023 | 695 | 695 |  | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | One stop | L + | 5.75% | (b) | 8.56% |  |  |  | 01/2023 | 184 | 184 |  | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | One stop | L + | 5.75% | (a) | 8.81% |  |  |  | 01/2023 | 145 | 145 |  | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | One stop | L + | 5.75% | (b) | 8.56% |  |  |  | 01/2023 | 105 | 105 |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | One stop | L + | 5.75% | (b) | 8.56% |  |  |  | 01/2023 | 37 | 37 |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPT Management Holdings, LLC+(7) | One stop | L + | 8.50% | (b) | 8.28% | cash/ | 2.50% | PIK | 12/2022 | 25694 | 25514 | 0.8 | 19270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPT Management Holdings, LLC+(7) | One stop | L + | 8.50% | (b) | 8.28% | cash/ | 2.50% | PIK | 12/2022 | 312 | 310 |  | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPT Management Holdings, LLC+(7) | One stop | L + | 10.50% | (b) | 8.28% | cash/ | 4.50% | PIK | 12/2022 | 284 | 282 |  | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPT Management Holdings, LLC+(7) | One stop | L + | 8.50% | (b) | 8.28% | cash/ | 2.50% | PIK | 12/2022 | 184 | 183 |  | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPT Management Holdings, LLC+(7) | One stop | L + | 8.50% | (b) | 8.28% | cash/ | 2.50% | PIK | 12/2022 | 90 | 88 |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPT Management Holdings, LLC+ | One stop | L + | 10.50% |  | N/A(6) |  |  |  | 12/2022 |  |  |  |  |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suveto Buyer, LLC+ | One stop | L + | **5.00%** | **(b)** | **8.67%** | **09/2027** | $18330 | $18110 | 0.7 | $17528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suveto Buyer, LLC+ | One stop | L + | **5.00%** | **(b)** | **8.66%** | **09/2027** | **64** | **62** | **—** | 58 |
|  |  |  |  |  |  |  | **470089** | 459629 | 16.0 | 405913 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alegeus Technologies Holdings Corp.+ | Senior loan | L + | 8.25% | (b) | 10.95% |  |  |  | 09/2024 | $374 | $373 |  | $370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc.+ | One stop | SF + | 5.75% | (k) | 8.78% |  |  |  | 05/2028 | 5248 | 5199 | 0.2 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc.+ | One stop | SF + | 5.75% | (k) | 8.78% |  |  |  | 05/2028 | 10 | 10 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc.+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 05/2028 |  | (8) |  | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connexin Software, Inc.+ | One stop | L + | 8.50% | (b) | 11.31% |  |  |  | 02/2024 | 8619 | 8644 | 0.3 | 8619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connexin Software, Inc.+ | One stop | L + | 8.50% |  | N/A(6) |  |  |  | 02/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESO Solution, Inc.+ | One stop | SF + | 7.00% | (l) | 10.56% |  |  |  | 03/2027 | 7549 | 7493 | 0.3 | 7549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESO Solution, Inc.+(5) | One stop | SF + | 7.00% |  | N/A(6) |  |  |  | 03/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (m) | 9.83% |  |  |  | 08/2026 | 6186 | 6161 | 0.2 | 6025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (m) | 9.83% |  |  |  | 08/2026 | 2949 | 2919 | 0.1 | 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (m) | 9.83% |  |  |  | 08/2026 | 1943 | 1929 | 0.1 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (m) | 9.84% |  |  |  | 08/2026 | 1355 | 1336 | 0.1 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (m) | 9.83% |  |  |  | 08/2026 | 635 | 631 |  | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | L + | 5.75% | (a) | 8.31% |  |  |  | 09/2025 | 13 | 12 |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | One stop | SF + | 5.75% | (m) | 9.86% |  |  |  | 08/2026 | 132 | 130 |  | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nextech Holdings, LLC+ | One stop | L + | 5.50% | (a)(b) | 8.31% |  |  |  | 06/2025 | 3931 | 3970 | 0.2 | 3891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nextech Holdings, LLC+ | One stop | L + | 5.50% | (a)(b) | 8.31% |  |  |  | 06/2025 | 1917 | 1909 | 0.1 | 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nextech Holdings, LLC+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 06/2025 |  | (1) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plasma Buyer LLC+ | One stop | SF + | 5.75% | (l) | 9.30% |  |  |  | 05/2029 | 5403 | 5301 | 0.2 | 5295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plasma Buyer LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 05/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plasma Buyer LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 05/2029 |  | (13) |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qgenda Intermediate Holdings, LLC+ | One stop | L + | 5.00% | (b) | 8.67% |  |  |  | 06/2025 | 14968 | 14968 | 0.6 | 14668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qgenda Intermediate Holdings, LLC# | One stop | L + | 5.00% | (b) | 8.67% |  |  |  | 06/2025 | 12194 | 12120 | 0.5 | 11950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qgenda Intermediate Holdings, LLC+ | One stop | L + | 5.00% | (b) | 8.67% |  |  |  | 06/2025 | 1455 | 1449 |  | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qgenda Intermediate Holdings, LLC# | One stop | L + | 5.00% | (b) | 8.67% |  |  |  | 06/2025 | 973 | 973 |  | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qgenda Intermediate Holdings, LLC+(5) | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 06/2025 |  |  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | One stop | SF + | 8.00% | (k) | 7.63% | cash/ | 3.50% | PIK | 06/2025 | 10386 | 10215 | 0.4 | 10386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | One stop | SF + | 8.00% | (k) | 7.63% | cash/ | 3.50% | PIK | 06/2025 | 10110 | 9614 | 0.4 | 10110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | One stop | SF + | 8.00% | (k) | 7.63% | cash/ | 3.50% | PIK | 06/2025 | 6661 | 6404 | 0.3 | 6661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | One stop | SF + | 8.00% | (k) | 7.63% | cash/ | 3.50% | PIK | 06/2025 | 1713 | 1686 | 0.1 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | One stop | SF + | 8.00% | (k) | 7.63% | cash/ | 3.50% | PIK | 06/2025 | 1523 | 1482 | 0.1 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | One stop | SF + | 8.00% | (k) | 7.63% | cash/ | 3.50% | PIK | 06/2025 | 1142 | 1124 |  | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | One stop | SF + | 8.00% | (k) | 7.63% | cash/ | 3.50% | PIK | 06/2025 | 952 | 937 |  | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | One stop | SF + | 8.00% | (k) | 7.63% | cash/ | 3.50% | PIK | 06/2025 | 761 | 749 |  | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | One stop | SF + | 8.00% | (k) | 7.63% | cash/ | 3.50% | PIK | 06/2025 | 152 | 149 |  | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | One stop | SF + | 8.00% | (k) | 7.63% | cash/ | 3.50% | PIK | 06/2025 | 80 | 80 |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction Data Systems, Inc.\*#+ | One stop | L + | 4.50% | (b) | 8.17% |  |  |  | 02/2026 | 66280 | 65504 | 2.6 | 64955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction Data Systems, Inc.+(5) | One stop | L + | 4.50% |  | N/A(6) |  |  |  | 02/2026 |  | (4) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veranex, Inc.+ | Senior loan | SF + | 4.75% | (m) | 7.52% |  |  |  | 04/2028 | 3178 | 3149 | 0.1 | 3146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veranex, Inc.+(5) | Senior loan | P + | 3.75% |  | N/A(6) |  |  |  | 04/2028 |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veranex, Inc.+(5) | Senior loan | SF + | 4.75% |  | N/A(6) |  |  |  | 04/2028 |  | (1) |  | (3) |
|  |  |  |  |  |  |  |  |  |  | 178792 | 176591 | 6.9 | 176138 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barteca Restaurants, LLC# | One stop | SF + | 6.00% | (m) | 9.19% |  |  |  | 08/2028 | $7679 | $7604 | 0.3 | $7602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barteca Restaurants, LLC+(5) | One stop | SF + | 6.00% |  | N/A(6) |  |  |  | 08/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barteca Restaurants, LLC+(5) | One stop | SF + | 6.00% |  | N/A(6) |  |  |  | 08/2028 |  | (20) |  | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJH Holdings III Corp.\*#+ | One stop | L + | 4.50% | (a) | 7.58% |  |  |  | 08/2025 | 50571 | 51317 | 2.0 | 49561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJH Holdings III Corp.+ | One stop | L + | 4.50% | (a) | 7.59% |  |  |  | 08/2025 | 70 | 66 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company, LLC+ | One stop | L + | 5.25% | (a) | 8.37% |  |  |  | 07/2024 | 7096 | 7080 | 0.3 | 7096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company, LLC+ | One stop | L + | 5.25% | (a) | 8.37% |  |  |  | 07/2024 | 1092 | 1090 |  | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company, LLC+ | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 07/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC\*#+ | One stop | SF + | 4.75% | (m) | 7.58% |  |  |  | 01/2026 | 9393 | 9401 | 0.4 | 9393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC+ | One stop | SF + | 4.75% | (c)(m) | 7.58% |  |  |  | 01/2026 | 896 | 897 |  | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC+ | One stop | SF + | 4.75% | (c)(m) | 7.58% |  |  |  | 01/2026 | 8 | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC+(5) | One stop | SF + | 4.75% |  | N/A(6) |  |  |  | 01/2026 |  | (12) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddy's Frozen Custard LLC+ | One stop | L + | 5.00% | (b) | 8.16% |  |  |  | 03/2027 | 9160 | 9093 | 0.4 | 9160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddy's Frozen Custard LLC+(5) | One stop | L + | 5.00% |  | N/A(6) |  |  |  | 03/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+ | One stop | L + | 10.00% | (b) | 8.91% | cash/ | 4.00% | PIK | 08/2026 | 804 | 720 |  | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+ | One stop | L + | 10.00% |  | N/A(6) |  |  |  | 08/2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+(5) | One stop | L + | 10.00% |  | N/A(6) |  |  |  | 08/2026 |  | (6) |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Buyer, LLC+ | Senior loan | SF + | 5.25% | (m) | 7.98% |  |  |  | 04/2029 | 2604 | 2567 | 0.1 | 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Buyer, LLC+ | Senior loan | SF + | 5.25% | (k) | 8.03% |  |  |  | 04/2028 | 2 | 2 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSRG Holdings, LLC+ | One stop | SF + | 4.75% | (l) | 8.45% |  |  |  | 11/2025 | 1000 | 990 |  | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSRG Holdings, LLC+ | One stop | SF + | 4.75% | (l) | 8.45% |  |  |  | 11/2025 | 20 | 20 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tropical Smoothie Cafe Holdings, LLC+ | One stop | SF + | 5.25% | (l) | 7.98% |  |  |  | 09/2026 | 19950 | 19767 | 0.8 | 19950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tropical Smoothie Cafe Holdings, LLC\*# | One stop | SF + | 5.25% | (k)(l) | 8.26% |  |  |  | 09/2026 | 13695 | 13553 | 0.6 | 13695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tropical Smoothie Cafe Holdings, LLC# | One stop | SF + | 5.25% | (k)(l) | 8.01% |  |  |  | 09/2026 | 5830 | 5773 | 0.2 | 5830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tropical Smoothie Cafe Holdings, LLC+(5) | One stop | SF + | 4.25% |  | N/A(6) |  |  |  | 09/2026 |  | (1) |  |  |
|  |  |  |  |  |  |  |  |  |  | 129870 | 129907 | 5.1 | 128594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 5.00% | (b) | 7.81% |  |  |  | 01/2026 | 4615 | 4569 | 0.2 | 4615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 5.00% | (b) | 7.81% |  |  |  | 01/2026 | 1805 | 1786 | 0.1 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 5.00% | (b) | 7.81% |  |  |  | 01/2026 | 1203 | 1193 |  | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 5.00% | (b) | 7.81% |  |  |  | 01/2026 | 1072 | 1060 |  | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 5.00% | (b) | 7.08% |  |  |  | 01/2026 | 82 | 82 |  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 5.00% | (b) | 7.81% |  |  |  | 01/2026 | 56 | 52 |  | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | Senior loan | L + | 5.00% |  | N/A(6) |  |  |  | 01/2026 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 8833 | 8742 | 0.3 | 8833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WU Holdco, Inc.#+ | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 03/2026 | 3743 | 3790 | 0.1 | 3630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WU Holdco, Inc.+ | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 03/2026 | 1318 | 1318 | 0.1 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WU Holdco, Inc.+ | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 03/2026 | 342 | 340 |  | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WU Holdco, Inc.+ | One stop | L + | 5.50% | (b)(c) | 8.11% |  |  |  | 03/2025 | 26 | 25 |  | 24 |
|  |  |  |  |  |  |  |  |  |  | 5429 | 5473 | 0.2 | 5265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Global CCT Holdings Corp.#+ | Senior loan | L + | 4.75% | (a) | 7.87% |  |  |  | 04/2026 | 2355 | 2401 | 0.1 | 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Global CCT Holdings Corp.+ | Senior loan | L + | 4.75% | (b) | 8.42% |  |  |  | 04/2026 | 135 | 134 |  | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Global CCT Holdings Corp.+ | Senior loan | L + | 4.75% | (b) | 8.42% |  |  |  | 04/2026 | 76 | 75 |  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Global CCT Holdings Corp.+ | Senior loan | L + | 4.75% |  | N/A(6) |  |  |  | 04/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, Inc.+ | One stop | L + | 6.00% | (b) | 9.67% |  |  |  | 07/2027 | 3922 | 3847 | 0.2 | 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, Inc.+ | One stop | L + | 5.50% | (c) | 8.38% |  |  |  | 07/2027 | 7 | 6 |  | 6 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, Inc.+(5) | One stop | L + | 6.00% |  | N/A(6) | 07/2027 | $— | $(9) |  | $(10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Services Holdings Corporation+ | One stop | L + | 5.75% | (a)(b) | 8.07% | 11/2026 | 819 | 810 |  | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Services Holdings Corporation+(5) | One stop | L + | 5.75% |  | N/A(6) | 11/2025 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp.+ | One stop | SF + | 5.75% | (l) | 8.59% | 08/2029 | 7131 | 6989 | 0.3 | 7060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp.+(8)(9) | One stop | E + | 5.75% | (e) | 6.08% | 08/2029 | 1155 | 1193 |  | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp.+ | One stop | SF + | 5.75% | (l) | 8.59% | 08/2028 | 92 | 89 |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp.+(5) | One stop | SF + | 5.75% |  | N/A(6) | 08/2029 |  | (13) |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Safety & Flow LLC+ | Senior loan | SF + | 3.60% | (k) | 6.63% | 03/2025 | 443 | 443 |  | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Safety & Flow LLC+ | Senior loan | SF + | 3.60% | (k)(l) | 6.64% | 03/2025 | 2 | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Measurement Bidco Limited+(8)(10) | One stop | L + | 5.75% | (b) | 8.82% | 11/2027 | 7961 | 7800 | 0.3 | 7961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Measurement Bidco Limited+(8)(9)(10) | One stop | E + | 5.75% | (e) | 6.75% | 11/2027 | 6556 | 7833 | 0.3 | 6556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Measurement Bidco Limited+(5)(8)(9)(10) | One stop | SN + | 5.75% |  | N/A(6) | 11/2027 |  | (39) |  |  |
|  |  |  |  |  |  |  | 30654 | 31560 | 1.2 | 30407 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group, Inc.+ | One stop | SF + | 6.00% | (l) | 9.06% | 10/2028 | $25370 | $25153 | 1.0 | $24297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group, Inc.+ | One stop | SF + | 6.00% | (k)(l) | 9.06% | 10/2028 | 7210 | 7117 | 0.3 | 6905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group, Inc.+ | One stop | SF + | 6.00% | (k)(l) | 9.07% | 10/2028 | 463 | 458 |  | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc.+ | One stop | SF + | 5.25% | (l)(m) | 9.33% | 07/2027 | 3188 | 3163 | 0.1 | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc.+ | One stop | SF + | 5.25% | (m) | 6.43% | 07/2027 | 950 | 946 |  | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc.+ | One stop | SF + | 5.25% | (l)(m) | 9.33% | 07/2027 | 790 | 783 |  | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc.+ | One stop | SF + | 5.25% |  | N/A(6) | 07/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc.+(5) | One stop | SF + | 5.25% |  | N/A(6) | 07/2027 |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Captive Resources Midco, LLC+ | One stop | SF + | 5.50% | (k) | 8.53% | 07/2029 | 9813 | 9624 | 0.4 | 9616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Captive Resources Midco, LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) | 07/2028 |  | (4) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | Senior loan | L + | 5.50% | (c) | 7.58% | 08/2025 | 3046 | 3007 | 0.1 | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | One stop | L + | 5.75% | (c) | 7.83% | 08/2025 | 2421 | 2414 | 0.1 | 2415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | Senior loan | L + | 5.75% | (c) | 7.87% | 08/2025 | 1517 | 1497 | 0.1 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | Senior loan | L + | 5.75% | (c) | 7.40% | 08/2025 | 774 | 768 |  | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | One stop | L + | 5.75% | (c) | 7.74% | 08/2025 | 468 | 465 |  | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | Senior loan | L + | 5.75% | (c) | 8.85% | 08/2025 | 244 | 242 |  | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | Senior loan | L + | 5.50% | (b)(c) | 8.67% | 08/2025 | 184 | 183 |  | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | One stop | L + | 5.75% |  | N/A(6) | 08/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC+ | One stop | SF + | 5.75% | (l) | 8.56% | 08/2025 | 1117 | 1082 |  | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.S. Held Holdings, LLC#+ | One stop | L + | 5.50% | (b) | 9.17% | 07/2025 | 6422 | 6402 | 0.3 | 6380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.S. Held Holdings, LLC+ | One stop | L + | 5.50% | (b) | 9.17% | 07/2025 | 1478 | 1458 | 0.1 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.S. Held Holdings, LLC+ | One stop | SF + | 5.50% | (l) | 9.20% | 07/2025 | 1430 | 1406 | 0.1 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.S. Held Holdings, LLC+ | One stop | SF + | 5.50% | (l) | 9.20% | 07/2025 | 77 | 72 |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.S. Held Holdings, LLC+ | One stop | P + | 4.50% | (d) | 10.75% | 07/2025 | 48 | 45 |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Agency Partners LLC+ | Senior loan | SF + | 6.00% | (l) | 9.70% | 05/2027 | 2850 | 2810 | 0.1 | 2793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Agency Partners LLC+ | Senior loan | SF + | 6.00% | (l) | 9.70% | 05/2027 | 182 | 180 |  | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Agency Partners LLC+ | Senior loan | SF + | 6.00% | (l) | 9.35% | 05/2027 | 160 | 146 |  | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Term Care Group, Inc.+ | One stop | L + | 6.00% | (a) | 8.82% | 09/2027 | 2984 | 2935 | 0.1 | 2984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Majesco\*# | One stop | L + | 7.25% | (b) | 10.93% | 09/2027 | 18751 | 18522 | 0.7 | 18751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Majesco+(5) | One stop | L + | 7.25% |  | N/A(6) | 09/2026 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norvax, LLC+ | Senior loan | L + | 7.50% | (b) | 11.18% | 09/2025 | 32784 | 32498 | 1.2 | 30161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norvax, LLC+ | Senior loan | L + | 7.50% | (b) | 11.18% | 09/2025 | 9925 | 9765 | 0.4 | 9131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings, Inc.+ | One stop | L + | 4.75% | (c) | 7.63% | 08/2025 | 7225 | 7174 | 0.3 | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC+ | One stop | L + | 5.50% | (b) | 8.65% | 10/2028 | 9491 | 9409 | 0.4 | 9287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC+(5) | One stop | L + | 5.50% |  | N/A(6) | 10/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC+ | One stop | L + | 5.50% | (c) | 9.31% | 10/2028 | 617 | 591 |  | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC+(5) | One stop | L + | 5.75% |  | N/A(6) | 10/2028 |  | (22) |  | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;People Corporation+(8)(9)(12) | One stop | C + | 6.25% | (h) | 9.87% | 02/2028 | 13502 | 14537 | 0.5 | 13502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;People Corporation+(8)(9)(12) | One stop | C + | 6.25% | (h) | 9.87% | 02/2028 | 4406 | 4874 | 0.2 | 4406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;People Corporation+(8)(9)(12) | One stop | C + | 5.50% | (h) | 9.13% | 02/2028 | 3166 | 3354 | 0.1 | 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;People Corporation+(8)(9)(12) | One stop | C + | 6.25% | (h) | 9.92% | 02/2027 | 147 | 158 |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc.\*#+ | One stop | SF + | 5.50% | (l) | 8.31% | 10/2026 | 25637 | 25306 | 1.0 | 25122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc.+ | One stop | SF + | 5.50% | (l) | 8.54% | 10/2026 | 6561 | 6293 | 0.3 | 6430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc.+ | One stop | SF + | 5.50% | (l) | 9.05% | 10/2026 | 1519 | 1506 | 0.1 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc.+(5) | One stop | SF + | 5.50% |  | N/A(6) | 10/2026 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc.+(5) | One stop | SF + | 5.50% | (l) | 9.20% | 10/2026 | 90 | 47 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc.+ | One stop | SF + | 5.50% | (l) | 8.55% | 10/2026 | 995 | 986 |  | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstar Insurance Group, LLC+ | Senior loan | SF + | 6.00% | (l) | 9.69% | 10/2026 | 773 | 764 |  | 758 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstar Insurance Group, LLC+ | Senior loan | SF + | 6.00% | (l) | 9.69% |  |  |  | 10/2026 | $791 | $784 |  | $772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstar Insurance Group, LLC+ | Senior loan | SF + | 6.00% | (l) | 9.69% |  |  |  | 10/2026 | 392 | 387 |  | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstar Insurance Group, LLC+ | Senior loan | SF + | 6.00% | (l) | 9.65% |  |  |  | 10/2026 | 2 | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerRisk, LLC\*+ | One stop | L + | 4.75% | (a) | 7.87% |  |  |  | 06/2027 | 22662 | 22485 | 0.9 | 22662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerRisk, LLC+(5) | One stop | L + | 4.75% |  | N/A(6) |  |  |  | 06/2027 |  | (1) |  |  |
|  |  |  |  |  |  |  |  |  |  | 232622 | 231767 | 8.9 | 225751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet & Catalog Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet & Catalog Retail** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 04/2027 | 15012 | 14899 | 0.6 | 14562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 04/2027 | 8786 | 8720 | 0.3 | 8523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 04/2027 | 4357 | 4324 | 0.2 | 4226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 04/2027 | 2624 | 2605 | 0.1 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 04/2027 | 1691 | 1677 | 0.1 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 04/2027 | 397 | 395 |  | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 04/2027 | 228 | 226 |  | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+(5) | One stop | L + | 5.75% |  | N/A(6) |  |  |  | 04/2027 |  | (1) |  | (8) |
|  |  |  |  |  |  |  |  |  |  | 33095 | 32845 | 1.3 | 32097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquia, Inc.+ | One stop | L + | 7.00% | (a) | 9.63% |  |  |  | 10/2025 | 9578 | 9509 | 0.4 | 9578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquia, Inc.+ | One stop | L + | 7.00% | (b)(c) | 10.18% |  |  |  | 10/2025 | 23 | 22 |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CivicPlus, LLC+ | One stop | L + | 6.00% | (a) | 9.12% |  |  |  | 08/2027 | 6174 | 6109 | 0.3 | 6112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CivicPlus, LLC+ | One stop | L + | 6.00% | (a) | 9.12% |  |  |  | 08/2027 | 3646 | 3612 | 0.2 | 3610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CivicPlus, LLC+ | One stop | L + | 6.00% | (b) | 9.67% |  |  |  | 08/2027 | 2894 | 2863 | 0.1 | 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CivicPlus, LLC+ | One stop | SF + | 11.75% | (m) | 14.38% |  |  |  | 06/2034 | 202 | 197 |  | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CivicPlus, LLC+(5) | One stop | L + | 6.00% |  | N/A(6) |  |  |  | 08/2027 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start, Inc.+ | One stop | SF + | 5.75% | (k) | 5.65% | cash/ | 3.13% | PIK | 05/2028 | 3251 | 3221 | 0.1 | 3219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start, Inc.+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 05/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delinea Inc.+ | One stop | L + | 6.00% | (a) | 9.12% |  |  |  | 03/2028 | 16581 | 16388 | 0.6 | 15420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delinea Inc.# | One stop | L + | 6.00% | (a) | 9.12% |  |  |  | 03/2028 | 9586 | 9471 | 0.4 | 8915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delinea Inc.+ | One stop | L + | 6.00% | (a) | 9.12% |  |  |  | 03/2027 | 118 | 116 |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 04/2026 | 21494 | 21261 | 0.8 | 20635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.+(8)(9) | One stop | E + | 6.00% | (e) | 7.19% |  |  |  | 04/2026 | 17564 | 20276 | 0.7 | 16976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.#+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 04/2026 | 11937 | 12007 | 0.5 | 11460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 04/2026 | 6601 | 6520 | 0.2 | 6337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.+(5) | One stop | L + | 5.75% |  | N/A(6) |  |  |  | 04/2026 |  | (3) |  | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.+(5) | One stop | L + | 5.75% |  | N/A(6) |  |  |  | 04/2026 |  | (3) |  | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldcup 31018 AB+(8)(9)(17) | One stop | E + | 7.07% | (f) | 3.57% | cash/ | 3.82% | PIK | 07/2029 | 7666 | 7736 | 0.3 | 7571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldcup 31018 AB+(5)(8)(9)(17) | One stop | E + | 6.50% |  | N/A(6) |  |  |  | 01/2029 |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldcup 31018 AB+(5)(8)(9)(17) | One stop | E + | 6.50% |  | N/A(6) |  |  |  | 07/2029 |  | (16) |  | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.#+ | One stop | L + | 5.25% | (c) | 8.13% |  |  |  | 10/2026 | 27812 | 27484 | 1.1 | 27534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (c) | 8.13% |  |  |  | 10/2026 | 8403 | 8334 | 0.3 | 8319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (c) | 8.13% |  |  |  | 10/2026 | 2026 | 1991 | 0.1 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (c) | 8.13% |  |  |  | 10/2026 | 303 | 301 |  | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (b) | 8.92% |  |  |  | 10/2026 | 213 | 212 |  | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (c) | 8.13% |  |  |  | 10/2026 | 105 | 105 |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (b) | 8.92% |  |  |  | 10/2026 | 57 | 47 |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+(5) | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 10/2026 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinisource, Inc.+ | One stop | L + | 5.25% | (b) | 8.92% |  |  |  | 10/2026 | 86 | 75 |  | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netwrix Corporation+ | One stop | SF + | 5.00% | (l) | 7.90% |  |  |  | 06/2029 | 3534 | 3503 | 0.1 | 3499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netwrix Corporation+(5) | One stop | SF + | 5.00% |  | N/A(6) |  |  |  | 06/2029 |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netwrix Corporation+ | One stop | SF + | 5.00% | (l) | 8.44% |  |  |  | 06/2029 | 129 | 121 |  | 110 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Intermediate II Holdings, LLC+ | One stop | L + | 5.25% | (c) | 8.62% | 01/2026 | $14201 | $14122 | 0.6 | $14201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Intermediate II Holdings, LLC+ | One stop | L + | 5.25% | (c) | 8.62% | 01/2026 | 2050 | 2035 | 0.1 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Intermediate II Holdings, LLC+(5) | One stop | L + | 5.25% |  | N/A(6) | 01/2026 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recordxtechnologies, LLC# | One stop | L + | 5.50% | (b) | 9.17% | 12/2025 | 728 | 724 |  | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recordxtechnologies, LLC+ | One stop | L + | 5.50% | (b) | 9.17% | 12/2025 | 114 | 113 |  | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recordxtechnologies, LLC+ | One stop | L + | 5.50% | (b) | 9.17% | 12/2025 | 59 | 58 |  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+(8)(9) | Senior loan | SN + | 4.50% | (i) | 6.69% | 11/2025 | 19267 | 23496 | 0.7 | 18882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+ | Senior loan | L + | 4.50% | (c) | 8.67% | 11/2025 | 5542 | 5505 | 0.2 | 5431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+ | Senior loan | L + | 4.25% | (c) | 8.42% | 11/2025 | 737 | 732 |  | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+ | Senior loan | L + | 4.25% | (c) | 8.42% | 11/2025 | 131 | 130 |  | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+(5) | Senior loan | L + | 4.50% |  | N/A(6) | 11/2025 |  | (2) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+(5) | Senior loan | L + | 4.25% |  | N/A(6) | 11/2025 |  | (1) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+ | Senior loan | L + | 4.50% | (b)(c) | 8.67% | 11/2025 | 169 | 167 |  | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReliaQuest Holdings, LLC+ | One stop | SF + | 10.75% | (l) | 14.30% | 10/2026 | 1098 | 1077 |  | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReliaQuest Holdings, LLC+ | One stop | SF + | 10.75% | (l) | 14.30% | 10/2026 | 50 | 50 |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReliaQuest Holdings, LLC+(5) | One stop | SF + | 10.75% |  | N/A(6) | 10/2026 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc.+ | One stop | L + | 6.50% | (b) | 10.17% | 09/2026 | 19977 | 19572 | 0.7 | 18978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc.+ | One stop | L + | 6.50% | (b) | 10.17% | 09/2026 | 103 | 101 |  | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zarya Holdco, Inc.+ | Senior loan | SF + | 6.50% | (k) | 9.63% | 07/2027 | 4789 | 4789 | 0.2 | 4789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zarya Holdco, Inc.+ | Senior loan | SF + | 6.50% |  | N/A(6) | 07/2027 |  |  |  |  |
|  |  |  |  |  |  |  | 228998 | 234117 | 8.7 | 222614 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC#+ | One stop | L + | 6.25% | (b)(c) | 8.13% | cash/ | 1.00% | PIK | 09/2024 | $8649 | $8679 | 0.3 | $8649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | One stop | L + | 6.25% | (b)(c) | 8.13% | cash/ | 1.00% | PIK | 09/2024 | 1239 | 1235 | 0.1 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | One stop | L + | 6.25% | (b)(c) | 8.13% | cash/ | 1.00% | PIK | 09/2024 | 861 | 875 |  | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | One stop | L + | 6.25% | (c) | 8.13% | cash/ | 1.00% | PIK | 09/2024 | 444 | 452 |  | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | One stop | L + | 6.25% |  | N/A(6) |  |  |  | 09/2024 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 11193 | 11241 | 0.4 | 11193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covaris Intermediate 3, LLC+ | One stop | L + | 4.75% | (b) | 7.56% |  |  |  | 01/2028 | 5909 | 5856 | 0.2 | 5909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covaris Intermediate 3, LLC+ | One stop | L + | 5.25% | (a) | 8.37% |  |  |  | 01/2028 | 18 | 18 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covaris Intermediate 3, LLC+(5) | One stop | L + | 4.75% |  | N/A(6) |  |  |  | 01/2028 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAS Parent Inc.\*#+ | One stop | L + | 5.50% | (a)(b) | 8.62% |  |  |  | 12/2028 | 33706 | 33102 | 1.3 | 32694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAS Parent Inc.+ | One stop | P + | 4.50% | (a)(d) | 10.07% |  |  |  | 12/2027 | 161 | 153 |  | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAS Parent Inc.+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 12/2028 |  | (5) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reaction Biology Corporation# | One stop | SF + | 5.25% | (m) | 9.48% |  |  |  | 03/2029 | 8023 | 7949 | 0.3 | 7783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reaction Biology Corporation+ | One stop | SF + | 5.25% | (m) | 9.48% |  |  |  | 03/2029 | 60 | 55 |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reaction Biology Corporation+(5) | One stop | P + | 4.25% |  | N/A(6) |  |  |  | 03/2029 |  | (1) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unchained Labs, LLC+ | Senior loan | L + | 5.50% | (a) | 8.62% |  |  |  | 08/2027 | 999 | 972 | 0.1 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unchained Labs, LLC+ | Senior loan | L + | 5.50% | (a) | 8.62% |  |  |  | 08/2027 | 844 | 830 |  | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unchained Labs, LLC+ | Senior loan | L + | 5.50% |  | N/A(6) |  |  |  | 08/2027 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 49720 | 48927 | 1.9 | 48430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad Boy Mowers Acquisition, LLC+ | Senior loan | L + | 4.25% | (b) | 7.38% |  |  |  | 03/2028 | 1866 | 1862 | 0.1 | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Purchaser, Inc.\*+ | Senior loan | L + | 4.50% | (a) | 7.62% |  |  |  | 04/2026 | 19084 | 19205 | 0.7 | 18893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Purchaser, Inc.+ | Senior loan | L + | 4.50% | (a) | 7.62% |  |  |  | 10/2025 | 58 | 57 |  | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Purchaser, Inc.+(5) | Senior loan | L + | 4.50% |  | N/A(6) |  |  |  | 04/2026 |  | (2) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Industries, Inc.+(7) | Senior loan | L + | 7.00% | (c) | 9.88% |  |  |  | 05/2025 | 12059 | 12117 | 0.4 | 9853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Industries, Inc.+(7) | Senior loan | L + | 7.00% | (b) | 10.67% |  |  |  | 05/2025 | 985 | 1005 |  | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Industries, Inc.+(7) | Senior loan | L + | 7.00% | (c) | 9.80% |  |  |  | 05/2025 | 350 | 350 |  | 280 |
|  |  |  |  |  |  |  |  |  |  | 34402 | 34594 | 1.2 | 31750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Marine** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Marine** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Nike Purchaser, LLC+ | One stop | SF + | 6.00% | (l) | 9.55% |  |  |  | 04/2029 | 19000 | 18822 | 0.7 | 18430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Nike Purchaser, LLC+(5) | One stop | P + | 5.00% |  | N/A(6) |  |  |  | 04/2029 |  | (2) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Nike Purchaser, LLC+(5) | One stop | P + | 5.00% |  | N/A(6) |  |  |  | 04/2029 |  | (7) |  | (23) |
|  |  |  |  |  |  |  |  |  |  | 19000 | 18813 | 0.7 | 18399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triple Lift, Inc.+ | One stop | SF + | 5.50% | (l)(m) | 9.36% |  |  |  | 05/2028 | 5343 | 5258 | 0.3 | 5343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triple Lift, Inc.+ | One stop | SF + | 5.50% | (m) | 9.61% |  |  |  | 05/2028 | 1133 | 1112 | 0.1 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triple Lift, Inc.+ | One stop | SF + | 5.75% | (j) | 8.74% |  |  |  | 05/2028 | 27 | 26 |  | 27 |
|  |  |  |  |  |  |  |  |  |  | 6503 | 6396 | 0.4 | 6503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiline Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiline Retail** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mills Fleet Farm Group LLC\*#+ | One stop | L + | 6.25% | (b) | 9.06% |  |  |  | 10/2024 | 45138 | 45090 | 1.8 | 45138 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3ES Innovation, Inc.\*+(8)(12) | One stop | L + | 6.75% | (b) | 9.70% |  |  |  | 05/2025 | $20419 | $20502 | 0.8 | $20419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3ES Innovation, Inc.+(8)(12) | One stop | L + | 6.75% | (b) | 9.92% |  |  |  | 05/2025 | 80 | 79 |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envernus, Inc.\*#+ | Senior loan | L + | 4.25% | (a) | 7.37% |  |  |  | 07/2025 | 37066 | 37349 | 1.4 | 36097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envernus, Inc.+ | Senior loan | L + | 4.50% | (a) | 7.62% |  |  |  | 07/2025 | 16993 | 16739 | 0.7 | 16653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envernus, Inc.+ | Senior loan | L + | 4.25% | (a) | 7.37% |  |  |  | 09/2024 | 86 | 85 |  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envernus, Inc.+ | Senior loan | L + | 4.50% | (a) | 7.62% |  |  |  | 09/2024 | 69 | 65 |  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Power Buyer, LLC\*#+ | One stop | L + | 6.00% | (b) | 9.68% |  |  |  | 05/2026 | 15464 | 15559 | 0.6 | 15464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Power Buyer, LLC+ | One stop | L + | 6.00% |  | N/A(6) |  |  |  | 05/2025 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 90177 | 90378 | 3.5 | 88862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper & Forest Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper & Forest Products** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messenger, LLC#+ | One stop | SF + | 5.75% | (k) | 8.88% |  |  |  | 12/2027 | 10176 | 10086 | 0.4 | 10176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messenger, LLC+ | One stop | SF + | 5.75% | (k) | 8.50% |  |  |  | 12/2027 | 100 | 99 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messenger, LLC+ | One stop | SF + | 5.75% | (k) | 8.88% |  |  |  | 12/2027 | 50 | 49 |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messenger, LLC+ | One stop | P + | 4.75% | (d) | 11.00% |  |  |  | 12/2027 | 34 | 33 |  | 34 |
|  |  |  |  |  |  |  |  |  |  | 10360 | 10267 | 0.4 | 10360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Products** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMPLUS Footcare, LLC+ | One stop | L + | 8.00% | (b) | 11.42% | cash/ | 0.25% | PIK | 04/2024 | 30464 | 30657 | 1.1 | 28332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMPLUS Footcare, LLC+ | One stop | L + | 8.00% | (b) | 11.42% | cash/ | 0.25% | PIK | 04/2024 | 5203 | 5236 | 0.2 | 4839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMPLUS Footcare, LLC\*+ | One stop | L + | 8.00% | (b) | 11.42% | cash/ | 0.25% | PIK | 04/2024 | 750 | 761 |  | 698 |
|  |  |  |  |  |  |  |  |  |  | 36417 | 36654 | 1.3 | 33869 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Ulysses Buyer, Inc.\*#+ | One stop | SF + | 5.25% | (l) | 8.95% |  |  |  | 02/2026 | $25488 | $25285 | 1.0 | $25106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Ulysses Buyer, Inc.+ | One stop | SF + | 5.25% | (l) | 8.95% |  |  |  | 02/2026 | 1102 | 1081 |  | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalthea Parent, Inc.\*#+(8)(12) | One stop | L + | 4.75% | (a) | 7.87% |  |  |  | 03/2027 | 57245 | 56732 | 2.2 | 56673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalthea Parent, Inc.+(5)(8)(12) | One stop | SF + | 4.75% |  | N/A(6) |  |  |  | 03/2027 |  | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalthea Parent, Inc.+(5)(8)(12) | One stop | SF + | 4.75% |  | N/A(6) |  |  |  | 03/2027 |  | (24) |  | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalthea Parent, Inc.+(5)(8)(12) | One stop | SF + | 4.75% |  | N/A(6) |  |  |  | 03/2027 |  | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apothecary Products, LLC+ | Senior loan | SF + | 5.00% | (m) | 8.36% |  |  |  | 07/2023 | 2891 | 2921 | 0.1 | 2833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apothecary Products, LLC+ | Senior loan | SF + | 5.00% | (l) | 8.58% |  |  |  | 07/2023 | 156 | 156 |  | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caerus Midco 3 S.A.R.L.+(8)(13) | One stop | SF + | 5.50% | (m) | 9.48% |  |  |  | 05/2029 | 17179 | 16853 | 0.7 | 16835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caerus Midco 3 S.A.R.L.+(5)(8)(13) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 05/2029 |  | (5) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caerus Midco 3 S.A.R.L.+(5)(8)(13) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 05/2029 |  | (25) |  | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Buyer Sub, Inc.+ | One stop | L + | 5.25% | (a) | 8.37% |  |  |  | 10/2028 | 10627 | 10445 | 0.4 | 10096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Buyer Sub, Inc.+ | One stop | L + | 5.25% | (a) | 8.37% |  |  |  | 10/2027 | 36 | 34 |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Buyer Sub, Inc.+ | One stop | L + | 5.25% | (a) | 8.37% |  |  |  | 10/2028 | 3240 | 3177 | 0.1 | 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Bidco Limited+(8)(9)(10) | Senior loan | SN + | 4.50% | (i) | 6.69% |  |  |  | 08/2028 | 21890 | 26631 | 0.9 | 21890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Bidco Limited+(8)(9)(10) | Senior loan | SN + | 4.50% | (i) | 6.69% |  |  |  | 08/2028 | 2653 | 3004 | 0.1 | 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Bidco Limited+(5)(8)(9)(10) | Senior loan | SN + | 4.50% |  | N/A(6) |  |  |  | 02/2028 |  | (2) |  |  |
|  |  |  |  |  |  |  |  |  |  | 142507 | 146257 | 5.5 | 140326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrin Cooperman Advisors LLC+ | One stop | SF + | 5.00% | (k)(l) | 7.80% |  |  |  | 10/2027 | 2996 | 2945 | 0.1 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp.+ | Senior loan | SF + | 5.50% | (k) | 8.18% |  |  |  | 09/2028 | 2273 | 2228 | 0.1 | 2227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp.+ | Senior loan | SF + | 5.50% | (k) | 8.18% |  |  |  | 09/2028 | 2 | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp.+(5) | Senior loan | SF + | 5.50% |  | N/A(6) |  |  |  | 09/2028 |  | (6) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC+ | One stop | SF + | 5.75% | (l) | 9.30% |  |  |  | 04/2028 | 1444 | 1431 |  | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC+ | One stop | SF + | 5.75% | (l) | 9.13% |  |  |  | 04/2028 | 4 | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filevine, Inc.+ | One stop | SF + | 6.50% | (l)(m) | 5.43% | cash/ | 2.50% | PIK | 04/2027 | 5265 | 5197 | 0.2 | 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filevine, Inc.+ | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 04/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC+ | One stop | L + | 6.00% | (a)(b) | 9.47% |  |  |  | 09/2028 | 7093 | 6976 | 0.3 | 7093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC+(5) | One stop | L + | 6.00% |  | N/A(6) |  |  |  | 09/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBG Acquisition Corp. and NBG-P Acquisition Corp.+ | One stop | L + | 5.25% | (a)(b) | 8.06% |  |  |  | 11/2028 | 7593 | 7543 | 0.3 | 7365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5) | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 11/2028 |  | (14) |  | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBG Acquisition Corp. and NBG-P Acquisition Corp.+ | One stop | L + | 5.25% | (b) | 8.10% |  |  |  | 11/2028 | 75 | 74 |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5) | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 11/2028 |  | (18) |  | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.+ | One stop | L + | 5.75% | (a) | 8.87% |  |  |  | 12/2025 | 13235 | 13147 | 0.5 | 13103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.\*# | One stop | L + | 5.75% | (a) | 8.87% |  |  |  | 12/2025 | 8378 | 8380 | 0.3 | 8295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.+ | One stop | L + | 5.75% | (a) | 8.87% |  |  |  | 12/2025 | 6706 | 6741 | 0.3 | 6639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.# | One stop | L + | 5.75% | (a) | 8.88% |  |  |  | 12/2025 | 4237 | 4198 | 0.2 | 4195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.\*# | One stop | L + | 5.75% | (a) | 8.87% |  |  |  | 12/2025 | 1171 | 1172 |  | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.+(5) | One stop | L + | 5.75% |  | N/A(6) |  |  |  | 12/2025 |  | (2) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlanSource Holdings, Inc.+ | One stop | L + | 6.25% | (c) | 9.55% |  |  |  | 04/2025 | 11416 | 11465 | 0.4 | 11416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlanSource Holdings, Inc.+ | One stop | L + | 6.25% | (c) | 9.55% |  |  |  | 04/2025 | 1932 | 1920 | 0.1 | 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlanSource Holdings, Inc.+ | One stop | L + | 6.25% | (c) | 9.55% |  |  |  | 04/2025 | 139 | 138 |  | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlanSource Holdings, Inc.+(5) | One stop | L + | 6.25% |  | N/A(6) |  |  |  | 04/2025 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProcessMAP Corporation+ | One stop | L + | 6.25% | (b) | 6.17% | cash/ | 3.75% | PIK | 12/2027 | 3948 | 3914 | 0.2 | 3869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProcessMAP Corporation+(5) | One stop | L + | 6.00% |  | N/A(6) |  |  |  | 12/2027 |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procure Acquireco, Inc.#+ | One stop | L + | 5.25% | (c) | 8.00% |  |  |  | 12/2028 | 17634 | 17477 | 0.7 | 17634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procure Acquireco, Inc.+(5) | One stop | L + | 5.25% |  | N/A(6) |  |  |  | 12/2028 |  | (1) |  |  |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procure Acquireco, Inc.+(5) | One stop | L + | 5.25% |  | N/A(6) | 12/2028 | $— | $(3) |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teaching Company, The\*#+ | One stop | L + | 4.75% | (a) | 7.69% | 07/2023 | 17464 | 17510 | 0.7 | 17289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teaching Company, The+(5) | One stop | L + | 4.75% |  | N/A(6) | 07/2023 |  |  |  | (2) |
|  |  |  |  |  |  |  | 113005 | 112416 | 4.4 | 111986 |

---

%

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | One stop | L + | 5.75% | (a) | 8.87% | 07/2025 | 21751 | 21595 | 0.9 | 21751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.#+ | One stop | L + | 5.75% | (a) | 8.87% | 07/2025 | 19437 | 19478 | 0.8 | 19437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | One stop | L + | 5.75% | (a) | 8.87% | 07/2025 | 13391 | 13280 | 0.5 | 13391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.\* | One stop | L + | 5.75% | (a) | 8.87% | 07/2025 | 12367 | 12278 | 0.5 | 12367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.\*# | One stop | L + | 5.75% | (a) | 8.87% | 07/2025 | 6518 | 6548 | 0.3 | 6518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | One stop | L + | 5.75% | (a) | 8.87% | 07/2025 | 3176 | 3213 | 0.1 | 3176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.#+ | One stop | L + | 5.75% | (a) | 8.87% | 07/2025 | 1395 | 1410 | 0.1 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.#+ | One stop | L + | 5.75% | (a) | 8.87% | 07/2025 | 1181 | 1193 |  | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.#+ | One stop | L + | 5.75% | (a) | 8.87% | 07/2025 | 1164 | 1178 |  | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | One stop | L + | 5.75% | (a) | 8.87% | 07/2025 | 931 | 927 |  | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | One stop | L + | 5.75% | (a) | 8.87% | 07/2025 | 491 | 497 |  | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | One stop | L + | 5.75% |  | N/A(6) | 07/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC\*+ | One stop | L + | 5.50% | (b) | 9.17% | 02/2026 | 14360 | 14279 | 0.6 | 14216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC+ | One stop | L + | 5.50% | (b) | 9.17% | 02/2026 | 4952 | 4905 | 0.2 | 4903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC+(5) | One stop | L + | 5.50% |  | N/A(6) | 02/2026 |  | (2) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC+(5) | One stop | L + | 5.50% |  | N/A(6) | 02/2026 |  | (1) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPL Bidco Limited+(8)(9)(10) | One stop | SN + | 5.75% | (i) | 7.94% | 08/2028 | 16305 | 20039 | 0.6 | 15653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPL Bidco Limited+(8)(9)(10) | One stop | A + | 5.75% | (g) | 8.21% | 08/2028 | 1912 | 2172 | 0.1 | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPL Bidco Limited+(5)(8)(9)(10) | One stop | SN + | 5.75% |  | N/A(6) | 02/2028 |  |  |  | (2) |
|  |  |  |  |  |  |  | 119331 | 122989 | 4.7 | 118400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Road & Rail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Road & Rail** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Channelside Acquisitona Co, Inc.+ | One stop | L + | 5.25% | (b) | 8.92% | 07/2028 | 4241 | 4154 | 0.2 | 4199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Channelside Acquisitona Co, Inc.+ | One stop | L + | 5.25% | (a) | 8.34% | 07/2026 | 5 | 4 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Channelside Acquisitona Co, Inc.+ | One stop | L + | 5.25% |  | N/A(6) | 07/2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Truckstop Group LLC\*# | One stop | L + | 5.50% | (b) | 9.18% | 04/2025 | 21564 | 21843 | 0.8 | 21564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Truckstop Group LLC+ | One stop | L + | 5.50% | (b) | 9.18% | 04/2025 | 9442 | 9355 | 0.4 | 9442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Truckstop Group LLC+(5) | One stop | L + | 5.50% |  | N/A(6) | 04/2025 |  | (2) |  |  |
|  |  |  |  |  |  |  | 35252 | 35354 | 1.4 | 35210 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accela, Inc.\*#+ | One stop | L + | 7.50% | (a) | 6.37% | cash/ | 4.25% | PIK | 09/2024 | $4695 | $4678 | 0.2 | $4695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accela, Inc.+ | One stop | L + | 7.50% | (a) | 6.37% | cash/ | 4.25% | PIK | 09/2024 | 279 | 277 |  | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accela, Inc.+ | One stop | L + | 7.00% | (a) | 10.12% |  |  |  | 09/2024 | 20 | 20 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc.+ | One stop | SF + | 6.50% | (k) | 9.53% |  |  |  | 06/2029 | 9840 | 9745 | 0.4 | 9643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc.+(5) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 06/2028 |  | (2) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appfire Technologies, LLC#+ | One stop | SF + | 5.50% | (k) | 8.63% |  |  |  | 03/2027 | 36575 | 36151 | 1.4 | 36209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appfire Technologies, LLC+ | One stop | SF + | 5.50% | (k) | 8.63% |  |  |  | 03/2027 | 19 | 16 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appfire Technologies, LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 03/2027 |  | (7) |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appfire Technologies, LLC+(5) | One stop | SF + | 5.00% |  | N/A(6) |  |  |  | 03/2027 |  | (39) |  | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apptio, Inc.+ | One stop | L + | 6.00% | (b) | 8.46% |  |  |  | 01/2025 | 57010 | 57389 | 2.2 | 56440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apptio, Inc.+ | One stop | L + | 6.00% | (b) | 8.46% |  |  |  | 01/2025 | 76 | 76 |  | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation+ | One stop | L + | 7.00% | (b) | 5.71% | cash/ | 3.75% | PIK | 04/2027 | 14159 | 14055 | 0.6 | 14159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation+ | One stop | L + | 6.50% | (c) | 9.50% |  |  |  | 04/2027 | 31 | 30 |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong Bidco Limited+(8)(9)(10) | One stop | SN + | 5.75% | (i) | 7.94% |  |  |  | 06/2029 | 3199 | 3407 | 0.1 | 3103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong Bidco Limited+(8)(9)(10) | One stop | SN + | 5.75% | (i) | 7.94% |  |  |  | 06/2029 | 550 | 539 |  | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auvik Networks Inc.+(8)(12) | One stop | SF + | 5.75% | (l) | 5.73% | cash/ | 2.75% | PIK | 07/2027 | 7033 | 6978 | 0.3 | 6829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auvik Networks Inc.+(8)(12) | One stop | SF + | 6.25% | (l) | 5.73% | cash/ | 3.25% | PIK | 07/2027 | 1251 | 1239 |  | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auvik Networks Inc.+(5)(8)(12) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 07/2027 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axiom Merger Sub Inc.+ | One stop | L + | 5.50% | (b)(c) | 7.07% |  |  |  | 04/2026 | 5728 | 5753 | 0.2 | 5728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axiom Merger Sub Inc.+(8)(9) | One stop | E + | 5.75% | (e)(f) | 5.85% |  |  |  | 04/2026 | 2075 | 2375 | 0.1 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axiom Merger Sub Inc.+ | One stop | L + | 5.50% | (c) | 7.05% |  |  |  | 04/2026 | 272 | 270 |  | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axiom Merger Sub Inc.+ | One stop | L + | 5.50% | (b)(c) | 8.87% |  |  |  | 04/2026 | 15 | 14 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axiom Merger Sub Inc.+ | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 10/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayshore Intermediate #2, L.P.+ | One stop | L + | 7.75% | (a) | 10.43% |  |  |  | 10/2028 | 65064 | 63909 | 2.6 | 65064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayshore Intermediate #2, L.P.+(5) | One stop | L + | 6.75% |  | N/A(6) |  |  |  | 10/2027 |  | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonterra LLC+ | One stop | L + | 6.25% | (b) | 9.92% |  |  |  | 09/2027 | 63832 | 63041 | 2.5 | 63194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonterra LLC+ | One stop | L + | 6.25% | (b) | 9.92% |  |  |  | 09/2027 | 122 | 120 |  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonterra LLC+(5) | One stop | L + | 6.25% |  | N/A(6) |  |  |  | 09/2027 |  | (36) |  | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bottomline Technologies, Inc.+ | One stop | SF + | 5.50% | (k) | 8.35% |  |  |  | 05/2029 | 28163 | 27631 | 1.1 | 27318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bottomline Technologies, Inc.+(5) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 05/2028 |  | (4) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.\*#+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 09/2026 | 65946 | 65212 | 2.6 | 65946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.+(8)(9) | One stop | SN + | 6.00% | (i) | 8.19% |  |  |  | 09/2026 | 10681 | 11636 | 0.4 | 10681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.+(8)(9) | One stop | E + | 5.75% | (e) | 6.94% |  |  |  | 09/2026 | 4236 | 4672 | 0.2 | 4236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 09/2026 | 214 | 211 |  | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 09/2026 | 96 | 95 |  | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 09/2026 | 76 | 76 |  | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc.+ | One stop | L + | 5.75% | (b) | 9.42% |  |  |  | 09/2026 | 110 | 107 |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burning Glass Intermediate Holdings Company, Inc.#+ | One stop | L + | 5.00% | (a) | 8.12% |  |  |  | 06/2028 | 9819 | 9658 | 0.4 | 9819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burning Glass Intermediate Holdings Company, Inc.+ | One stop | L + | 5.00% | (a) | 8.12% |  |  |  | 06/2026 | 28 | 26 |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc.+ | One stop | L + | 7.00% | (b) | 10.67% |  |  |  | 04/2027 | 53683 | 53073 | 2.1 | 53683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc.+(5) | One stop | L + | 7.00% |  | N/A(6) |  |  |  | 04/2027 |  | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Brands Parentco LLC+ | One stop | SF + | 5.75% | (k) | 8.88% |  |  |  | 02/2028 | 14194 | 13939 | 0.5 | 13911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Brands Parentco LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 02/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Brands Parentco LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 02/2028 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daxko Acquisition Corporation+ | One stop | L + | 5.50% | (a) | 8.62% |  |  |  | 10/2028 | 27710 | 27471 | 1.1 | 26879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daxko Acquisition Corporation+ | One stop | L + | 5.50% | (a) | 8.62% |  |  |  | 10/2028 | 2337 | 2307 | 0.1 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daxko Acquisition Corporation+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 10/2027 |  | (2) |  | (5) |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daxko Acquisition Corporation+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 10/2028 | $— | $(10) |  | $(33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation\*#+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 08/2025 | 86292 | 86221 | 3.4 | 85426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation+ | One stop | L + | 5.75% | (c) | 8.63% |  |  |  | 08/2025 | 5964 | 5925 | 0.2 | 5832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation+ | One stop | L + | 6.25% | (c) | 8.49% |  |  |  | 08/2025 | 162 | 161 |  | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon UK Bidco Limited+(8)(9)(10) | One stop | SN + | 6.00% | (i) | 8.19% |  |  |  | 02/2029 | 12937 | 15067 | 0.5 | 12161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon UK Bidco Limited+(8)(9)(10) | One stop | C + | 6.00% | (h) | 10.20% |  |  |  | 02/2029 | 277 | 293 |  | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon UK Bidco Limited+(5)(8)(9)(10) | One stop | SN + | 6.00% |  | N/A(6) |  |  |  | 02/2029 |  |  |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstUp, Inc.+ | One stop | L + | 6.75% | (b) | 6.92% | cash/ | 3.50% | PIK | 07/2027 | 8916 | 8848 | 0.4 | 8916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstUp, Inc.+(5) | One stop | L + | 9.75% |  | N/A(6) |  |  |  | 07/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainsight, Inc.+ | One stop | L + | 6.75% | (b) | 9.56% | PIK |  |  | 07/2027 | 9948 | 9815 | 0.4 | 9847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainsight, Inc.+(5) | One stop | L + | 6.75% |  | N/A(6) |  |  |  | 07/2027 |  | (2) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc.\*#+ | One stop | L + | 5.75% | (b)(c) | 9.85% |  |  |  | 05/2026 | 84289 | 84506 | 3.2 | 82603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc.+ | One stop | L + | 5.75% | (c) | 9.46% |  |  |  | 05/2026 | 186 | 184 |  | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc.+(5) | One stop | L + | 5.75% |  | N/A(6) |  |  |  | 05/2026 |  | (4) |  | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTIV, LLC+ | One stop | SF + | 5.25% | (m) | 8.36% |  |  |  | 02/2029 | 74215 | 73541 | 2.9 | 72731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTIV, LLC+(5) | One stop | SF + | 5.25% |  | N/A(6) |  |  |  | 02/2029 |  | (2) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTY Technology Holdings, Inc.+ | One stop | SF + | 6.88% | (l) | 9.81% | cash/ | 0.63% | PIK | 07/2029 | 3100 | 3041 | 0.1 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTY Technology Holdings, Inc.+(5) | One stop | SF + | 6.88% |  | N/A(6) |  |  |  | 07/2029 |  | (2) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTY Technology Holdings, Inc.+(5) | One stop | SF + | 6.88% |  | N/A(6) |  |  |  | 07/2029 |  | (23) |  | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICIMS, Inc.+ | One stop | SF + | 6.75% | (l) | 9.49% |  |  |  | 08/2028 | 7775 | 7640 | 0.3 | 7707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICIMS, Inc.+(5) | One stop | SF + | 6.75% |  | N/A(6) |  |  |  | 08/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICIMS, Inc.+ | One stop | SF + | 6.75% |  | N/A(6) |  |  |  | 08/2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQN Holding Corp. #+ | One stop | SF + | 5.50% | (l) | 8.41% |  |  |  | 05/2029 | 14682 | 14544 | 0.6 | 14535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQN Holding Corp. +(5) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 05/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQN Holding Corp. +(5) | One stop | SF + | 5.50% |  | N/A(6) |  |  |  | 05/2029 |  | (31) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Island Bidco AB+(8)(9)(17) | One stop | E + | 7.25% | (f) | 0.23% | cash/ | 7.25% | PIK | 07/2028 | 5318 | 5603 | 0.2 | 5265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Island Bidco AB+(8)(17) | One stop | SF + | 7.00% | (m) | 6.09% | cash/ | 3.50% | PIK | 07/2028 | 2921 | 2893 | 0.1 | 2892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Island Bidco AB+(8)(17) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 07/2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Island Bidco AB+(5)(8)(9)(17) | One stop | E + | 6.50% |  | N/A(6) |  |  |  | 07/2028 |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juvare, LLC\* | One stop | L + | 6.25% | (b) | 9.92% |  |  |  | 10/2026 | 7526 | 7462 | 0.3 | 7451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juvare, LLC+ | One stop | L + | 6.25% | (b) | 9.92% |  |  |  | 10/2026 | 1737 | 1722 | 0.1 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juvare, LLC+ | One stop | L + | 6.25% | (b) | 9.92% |  |  |  | 10/2026 | 548 | 525 |  | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juvare, LLC+ | One stop | L + | 6.25% | (b) | 9.92% |  |  |  | 04/2026 | 45 | 45 |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaseya Inc.+ | One stop | SF + | 5.75% | (m) | 8.29% |  |  |  | 06/2029 | 9178 | 9044 | 0.4 | 8994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaseya Inc.+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 06/2029 |  | (3) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaseya Inc.+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 06/2029 |  | (5) |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc.+ | One stop | L + | 8.50% | (b) | 10.64% | cash/ | 1.50% | PIK | 02/2025 | 50096 | 50522 | 2.0 | 50096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc.+ | One stop | L + | 8.50% | (b) | 10.64% | cash/ | 1.50% | PIK | 02/2025 | 5610 | 5570 | 0.2 | 5610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc.+ | One stop | L + | 8.00% |  | N/A(6) |  |  |  | 02/2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry Brands Holdings LLC+ | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 12/2028 | 21981 | 21785 | 0.8 | 21322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry Brands Holdings LLC+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 12/2027 |  | (2) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry Brands Holdings LLC+(5) | One stop | L + | 5.50% |  | N/A(6) |  |  |  | 12/2028 |  | (5) |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neo Bidco GMBH+(8)(9)(13) | One stop | E + | 6.00% | (e) | 6.00% |  |  |  | 07/2028 | 6408 | 7633 | 0.2 | 6216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neo Bidco GMBH+(8)(13) | One stop | L + | 6.00% | (b) | 9.29% |  |  |  | 01/2028 | 59 | 59 |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neo Bidco GMBH+(8)(9)(13) | One stop | E + | 6.00% |  | N/A(6) |  |  |  | 01/2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newscycle Solutions, Inc.+ | Senior loan | L + | 7.00% | (b) | 10.67% |  |  |  | 12/2022 | 109 | 109 |  | 109 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | One stop | L + | 4.50% | (b) | 7.16% | 10/2024 | $8409 | $8329 | 0.3 | $8241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | Second lien | L + | 8.50% | (b) | 11.49% | 10/2025 | 3424 | 3375 | 0.1 | 3424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | One stop | L + | 4.50% | (b)(c) | 6.98% | 10/2024 | 1119 | 1114 |  | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | One stop | L + | 4.50% | (b) | 7.16% | 10/2024 | 690 | 685 |  | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | Second lien | L + | 8.50% | (b) | 11.49% | 10/2025 | 640 | 637 |  | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | Second lien | L + | 8.50% | (b) | 11.49% | 10/2025 | 377 | 375 |  | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+(8)(9) | One stop | SN + | 4.50% | (i) | 6.81% | 10/2024 | 78 | 94 |  | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc.+ | One stop | L + | 4.50% | (b) | 7.16% | 10/2024 | 40 | 40 |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personify, Inc.\*#+ | One stop | L + | 5.25% | (b) | 8.92% | 09/2024 | 13723 | 13851 | 0.5 | 13723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personify, Inc.# | One stop | L + | 5.25% | (b) | 8.92% | 09/2024 | 8173 | 8126 | 0.3 | 8173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personify, Inc.+ | One stop | L + | 5.25% |  | N/A(6) | 09/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pluralsight, LLC+ | One stop | L + | 8.00% | (a) | 10.68% | 03/2027 | 23748 | 23567 | 0.9 | 23748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pluralsight, LLC+(5) | One stop | L + | 8.00% |  | N/A(6) | 03/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProcessUnity Holdings, LLC+ | One stop | L + | 6.00% | (b) | 9.67% | 09/2028 | 4221 | 4184 | 0.2 | 4221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProcessUnity Holdings, LLC+ | One stop | L + | 6.00% | (a) | 9.11% | 09/2028 | 23 | 22 |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProcessUnity Holdings, LLC+(5) | One stop | L + | 6.00% |  | N/A(6) | 09/2028 |  | (7) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.#+ | One stop | L + | 4.75% | (b)(c) | 7.56% | 05/2027 | 18372 | 18230 | 0.7 | 18372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 7.91% | 05/2027 | 873 | 866 |  | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (a) | 7.30% | 05/2027 | 539 | 535 |  | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 7.56% | 05/2027 | 179 | 178 |  | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 7.56% | 05/2027 | 158 | 157 |  | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 8.42% | 05/2027 | 148 | 147 |  | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 7.82% | 05/2027 | 148 | 147 |  | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (a) | 7.87% | 05/2027 | 100 | 68 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | One stop | L + | 4.75% | (b) | 7.56% | 05/2027 | 58 | 58 |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+(5) | One stop | L + | 4.75% |  | N/A(6) | 05/2027 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QAD, Inc.+ | One stop | L + | 6.00% | (a) | 9.12% | 11/2027 | 9488 | 9407 | 0.4 | 9298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QAD, Inc.+(5) | One stop | L + | 6.00% |  | N/A(6) | 11/2027 |  | (4) |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quant Buyer, Inc.+ | One stop | SF + | 5.50% | (l) | 8.47% | 06/2029 | 2491 | 2468 | 0.1 | 2405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quant Buyer, Inc.+ | One stop | SF + | 5.50% | (l) | 8.47% | 06/2029 | 2957 | 2929 | 0.1 | 2855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quant Buyer, Inc.+(5) | One stop | SF + | 5.50% |  | N/A(6) | 06/2029 |  | (1) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quant Buyer, Inc.+ | One stop | SF + | 6.00% | (l) | 8.97% | 06/2029 | 2027 | 2007 | 0.1 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quant Buyer, Inc.+ | One stop | SF + | 6.00% |  | N/A(6) | 06/2029 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rainforest Bidco Limited+(8)(9)(10) | One stop | SN + | 5.75% | (i) | 7.94% | 07/2029 | 6546 | 6795 | 0.3 | 6456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rainforest Bidco Limited+(8)(9)(10) | One stop | SN + | 5.75% |  | N/A(6) | 01/2029 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rainforest Bidco Limited+(5)(8)(9)(10) | One stop | SN + | 5.75% |  | N/A(6) | 07/2029 |  | (26) |  | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RegEd Aquireco, LLC+ | Senior loan | L + | 4.25% | (b) | 7.06% | 12/2024 | 11183 | 11188 | 0.4 | 10401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RegEd Aquireco, LLC+ | Senior loan | L + | 4.25% | (b)(d) | 7.87% | 12/2024 | 236 | 235 |  | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riskonnect Parent, LLC\*+ | One stop | SF + | 5.50% | (m) | 9.73% | 12/2028 | 10109 | 10020 | 0.4 | 10008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riskonnect Parent, LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) | 12/2028 |  | (3) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riskonnect Parent, LLC+(5) | One stop | SF + | 5.50% |  | N/A(6) | 12/2028 |  | (7) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rodeo Buyer Company & Absorb Software Inc.+ | One stop | L + | 6.25% | (a) | 9.37% | 05/2027 | 4541 | 4506 | 0.2 | 4541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rodeo Buyer Company & Absorb Software Inc.+(5) | One stop | L + | 6.25% |  | N/A(6) | 05/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint Technologies Holdings, Inc.+ | One stop | SF + | 6.25% | (k) | 9.10% | 08/2029 | 9827 | 9633 | 0.4 | 9729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint Technologies Holdings, Inc.+(5) | One stop | SF + | 6.25% |  | N/A(6) | 08/2028 |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapphire Bidco Oy+(8)(9)(16) | One stop | E + | 6.00% | (e) | 6.00% | 04/2029 | 30114 | 30386 | 1.2 | 29813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonatype, Inc.+ | One stop | SF + | 6.75% | (k) | 9.47% | 12/2025 | 40459 | 40211 | 1.6 | 40459 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonatype, Inc.+ | One stop | SF + | 6.75% | (k) | 9.47% |  |  |  | 12/2025 | $851 | $846 |  | $851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonatype, Inc.+(5) | One stop | SF + | 6.75% |  | N/A(6) |  |  |  | 12/2025 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spartan Buyer Acquisition Co.\*#+ | One stop | L + | 6.25% | (a) | 9.37% |  |  |  | 12/2026 | 31358 | 31083 | 1.2 | 30730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spartan Buyer Acquisition Co.+ | One stop | L + | 6.25% | (a) | 9.37% |  |  |  | 12/2026 | 1993 | 1961 | 0.1 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spartan Buyer Acquisition Co.+ | One stop | P + | 5.25% | (d) | 11.50% |  |  |  | 12/2026 | 48 | 46 |  | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tahoe Bidco B.V. + | One stop | L + | 6.00% | (a) | 8.68% |  |  |  | 09/2028 | 12058 | 11955 | 0.5 | 12058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tahoe Bidco B.V. +(5) | One stop | L + | 6.00% |  | N/A(6) |  |  |  | 10/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesoft Holdings LLC+ | One stop | L + | 5.75% | (b)(c) | 8.61% |  |  |  | 12/2025 | 886 | 876 |  | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesoft Holdings LLC+(5) | One stop | L + | 5.75% |  | N/A(6) |  |  |  | 12/2025 |  | (1) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesoft Holdings LLC+ | One stop | L + | 6.25% | (b) | 9.03% |  |  |  | 08/2028 | 65 | 64 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templafy APS and Templafy, LLC+(8)(18) | One stop | SF + | 6.50% | (m) | 9.64% |  |  |  | 07/2028 | 3171 | 3088 | 0.1 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templafy APS and Templafy, LLC+(8)(18) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 07/2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templafy APS and Templafy, LLC+(5)(8)(18) | One stop | SF + | 6.50% |  | N/A(6) |  |  |  | 07/2028 |  | (17) |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Intermediate Holdings, LLC+ | Senior loan | L + | 4.25% | (a) | 7.37% |  |  |  | 12/2024 | 3445 | 3470 | 0.1 | 3427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Intermediate Holdings, LLC+ | Senior loan | L + | 4.25% | (a) | 7.37% |  |  |  | 12/2024 | 910 | 898 |  | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Intermediate Holdings, LLC+ | Senior loan | L + | 4.25% | (a) | 7.37% |  |  |  | 12/2024 | 428 | 422 |  | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Intermediate Holdings, LLC+ | Senior loan | L + | 4.50% | (a) | 7.62% |  |  |  | 12/2024 | 233 | 227 |  | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Intermediate Holdings, LLC+ | Senior loan | L + | 4.50% | (a) | 7.62% |  |  |  | 12/2024 | 157 | 156 |  | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Intermediate Holdings, LLC+ | Senior loan | L + | 4.25% | (a) | 7.37% |  |  |  | 12/2024 | 17 | 17 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC\*# | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 15245 | 15300 | 0.6 | 15245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 6893 | 6810 | 0.3 | 6893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 4181 | 4151 | 0.2 | 4181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 1767 | 1799 | 0.1 | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC#+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 1715 | 1743 | 0.1 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC\*# | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 1671 | 1701 | 0.1 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC#+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 1614 | 1630 | 0.1 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC\*+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 1555 | 1584 | 0.1 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC#+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 1450 | 1475 | 0.1 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC\*# | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 1188 | 1196 |  | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC#+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 654 | 666 |  | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 453 | 449 |  | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 438 | 435 |  | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 250 | 248 |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 63 | 64 |  | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 9.13% |  |  |  | 03/2025 | 58 | 59 |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+(5) | One stop | L + | 6.25% |  | N/A(6) |  |  |  | 03/2024 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Togetherwork Holdings, LLC+ | One stop | L + | 6.25% | (c) | 9.55% |  |  |  | 03/2025 | 1339 | 1327 | 0.1 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech, Inc.\*#+ | One stop | L + | 6.00% | (a) | 9.12% |  |  |  | 12/2024 | 22029 | 22121 | 0.9 | 21809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech, Inc.#+ | One stop | L + | 6.00% | (a) | 9.12% |  |  |  | 12/2024 | 9140 | 9218 | 0.4 | 9050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech, Inc.+ | One stop | L + | 6.00% | (a) | 9.12% |  |  |  | 12/2024 | 100 | 100 |  | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10) | One stop | N/A |  |  | 4.50% | cash/ | 4.70% | PIK | 05/2024 | 7416 | 8529 | 0.3 | 6525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10) | One stop | N/A |  |  | 4.50% | cash/ | 4.70% | PIK | 05/2024 | 122 | 142 |  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vendavo, Inc.\*#+ | One stop | L + | 5.75% | (b) | 8.99% |  |  |  | 09/2027 | 19611 | 19468 | 0.7 | 18826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vendavo, Inc.+ | One stop | P + | 4.75% | (d) | 11.00% |  |  |  | 09/2027 | 40 | 39 |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WebPT, Inc.+ | One stop | L + | 6.75% | (b) | 9.82% |  |  |  | 01/2028 | 626 | 617 |  | 620 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+ | One stop | L + | 7.25% | (b) | 7.32% | cash/ | 3.00% | PIK | 07/2025 | $28178 | $28542 | 1.1 | $28178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+ | One stop | L + | 7.25% | (b) | 7.32% | cash/ | 3.00% | PIK | 07/2025 | 4986 | 4954 | 0.2 | 4986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+ | One stop | L + | 7.25% | (b) | 7.32% | cash/ | 3.00% | PIK | 07/2025 | 3532 | 3477 | 0.1 | 3532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+ | One stop | L + | 6.50% | (b) | 9.57% |  |  |  | 07/2025 | 118 | 116 |  | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+ | One stop | L + | 7.25% | (b) | 7.32% | cash/ | 3.00% | PIK | 07/2025 | 69 | 68 |  | 69 |
|  |  |  |  |  |  |  |  |  |  | 1316756 | 1316394 | 51.1 | 1300853 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ave Holdings III, Corp\*+ | One stop | SF + | 5.50% | (l) | 9.20% | 02/2028 | $25896 | $25427 | 1.0 | $25119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ave Holdings III, Corp+ | One stop | P + | 4.50% | (d) | 10.75% | 02/2028 | 14 | 12 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ave Holdings III, Corp+ | One stop | SF + | 5.50% | (l) | 8.71% | 02/2028 | 103 | 91 |  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Batteries Plus Holding Corporation\*# | One stop | L + | 6.75% | (a) | 9.87% | 06/2023 | 21921 | 21921 | 0.9 | 21921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Batteries Plus Holding Corporation+ | One stop | L + | 6.75% | (a) | 9.87% | 06/2023 | 1420 | 1417 | 0.1 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Batteries Plus Holding Corporation+ | One stop | L + | 6.75% | (a)(d) | 9.93% | 06/2023 | 145 | 145 |  | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(10) | One stop | SF + | 5.75% | (l) | 9.45% | 05/2028 | 11538 | 11351 | 0.5 | 11192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(10) | One stop | SF + | 5.75% | (l) | 9.45% | 05/2028 | 9975 | 9880 | 0.4 | 9676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(9)(10) | One stop | E + | 6.25% | (e) | 7.48% | 05/2028 | 8342 | 9483 | 0.4 | 8271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(10) | One stop | SF + | 5.75% | (l) | 9.45% | 05/2028 | 2158 | 2123 | 0.1 | 2093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(10) | One stop | SF + | 5.75% | (l) | 9.45% | 05/2028 | 1435 | 1421 | 0.1 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(10) | One stop | SF + | 5.75% | (l) | 9.45% | 05/2028 | 734 | 716 | 0.1 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(5)(8)(10) | One stop | SF + | 5.75% |  | N/A(6) | 05/2028 |  | (2) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(9)(10) | One stop | E + | 6.25% | (e) | 7.48% | 05/2028 | 35 | 34 |  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consilio Midco Limited+(8)(10) | One stop | SF + | 5.75% |  | N/A(6) | 05/2028 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cycle Gear, Inc.\*#+ | One stop | SF + | 5.50% | (l) | 9.20% | 01/2026 | 48851 | 48738 | 1.9 | 47874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 20664 | 20597 | 0.8 | 20664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.# | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 4767 | 4746 | 0.2 | 4767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.# | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 4149 | 4131 | 0.2 | 4149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 3590 | 3604 | 0.2 | 3590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.\*+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 2798 | 2792 | 0.1 | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 2763 | 2751 | 0.1 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 2238 | 2229 | 0.1 | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 2058 | 2049 | 0.1 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.#+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 1903 | 1918 | 0.1 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 1654 | 1647 | 0.1 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 1454 | 1448 | 0.1 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 1435 | 1429 | 0.1 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 1390 | 1384 | 0.1 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 1369 | 1363 | 0.1 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.#+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 1238 | 1248 |  | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 1145 | 1140 | 0.1 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.\*+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 1128 | 1137 | 0.1 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 967 | 963 | 0.1 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 879 | 875 |  | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 660 | 657 |  | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 632 | 629 |  | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 625 | 622 |  | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 554 | 552 |  | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 502 | 499 |  | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 499 | 497 |  | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 486 | 484 |  | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 477 | 475 |  | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 459 | 454 |  | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 454 | 452 |  | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 450 | 448 |  | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 446 | 444 |  | 446 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

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

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | $124 | $124 |  | $124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 114 | 113 |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 114 | 114 |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 114 | 114 |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 112 | 111 |  | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 109 | 109 |  | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 106 | 106 |  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 105 | 105 |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 105 | 104 |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 105 | 104 |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 99 | 99 |  | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 96 | 95 |  | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 86 | 85 |  | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 86 | 85 |  | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 82 | 82 |  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 79 | 79 |  | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 79 | 78 |  | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 75 | 75 |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 75 | 75 |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 75 | 75 |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 75 | 75 |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 74 | 74 |  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 74 | 73 |  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 71 | 71 |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 68 | 68 |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 68 | 68 |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 65 | 65 |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 64 | 63 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 63 | 62 |  | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 62 | 61 |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 60 | 60 |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 59 | 59 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 56 | 55 |  | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 55 | 55 |  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 54 | 54 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 52 | 52 |  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 47 | 47 |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 42 | 42 |  | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 41 | 41 |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 40 | 40 |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 39 | 38 |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 36 | 35 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 34 | 34 |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 35 | 34 |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 35 | 35 |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 34 | 34 |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 33 | 32 |  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 31 | 31 |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% | 08/2023 | 29 | 29 |  | 29 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

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

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 08/2023 | $5 | $5 |  | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 08/2023 | 5 | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 08/2023 | 3 | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 08/2023 | 386 | 384 |  | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 08/2023 | 170 | 169 |  | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 08/2023 | 58 | 57 |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 08/2023 | 38 | 38 |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 08/2023 | 26 | 26 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | One stop | L + | 6.75% | (a) | 9.87% |  |  |  | 08/2023 | 17 | 16 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jet Equipment & Tools Ltd.+(8)(9)(12) | One stop | C + | 5.75% | (h) | 9.92% |  |  |  | 11/2024 | 16781 | 17761 | 0.6 | 16381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jet Equipment & Tools Ltd.\*#(8)(12) | One stop | SF + | 5.75% | (l) | 9.45% |  |  |  | 11/2024 | 12113 | 12223 | 0.5 | 11824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jet Equipment & Tools Ltd.+(8)(12) | One stop | SF + | 6.00% | (l) | 9.70% |  |  |  | 11/2024 | 5307 | 5265 | 0.2 | 5205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jet Equipment & Tools Ltd.+(8)(9)(12) | One stop | C + | 6.00% | (h) | 10.17% |  |  |  | 11/2024 | 4917 | 5120 | 0.2 | 4822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jet Equipment & Tools Ltd.#+(8)(12) | One stop | SF + | 5.75% | (l) | 9.45% |  |  |  | 11/2024 | 4219 | 4252 | 0.2 | 4118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jet Equipment & Tools Ltd.+(8)(12) | One stop | SF + | 5.75% | (l) | 9.45% |  |  |  | 11/2024 | 1550 | 1542 | 0.1 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jet Equipment & Tools Ltd.+(8)(12) | One stop | SF + | 5.75% | (d)(k) | 9.82% |  |  |  | 11/2024 | 310 | 310 |  | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jet Equipment & Tools Ltd.+(8)(9)(12) | One stop | CP + | 4.75% | (n) | 10.20% |  |  |  | 11/2024 | 39 | 43 |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jet Equipment & Tools Ltd.+(8)(9)(12) | One stop | C + | 6.00% | (h) | 10.17% |  |  |  | 11/2024 | 2121 | 2269 | 0.1 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jet Equipment & Tools Ltd.+(8)(12) | One stop | SF + | 6.50% | (l) | 10.20% |  |  |  | 11/2024 | 1035 | 1014 | 0.1 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC+ | One stop | SF + | 5.75% | (l)(m) | 9.29% |  |  |  | 08/2029 | 7738 | 7590 | 0.3 | 7583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC+ | One stop | N/A |  |  | 13.00% |  |  |  | 08/2030 | 918 | 896 |  | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 08/2029 |  | (8) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 08/2029 |  | (23) |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC+(5) | One stop | N/A |  |  | 13.00% |  |  |  | 08/2030 |  | (3) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salon Lofts Group, LLC+ | One stop | SF + | 5.75% | (l) | 9.30% |  |  |  | 08/2028 | 3576 | 3541 | 0.1 | 3540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salon Lofts Group, LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 08/2028 |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salon Lofts Group, LLC+(5) | One stop | SF + | 5.75% |  | N/A(6) |  |  |  | 08/2028 |  | (18) |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sola Franchise, LLC and Sola Salon Studios, LLC#+ | One stop | SF + | 4.75% | (l) | 8.45% |  |  |  | 10/2024 | 11850 | 11821 | 0.5 | 11850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sola Franchise, LLC and Sola Salon Studios, LLC#+ | One stop | SF + | 4.75% | (l) | 8.45% |  |  |  | 10/2024 | 1674 | 1702 | 0.1 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sola Franchise, LLC and Sola Salon Studios, LLC+ | One stop | SF + | 4.75% |  | N/A(6) |  |  |  | 10/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan Fitness, LLC\*#+ | One stop | L + | 6.75% | (a)(b) | 7.56% | cash/ | 2.00% | PIK | 02/2025 | 30810 | 30991 | 1.1 | 28958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan Fitness, LLC+ | One stop | L + | 6.75% | (b) | 7.00% | cash/ | 2.00% | PIK | 02/2025 | 1918 | 1908 | 0.1 | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan Fitness, LLC+ | One stop | L + | 6.75% | (b) | 7.00% | cash/ | 2.00% | PIK | 02/2025 | 490 | 487 |  | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermont Aus Pty Ltd+(8)(11) | One stop | SF + | 5.50% | (l) | 9.20% |  |  |  | 03/2028 | 8342 | 8228 | 0.3 | 8342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermont Aus Pty Ltd+(8)(9)(11) | One stop | A + | 5.75% | (g) | 8.86% |  |  |  | 03/2028 | 7286 | 8376 | 0.3 | 7286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSG Acquisition Corp. and Sherrill, Inc.+ | One stop | SF + | 5.50% | (l) | 9.31% |  |  |  | 04/2028 | 8308 | 8193 | 0.3 | 8225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSG Acquisition Corp. and Sherrill, Inc.+ | One stop | P + | 4.50% | (d) | 10.75% |  |  |  | 04/2028 | 69 | 67 |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSG Acquisition Corp. and Sherrill, Inc.+ | One stop | L + | 5.50% | (b) | 9.31% |  |  |  | 04/2028 | 7 | 2 |  | 4 |
|  |  |  |  |  |  |  |  |  |  | 344146 | 346216 | 13.3 | 338066 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Recovery Solutions Inc.\*#+ | One stop | L + | 6.75% | (b) | 9.67% | cash/ | 0.75% | PIK | 06/2023 | $22091 | $22086 | 0.9 | $21870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Recovery Solutions Inc.+ | One stop | L + | 6.75% | (b)(d) | 9.91% | cash/ | 0.75% | PIK | 06/2023 | 581 | 579 |  | 571 |
|  |  |  |  |  |  |  |  |  |  | 22672 | 22665 | 0.9 | 22441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollfus Mieg Company, Inc.+(8)(10) | One stop | L + | 6.00% | (c) | 10.12% |  |  |  | 03/2028 | 1954 | 1932 | 0.1 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollfus Mieg Company, Inc.+(8)(10) | One stop | L + | 6.00% | (c) | 10.12% |  |  |  | 03/2028 | 974 | 963 | 0.1 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollfus Mieg Company, Inc.+(8)(10) | One stop | L + | 6.00% | (c) | 10.12% |  |  |  | 03/2028 | 855 | 846 |  | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollfus Mieg Company, Inc.+(5)(8)(9)(10) | One stop | E + | 6.00% |  | N/A(6) |  |  |  | 03/2028 |  | (1) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.+ | Senior loan | L + | 7.75% | (b) | 9.92% | cash/ | 1.50% | PIK | 09/2025 | 9963 | 9847 | 0.4 | 8470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.+ | Senior loan | L + | 7.75% | (b) | 9.92% | cash/ | 1.50% | PIK | 09/2025 | 4005 | 3958 | 0.2 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.+ | Senior loan | L + | 7.75% | (b) | 9.92% | cash/ | 1.50% | PIK | 09/2025 | 2061 | 2037 | 0.1 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.+(5) | Senior loan | L + | 7.75% | (b) | 9.66% | cash/ | 1.50% | PIK | 09/2025 | 157 | 144 |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.\*+ | Senior loan | L + | 7.75% | (b) | 9.92% | cash/ | 1.50% | PIK | 09/2025 | 684 | 676 |  | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.+ | Senior loan | L + | 7.75% | (b) | 9.92% | cash/ | 1.50% | PIK | 09/2025 | 313 | 309 |  | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.\*+ | Senior loan | L + | 7.75% | (b) | 9.92% | cash/ | 1.50% | PIK | 09/2025 | 300 | 295 |  | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Sportswear, L.P.+ | Senior loan | L + | 7.75% | (b) | 9.66% | cash/ | 1.50% | PIK | 09/2025 | 5 | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC#+ | One stop | L + | 5.50% | (c) | 9.67% |  |  |  | 11/2023 | 9583 | 9522 | 0.4 | 9606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC\*# | One stop | L + | 5.50% | (c) | 9.67% |  |  |  | 11/2023 | 6505 | 6456 | 0.3 | 6522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC+ | One stop | L + | 5.50% | (c) | 9.67% |  |  |  | 11/2023 | 1007 | 997 |  | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC#+ | One stop | L + | 5.50% | (c) | 9.67% |  |  |  | 11/2023 | 904 | 898 |  | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC\*# | One stop | L + | 5.50% | (c) | 9.67% |  |  |  | 11/2023 | 635 | 631 |  | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC+ | One stop | L + | 5.50% | (c) | 9.67% |  |  |  | 11/2023 | 2 | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc.+ | One stop | L + | 6.25% | (c) | 10.43% |  |  |  | 12/2027 | 626 | 617 |  | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO Holding I Corporation+ | Senior loan | L + | 5.25% | (b) | 8.06% |  |  |  | 04/2024 | 3960 | 3962 | 0.1 | 3682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO Holding I Corporation+ | Senior loan | L + | 5.23% | (b) | 8.04% |  |  |  | 04/2024 | 67 | 67 |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO Holding I Corporation+ | Senior loan | L + | 5.00% | (b) | 8.14% |  |  |  | 04/2024 | 66 | 66 |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO Holding I Corporation+ | Senior loan | L + | 4.00% | (b) | 7.06% |  |  |  | 04/2024 | 35 | 35 |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO Holding I Corporation+ | Senior loan | L + | 4.00% | (b) | 7.09% |  |  |  | 04/2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO Holding I Corporation+ | Senior loan | L + | 5.23% | (b) | 7.95% |  |  |  | 04/2024 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 44661 | 44264 | 1.7 | 41389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies and Distributors** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies and Distributors** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcone Yellowstone Buyer Inc.+ | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 06/2028 | 19118 | 18804 | 0.7 | 18353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcone Yellowstone Buyer Inc.+ | One stop | L + | 5.50% | (b) | 9.17% |  |  |  | 06/2028 | 15246 | 14975 | 0.6 | 14637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcone Yellowstone Buyer Inc.+ | One stop | L + | 5.50% | (b) | 9.01% |  |  |  | 06/2028 | 455 | 447 |  | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcone Yellowstone Buyer Inc.+ | One stop | L + | 5.50% | (b) | 8.92% |  |  |  | 06/2028 | 188 | 184 |  | 170 |
|  |  |  |  |  |  |  |  |  |  | 35007 | 34410 | 1.3 | 33597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Water Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Water Utilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.J. Electro Systems, LLC+ | Senior loan | L + | 4.50% | (a) | 7.62% |  |  |  | 06/2027 | 17008 | 16874 | 0.7 | 16498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.J. Electro Systems, LLC+ | Senior loan | L + | 4.50% | (a) | 7.62% |  |  |  | 06/2027 | 80 | 78 |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.J. Electro Systems, LLC+ | Senior loan | L + | 4.50% | (a) | 7.62% |  |  |  | 06/2027 | 110 | 108 |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC+ | Senior loan | L + | 4.50% | (b) | 7.77% |  |  |  | 11/2026 | 584 | 554 |  | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC+ | Senior loan | L + | 4.50% | (a) | 7.62% |  |  |  | 11/2026 | 208 | 206 |  | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC+ | Senior loan | P + | 3.50% | (d) | 9.75% |  |  |  | 10/2026 | 2 | 2 |  | 2 |
|  |  |  |  |  |  |  |  |  |  | 17992 | 17822 | 0.7 | 17417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company debt investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company debt investments** |  |  |  |  |  |  |  |  | $**5257884** | $**5258590** | **200.7** | $**5107481** |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** <sup>(19)(20)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace and Defense** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace and Defense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronair Parent, Inc.+ | LLC units | N/A | N/A | N/A |  | $40 |  | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitcraft LLC+ | Common Stock | N/A | N/A | N/A | 11 | 2285 | 0.1 | 2870 |
|  |  |  |  |  |  | 2325 | 0.1 | 2897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Components** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Components** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Acquisition Corp.+ | LP interest | N/A | N/A | N/A | 5 | 314 |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CG Group Holdings, LLC+ | LP units | N/A | N/A | N/A | 1 | 730 |  | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Go Car Wash Parent, Corp.+ | Preferred stock | N/A | N/A | N/A |  | 47 |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Go Car Wash Parent, Corp.+ | Common Stock | N/A | N/A | N/A |  | 29 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP GM Holding, LLC+ | LP units | N/A | N/A | N/A |  | 330 |  | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Express Wash Parent Holdco, LLC+ | LP units | N/A | N/A | N/A | 1 | 61 |  | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POY Holdings, LLC+ | LLC units | N/A | N/A | N/A | 141 | 141 |  | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC | LLC interest | N/A | N/A | N/A |  | 508 | 0.1 | 1020 |
|  |  |  |  |  |  | 1846 | 0.1 | 2523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobepa BlueSky Aggregator, SCSp+ | LP interest | N/A | N/A | N/A | 177 | 1769 | 0.1 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BECO Holding Company, Inc.+ | Preferred stock | N/A | N/A | N/A | 10 | 951 | 0.1 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BECO Holding Company, Inc.+ | LP interest | N/A | N/A | N/A | 2 | 196 |  | 216 |
|  |  |  |  |  |  | 1147 | 0.1 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhance Technologies Holdings LLC+ | Preferred stock | N/A | N/A | N/A | 2 | 1960 | 0.1 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhance Technologies Holdings LLC+ | LLC units | N/A | N/A | N/A |  | 124 |  | 102 |
|  |  |  |  |  |  | 2084 | 0.1 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI (Quercus) Intermediate Holdings, LLC+ | LP interest | N/A | N/A | N/A | 540 | 540 |  | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGD Security Systems, LLC + | Common Stock | N/A | N/A | N/A | 855 | 855 | 0.1 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Authority III Limited+(8)(9)(10) | Preferred stock | N/A | N/A | N/A | 284 | 384 |  | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Authority III Limited+(8)(9)(10) | Common Stock | N/A | N/A | N/A | 6 | 43 |  | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Stack Buyer, LLC | LLC units | N/A | N/A | N/A | 359 | 359 |  | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC+(21) | LLC units | N/A | N/A | N/A | 8 | 767 |  | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC+ | LP units | N/A | N/A | N/A | 2 | 159 |  | 182 |
|  |  |  |  |  |  | 3107 | 0.1 | 3767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers and Packaging** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Intermediate+ | LP units | N/A | N/A | N/A | 49 | 49 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHHJ Midco, LLC+(21) | LLC units | N/A | N/A | N/A | 19 | 193 |  | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP Flores Holdings, LLC+ | LLC units | N/A | N/A | N/A | 70 | 70 |  | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMS LINQ, LLC+ | LP interest | N/A | N/A | N/A | 525 | 525 |  | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EWC Growth Partners LLC+ | LLC interest | N/A | N/A | N/A |  | 12 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS Spa Holdings, Inc.+ | Common Stock | N/A | N/A | N/A | 479 | 479 |  | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liminex, Inc.+ | Common Stock | N/A | N/A | N/A | 12 | 434 | 0.1 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PADI Holdco, Inc.+ | LLC interest | N/A | N/A | N/A | 1 | 987 |  | 305 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spear Education, LLC+ | LLC interest | N/A | N/A | N/A |  | $7 |  | $35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spear Education, LLC+ | LLC units | N/A | N/A | N/A | 1 | 1 |  | 37 |
|  |  |  |  |  |  | 2708 | 0.1 | 2529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Source Holdings, LLC+ | LP interest | N/A | N/A | N/A |  |  |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc.+ | Preferred stock | N/A | N/A | N/A |  | 372 |  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc.+ | LLC units | N/A | N/A | N/A |  | 88 |  | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc.+ | LP interest | N/A | N/A | N/A |  | 20 |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc.+ | Common Stock | N/A | N/A | N/A |  |  |  |  |
|  |  |  |  |  |  | 480 |  | 418 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benihana, Inc.+ | LLC units | N/A | N/A | N/A | 43 | $699 | 0.1 | $718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cafe Rio Holding, Inc.+ | Common Stock | N/A | N/A | N/A | 5 | 603 |  | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Feeders Supply Company, LLC+(21) | Preferred stock | N/A | N/A | N/A | 4 | 401 |  | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Feeders Supply Company, LLC+ | Common Stock | N/A | N/A | N/A |  |  |  | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hopdoddy Holdings, LLC+ | LLC units | N/A | N/A | N/A | 44 | 217 |  | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hopdoddy Holdings, LLC+ | LLC units | N/A | N/A | N/A | 20 | 61 |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mendocino Farms, LLC+ | Common Stock | N/A | N/A | N/A | 168 | 770 | 0.1 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The+ | LLC interest | N/A | N/A | N/A | 32 | 389 |  | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruby Slipper Cafe LLC, The+ | LLC interest | N/A | N/A | N/A | 2 | 20 |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wetzel's Pretzels, LLC+ | Common Stock | N/A | N/A | N/A |  | 416 |  | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wood Fired Holding Corp.+ | LLC units | N/A | N/A | N/A | 437 | 444 |  | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wood Fired Holding Corp.+ | Common Stock | N/A | N/A | N/A | 437 |  | 0.1 | 1675 |
|  |  |  |  |  |  | 4020 | 0.3 | 7593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+ | Preferred stock | N/A | N/A | N/A | 77 | 102 |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+ | LLC units | N/A | N/A | N/A | 3 | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+ | Common Stock | N/A | N/A | N/A | 1 | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower R365 Holdings, LLC+ | Preferred stock | N/A | N/A | N/A | 1 | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. J. Foods, Inc.+ | Preferred stock | N/A | N/A | N/A |  | 75 |  | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak Cakes, LLC+ | Common Stock | N/A | N/A | N/A |  | 281 |  | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak Cakes, LLC+ | LLC units | N/A | N/A | N/A | 191 | 191 |  | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Fish Fry Products, Ltd.+ | Common Stock | N/A | N/A | N/A |  | 483 |  | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Fish Fry Products, Ltd.+ | Preferred stock | N/A | N/A | N/A |  | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P&P Food Safety Holdings, Inc.+ | Common Stock | N/A | N/A | N/A | 4 | 356 |  | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purfoods, LLC+ | LLC interest | N/A | N/A | N/A |  | 946 | 0.2 | 4657 |
|  |  |  |  |  |  | 2456 | 0.2 | 6059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Medical Products, LLC+ | LP interest | N/A | N/A | N/A |  | 77 |  | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Pet Care, LLC+ | Common Stock | N/A | N/A | N/A |  | 76 |  | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCSL Holdings, LLC+ | LP interest | N/A | N/A | N/A |  | 336 |  | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMI Parent Inc.+(21) | Common Stock | N/A | N/A | N/A |  | 132 |  | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMI Parent Inc.+ | Common Stock | N/A | N/A | N/A | 3 | 3 |  | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G & H Wire Company, Inc.+ | LLC interest | N/A | N/A | N/A | 335 | 269 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joerns Healthcare, LLC\*+ | Common Stock | N/A | N/A | N/A | 432 | 4329 |  |  |
|  |  |  |  |  |  | 5222 |  | 987 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Day, Inc.+ | LLC interest | N/A | N/A | N/A | 2 | $1099 |  | $386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | LLC interest | N/A | N/A | N/A | 1632 | 2235 | 0.2 | 3719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC+ | LLC units | N/A | N/A | N/A | 889 | 1023 | 0.1 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC+ | Preferred stock | N/A | N/A | N/A | 2 | 1119 | 0.1 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC+ | Common Stock | N/A | N/A | N/A |  | 6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+ | LLC units | N/A | N/A | N/A | 129 | 132 |  | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc.+ | LP interest | N/A | N/A | N/A | 429 | 327 | 0.1 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCA Investment Holding, LLC | LLC interest | N/A | N/A | N/A | 13890 | 1025 | 0.1 | 1809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCA Investment Holding, LLC | LLC units | N/A | N/A | N/A | 140 | 218 | 0.1 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerge Intermediate, Inc.+ | LLC units | N/A | N/A | N/A |  | 648 |  | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerge Intermediate, Inc.+ | LLC units | N/A | N/A | N/A |  | 61 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerge Intermediate, Inc.+ | LLC units | N/A | N/A | N/A | 9 | 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore GC Acquisition, LLC+ | LLC interest | N/A | N/A | N/A | 26 | 272 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore GC Acquisition, LLC+ | LLC units | N/A | N/A | N/A | 26 | 52 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | Common Stock | N/A | N/A | N/A |  | 15 |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encorevet Group LLC+ | LLC units | N/A | N/A | N/A |  | 11 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+ | LLC units | N/A | N/A | N/A |  | 262 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyecare Services Partners Holdings LLC+ | LLC units | N/A | N/A | N/A |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krueger-Gilbert Health Physics, LLC+ | Common Stock | N/A | N/A | N/A | 177 | 199 |  | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest Veterinary Partners, LLC+ | LLC units | N/A | N/A | N/A | 1 | 1019 |  | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest Veterinary Partners, LLC+ | Warrant | N/A | N/A | N/A | 6 |  |  | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest Veterinary Partners, LLC+ | Warrant | N/A | N/A | N/A |  | 29 |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWD Management, LLC & MWD Services, Inc.+ | LLC interest | N/A | N/A | N/A | 412 | 335 |  | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NDX Parent, LLC+ | Common Stock | N/A | N/A | N/A |  | 272 |  | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12) | Common Stock | N/A | N/A | N/A |  | 304 |  | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Street Dermatology Holdings, LLC+ | LLC interest | N/A | N/A | N/A | 452 | 234 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | LLC interest | N/A | N/A | N/A |  | 528 |  | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Treatment Centers, Inc.+ | LLC interest | N/A | N/A | N/A | 4 | 74 |  | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc.+ | LLC units | N/A | N/A | N/A | 11 | 68 |  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc.+ | LLC interest | N/A | N/A | N/A | 43 | 55 |  | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC+ | LLC units | N/A | N/A | N/A |  | 249 |  | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC+ | LLC units | N/A | N/A | N/A | 3 | 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSH Corporation+ | Common Stock | N/A | N/A | N/A |  | 40 |  | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suveto Buyer, LLC+ | Common Stock | N/A | N/A | N/A | 6 | 562 |  | 327 |
|  |  |  |  |  |  | 12481 | 0.7 | 18134 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connexin Software, Inc.+ | LLC interest | N/A | N/A | N/A | 154 | $193 |  | $208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | LP interest | N/A | N/A | N/A |  | 288 |  | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc.+ | LP interest | N/A | N/A | N/A |  |  |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc.+ | Preferred stock | N/A | N/A | N/A | 12 | 11807 | 0.5 | 12515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc.+ | Preferred stock | N/A | N/A | N/A | 2 | 2734 | 0.2 | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc.+ | Preferred stock | N/A | N/A | N/A | 2 | 1427 | 0.1 | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc.+ | Preferred stock | N/A | N/A | N/A | 1 | 880 | 0.1 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc.+ | LLC units | N/A | N/A | N/A |  | 161 |  | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc.+ | Common Stock | N/A | N/A | N/A | 177 |  |  | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | Warrant | N/A | N/A | N/A | 169 | 871 |  | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | Warrant | N/A | N/A | N/A | 53 | 162 |  | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | LLC interest | N/A | N/A | N/A | 348 | 2824 | 0.1 | 2958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tebra Technologies, Inc.+ | Preferred stock | N/A | N/A | N/A | 1 | 8 |  | 12 |
|  |  |  |  |  |  | 21355 | 1.0 | 24520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddy's Frozen Custard LLC+ | LP interest | N/A | N/A | N/A | 206 | 206 |  | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+ | LLC units | N/A | N/A | N/A | 83 | 658 |  | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+ | Preferred stock | N/A | N/A | N/A | 71 | 455 |  | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harri US LLC+ | Warrant | N/A | N/A | N/A | 18 | 106 |  | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LMP TR Holdings, LLC(21) | LLC units | N/A | N/A | N/A | 712 | 712 | 0.1 | 2956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSRG Holdings, LLC+ | LP interest | N/A | N/A | N/A | 6 | 61 |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tropical Smoothie Cafe Holdings, LLC+(21) | LP interest | N/A | N/A | N/A | 5 | 246 | 0.1 | 945 |
|  |  |  |  |  |  | 2444 | 0.2 | 5565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groundworks LLC+ | LLC interest | N/A | N/A | N/A |  | 155 |  | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Majesco+ | LP interest | N/A | N/A | N/A |  | 307 |  | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Majesco+ | LP interest | N/A | N/A | N/A | 69 |  |  | 43 |
|  |  |  |  |  |  | 307 |  | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet and Catalog Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet and Catalog Retail** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | Preferred stock | N/A | N/A | N/A | 17 | 17025 | 0.7 | 17564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | Preferred stock | N/A | N/A | N/A | 10 | 10219 | 0.4 | 10542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize, Inc.+ | Preferred stock | N/A | N/A | N/A | 1 | 1104 |  | 1096 |
|  |  |  |  |  |  | 28348 | 1.1 | 29202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appriss Health Intermediate Holdings, Inc+ | Preferred stock | N/A | N/A | N/A | 2 | 1994 | 0.1 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ | Preferred stock | N/A | N/A | N/A | 587 | 462 | 0.2 | 4684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ | Preferred stock | N/A | N/A | N/A | 154 | 423 | 0.1 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ | Preferred stock | N/A | N/A | N/A | 35 | 291 |  | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+ | Warrant | N/A | N/A | N/A | 202 | 159 | 0.1 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start, Inc.+ | Common Stock | N/A | N/A | N/A | 225 | 225 |  | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Episerver, Inc.+ | Common Stock | N/A | N/A | N/A | 75 | 807 |  | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentik Technologies, Inc.+ | Preferred stock | N/A | N/A | N/A | 192 | 1103 |  | 1171 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netwrix Corporation+ | LLC units | N/A | N/A | N/A | 9 | $18 |  | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Intermediate II Holdings, LLC+ | LLC interest | N/A | N/A | N/A | 37 | 367 |  | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Dawn SEI Buyer, Inc.+ | LP interest | N/A | N/A | N/A | 13 | 13 |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc.+ | LP units | N/A | N/A | N/A | 346 | 346 |  | 109 |
|  |  |  |  |  |  | 6208 | 0.5 | 12553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massage Envy, LLC+ | LLC interest | N/A | N/A | N/A | 749 | 210 | 0.1 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | LLC interest | N/A | N/A | N/A | 67 | 117 |  | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | LLC interest | N/A | N/A | N/A | 46 | 80 |  | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | LLC interest | N/A | N/A | N/A | 38 | 65 |  | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | LLC interest | N/A | N/A | N/A | 33 | 58 |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | LLC interest | N/A | N/A | N/A | 15 | 24 |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBZ Investment LLC+ | LLC interest | N/A | N/A | N/A | 2 | 2 |  | 4 |
|  |  |  |  |  |  | 556 | 0.1 | 2285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAS Parent Inc.+ | LP interest | N/A | N/A | N/A | 9 | 933 |  | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reaction Biology Corporation+ | LLC units | N/A | N/A | N/A |  | 265 |  | 267 |
|  |  |  |  |  |  | 1198 |  | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas and Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas and Consumable Fuels** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W3 Co.+ | LLC interest | N/A | N/A | N/A | 3 | 1632 |  | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W3 Co.+ | Preferred stock | N/A | N/A | N/A |  | 224 |  | 188 |
|  |  |  |  |  |  | 1856 |  | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper and Forest Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper and Forest Products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messenger, LLC+ | LLC units | N/A | N/A | N/A | 3 | 312 |  | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messenger, LLC+ | LLC units | N/A | N/A | N/A |  |  |  |  |
|  |  |  |  |  |  | 312 |  | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amalthea Parent, Inc.+(8)(12) | LP interest | N/A | N/A | N/A | 502 | 502 | 0.1 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Buyer Sub, Inc.+ | Preferred stock | N/A | N/A | N/A | 8 | 7679 | 0.4 | 8840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Buyer Sub, Inc.+ | Preferred stock | N/A | N/A | N/A |  | 168 |  | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Buyer Sub, Inc.+ | Common Stock | N/A | N/A | N/A | 2 | 2 |  |  |
|  |  |  |  |  |  | 8351 | 0.5 | 9937 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandmuscle, Inc.+ | LLC interest | N/A | N/A | N/A |  | $216 |  | $149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enboarder, Inc.+(8)(11) | Preferred stock | N/A | N/A | N/A | 56 | 573 |  | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filevine, Inc.+ | Preferred stock | N/A | N/A | N/A | 221 | 1401 | 0.1 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filevine, Inc.+ | Warrant | N/A | N/A | N/A | 33 | 49 |  | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp.+ | LP interest | N/A | N/A | N/A | 13 | 1509 | 0.1 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procure Acquireco, Inc.+ | LP interest | N/A | N/A | N/A |  | 486 |  | 516 |
|  |  |  |  |  |  | 4234 | 0.2 | 4636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inhabit IQ Inc.+ | Common Stock | N/A | N/A | N/A | 62 | 434 |  | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SC Landco Parent, LLC+(8) | Common Stock | N/A | N/A | N/A | 2 | 274 |  | 248 |
|  |  |  |  |  |  | 708 |  | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Road & Rail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Road & Rail** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Truckstop Group LLC+ | LP interest | N/A | N/A | N/A | 408 | 447 |  | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accela, Inc.+ | LLC interest | N/A | N/A | N/A | 670 | 418 |  | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc.+ | LP interest | N/A | N/A | N/A | 385 | 385 |  | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation+ | Preferred stock | N/A | N/A | N/A | 1 | 1000 | 0.1 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation+ | LP interest | N/A | N/A | N/A | 306 | 306 |  | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astute Holdings, Inc.+ | LP interest | N/A | N/A | N/A |  | 304 |  | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auvik Networks Inc.+(8)(12) | Preferred stock | N/A | N/A | N/A | 26 | 256 |  | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayshore Intermediate #2, L.P.+ | Common Stock | N/A | N/A | N/A | 4095 | 4095 | 0.2 | 3834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc.+ | LP interest | N/A | N/A | N/A | 1 | 769 |  | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc.+ | LP interest | N/A | N/A | N/A | 96 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudbees, Inc.+ | Preferred stock | N/A | N/A | N/A | 149 | 1663 | 0.1 | 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudbees, Inc.+ | Warrant | N/A | N/A | N/A | 131 | 247 | 0.1 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudbees, Inc.+ | Preferred stock | N/A | N/A | N/A | 71 | 466 | 0.1 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cynet Security Ltd.+(8)(15) | Preferred stock | N/A | N/A | N/A | 143 | 508 |  | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation+ | Preferred stock | N/A | N/A | N/A | 17 | 16587 | 0.7 | 18299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation+ | Preferred stock | N/A | N/A | N/A | 415 | 913 | 0.1 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstUp, Inc.+ | Common Stock | N/A | N/A | N/A | 221 | 541 |  | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc.+ | Preferred stock | N/A | N/A | N/A | 26 | 25344 | 1.1 | 27141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc.+ | Preferred stock | N/A | N/A | N/A | 2 | 1532 | 0.1 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc.+ | LP interest | N/A | N/A | N/A | 1 | 170 |  | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTY Technology Holdings, Inc.+ | LP units | N/A | N/A | N/A | 46 | 46 |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impartner, Inc.+ | Preferred stock | N/A | N/A | N/A | 28 | 226 |  | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaseya Inc.+ | Preferred stock | N/A | N/A | N/A | 2 | 1658 | 0.1 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaseya Inc.+ | LP interest | N/A | N/A | N/A | 100 | 100 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetricStream, Inc.+ | Warrant | N/A | N/A | N/A | 168 | 263 |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry Brands Holdings LLC+ | LP interest | N/A | N/A | N/A | 438 | 439 |  | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mParticle, Inc.+ | Preferred stock | N/A | N/A | N/A | 162 | 1060 |  | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mParticle, Inc.+ | Warrant | N/A | N/A | N/A | 73 | 16 |  | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+ | Warrant | N/A | N/A | N/A | 4 | 9 |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personify, Inc.+ | LP interest | N/A | N/A | N/A | 716 | 942 | 0.1 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc.+ | Common Stock | N/A | N/A | N/A |  | 964 | 0.1 | 1386 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc.+ | Common Stock | N/A | N/A | N/A | 202 | $329 |  | $188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Healthcare Acquisition Corp.+ | Common Stock | N/A | N/A | N/A | 184 | 184 |  | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QAD, Inc.+ | Preferred stock | N/A | N/A | N/A |  | 125 |  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QAD, Inc.+ | Common Stock | N/A | N/A | N/A | 9 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RegEd Aquireco, LLC+ | LP interest | N/A | N/A | N/A |  | 331 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RegEd Aquireco, LLC+ | LP interest | N/A | N/A | N/A | 3 | 21 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riskonnect Parent, LLC+ | Preferred stock | N/A | N/A | N/A | 18 | 18055 | 0.7 | 17791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riskonnect Parent, LLC+ | LP interest | N/A | N/A | N/A | 857 | 859 |  | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riskonnect Parent, LLC+ | Preferred stock | N/A | N/A | N/A |  | 323 |  | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SnapLogic, Inc.+ | Preferred stock | N/A | N/A | N/A | 278 | 695 | 0.1 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SnapLogic, Inc.+ | Warrant | N/A | N/A | N/A | 106 | 75 |  | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spartan Buyer Acquisition Co.+ | Common Stock | N/A | N/A | N/A | 1 | 623 |  | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesoft Holdings LLC+ | LP interest | N/A | N/A | N/A | 6 | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templafy APS and Templafy, LLC+(8)(18) | Warrant | N/A | N/A | N/A |  | 62 |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+ | Common Stock | N/A | N/A | N/A |  | 973 |  | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce Software, LLC+ | Common Stock | N/A | N/A | N/A |  | 36 |  | 38 |
|  |  |  |  |  |  | 83924 | 3.7 | 92874 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ave Holdings III, Corp+ | Preferred stock | N/A | N/A | N/A | 9 | $8508 | 0.4 | $9086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ave Holdings III, Corp+ | LP units | N/A | N/A | N/A | 1 | 934 | 0.1 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Batteries Plus Holding Corporation+ | LP interest | N/A | N/A | N/A | 10 | 1287 | 0.1 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cycle Gear, Inc.+ | LLC units | N/A | N/A | N/A | 27 | 462 |  | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | Preferred stock | N/A | N/A | N/A |  | 122 |  | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Optical Midco Inc.+ | Preferred stock | N/A | N/A | N/A |  | 46 |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jet Equipment & Tools Ltd.+(8)(9)(12) | LLC interest | N/A | N/A | N/A | 1 | 948 | 0.1 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pet Holdings ULC+(8)(12) | LP interest | N/A | N/A | N/A | 677 | 450 | 0.1 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salon Lofts Group, LLC+ | LP units | N/A | N/A | N/A |  | 87 |  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sola Franchise, LLC and Sola Salon Studios, LLC+ | LLC interest | N/A | N/A | N/A | 6 | 682 | 0.1 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sola Franchise, LLC and Sola Salon Studios, LLC+ | LLC interest | N/A | N/A | N/A | 1 | 139 |  | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC+ | Preferred stock | N/A | N/A | N/A | 5 | 4911 | 0.2 | 5682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC+ | LLC units | N/A | N/A | N/A |  | 717 | 0.1 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC+ | LLC interest | N/A | N/A | N/A | 148 | 188 | 0.2 | 4240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSG Acquisition Corp. and Sherrill, Inc.+ | LP units | N/A | N/A | N/A |  | 37 |  | 39 |
|  |  |  |  |  |  | 19518 | 1.4 | 29455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Recovery Solutions Inc.+ | LLC interest | N/A | N/A | N/A | 97 | 604 |  | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC+(21) | LLC interest | N/A | N/A | N/A | 20 | 239 |  | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgica Pine Clothiers, LLC+ | Common Stock | N/A | N/A | N/A |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MakerSights, Inc.+ | Preferred stock | N/A | N/A | N/A | 40 | 218 |  | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R.G. Barry Corporation+ | Preferred stock | N/A | N/A | N/A |  | 161 |  | 183 |
|  |  |  |  |  |  | 618 |  | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company equity investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company equity investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company equity investments** |  |  |  | $**221151** | **10.1** | $**267113** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliate company investments** |  |  | $**5257884** | $**5479741** | **211.3** | $**5374594** |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;**Non-controlled/affiliate company investments**<sup>(22)</sup> | &nbsp;&nbsp;**Non-controlled/affiliate company investments**<sup>(22)</sup> | &nbsp;&nbsp;**Non-controlled/affiliate company investments**<sup>(22)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt investments** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abita Brewing Co., L.L.C.+ | One stop | L + | 6.25% | (a) | 9.37% |  | 04/2024 | $5786 | $5791 | 0.2 | $5786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abita Brewing Co., L.L.C.+ | Second lien | L + | 8.00% | (b) | 11.67% |  | 04/2024 | 3730 | 3723 | 0.1 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abita Brewing Co., L.L.C.+ | One stop | L + | 6.25% |  | N/A(6) |  | 04/2024 |  |  |  |  |
|  |  |  |  |  |  |  |  | 9516 | 9514 | 0.3 | 7837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments and Components** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sloan Company, Inc., The+(7) | One stop | L + | 8.50% | (b) | 12.17% |  | 07/2023 | 6502 | 4074 | 0.2 | 4733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sloan Company, Inc., The+ | One stop | L + | 8.50% | (b) | 12.17% |  | 07/2023 | 1585 | 1585 | 0.1 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sloan Company, Inc., The+(7) | One stop | L + | 8.50% | (b) | 12.17% |  | 07/2023 | 431 | 271 |  |  |
|  |  |  |  |  |  |  |  | 8518 | 5930 | 0.3 | 6318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy, Equipment & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy, Equipment & Services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benetech, Inc.+(7) | One stop | SF + | 6.00% | (l) | 9.70% |  | 08/2024 | 3720 | 3623 | 0.1 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benetech, Inc.+(7) | One stop | SF + | 6.00% | (l) | 9.70% |  | 08/2024 | 1107 | 1077 |  | 253 |
|  |  |  |  |  |  |  |  | 4827 | 4700 | 0.1 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food and Staples Retailing** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Senior loan | L + | 8.00% | (b) | 11.60% |  | 12/2024 | 12830 | 12638 | 0.4 | 10905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+(5) | Senior loan | L + | 8.00% |  | N/A(6) |  | 12/2024 |  | (11) |  | (208) |
|  |  |  |  |  |  |  |  | 12830 | 12627 | 0.4 | 10697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare Providers and Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare Providers and Services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Dental Partners LLC+ | One stop | SF + | 5.25% | (b)(l) | 8.80% | PIK | 06/2023 | 11770 | 11799 | 0.4 | 11182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Dental Partners LLC+ | One stop | SF + | 12.00% | (l) | 15.55% | PIK | 06/2023 | 2991 | 2991 | 0.1 | 2961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Dental Partners LLC+ | One stop | SF + | 5.25% | (b)(l) | 8.80% | PIK | 06/2023 | 1269 | 1269 |  | 1269 |
|  |  |  |  |  |  |  |  | 16030 | 16059 | 0.5 | 15412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switchfly LLC+ | One stop | L + | 3.00% | (b) | 5.28% |  | 10/2024 | 6454 | 6397 | 0.2 | 4583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switchfly LLC+ | One stop | L + | 3.00% | (b) | 5.28% |  | 10/2024 | 539 | 535 |  | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switchfly LLC+ | One stop | L + | 3.00% | (b) | 5.28% |  | 10/2024 | 40 | 40 |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switchfly LLC+(5) | One stop | L + | 8.50% | (b) | 10.79% |  | 10/2024 | 2 | 2 |  | (16) |
|  |  |  |  |  |  |  |  | 7035 | 6974 | 0.2 | 4979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate debt investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate debt investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate debt investments** |  |  |  |  |  | $**58756** | $**55804** | **1.8** | $**46983** |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity investments**<sup>(19)(20)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abita Brewing Co., L.L.C.+ | Warrant | N/A | N/A | N/A | 210 | $— |  | $234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments and Components** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments and Components** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sloan Company, Inc., The+ | Common Stock | N/A | N/A | N/A |  | 41 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy, Equipment & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy, Equipment & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benetech, Inc.+ | LLC interest | N/A | N/A | N/A | 58 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benetech, Inc.+ | LLC interest | N/A | N/A | N/A | 58 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food and Staples Retailing** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Preferred stock | N/A | N/A | N/A | 2779 | 2276 | 0.1 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A | N/A | N/A | 886 | 182 |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A | N/A | N/A | 536 | 110 |  | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A | N/A | N/A | 89 | 6 |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A | N/A | N/A | 52 | 3 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A | N/A | N/A | 21 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A | N/A | N/A | 21 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A | N/A | N/A | 42 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A | N/A | N/A | 18 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A | N/A | N/A | 18 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubio's Restaurants, Inc.+ | Common Stock | N/A | N/A | N/A | 89 |  |  |  |
|  |  |  |  |  |  | 2577 | 0.1 | 2477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare Providers and Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Dental Partners LLC | LLC interest | N/A | N/A | N/A |  | 2902 | 0.2 | 4042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Dental Partners LLC | LLC interest | N/A | N/A | N/A |  | 1250 |  | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elite Dental Partners LLC | LLC units | N/A | N/A | N/A |  |  |  |  |
|  |  |  |  |  |  | 4152 | 0.2 | 5277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switchfly LLC+ | LLC interest | N/A | N/A | N/A | 98370 | 2321 | 0.1 | 2231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switchfly LLC+ | LLC units | N/A | N/A | N/A | 950 | 950 |  | 487 |
|  |  |  |  |  |  | 3271 | 0.1 | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate equity investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate equity investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate equity investments** |  |  |  | $**10041** | **0.4** | $**10706** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/affiliate investments** |  |  |  |  | $**58756** | $**65845** | **2.2** | $**57689** |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Type | Spread<br>Above<br>Index<sup>(1)</sup> | Interest<br>Rate<sup>(2)</sup> | Interest<br>Rate<sup>(2)</sup> | Maturity<br>Date | Principal ($) /<br>Shares<sup>(3)</sup> | Amortized Cost | Percentage<br>of Net<br>Assets | Fair<br>Value <sup>(4)</sup> |
| &nbsp;&nbsp;**Controlled affiliate company investments**<sup>(23)</sup> | &nbsp;&nbsp;**Controlled affiliate company investments**<sup>(23)</sup> | &nbsp;&nbsp;**Controlled affiliate company investments**<sup>(23)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMan Acquisition Co.\*+(7) | One stop | N/A | 10.00% | PIK | 08/2023 | $30277 | $19550 | 0.4 | $10596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMan Acquisition Co.+ | One stop | N/A | 8.00% | PIK | 08/2023 | 1588 | 1588 | 0.1 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMan Acquisition Co.+ | One stop | N/A | 12.00% | PIK | 08/2023 | 849 | 849 |  | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMan Acquisition Co.+ | One stop | N/A | 12.00% | PIK | 08/2023 | 255 | 255 |  | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMan Acquisition Co.+ | One stop | N/A | 12.00% | PIK | 08/2023 | 849 | 849 |  | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total controlled affiliate debt investments** |  |  |  |  |  | $**33818** | $**23091** | **0.5** | $**14073** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** <sup>(19)(20)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMan Acquisition Co.+ | Common Stock | N/A | N/A |  | N/A |  | $927 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total controlled affiliate equity investments** |  |  |  |  |  |  | $**927** | **—** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total controlled affiliate investments** |  |  |  |  |  | $**33818** | $**24018** | **0.5** | $**14073** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investments** |  |  |  | $**5350458** | $**5569604** | **214.0** | $**5446356** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718) | 2.8% | <sup>(24)</sup> |  |  | $37208 | 1.5 | $37208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** | $**37208** | **1.5** | $**37208** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Money Market Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Money Market Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Money Market Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Money Market Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Money Market Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Money Market Funds** |  | $**5606812** | **215.5** | $**5483564** |

---

See Notes to Consolidated Financial Statements.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> Denotes that all or a portion of the loan was indexed to the 30-day LIBOR, which was 3.14% as of September 30, 2022.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(d)</sup> Denotes that all or a portion of the loan was indexed to the Prime rate, which was 6.25% as of September 30, 2022.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(g)</sup> Denotes that all or a portion of the loan was indexed to the Three Month AUD, which was 3.11% as of September 30, 2022.

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(i)</sup> Denotes that all or a portion of the loan was indexed to SONIA, which was 2.19% as of September 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(j)</sup> Denotes that all or a portion of the loan was indexed to Daily SOFR, which was 2.98% as of September 30, 2022.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(n)</sup> Denotes that all or a portion of the loan was indexed to the Canadian Prime, which was 5.45% as of September 30, 2022.

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

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

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

<sup>(5)</sup> 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.

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

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

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

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

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

<sup>(11)</sup> The headquarters of this portfolio company is located in Australia.

<sup>(12)</sup> The headquarters of this portfolio company is located in Canada.

<sup>(13)</sup> The headquarters of this portfolio company is located in Luxembourg.

<sup>(14)</sup> The headquarters of this portfolio company is located in Netherlands.

<sup>(15)</sup> The headquarters of this portfolio company is located in Israel.

<sup>(16)</sup> The headquarters of this portfolio company is located in Finland.

<sup>(17)</sup> The headquarters of this portfolio company is located in Sweden.

<sup>(18)</sup> The headquarters of this portfolio company is located in Denmark.

<sup>(19)</sup> Equity investments are non-income producing securities unless otherwise noted.

See Notes to Consolidated Financial Statements.

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments - (continued)**

**September 30, 2022**

*(In thousands)*

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

<sup>(21)</sup> The Company holds an equity investment that is income producing.

<sup>(22)</sup> Transactions related to investments in non-controlled affiliates for the year ended September 30, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**  | **Fair value as of September 30, 2021** | **Gross Additions**<sup>(a)</sup> | **Gross Reductions**<sup>(b)</sup> | **Net change in unrealized gain (loss)** | **Net realized gain (loss)** | **Fair value as of September 30, 2022** | **Interest, dividend and fee income** |
| Abita Brewing Co. LLC | $10050 | $413 | $(212) | $(2180) | $— | $8071 | $823 |
| Benetech, Inc.  | 2399 | 2821 | (2512) | (968) |  | 1740 | 227 |
| Elite Dental Partners LLC | 16952 | 4151 | (60) | (354) |  | 20689 | 1313 |
| Paradigm DKD Group, LLC | 2627 | 357 | (3605) | (571) | 1192 |  | 2026 |
| Rubio's Restaurants, Inc | 17559 | 4 | (44) | (4345) |  | 13174 | 1379 |
| Sloan Company, Inc. | 5162 | 1520 | (648) | 284 |  | 6318 | 127 |
| Switchfly LLC  | 6168 | 1321 |  | 208 |  | 7697 | 603 |
| Uinta Brewing Company  | 462 | 22 | (498) | 1040 | (1026) |  | 6 |
| **Total Non-Controlled Affiliates**  | $61379 | $10609 | $(7579) | $(6886) | $166 | $57689 | $6504 |

---

<sup>(a)</sup> Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.

<sup>(b)</sup> Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

<sup>(23)</sup> Transactions related to investments in controlled affiliates for the year ended September 30, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**  | **Fair value as of September 30, 2021** | **Gross Additions**<sup>(a)</sup> | **Gross Reductions**<sup>(b)</sup> | **Net change in unrealized gain (loss)** | **Net realized gain (loss)** | **Fair value as of September 30, 2022** | **Interest, dividend and fee income** |
| MMan Acquisition Co. | $18237 | $4956 | $(2996) | $(6124) | $— | $14073 | $102 |
| **Total Controlled Affiliates**  | $18237 | $4956 | $(2996) | $(6124) | $— | $14073 | $102 |

---

<sup>(a)</sup> Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.

<sup>(b)</sup> Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.

<sup>(24)</sup> The rate shown is the annualized seven-day yield as of September 30, 2022.

See Notes to Consolidated Financial Statements.

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**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 Third Amended and Restated Investment Advisory Agreement dated as of September 16, 2019 (the "Investment 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.

**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 the 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, 2022, 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 value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its 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 Company'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 Company in determining fair value is greatest for financial instruments classified as Level 3.

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

Any changes to the valuation methodology are reviewed by management and the Company's board of directors (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 Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6. Fair Value Measurements.

**Use of estimates:** The preparation of the unaudited 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.

**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 Golub Capital BDC CLO III Depositor LLC ("2018 CLO Depositor"); Golub Capital BDC CLO III LLC ("2018 Issuer"); Golub Capital BDC Holdings, LLC ("BDC Holdings"); GCIC Holdings LLC ("GCIC Holdings"); GCIC CLO II Depositor LLC ("GCIC 2018 CLO Depositor"); GCIC CLO II LLC ("GCIC 2018 Issuer"); GCIC Funding LLC ("GCIC Funding"); prior to March 23, 2022, the date of each of the following entity's dissolution, Golub Capital BDC CLO 4 Depositor LLC ("2020 CLO Depositor"), GC SBIC V, L.P. ("SBIC V"), Senior Loan Fund LLC and Senior Loan Fund II LLC; prior to its dissolution on September 16, 2022, Golub Capital BDC Funding II LLC ("Funding II"); and prior to September 27, 2022, the date of each of the following entity's dissolution, GCIC Funding II LLC ("GCIC Funding II"), Golub Capital BDC Funding LLC ("Funding") and GC SBIC VI, L.P. ("SBIC VI").

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, 2018 Issuer, Funding II, GCIC Holdings and the GCIC 2018 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).

**Cash and cash equivalents and foreign currencies:** Cash, 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 year 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 with 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.

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

**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 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 by counterparty on a net basis, 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.

**Revenue recognition:**

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

Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the three months ended December 31, 2022 and 2021, interest income included $6,028 and $7,735, respectively, of accretion of discounts. For the three months ended December 31, 2022 and 2021, the Company received loan origination fees of $6,624 and $11,212, respectively.

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 months ended December 31, 2022 and 2021, the Company capitalized PIK interest of $7,777 and $3,473, 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 as fee income when earned. All other income is recorded into income when earned.

For the three months ended December 31, 2022 and 2021, fee income included $79 and $692, respectively, of prepayment premiums, which fees are non-recurring.

For the three months ended December 31, 2022 and 2021, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $113,533 and $79,990, 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 months ended December 31, 2022 and 2021, the Company capitalized PIK and non-cash dividends of $3,449 and $0, respectively, into cost basis of certain preferred equity investments. For the three months ended December 31, 2022 and 2021, the Company received no cash payments of accrued and capitalized preferred dividends in cash.

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 equity investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital.

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

Generally, the Company will not record distributions from equity investments as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the entity prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the amortized cost basis of the investment.

For the three months ended December 31, 2022 and 2021, the Company recorded dividend income recieved in cash of $684 and $317, respectively, and return of capital cash distributions of $0 and $130, 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 investments and foreign currency translation in the Consolidated Statements of Operations.

*Non-accrual loans:* A loan can be left on accrual status during the period 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 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 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 $92,224 and $65,125 as of December 31, 2022 and September 30, 2022, respectively.

**Purchase accounting:** On September 16, 2019, the Company completed its acquisition of Golub Capital Investment Corporation ("GCIC"), a Maryland corporation, pursuant to that certain Agreement and Plan of Merger (as amended, the "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 ("Merger Sub"), the Investment Adviser, and, for certain limited purposes, the Administrator. Pursuant to the Merger Agreement, Merger Sub was first merged with and into GCIC, with GCIC as the surviving company (the "Initial Merger"), and, immediately following the Initial Merger, GCIC was then merged with and into the Company, with the Company as the surviving company (the Initial Merger and the subsequent merger, collectively, the "Merger"). The Merger was 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 "purchase accounting." Under asset acquisition 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 noncash 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's stockholders exceeded the relative fair values of the net identifiable assets of GCIC acquired other than "non-qualifying" assets, any such premium paid by the Company was further allocated to the cost of the GCIC assets acquired by the Company pro-rata to their relative fair value, other than "non-qualifying" assets. As GCIC did not have any "qualifying" assets at the time of acquisition, the premium was allocated to "non-qualifying" assets, which are GCIC's investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisition of GCIC, 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 assets acquired was 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 through their ultimate disposition. Amortization expense of purchase premium for the three months ended December 31, 2022 and 2021 was $2,135 and $7,095, respectively.

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

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 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.

**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 may 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 December 31, 2022 and 2021, $2,200 and $0, 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 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 December 31, 2022. The Company's tax returns for the 2019 through 2021 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.

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

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

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 most recently reapproved the Program in August 2022 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. The Company did not make any repurchases of its common stock during the three months ended December 31, 2022 and 2021.

**Equity Distribution Agreement:** On May 28, 2021, the Company entered into an equity distribution agreement (the "Equity Distribution Agreement"), by and among the Company, the Investment Adviser, Golub Capital LLC and SMBC Nikko Securities America, Inc. (the "Placement Agent"), in connection with the sale by the Company of shares of its common stock, having an aggregate offering price of up to $250,000, in an "at the market offering," in amounts and at times to be determined by the Company. 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 Equity Distribution Agreement provides that the Company may offer and sell shares from time to time through the Placement Agent, or to it. Sales of the shares, if any, may 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 Equity Distribution Agreement, the Placement Agent will receive a commission from the Company of up to 1.25% of the gross sales price of any shares sold through the Placement Agent under the Equity Distribution Agreement. Offering costs for the Equity Distribution Agreement are charged against the proceeds from equity offerings when proceeds are received. During the three months ended December 31, 2022 and 2021, the Company did not issue any shares of common stock under the Equity Distribution Agreement.

**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 December 31, 2022 and September 30, 2022, the Company had deferred debt issuance costs of $15,641 and $17,211, respectively. These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three months ended December 31, 2022 and 2021 was $1,748 and $1,667, 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.

**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 2022. The Investment Adviser is a registered investment adviser with the 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 1.375% 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 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.

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

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 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 defined in Note 7) and the GCIC 2018 Collateral Management Agreement (as defined 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 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 20.0% of the Company's Cumulative Pre-Incentive Fee Net Income (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) 20.0% 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 purchase accounting 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 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.

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

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 months ended December 31, 2022 and 2021, the Income Incentive Fee incurred was $16,011 and $2,929, respectively.

The Investment Advisory Agreement excludes the impact of purchase accounting resulting from a merger, including the 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 purchase accounting 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 common stock in the 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 derivative instruments and cash collateral on deposit with custodian) used to calculate the 1.375% base management fee annual rate.

The Company calculates the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

The Capital Gain Incentive Fee equals (a) 20.0% 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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. 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 20% 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 months ended December 31, 2022, the Company did not accrue a capital gain incentive fee. For the three months ended December 31, 2021, the Company accured a capital gain incentive fee of $452. Changes in the accrual for the capital gain incentive fee are included in incentive fee in the Consolidated Statements of Operations. As of both December 31, 2022 and September 30, 2022, there was no cumulative accrual of capital gain incentive fees under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition.

As of December 31, 2022 and September 30, 2022, there was no Capital Gain Incentive Fee payable as calculated 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.

**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

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

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 $2,174 and $1,976 as of December 31, 2022 and September 30, 2022, 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 months ended December 31, 2022 and 2021 were $2,050 and $2,521, respectively.

As of December 31, 2022 and September 30, 2022, included in accounts payable and other liabilities were $1,166 and $2,049, 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 December 31, 2022 and September 30, 2022 permits the Company to borrow a maximum of $100,000 and expires on June 15, 2025. Refer to Note 7. Borrowings for discussion of the Adviser Revolver.

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

**Note 4. Investments** 

Investments as of December 31, 2022 and September 30, 2022 consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** |
| | **Principal** | **Amortized<br>Cost** | **Fair <br>Value** | **Principal** | **Amortized<br>Cost** | **Fair<br>Value** |
| Senior secured | $535711 | $525569 | $491529 | $519188 | $518216 | $472873 |
| One stop | 4823845 | 4781125 | 4658030 | 4801600 | 4786118 | 4668609 |
| Second lien | 27380 | 29364 | 24120 | 25801 | 29337 | 23240 |
| Subordinated debt | 4082 | 4028 | 4003 | 3869 | 3814 | 3815 |
| Equity | N/A | 243329 | 274264 | N/A | 232119 | 277819 |
| &nbsp;&nbsp;&nbsp;**Total** | $5391018 | $5583415 | $5451946 | $5350458 | $5569604 | $5446356 |

---

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**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 December 31, 2022** | **As of December 31, 2022** | **As of September 30, 2022** | **As of September 30, 2022** |
| **Amortized Cost:** | | | | |
| United States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-Atlantic | $918281 | 16.5% | $872311 | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest | 1051934 | 18.8 | 1043468 | 18.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West | 905620 | 16.2 | 985463 | 17.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast | 1118410 | 20.0 | 1084332 | 19.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest | 471355 | 8.4 | 461627 | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeast | 506037 | 9.1 | 491675 | 8.8 |
| Canada | 182786 | 3.3 | 212701 | 3.8 |
| United Kingdom | 271674 | 4.9 | 263815 | 4.7 |
| Australia | 17145 | 0.3 | 17177 | 0.3 |
| Luxembourg | 28290 | 0.5 | 25476 | 0.5 |
| Netherlands | 61355 | 1.1 | 61319 | 1.1 |
| Finland | 30404 | 0.5 | 30386 | 0.5 |
| Sweden | 16479 | 0.3 | 16213 | 0.3 |
| Israel | 508 | 0.0 \* | 508 | 0.0 \* |
| Denmark | 3137 | 0.1 | 3133 | 0.1 |
| &nbsp;&nbsp;&nbsp;**Total** | $5583415 | 100.0% | $5569604 | 100.0% |
| **Fair Value:** |  |  |  |  |
| United States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-Atlantic | $882855 | 16.2% | $843796 | 15.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest | 1028680 | 18.9 | 1024529 | 18.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West | 892680 | 16.4 | 980751 | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast | 1107710 | 20.3 | 1082651 | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest | 466422 | 8.6 | 459971 | 8.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeast | 495825 | 9.1 | 479291 | 8.8 |
| Canada | 178357 | 3.3 | 207537 | 3.8 |
| United Kingdom | 246724 | 4.4 | 225308 | 4.1 |
| Australia | 16658 | 0.3 | 16248 | 0.3 |
| Luxembourg | 27108 | 0.5 | 23978 | 0.4 |
| Netherlands | 55556 | 1.0 | 53140 | 1.0 |
| Finland | 32556 | 0.6 | 29813 | 0.5 |
| Sweden | 17077 | 0.3 | 15709 | 0.3 |
| Israel | 529 | 0.0 \* | 508 | 0.0 \* |
| Denmark | 3209 | 0.1 | 3126 | 0.1 |
| &nbsp;&nbsp;&nbsp;**Total** | $5451946 | 100.0% | $5446356 | 100.0% |

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\* Represents an amount less than 0.1%

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**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 of December 31, 2022 and September 30, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2022** | **As of December 31, 2022** | **As of September 30, 2022** | **As of September 30, 2022** |
| **Amortized Cost:** | | | | |
| Aerospace and Defense | $71745 | 1.3% | $65825 | 1.2% |
| Airlines | 960 | 0.0 \* | 961 | 0.0 \* |
| Auto Components | 41595 | 0.8 | 41487 | 0.7 |
| Automobiles | 269958 | 4.8 | 262821 | 4.7 |
| Beverages | 59961 | 1.1 | 59650 | 1.1 |
| Biotechnology | 1769 | 0.0 \* | 1769 | 0.0 \* |
| Building Products | 17755 | 0.3 | 17764 | 0.3 |
| Chemicals | 87633 | 1.6 | 87657 | 1.6 |
| Commercial Services and Supplies | 163194 | 2.9 | 137435 | 2.5 |
| Communications Equipment | 11423 | 0.2 | 11414 | 0.2 |
| Containers and Packaging | 45467 | 0.8 | 44094 | 0.8 |
| Distributors | 5973 | 0.1 | 5942 | 0.1 |
| Diversified Consumer Services | 254789 | 4.6 | 241453 | 4.3 |
| Diversified Financial Services | 39131 | 0.7 | 27160 | 0.5 |
| Diversified Telecommunication Services | 1607 | 0.0 \* | 1609 | 0.0 \* |
| Electronic Equipment, Instruments and Components | 24482 | 0.5 | 137087 | 2.5 |
| Energy Equipment and Services | 4762 | 0.1 | 4700 | 0.1 |
| Food and Staples Retailing | 68396 | 1.2 | 83134 | 1.5 |
| Food Products | 135855 | 2.4 | 135841 | 2.4 |
| Healthcare Equipment and Supplies | 144566 | 2.6 | 141925 | 2.5 |
| Healthcare Providers and Services | 498770 | 8.9 | 492321 | 8.8 |
| Health Care Technology | 211260 | 3.8 | 197946 | 3.6 |
| Hotels, Restaurants and Leisure | 136361 | 2.5 | 132351 | 2.4 |
| Household Durables | 8881 | 0.2 | 8897 | 0.2 |
| Household Products | 5455 | 0.1 | 5473 | 0.1 |
| Industrial Conglomerates | 32256 | 0.6 | 31560 | 0.6 |
| Insurance | 235106 | 4.2 | 232074 | 4.2 |
| Internet and Catalog Retail | 67973 | 1.2 | 61193 | 1.1 |
| IT Services | 265631 | 4.8 | 264343 | 4.8 |
| Leisure Products | 11792 | 0.2 | 11797 | 0.2 |
| Life Sciences Tools & Services | 72343 | 1.3 | 50125 | 0.9 |
| Machinery | 34509 | 0.6 | 34594 | 0.6 |
| Marine | 18783 | 0.4 | 18813 | 0.3 |
| Media | 6384 | 0.1 | 6396 | 0.1 |
| Multiline Retail | 45095 | 0.8 | 45090 | 0.8 |
| Oil, Gas and Consumable Fuels | 91986 | 1.6 | 92234 | 1.7 |
| Paper and Forest Products | 10556 | 0.2 | 10579 | 0.2 |
| Personal Products | 36552 | 0.7 | 36654 | 0.7 |
| Pharmaceuticals | 162836 | 2.9 | 154608 | 2.8 |
| Professional Services | 119317 | 2.1 | 116650 | 2.1 |
| Real Estate Management and Development | 123569 | 2.2 | 123697 | 2.2 |
| Road and Rail | 35690 | 0.6 | 35801 | 0.6 |
| Software | 1454146 | 26.0 | 1410563 | 25.3 |
| Specialty Retail | 322110 | 5.8 | 365734 | 6.6 |
| Technology Hardware, Storage and Peripherals | 23548 | 0.4 | 23269 | 0.4 |
| Textiles, Apparel and Luxury Goods | 44988 | 0.8 | 44882 | 0.8 |
| Trading Companies and Distributors | 38600 | 0.7 | 34410 | 0.6 |
| Water Utilities | 17897 | 0.3 | 17822 | 0.3 |
| &nbsp;&nbsp;&nbsp;**Total** | $5583415 | 100.0% | $5569604 | 100.0% |

---

\* Represents an amount less than 0.1%.

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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2022** | **As of December 31, 2022** | **As of September 30, 2022** | **As of September 30, 2022** |
| **Fair Value:** | | | | |
| Aerospace and Defense | $72189 | 1.3% | $64365 | 1.2% |
| Airlines | 924 | 0.0 \* | 926 | 0.0 \* |
| Auto Components | 40605 | 0.8 | 41026 | 0.8 |
| Automobiles | 265492 | 4.9 | 260506 | 4.8 |
| Beverages | 56389 | 1.0 | 57804 | 1.1 |
| Biotechnology | 1220 | 0.0 \* | 1536 | 0.0 \* |
| Building Products | 17628 | 0.3 | 17770 | 0.3 |
| Chemicals | 81542 | 1.5 | 79461 | 1.5 |
| Commercial Services and Supplies | 163600 | 3.0 | 135584 | 2.5 |
| Communications Equipment | 11142 | 0.2 | 11162 | 0.2 |
| Containers and Packaging | 45165 | 0.8 | 44198 | 0.8 |
| Distributors | 6030 | 0.1 | 5941 | 0.1 |
| Diversified Consumer Services | 252691 | 4.6 | 236896 | 4.3 |
| Diversified Financial Services | 38496 | 0.7 | 26928 | 0.5 |
| Diversified Telecommunications Services | 1624 | 0.0 \* | 1628 | 0.0 \* |
| Electronic Equipment, Instruments and Components | 24395 | 0.5 | 138011 | 2.5 |
| Energy Equipment and Services | 1852 | 0.0 \* | 1740 | 0.0 \* |
| Food and Staples Retailing | 67138 | 1.2 | 84744 | 1.6 |
| Food Products | 135295 | 2.5 | 136802 | 2.5 |
| Healthcare Equipment and Supplies | 133860 | 2.5 | 131962 | 2.4 |
| Healthcare Providers and Services | 447779 | 8.2 | 444736 | 8.2 |
| Health Care Technology | 212635 | 3.9 | 200658 | 3.7 |
| Hotels, Restaurants and Leisure | 137293 | 2.5 | 134159 | 2.5 |
| Household Durables | 9541 | 0.2 | 9275 | 0.2 |
| Household Products | 5196 | 0.1 | 5265 | 0.1 |
| Industrial Conglomerates | 31732 | 0.6 | 30407 | 0.6 |
| Insurance | 230658 | 4.2 | 226158 | 4.2 |
| Internet and Catalog Retail | 65384 | 1.2 | 61299 | 1.1 |
| IT Services | 254093 | 4.7 | 249240 | 4.6 |
| Leisure Products | 13475 | 0.3 | 13478 | 0.2 |
| Life Sciences Tools & Services | 71285 | 1.3 | 49478 | 0.9 |
| Machinery | 32988 | 0.6 | 31750 | 0.6 |
| Marine | 18164 | 0.4 | 18399 | 0.3 |
| Media | 6291 | 0.1 | 6503 | 0.1 |
| Multiline Retail | 45138 | 0.8 | 45138 | 0.8 |
| Oil, Gas and Consumable Fuels | 90539 | 1.7 | 90054 | 1.7 |
| Paper and Forest Products | 10363 | 0.2 | 10640 | 0.2 |
| Personal Products | 34531 | 0.6 | 33869 | 0.6 |
| Pharmaceuticals | 157711 | 2.9 | 150263 | 2.8 |
| Professional Services | 118270 | 2.2 | 116622 | 2.1 |
| Real Estate Management and Development | 120414 | 2.2 | 119120 | 2.2 |
| Road and Rail | 35367 | 0.6 | 35742 | 0.7 |
| Software | 1444707 | 26.5 | 1401424 | 25.7 |
| Specialty Retail | 319220 | 5.9 | 367521 | 6.7 |
| Technology Hardware, Storage and Peripherals | 23101 | 0.4 | 22852 | 0.4 |
| Textiles, Apparel and Luxury Goods | 43902 | 0.8 | 42302 | 0.8 |
| Trading Companies and Distributors | 37753 | 0.7 | 33597 | 0.6 |
| Water Utilities | 17139 | 0.3 | 17417 | 0.3 |
| &nbsp;&nbsp;&nbsp;**Total** | $5451946 | 100.0% | $5446356 | 100.0% |

---

\* Represents an amount less than 0.1%.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

**Note 5. Forward Currency Contracts** 

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company's investments denominated in foreign currencies.

The outstanding forward currency contracts as of December 31, 2022 and September 30, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
| **Counterparty** | **Currency to be sold** | **Currency to be sold** | **Currency to be purchased** | **Currency to be purchased** | **Settlement date** | **Unrealized appreciation ($)** | **Unrealized depreciation ($)** |
| Macquarie Bank Limited | £8925 | GBP | $11219 | USD | 2/28/2023 | $432 | $— |
| Macquarie Bank Limited | £3780 | GBP | $4804 | USD | 3/27/2023 | 232 |  |
| Macquarie Bank Limited | £2228 | GBP | $2903 | USD | 4/28/2023 | 205 |  |
| Macquarie Bank Limited | 13960 | EUR | $16735 | USD | 4/28/2023 | 1651 |  |
| Macquarie Bank Limited | 6760 | EUR | $8044 | USD | 4/28/2023 | 740 |  |
| Macquarie Bank Limited | £10058 | GBP | $12706 | USD | 7/17/2023 | 507 |  |
| Macquarie Bank Limited | $15600 | CAD | $12236 | USD | 8/27/2024 | 597 |  |
| Macquarie Bank Limited | $30000 | CAD | $23399 | USD | 8/27/2024 | 1026 |  |
| Macquarie Bank Limited | £25000 | GBP | $34298 | USD | 8/27/2024 | 3700 |  |
| Macquarie Bank Limited | $22600 | CAD | $17739 | USD | 8/30/2024 | 876 |  |
| Macquarie Bank Limited | £20550 | GBP | $28297 | USD | 9/3/2024 | 3138 |  |
| Macquarie Bank Limited | 26000 | EUR | $31803 | USD | 2/27/2025 | 2801 |  |
| Macquarie Bank Limited | £13945 | GBP | $19149 | USD | 3/31/2025 | 2078 |  |
| Macquarie Bank Limited | $7000 | CAD | $5386 | USD | 7/18/2025 | 152 |  |
| Macquarie Bank Limited | 10100 | EUR | $10918 | USD | 7/21/2025 |  | (250) |
|  |  |  |  |  |  | $18135 | $(250) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** |
| **Counterparty** | **Currency to be sold** | **Currency to be sold** | **Currency to be purchased** | **Currency to be purchased** | **Settlement date** | **Unrealized appreciation ($)** | **Unrealized depreciation ($)** |
| Macquarie Bank Limited | £8925 | GBP | $11219 | USD | 2/28/2023 | $1226 | $— |
| Macquarie Bank Limited | £3780 | GBP | $4804 | USD | 3/27/2023 | 572 |  |
| Macquarie Bank Limited | £2228 | GBP | $2903 | USD | 4/28/2023 | 408 |  |
| Macquarie Bank Limited | 13960 | EUR | $16735 | USD | 4/28/2023 | 2778 |  |
| Macquarie Bank Limited | 6760 | EUR | $8044 | USD | 4/28/2023 | 1287 |  |
| Macquarie Bank Limited | £10058 | GBP | $12706 | USD | 7/17/2023 | 1459 |  |
| Macquarie Bank Limited | $18425 | CAD | $13783 | USD | 10/30/2023 | 372 |  |
| Macquarie Bank Limited | $25000 | CAD | $19609 | USD | 08/27/2024 | 1267 |  |
| Macquarie Bank Limited | $30000 | CAD | $23399 | USD | 8/27/2024 | 1399 |  |
| Macquarie Bank Limited | £25000 | GBP | $34298 | USD | 8/27/2024 | 6285 |  |
| Macquarie Bank Limited | $22600 | CAD | $17739 | USD | 8/30/2024 | 1156 |  |
| Macquarie Bank Limited | £20550 | GBP | $28297 | USD | 9/3/2024 | 5265 |  |
| Macquarie Bank Limited | 26000 | EUR | $31803 | USD | 2/27/2025 | 4637 |  |
| Macquarie Bank Limited | £13945 | GBP | $19149 | USD | 3/31/2025 | 3538 |  |
| Macquarie Bank Limited | $7000 | CAD | $5386 | USD | 7/18/2025 | 236 |  |
| Macquarie Bank Limited | 10100 | EUR | $10918 | USD | 7/21/2025 | 448 |  |
|  |  |  |  |  |  | $32333 | $— |

---

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

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 its derivative counterparty, Macquarie Bank Limited ("Macquarie"). The ISDA Master Agreement is a bilateral agreement between the Company and Macquarie that governs over the counter ("OTC") derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement permit 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 Macquarie, if any, is included in the Consolidated Statements of Financial Condition as cash collateral held at broker for forward currency contracts or cash collateral received from broker for forward currency contracts. 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 forward currency contracts on the financial statements of the Company including: the fair value of derivatives by risk category, 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 December 31, 2022 and September 30, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
| **Counterparty** | **Risk exposure category** | **Unrealized appreciation on forward currency contracts** | **Unrealized depreciation on forward currency contracts** | **Net amounts presented in the Consolidated Statement of Financial Condition** | **Collateral (Received) Pledged** <sup>(1)</sup> | **Net Amount** <sup>(2)</sup> |
| Macquarie Bank Limited | Foreign exchange | $18135 | $(250) | $17885 | $— | $17885 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **As of September 30, 2022** |
| **Counterparty** | **Risk exposure category** | **Unrealized appreciation on forward currency contracts** | **Unrealized depreciation on forward currency contracts** | **Net amounts presented in the Consolidated Statement of Financial Condition** | **Collateral (Received) Pledged** <sup>(1)</sup> | **Net Amount** <sup>(2)</sup> |
| Macquarie Bank Limited | Foreign exchange | $32333 | $— | $32333 | $— | $32333 |

---

<sup>(1)</sup> The actual collateral pledged may be more than the amount shown due to over collateralization.

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

The impact of derivative transactions for the three months ended December 31, 2022 and 2021 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** | **Realized gain (loss) on forward currency contracts recognized in income** | |
| **Risk exposure category** | **Three months ended December 31,** | **Three months ended December 31,** |
|  | **2022** | **2021** |
| Foreign exchange | $463 | $— |
| **Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income** | **Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income** | **Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income** |
| **Risk exposure category** | **Three months ended December 31,** | **Three months ended December 31,** |
|  | **2022** | **2021** |
| Foreign exchange | $(14448) | $281 |

---

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**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 months ended December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
| **Average U.S. Dollar notional outstanding** | **Three months ended December 31,** | **Three months ended December 31,** |
|  | **2022** | **2021** |
| Forward currency contracts | $260333 | $260211 |

---

**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 may 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 management 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. The Company's fair value analysis 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:*&nbsp;&nbsp;&nbsp;&nbsp; Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

*Level 2:*&nbsp;&nbsp;&nbsp;&nbsp; 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 Company's 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. The Company 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 three months ended December 31, 2022 and 2021. The following section describes the valuation techniques used by the Company 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.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

**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 Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) 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 both December 31, 2022 and September 30, 2022, with the exception of money market funds included in cash, cash equivalents and restricted cash and cash equivalents (Level 1 investments) and forward currency contracts (Level 2 investments), were valued using Level 3 inputs.

When determining fair value of Level 3 debt and equity investments, the Company 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 Company 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 Company uses a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, the Company 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 may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Company 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 may differ significantly from the values that would have been used had a ready market existed for such investments and may 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.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

The following tables present fair value measurements of the Company's investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of December 31, 2022 and September 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
| **As of December 31, 2022**<br>**Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets, at fair value: |  |  |  |  |
| &nbsp;&nbsp;Debt investments<sup>(1)</sup> | $— | $— | $5177682 | $5177682 |
| &nbsp;&nbsp;Equity investments<sup>(1)</sup> |  |  | 274264 | 274264 |
| &nbsp;&nbsp;Money market funds<sup>(1)(2)</sup> | 51513 |  |  | 51513 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  | 18135 |  | 18135 |
| Total assets, at fair value: | $51513 | $18135 | $5451946 | $5521594 |
| Liabilities at fair value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | $— | $(250) | $— | $(250) |
| Total liabilities, at fair value: | $— | $(250) | $— | $(250) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
| **As of September 30, 2022**<br>**Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets, at fair value: |  |  |  |  |
| &nbsp;&nbsp;Debt investments<sup>(1)</sup> | $— | $— | $5168537 | $5168537 |
| &nbsp;&nbsp;Equity investments<sup>(1)</sup> |  |  | 277819 | 277819 |
| &nbsp;&nbsp;Money market funds<sup>(1)(2)</sup> | 37208 |  |  | 37208 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  | 32333 |  | 32333 |
| Total assets, at fair value: | $37208 | $32333 | $5446356 | $5515897 |

---

<sup>(1)</sup> Refer to the Consolidated Schedules of Investments for further details.

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

The net change in unrealized appreciation (depreciation) for the three months ended December 31, 2022 and 2021 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 December 31, 2022 and 2021 was $(13,420) and $14,260, respectively.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

The following tables present the changes in investments measured at fair value using Level 3 inputs for the three months ended December 31, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
| | **For the three months ended December 31, 2022** | **For the three months ended December 31, 2022** | **For the three months ended December 31, 2022** |
| | **Debt<br>Investments** | **Equity<br>Investments** | **Total<br>Investments** |
| Fair value, beginning of period | $5168537 | $277819 | $5446356 |
| Net change in unrealized appreciation (depreciation) on investments | (26226) | (14845) | (41071) |
| Net translation of investments in foreign currencies | 32770 | 80 | 32850 |
| Realized gain (loss) on investments | (834) | 3609 | 2775 |
| Fundings of (proceeds from) revolving loans, net | 868 |  | 868 |
| Fundings of investments | 237616 | 11266 | 248882 |
| PIK interest and non-cash dividends | 7777 | 3449 | 11226 |
| Proceeds from principal payments and sales of portfolio investments | (246719) | (7114) | (253833) |
| Accretion of discounts and amortization of premiums | 3893 |  | 3893 |
| Fair value, end of period | $5177682 | $274264 | $5451946 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the three months ended December 31, 2021** | **For the three months ended December 31, 2021** | **For the three months ended December 31, 2021** |
| | **Debt<br>Investments** | **Equity<br>Investments** | **Total<br>Investments** |
| Fair value, beginning of period | $4709148 | $185230 | $4894378 |
| Net change in unrealized appreciation (depreciation) on investments | 3973 | 1059 | 5032 |
| Net translation of investments in foreign currencies | (1071) | 6 | (1065) |
| Realized gain (loss) on investments | (313) | 14886 | 14573 |
| Funding of (proceeds from) revolving loans, net | 336 |  | 336 |
| Fundings of investments | 821550 | 69382 | 890932 |
| PIK interest | 3473 |  | 3473 |
| Proceeds from principal payments and sales of portfolio investments | (637723) | (24037) | (661760) |
| Accretion of discounts and amortization of premiums | 640 |  | 640 |
| Fair value, end of period | $4900013 | $246526 | $5146539 |

---

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**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 December 31, 2022 and September 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quantitative information about Level 3 Fair Value Measurements** | **Quantitative information about Level 3 Fair Value Measurements** | **Quantitative information about Level 3 Fair Value Measurements** | **Quantitative information about Level 3 Fair Value Measurements** | **Quantitative information about Level 3 Fair Value Measurements** |
| | **Fair value as of December 31, 2022** | **Valuation Techniques** | **Unobservable Input** | **Range (Weighted Average)** <sup>(1)</sup> |
| Assets: |  |  |  |  |
| Senior secured loans<sup>(2)</sup> | $491301 | Market rate approach | Market interest rate | 8.0% - 25.5% (11.0%) |
|  |  | Market comparable companies | EBITDA multiples | 6.5x - 26.0x (14.6x) |
|  | 228 | Collateral analysis | Recovery rate | N/A |
| One stop loans<sup>(3)(4)</sup> | $4658030 | Market rate approach | Market interest rate | 7.0% - 22.3% (10.7%) |
|  |  | Market comparable companies | EBITDA multiples | 4.5x - 33.4x (16.2x) |
|  |  |  | Revenue multiples | 2.0x - 20.0x (8.2x) |
| Subordinated debt and second lien loans | $28123 | Market rate approach | Market interest rate | 9.8% - 15.2% (13.9%) |
|  |  | Market comparable companies | EBITDA multiples | 6.5x - 22.0x (20.7x) |
| Equity<sup>(5)</sup> | $274264 | Market comparable companies | EBITDA multiples | 4.5x - 37.0x (16.7x) |
|  |  |  | Revenue multiples | 2.0x - 20.0x (11.2x) |

---

<sup>(1)</sup> Unobservable inputs were weighted by the relative fair value of the instruments.

<sup>(2)</sup> $28,709 of loans at fair value were valued using the market comparable companies approach only.

<sup>(3)</sup> $103,741 of loans at fair value were valued using the market comparable companies approach only.

<sup>(4)</sup> The Company valued $3,972,006 and $686,024 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

<sup>(5)</sup> The Company valued $234,992 and $39,272 of equity investments using EBITDA and revenue multiples, respectively.

------

<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**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** | **Quantitative information about Level 3 Fair Value Measurements** | **Quantitative information about Level 3 Fair Value Measurements** | **Quantitative information about Level 3 Fair Value Measurements** | **Quantitative information about Level 3 Fair Value Measurements** |
| | **Fair value as of September 30, 2022** | **Valuation Techniques** | **Unobservable Input** | **Range**<br>**(Weighted Average)**<sup>(1)</sup> |
| Assets: |  |  |  |  |
| Senior secured loans<sup>(2)</sup> | $472873 | Market rate approach | Market interest rate | 6.8% - 20.0% (9.6%) |
|  |  | Market comparable companies | EBITDA multiples | 6.5x - 26.2x (14.7x) |
|  |  | Collateral analysis | Recovery rate | N/A |
| One stop loans<sup>(3)(4)</sup> | $4668609 | Market rate approach | Market interest rate | 7.0% - 17.3% (9.6%) |
|  |  | Market comparable companies | EBITDA multiples | 4.5x - 37.3x (16.4x) |
|  |  |  | Revenue multiples | 2.0x - 22.0x (8.3x) |
| Subordinated debt and second lien loans<sup>(5)</sup> | $27055 | Market rate approach | Market interest rate | 9.8% - 13.8% (12.2%) |
|  |  | Market comparable companies | EBITDA multiples | 6.5x - 23.0x (21.0x) |
| Equity<sup>(5)</sup> | $277819 | Market comparable companies | EBITDA multiples | 4.5x - 38.0x (18.0x) |
|  |  |  | Revenue multiples | 2.0x - 24.4x (12.6x) |

---

<sup>(1)</sup> Unobservable inputs were weighted by the relative fair value of the instruments.

<sup>(2)</sup> $25,661 of loans at fair value were valued using the market comparable companies approach only.

<sup>(3)</sup> $60,948 of loans at fair value were valued using the market comparable companies approach only.

<sup>(4)</sup> The Company valued $4,009,492 and $659,117 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

<sup>(5)</sup> The Company valued $237,257 and $40,562 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 Company.

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 Company uses EBITDA multiples and, to a lesser extent, revenue multiples on its 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 Company 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 may 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 2024 Notes, 2026 Notes and 2027 Notes (as defined in Note 7. Borrowings) 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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<u>[**TABLE OF CONTENTS**](#ief2c26433feb4de9bc598652797534c5_10)</u>

**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 December 31, 2022 and September 30, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2022** | **As of December 31, 2022** | **As of September 30, 2022** | **As of September 30, 2022** |
| | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| Debt | $3100057 | $2921520 | $3093603 | $2902210 |

---

**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 December 31, 2022, the Company's asset coverage for borrowed amounts was 180.4%.

**Debt Securitizations:** 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 2018 CLO Depositor, and are backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement of approximately $327,000 of AAA/AAA Class A 2018 Notes, which bear interest at three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bear interest at three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bear interest at three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bear interest at three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bear interest at three-month LIBOR plus 2.95%; and $113,400 of Subordinated 2018 Notes which do not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes. Through January 20, 2023, the 2018 Issuer is 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. The 2018 Notes are scheduled to mature on January 20, 2031. The Class A, Class B and Class C-1 2018 Notes are included in the December 31, 2022 and September 30, 2022 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2022 and September 30, 2022, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

As of both December 31, 2022 and September 30, 2022, there were 74 portfolio companies with a total fair value of $574,048 and $568,310, respectively, securing the 2018 Notes. The pool of loans in the 2018 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 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of December 31, 2022 based on the last annualized interest rate reset was 4.2%. For the three months ended December 31, 2022 and 2021 the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** |
| | **2022** | **2021** |
| Stated interest expense | $5804 | $1846 |
| Amortization of debt issuance costs | 113 | 106 |
| &nbsp;&nbsp;&nbsp;Total interest and other debt financing expenses | $5917 | $1952 |
| Cash paid for interest expense | $4535 | $1848 |
| Annualized average stated interest rate | 5.6% | 1.8% |
| Average outstanding balance | $408200 | $408200 |

---

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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 December 31, 2022, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR) of the Class A, B and C-1 2018 Notes are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Class A 2018 Notes** | **Class B 2018 Notes** | **Class C-1 2018 Notes** |
| Type | Senior Secured Floating Rate | Senior Secured Floating Rate | Senior Secured Floating Rate |
| Amount Outstanding | $327000 | $61200 | $20000 |
| Fitch Rating | "AAA" | "NR" | "NR" |
| S&P Rating | "AAA" | "AA" | "A" |
| Interest Rate | LIBOR + 1.48% | LIBOR + 2.10% | LIBOR + 2.80% |

---

Effective September 16, 2019, the Company assumed, as a result of the 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 are secured by a diversified portfolio of senior secured and second lien loans. The GCIC 2018 Debt Securitization consists 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 bear 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 December 31, 2022 and September 30, 2022 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2022 and September 30, 2022, 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 is 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. The GCIC 2018 Notes are scheduled to mature on January 20, 2031, and the Subordinated GCIC 2018 Notes are scheduled to mature on December 13, 2118.

Two loan sale agreements govern the GCIC 2018 Debt Securitization. One of the loan sale agreements provided for the sale of assets upon the closing of the GCIC 2018 Debt Securitization to satisfy risk retention requirements. Under the terms of the other loan sale agreement governing the GCIC 2018 Debt Securitization, the Company agreed to directly or indirectly through the GCIC 2018 CLO Depositor sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GCIC 2018 Issuer.

As of both December 31, 2022 and September 30, 2022, there were 93 portfolio companies with a total fair value of $870,819 and $885,171, respectively, securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

------

**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 GCIC 2018 Debt Securitization is based on three-month LIBOR. The three-month LIBOR in effect as of December 31, 2022 based on the last interest rate reset was 4.2%. For the three months ended December 31, 2022 and 2021, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** |
| | **2022** | **2021** |
| Stated interest expense | $7295 | $2374 |
| Accretion of discounts on notes issued | 451 | 451 |
| Amortization of debt issuance costs | 17 | 17 |
| &nbsp;&nbsp;&nbsp;Total interest and other debt financing expenses | $7763 | $2842 |
| Cash paid for interest expense | $5715 | $2371 |
| Annualized average stated interest rate | 5.3% | 1.7% |
| Average outstanding balance | $546500 | $546500 |

---

As of December 31, 2022, the classes, amounts, ratings and interest rates (expressed as a spread to three-month LIBOR, as applicable) of the Class A-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes, and Class B-1 GCIC 2018 Notes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Description | Class A-1 GCIC 2018 Notes | Class A-2-R GCIC 2018 Notes | Class B-1 GCIC 2018 Notes |
| Type | Senior Secured Floating Rate | Senior Secured Fixed Rate | Senior Secured Floating Rate |
| Amount Outstanding | $490000 | $38500 | $18000 |
| Fitch's Rating | "AAA" | "NR" | "NR" |
| S&P Rating | "AAA" | "AAA" | "AA" |
| Interest Rate | LIBOR + 1.48% | 2.50% | LIBOR + 2.25% |

---

The Investment Adviser serves as the collateral manager to the 2018 Issuer and GCIC 2018 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 the 2018 Issuer and the GCIC 2018 Issuer for rendering such collateral management services.

As part of the 2018 Debt Securitization and GCIC 2018 Debt Securitization, GBDC entered into, or assumed in the Merger, master loan sale agreements 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 or the GCIC 2018 Issuer, as applicable, and to purchase or otherwise acquire the LLC equity interests in the Subordinated 2018 Notes and the GCIC Subordinated 2018 Notes, as applicable. As of December 31, 2022, the 2018 Notes and the GCIC 2018 Notes (other than the Subordinated 2018 Notes and the GCIC Subordinated 2018 Notes) were the secured obligations of the 2018 Issuer and the GCIC 2018 Issuer, respectively, and indentures governing each of the 2018 Notes and the GCIC 2018 Notes include customary covenants and events of default.

**Revolving Credit Facilities:** On February 1, 2019, Funding II entered into a credit facility (as amended, the "MS Credit Facility II") with Morgan Stanley, as the administrative agent, each of the lenders from time to time party thereto, each of the securitization subsidiaries from time to time party thereto, and Wells Fargo Bank, N.A., as collateral agent, account bank and collateral custodian. On October 23, 2020, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by $75,000, resulting in total borrowing capacity of $325,000. On January 29, 2021, the Company entered into an amendment to the MS Credit Facility II that extended the reinvestment period to May 3, 2021 from February 1, 2021, extended the maturity date to May 1, 2024 from February 1, 2024 and reduced borrowing capacity to $250,000 from $325,000. On February 23, 2021, the Company delivered a notice to the lenders under the MS Credit Facility II to permanently decrease the borrowing capacity under the MS Credit Facility II by

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**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

$175,000 to $75,000. On April 13, 2021, the Company entered into an amendment to the MS Credit Facility II to, among other things, reduce the interest rate for borrowings under the facility to the applicable base rate plus 2.05% during the revolving period and to the applicable base rate plus 2.55% thereafter, extend the revolving period from May 3, 2021 to April 12, 2024 and to extend the maturity date from May 1, 2024 to April 12, 2026. On July 30, 2021, the Company entered into an amendment to the MS Credit Facility II to, among other things, amend general concentration limits and institute an unused fee holiday until November 30, 2021. On September 16, 2022, all amounts outstanding under the MS Credit Facility II were repaid, following which the agreements governing the MS Credit Facility II were terminated.

The period from February 1, 2019 until April 12, 2024 was referred to as the revolving period and during such revolving period, Funding II could request drawdowns under the MS Credit Facility II. Prior to June 18, 2020, borrowings under the MS Credit Facility II bore interest at the applicable base rate plus 2.05%. Effective June 18, 2020 to April 13, 2021, the MS Credit Facility II bore interest at the applicable base rate plus 2.45%. Effective April 13, 2021, the MS Credit Facility II bore interest at the applicable base rate plus 2.05%. Following expiration of the revolving period, the interest rate on borrowings under the MS Credit Facility II could have reset to the applicable base rate plus 2.55% for the remaining term of the MS Credit Facility II. The revolving period could have continued through April 12, 2024 until there was an earlier termination or event of default. The base rate under the MS Credit Facility II was (i) one-month LIBOR with respect to any advances denominated in U.S. dollars or U.K. pound sterling, (ii) one-month EURIBOR with respect to any advances denominated in euros, and (iii) one-month Canadian Dollar Offered Rate with respect to any advances denominated in Canadian dollars. The scheduled maturity date of the MS Credit Facility II was April 12, 2026. The MS Credit Facility II was subject to a non-usage fee of 0.50% per annum subsequent to a ramp-up period as defined in the credit agreement.

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

As of both December 31, 2022 and September 30, 2022, the Company did not have any outstanding debt under the MS Credit Facility II.

For the three months ended December 31, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the MS Credit Facility II were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** |
| | **2022** | **2021** |
| Stated interest expense | $— | $4 |
| Facility fees |  | 40 |
| Amortization of debt issuance costs |  | 54 |
| &nbsp;&nbsp;&nbsp;Total interest and other debt financing expenses | $— | $98 |
| Cash paid for interest expense and facility fees | $— | $146 |
| Annualized average stated interest rate | N/A | N/A |
| Average outstanding balance | $— | $— \* |

---

\*Represents an amount less than $1.

On February 11, 2021, the Company initially 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. The Company subsequently entered into amendments to the JPM Credit Facility to increase the commitments from lenders under the facility and the accordion feature under the facility. On September 2, 2022, the Company entered into an amendment to the JPM Credit Facility to amend the JPM Credit Facility to, among other things, replace LIBOR as an interest rate benchmark for loans denominated in U.S. dollars with term SOFR plus an adjustment of an amount ranging between 0.11448% and 0.42826% (subject to applicable tenor), and to make certain associated changes. Under the JPM Credit Facility, as of December 31, 2022, the lenders agreed to extend credit to the Company in an aggregate amount of up to $1,237,500 in U.S. dollars and certain agreed upon foreign currencies with an option for the Company to

------

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

request, at one or more times, that existing and/or new lenders, at their election, provide up to $262,500 of additional commitments.

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 under the JPM Credit Facility are subject to compliance with a borrowing base test. Interest under the JPM Credit Facility for (i) loans for which the Company elects the base rate option, (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, or (the "Combined Debt Amount,") is payable at the greater of (a) the prime rate as last quoted by The Wall Street Journal, (b) the sum of (x) the greater of (I) the federal funds effective rate and (II) the overnight bank funding rate plus (y) 0.5%, and (c) one month LIBOR plus 1% per annum or (the "alternate base rate") plus 0.75% and, (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, the alternate base rate plus 0.875%; and (ii) loans for which the Company elects the Eurocurrency option (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.75% and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to LIBOR plus 1.875%. Effective November 19, 2021, interest under the JPM Facility for loans denominated in Pounds Sterling and Swiss Francs (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amounts, is payable at a rate equal to one month SONIA plus 1.7826% per annum or one month Swiss Average Overnight Rate ("SARON") plus 1.6929% per annum, respectively and, (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to one month SONIA plus 1.9076% per annum or one month SARON plus 1.8179% per annum, respectively. Effective September 13, 2022, interest under the JPM Facility for loans denominated in LIBOR were converted to reference a benchmark rate of term SOFR plus an adjustment of an amount ranging between 0.11448% and 0.42826% (subject to applicable tenor).

The Company pays a commitment fee of 0.375% 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 under the JPM Credit Facility. The JPM Credit Facility matures on February 11, 2026, and requires mandatory prepayment of interest and principal upon certain events during the one year amortization period of the facility.

As of December 31, 2022 and September 30, 2022, the Company had outstanding debt of $698,625 and $692,592, respectively, and no letters of credit outstanding under the JPM Credit Facility.

For the three months ended December 31, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the JPM Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** |
| | **2022** | **2021** |
| Stated interest expense | $8487 | $1389 |
| Facility fees | 727 | 584 |
| Amortization of debt issuance costs | 536 | 388 |
| &nbsp;&nbsp;&nbsp;Total interest and other debt financing expenses | $9750 | $2361 |
| Cash paid for interest expense and facility fees | $8830 | $919 |
| Annualized average stated interest rate | 5.0% | 1.9% |
| Average outstanding balance | $676566 | $294233 |

---

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**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

**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. As of both December 31, 2022 and September 30, 2022, the outstanding aggregate principal amount of the 2024 Notes was $500,000. The 2024 Notes bear 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 mature on April 15, 2024.

The 2024 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 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.

At any time or from time to time, the Company may redeem some or all of the 2024 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2024 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 2024 Notes to be redeemed through March 15, 2024 (the date falling one month prior to the maturity date of the 2024 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 50 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 2024 Notes on or after March 15, 2024 (the date falling one month prior to the maturity date of the 2024 Notes), the redemption price for the 2024 Notes will be equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2024 Notes.

For the three months ended December 31, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the 2024 Notes were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** |
| | **2022** | **2021** |
| Stated interest expense | $4219 | $4088 |
| Accretion of discounts and amortization of premiums on notes issued | (349) | (292) |
| Amortization of debt issuance costs | 500 | 471 |
| &nbsp;&nbsp;&nbsp;Total interest and other debt financing expenses | $4370 | $4267 |
| Cash paid for interest expense | $8438 | $6750 |
| Annualized average stated interest rate | 3.3% | 3.3% |
| Average outstanding balance | $500000 | $484782 |

---

**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 December 31, 2022 and September 30, 2022, 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.

------

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

At any time or from time to time, the Company may 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 months ended December 31, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the 2026 Notes were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** |
| | **2022** | **2021** |
| Stated interest expense | $3750 | $3583 |
| Accretion of discounts on notes issued | 134 | 123 |
| Amortization of debt issuance costs | 377 | 391 |
| &nbsp;&nbsp;&nbsp;Total interest and other debt financing expenses | $4261 | $4097 |
| Cash paid for interest expense | $— | $— |
| Annualized average stated interest rate | 2.5% | 2.5% |
| Average outstanding balance | $600000 | $573913 |

---

**2027 Notes:** On August 3, 2021, the Company issued $350,000 in aggregate principal amount of unsecured notes (the "2027 Notes"). As of both December 31, 2022 and September 30, 2022, 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.

At any time or from time to time, the Company may 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 months ended December 31, 2022 and 2021, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the 2027 Notes were as follows:

------

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

---

| | | |
|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** |
| | **2022** | **2021** |
| Stated interest expense | $1794 | $1794 |
| Accretion of discounts on notes issued | 185 | 185 |
| Amortization of debt issuance costs | 205 | 240 |
| &nbsp;&nbsp;&nbsp;Total interest and other debt financing expenses | $2184 | $2219 |
| Cash paid for interest expense | $— | $— |
| Average stated interest rate | 2.0% | 2.0% |
| Average outstanding balance | $350000 | $350000 |

---

**Revolver:** The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of each of December 31, 2022 and September 30, 2022, the Company was permitted to borrow up to $100,000 and which had a maturity date of June 21, 2022. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate ("AFR"). The short-term AFR as of December 31, 2022 was 4.5%. On June 15, 2022, the Company amended the revolving loan agreement to extend the maturity date to June 15, 2025. As of both December 31, 2022 and September 30, 2022, the Company had no outstanding debt under the Adviser Revolver.

For the three months ended December 31, 2022 and 2021, the components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances for the Adviser Revolver were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** |
| | **2022** | **2021** |
| Stated interest expense | $— | $— |
| Cash paid for interest expense |  |  |
| Annualized average stated interest rate | N/A | N/A |
| Average outstanding balance | $— | $— |

---

For the three months ended December 31, 2022 and 2021, the average total debt outstanding was $3,081,266 and $2,657,628, respectively.

For the three months ended December 31, 2022 and 2021 the effective average interest rate, which includes amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued and non-usage facility fees, on the Company's total debt was 4.4% and 2.7%, respectively.

A summary of the Company's maturity requirements for borrowings as of December 31, 2022 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| | **Total** | **Less Than<br>1 Year** | **1 – 3 Years** | **3 – 5 Years** | **More Than<br>5 Years** |
| 2018 Debt Securitization | $408200 | $— | $— | $— | $408200 |
| 2018 GCIC Debt Securitization<sup>(1)</sup> | 546407 |  |  |  | 546407 |
| JPM Credit Facility | 698625 |  |  | 698625 |  |
| 2024 Notes<sup>(2)</sup> | 501782 |  | 501782 |  |  |
| 2026 Notes<sup>(2)</sup> | 598064 |  |  | 598064 |  |
| 2027 Notes<sup>(2)</sup> | 346979 |  |  | 346979 |  |
| Total borrowings | $3100057 | $— | $501782 | $1643668 | $954607 |

---

<sup>(1)</sup> Represents principal outstanding less unaccreted discount recognized on the assumption of the 2018 GCIC Debt Securitization in the Merger.

<sup>(2)</sup> Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.

------

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

**Note 8. Commitments and Contingencies** 

**Commitments:** As of December 31, 2022, the Company had outstanding commitments to fund investments totaling $200,153, including $32,259 of commitments on undrawn revolvers. As of September 30, 2022, the Company had outstanding commitments to fund investments totaling $224,581, including $35,643 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 may 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, may 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 as of December 31, 2022 and September 30, 2022. 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 may not achieve the anticipated benefits of the derivative instruments and may 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 may 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.

------

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

**Note 9. Financial Highlights**

The financial highlights for the Company are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** |
| **Per share data:**<sup>(1)</sup> | **2022** |  | **2021** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | $14.89 |  | $15.19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets as a result of issuance of DRIP shares |  | <sup>(2)</sup> |  | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions declared: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.33) |  | (0.30) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.36 |  | 0.27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment transactions | 0.02 |  | 0.08 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment transactions<sup>(3)</sup> | (0.23) |  | 0.02 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value at end of period** | $14.71 |  | $15.26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share market value at end of period | $13.49 |  | $15.44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total return based on market value<sup>(4)</sup> | 8.90% |  | (0.40)% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of common shares outstanding | 170895670 |  | 170865742 |  |

---

---

| | | |
|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** |
|<br>**Listed below are supplemental data and ratios to the financial highlights:** | **2022** | **2021** |
| &nbsp;&nbsp;Ratio of net investment income to average net assets \* | 9.61% | 6.86% |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets \* | 9.52% | 6.01% |
| &nbsp;&nbsp;&nbsp;Ratio of incentive fees to average net assets | 0.63% | 0.13% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses (without incentive fees) to average net assets \* | 8.89% | 5.88% |
| &nbsp;&nbsp;Total return based on average net asset value<sup>(5)</sup>  | 1.01% | 2.43% |
| &nbsp;&nbsp;Total return based on average net asset value - annualized<sup>(5)</sup>  | 3.99% | 9.65% |
| &nbsp;&nbsp;&nbsp;Net assets at end of period | $2513685 | $2607479 |
| &nbsp;&nbsp;&nbsp;Average debt outstanding | $3081266 | $2657628 |
| &nbsp;&nbsp;&nbsp;Average debt outstanding per share | $18.03 | $15.55 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover \* | 17.97% | 52.32% |
| &nbsp;&nbsp;Asset coverage ratio<sup>(6)</sup> | 180.44% | 190.90% |
| &nbsp;&nbsp;Asset coverage ratio per unit<sup>(7)</sup> | $1804 | $1909 |
| **Average market value per unit:**<sup>(8)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;2018 Debt Securitization | N/A | N/A |
| &nbsp;&nbsp;&nbsp;GCIC 2018 Debt Securitization | N/A | N/A |
| &nbsp;&nbsp;&nbsp;MS Credit Facility II | N/A | N/A |
| &nbsp;&nbsp;&nbsp;JPM Credit Facility | N/A | N/A |
| &nbsp;&nbsp;&nbsp;2024 Notes | $959 | $1030 |
| &nbsp;&nbsp;&nbsp;2026 Notes | $853 | $988 |
| &nbsp;&nbsp;&nbsp;2027 Notes | $819 | $969 |
| &nbsp;&nbsp;&nbsp;Adviser Revolver | N/A | N/A |

---

• Annualized for periods less than one year.

<sup>(1)</sup> 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.

<sup>(2)</sup> Represents an amount less than $0.01

<sup>(3)</sup> 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 as of the dividend record date.

<sup>(4)</sup> Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

<sup>(5)</sup> 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.

------

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

<sup>(6)</sup> In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

<sup>(7)</sup> 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.

<sup>(8)</sup> Not applicable since such senior securities are not registered for public trading, with the exception of the 2024 Notes, 2026 Notes and the 2027 Notes. The average market value per unit calculated for the 2024 Notes, 2026 Notes, and the 2027 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 months ended December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** |
| | **2022** | **2021** |
| Earnings available to stockholders | $25581 | $63078 |
| Basic and diluted weighted average shares outstanding | 170895670 | 170046783 |
| Basic and diluted earnings per share | $0.15 | $0.37 |

---

**Note 11. 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 three months ended December 31, 2022 and 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount<br>Per Share** | **Cash<br>Distribution** | **DRIP Shares<br>Issued** | **DRIP Shares<br>Value** | |
| **For the three months ended December 31, 2022** | **For the three months ended December 31, 2022** | **For the three months ended December 31, 2022** | **For the three months ended December 31, 2022** | | | | |
| 11/18/2022 | 12/09/2022 | 12/29/2022 | $0.33 | $47245 |  | $9151 | <sup>(1)</sup> |
| **For the three months ended December 31, 2021** | **For the three months ended December 31, 2021** | **For the three months ended December 31, 2021** | **For the three months ended December 31, 2021** |  |  |  |  |
| 11/19/2021 | 12/10/2021 | 12/30/2021 | $0.30 | $38291 | 837158 | $12717 |  |

---

<sup>(1)</sup> In accordance with the Company's DRIP, 689,422 shares of the Company's stock were purchased in the open market at an average price of $13.27 and were allocated to stockholders of the Company participating in DRIP.

------

**Golub Capital BDC, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements (unaudited)**

*(In thousands, except shares and per share data)*

**Note 12. Subsequent Events** 

In preparing these 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 February 7, 2023, the Company's board of directors declared a quarterly distribution of $0.33 per share, which is payable on March 29, 2023 to holders of record as of March 3, 2023.

------

<u>[TA](#ief2c26433feb4de9bc598652797534c5_13)[BLE OF CONTENTS](#ief2c26433feb4de9bc598652797534c5_13)</u>

**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 interim and unaudited 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our financing sources and working capital;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and political trends and other external factors, including the COVID-19 pandemic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of GC Advisors to continue to effectively manage our business due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• turmoil in Ukraine and Russia, 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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general price and volume fluctuations in the stock markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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,"

------

<u>[TA](#ief2c26433feb4de9bc598652797534c5_13)[BLE OF CONTENTS](#ief2c26433feb4de9bc598652797534c5_13)</u>

"anticipate," "predict," "potential," "plan" or similar words. The forward looking statements contained in this 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, 2022.

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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<u>[TA](#ief2c26433feb4de9bc598652797534c5_13)[BLE OF CONTENTS](#ief2c26433feb4de9bc598652797534c5_13)</u>

**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 $55.0 billion in capital under management as of October 1, 2022, (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 2022. 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 $75.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $75.0 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 may increase our risk of losing part or all of our investment.

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<u>[TA](#ief2c26433feb4de9bc598652797534c5_13)[BLE OF CONTENTS](#ief2c26433feb4de9bc598652797534c5_13)</u>

As of December 31, 2022 and September 30, 2022, our portfolio at fair value was comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2022** | **As of December 31, 2022** | **As of September 30, 2022** | **As of September 30, 2022** |
|<br>**Investment Type** | **Investments at<br> Fair Value<br>(In thousands)** | **Percentage of<br>Total<br>Investments** | **Investments at<br> Fair Value<br>(In thousands)** | **Percentage of<br>Total<br>Investments** |
| Senior secured | $491529 | 9.0% | $472873 | 8.7% |
| One stop | 4658030 | 85.4 | 4668609 | 85.7 |
| Second lien | 24120 | 0.5 | 23240 | 0.4 |
| Subordinated debt | 4003 | 0.1 | 3815 | 0.1 |
| Equity | 274264 | 5.0 | 277819 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $5451946 | 100.0% | $5446356 | 100.0% |

---

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 December 31, 2022 and September 30, 2022, one stop loans included $686.0 million and $659.1 million, respectively, of recurring revenue loans at fair value.

As of December 31, 2022 and September 30, 2022, we had debt and equity investments in 332 and 331 portfolio companies, respectively.

The following table shows the weighted average income yield and weighted average investment income yield of our earning portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on our average net asset value, and the total return based on 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 December 31, 2022, September 30, 2022 and December 31, 2021:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** |
| | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** |
| Weighted average income yield <sup>(1)(2)\*</sup> | 10.0% | 8.4% | 7.1% |
| Weighted average investment income yield <sup>(3)\*</sup> | 10.5% | 9.2% | 7.7% |
| Total return based on average net asset value <sup>(4)\*</sup> | 4.0% | 1.3% | 9.7% |
| Total return based on market value <sup>(5)</sup> | 8.9% | (2.1)% | (0.4)% |

---

\* &nbsp;&nbsp;&nbsp;&nbsp;Annualized for periods of less than one year

<sup>(1)</sup> Represents income from interest, fees, accrued payment-in-kind, or PIK, interest 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 average fair value of earning portfolio company investments, and does not represent a return to any investor in us.

(2)The income yield presented for the three months September 30, 2022 excludes the one-time recognition of $2.0 million of previously deferred interest income resulting from the repayment and refinancing of former non-accrual loans, which are included in the calculation of the investment income yield for the three months ended September 30, 2022. The income yield was 8.6% for the three months ended September 30, 2022 when including the $2.0 million of interest income

<sup>(3)</sup> Represents income from interest, fees, 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 average fair value of earning portfolio investments, and does not represent a return to any investor in us.

<sup>(4)</sup> 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.

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

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*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 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses related to unsuccessful portfolio acquisition efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offerings of our common stock and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• independent directors' fees and expenses;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with individual or group stockholders;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting expenses; and

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

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.

GC Advisors, as collateral manager for Golub Capital BDC CLO III LLC, or the 2018 Issuer, under a collateral management agreement, or the 2018 Collateral Management Agreement, is 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 is payable in arrears on each payment date. Under the 2018 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.

GC Advisors, 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, 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 GCIC 2018 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2018 GCIC Collateral Management Agreement, the term "collection period" generally refers 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.

Collateral management fees are paid directly by the 2018 Issuer and GCIC 2018 Issuer to GC Advisors 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 (as defined in Note 7 of our consolidated financial statements). Before we acquired the GCIC 2018 Issuer as part of our acquisition of GCIC (as defined in the "GCIC Acquisition" section below), 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 (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 and GCIC 2018 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 and GCIC 2018 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.

***GCIC Acquisition***

On September 16, 2019, we completed our acquisition of Golub Capital Investment Corporation, or GCIC, pursuant to that certain Agreement and Plan of Merger, as amended, or the Merger Agreement, dated November 27, 2018, by and among us, GCIC, Fifth Ave Subsidiary Inc., our wholly owned subsidiary, GC Advisors, and, for certain limited purposes, the Administrator. In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of GCIC's common stock was converted into the right to receive 0.865 shares of our common stock (with GCIC's stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the Merger, we issued an aggregate of 71,779,964 shares of our common stock to former stockholders of GCIC.

***LIBOR Transition***

In July 2017, the Financial Conduct Authority, or the FCA, announced its intention to cease sustaining the London Inter-Bank Offered Rate, or LIBOR, by the end of 2021.

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As of January 1, 2022, USD LIBOR is available in five settings (overnight, one-month, three-month, six-month and 12-month). The IBA has stated that it will cease to publish all remaining USD LIBOR settings immediately following their publication on June 30, 2023. As of January 1, 2022, all non-USD LIBOR reference rates in all settings ceased to be published.

On December 21, 2022 the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-06 (or "ASU 2022-06"), which deferred the sunset of Topic 848, Reference Rate Reform, until December 31, 2024. The issuance of ASU 2022-06 and the deferral of the sunset of Topic 848 eases the potential burden in accounting for the effects of reference rate reform on financial reporting.

In April 2018, the New York Federal Reserve Bank began publishing its alternative rate, the Secured Overnight Financing Rate, or SOFR. The Bank of England followed suit in April 2018 by publishing its proposed alternative rate, the Sterling Overnight Index Average, or SONIA.

Each of SOFR and SONIA significantly differ from LIBOR, both in the actual rate and how it is calculated, and therefore it is unclear whether and when markets will adopt either of these rates as a widely accepted replacement for LIBOR.

As such, when LIBOR is discontinued, if a replacement rate is not widely agreed upon or if a replacement rate is significantly different from LIBOR, it could cause a disruption in the credit markets generally. Such a disruption could also negatively impact the market value and/or transferability of our portfolio company investments. Furthermore, disruptions related to loans and/or other debt financing securitizations (CLOs) in the marketplace could have a material adverse effect on the ability of GC Advisors or its affiliates to enter into loans in the future in accordance with our investment strategy and have a material adverse effect on us. We could also be materially and adversely impacted to the extent GC Advisors or its affiliates are unable to successfully implement an acceptable replacement rate in leverage utilized by us or if there is a prolonged period of mismatch on the interest rates payable on our leverage and our portfolio investments as a result of the discontinued publication of LIBOR results in a decrease in our net investment income and distributions we are able to pay to our stockholders.

In anticipation of the discontinuation of LIBOR, we have assessed our current debt facilities for our exposure to LIBOR. Effective September 2, 2022, the JPM Credit Facility was amended to replace LIBOR with SOFR as an interest rate benchmark. The notes offered in the 2018 Debt Securitization and GCIC 2018 Debt Securitization currently utilize a reference rate to three-month USD LIBOR. We may seek to amend or refinance the Debt Securitizations prior to June 30, 2023, the cessation date for three-month USD LIBOR. The 2024 Notes, 2026 Notes and 2027 Notes accrue fixed-rate interest and will not be affected by any discontinuation of LIBOR. We expect any new debt facilities will reference a benchmark interest rate other than LIBOR, such as SOFR.

**Recent Developments**

On February 7, 2023, our board of directors declared a quarterly distribution of $0.33 per share, which is payable on March 29, 2023 to holders of record as of March 3, 2023.

**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.

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Consolidated operating results for the three months ended December 31, 2022, September 30, 2022 and December 31, 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Variances** | **Variances** |
| | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2022 vs September 30, 2022** | **December 31, 2022 vs December 31, 2021** |
|  | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
| Interest income | $128322 | $111851 | $84601 | $16471 | $43721 |
| Accretion of discounts and amortization of premiums | 6028 | 8074 | 7735 | (2046) | (1707) |
| GCIC acquisition purchase premium amortization | (2135) | (2561) | (7095) | 426 | 4960 |
| Non-cash dividend income | 3449 |  |  | 3449 | 3449 |
| Dividend income | 684 | 312 | 317 | 372 | 367 |
| Fee income | 529 | 1972 | 1009 | (1443) | (480) |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 136877 | 119648 | 86567 | 17229 | 50310 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 73014 | 65615 | 41777 | 7399 | 31237 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income before taxes** | 63863 | 54033 | 44790 | 9830 | 19073 |
| Income and excise taxes | 2200 | 72 |  | 2128 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income after taxes** | 61663 | 53961 | 44790 | 7702 | 16873 |
| Net realized gain (loss) on investment transactions excluding purchase premium | 3390 | 2956 | 14776 | 434 | (11386) |
| Net realized gain (loss) on investment transactions due to purchase premium | (96) | (11) | (228) | (85) | 132 |
| Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium | (41853) | (51308) | (3088) | 9455 | (38765) |
| Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium | 2231 | 2572 | 7323 | (341) | (5092) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net gain (loss) on investment transactions** | (36328) | (45791) | 18783 | 9463 | (55111) |
| (Provision) benefit for taxes on realized gain on investments | (207) | (302) |  | 95 | (207) |
| (Provision) benefit for taxes on unrealized appreciation on investments | 453 | 215 | (495) | 238 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $25581 | $8083 | $63078 | $17498 | $(37497) |
| Average earning debt investments, at fair value | $5123458 | $5258685 | $4784517 | $(135227) | $338941 |
| Average earning preferred equity investments, at fair value | $115545 | $114514 | $77453 | $1031 | $38092 |

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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 net income may not be meaningful.

On September 16, 2019, we completed our acquisition of GCIC. The 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'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 assets acquired by us pro-rata based on their relative fair value. Immediately following the acquisition of GCIC, we recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC assets acquired was immediately recognized as unrealized 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 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.

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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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Adjusted Net Income" – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).

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| | | | |
|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** |
| | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** |
|  | *(In thousands)* | *(In thousands)* | *(In thousands)* |
| &nbsp;&nbsp;&nbsp;**Net investment income after taxes** | $61663 | $53961 | $44790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: GCIC acquisition purchase premium amortization | 2135 | 2561 | 7095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Investment Income | $63798 | $56522 | $51885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Accrual (reversal) for capital gain incentive fee under GAAP |  |  | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee | $63798 | $56522 | $52337 |
| &nbsp;&nbsp;&nbsp;**Net gain (loss) on investment transactions** | $(36328) | $(45791) | $18783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Realized loss on investment transactions due to purchase premium | 96 | 11 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net change in unrealized appreciation on investment transactions due to purchase premium | (2231) | (2572) | (7323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Realized and Unrealized Gain/(Loss) | $(38463) | $(48352) | $11688 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $25581 | $8083 | $63078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: GCIC acquisition purchase premium amortization | 2135 | 2561 | 7095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Realized loss on investment transactions due to purchase premium | 96 | 11 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net change in unrealized appreciation on investment transactions due to purchase premium | (2231) | (2572) | (7323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income | $25581 | $8083 | $63078 |

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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 September 30, 2022 to the three months ended December 31, 2022 by $17.2 million primarily due to an increase in interest income due to rising floating base rates and an increase in non-cash dividend income, partially offset by a decrease in fee and accretion income resulting from reduced payoffs of portfolio company investments compared to the September 30, 2022 quarter.

Investment income increased from the three months ended December 31, 2021 to the three months ended December 31, 2022 by $50.3 million primarily due to an increase in interest income due to rising LIBOR and SOFR interest base rates coupled with an increase in the average earning debt investments balance of $338.9 million, an increase in non-cash dividend income and a decrease of the GCIC acquisition purchase price premium amortization.

The annualized income yield by debt security type for the three months ended December 31, 2022, September 30, 2022 and December 31, 2021 are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** |
| | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** |
| Senior secured | 9.2% | 7.5% | 5.6% |
| One stop | 10.0% | 8.5% | 7.3% |
| Second lien | 11.6% | 9.8% | 9.1% |
| Subordinated debt | 14.1% | 12.7% | 12.3% |

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Income yields on senior secured and one stop loans increased for the three months ended December 31, 2022 as compared to the three months ended September 30, 2022, primarily due to rising LIBOR and SOFR rates during the first quarter of the 2023 fiscal year. Income yields on senior secured and one stop loans increased for the three months ended December 31, 2022 as compared to the three months ended December 31, 2021, primarily due to rising LIBOR and SOFR rates. Our loan portfolio is partially insulated from a drop in floating interest rates, as 98.0% of the loan portfolio at fair value is subject to an interest rate floor. As of December 31, 2022 and September 30, 2022, the weighted average base rate floor of our loans was 0.83%.

As of December 31, 2022, we have second lien and subordinated debt investments in three 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 December 31, 2022, September 30, 2022 and December 31, 2021:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Variances** | **Variances** |
| | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2022 vs September 30, 2022** | **December 31, 2022**<br>**vs.**<br>**December 31, 2021** |
|  | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
| Interest and other debt financing expenses | $32497 | $26893 | $16169 | $5604 | $16328 |
| Amortization of debt issuance costs | 1748 | 2096 | 1667 | (348) | 81 |
| Base management fee | 19062 | 19321 | 17501 | (259) | 1561 |
| Income incentive fee | 16011 | 14109 | 2929 | 1902 | 13082 |
| Capital gain incentive fee |  |  | 452 |  | (452) |
| Professional fees | 1208 | 940 | 899 | 268 | 309 |
| Administrative service fee | 2175 | 1750 | 1818 | 425 | 357 |
| General and administrative expenses | 313 | 506 | 342 | (193) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | $73014 | $65615 | $41777 | $7399 | $31237 |
| Average debt outstanding | $3081266 | $3144677 | $2657628 | $(63411) | $423638 |

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*Interest Expense*

Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the three months ended September 30, 2022 to the three months ended December 31, 2022 by $5.3 million, primarily due to rising LIBOR and SOFR rates on borrowings from our floating rate debt facilities. Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the three months ended December 31, 2021 to the three months ended December 31, 2022 by $16.4 million, primarily due to an increase in average debt outstanding of $423.6 million as well as rising LIBOR and SOFR rates on borrowings from our floating rate debt facilities. For more information about our outstanding borrowings for the three months ended December 31, 2022 and 2021, including the terms thereof, see Note 7. Borrowings in the notes to our consolidated financial statements and the "*Liquidity and Capital Resources"* section below.

For the three months ended December 31, 2022, September 30, 2022 and December 31, 2021, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees, on our total debt was 4.4%, 3.7% and 2.7%, respectively.

The effective annualized average interest rate increased for both the three months ended December 31, 2022 compared to the three months ended September 30, 2022 and the three months ended December 31, 2022 compared to the three months ended December 31, 2021 primarily due to rising interest rates on our borrowings from floating rate debt facilities.

*Management Fee*

The base management fee decreased from the three months ended September 30, 2022 to the three months ended December 31, 2022 due to a decrease in average adjusted gross assets from the three months ended September 30, 2022 to the three months ended December 31, 2022.

The base management fee increased from the three months ended December 31, 2021 to the three months ended December 31, 2022 due to an increase in average adjusted gross assets from 2021 to 2022.

*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.

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The Income Incentive Fee increased by $1.9 million from the three months ended September 30, 2022 to the three months ended December 31, 2022 primarily as a result of an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by the impact of rising LIBOR and SOFR rates and an increase in non-cash dividend income during the first quarter of fiscal year 2023. The Income Incentive Fee increased by $13.1 million from the three months ended December 31, 2021 to the three months ended December 31, 2022 primarily as a result of 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 impact of rising LIBOR and SOFR rates and an increase in non-cash dividend income during fiscal year 2022. As we remained in the "catch-up" provision of the calculation of the Income Incentive Fee for the three months ended December 31, 2021, an increase in Pre-Incentive Fee Net Investment Income caused a corresponding increase in the Income Incentive fee. During the quarter ended September 30, 2022, we were fully through the catch up and the Income Incentive Fee was equal to 20% of Pre-Incentive Fee Net Investment Income.

The Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income was 20.0% and 6.1% for the three months ended December 31, 2022 and the three months ended December 31, 2021, respectively. The Income Incentive Fee as a percentage of Pre-Incentive Fee Net Investment Income was 20.0% for the three months ended September 30, 2022.

For each of the three months ended December 31, 2022 and September 30, 2022, 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 December 31, 2022 and September 30, 2022, 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 $0.5 million from the three months ended September 30, 2022 to the three months ended December 31, 2022 primarily due to an increase in the administrative service fee driven by investments in human capital. In total, professional fees, the administrative service fee, and general and administrative expenses increased by $0.6 million from the three months ended December 31, 2021 to the three months ended December 31, 2022 primarily due to an increase in the administrative service fee and professional fees. In general, we expect certain of our operating expenses, including professional fees, the administrative service fee, and other general and administrative expenses to decline as a percentage of our total assets during periods of growth and increase as a percentage of our total assets during periods of asset declines.

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 December 31, 2022, September 30, 2022 and December 31, 2021 were $2.1 million, $1.0 million and $2.5 million, respectively.

As of December 31, 2022 and September 30, 2022, included in accounts payable and other liabilities were $1.2 million and $2.0 million, respectively, of expenses paid on behalf of us by the Administrator.

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***Net Realized and Unrealized Gains and Losses***

The following table summarizes our net realized and unrealized gains (losses) for the three months ended December 31, 2022, September 30, 2022 and December 31, 2021:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Variances** | **Variances** |
| | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2022 vs September 30, 2022** | **December 31, 2022 vs December 31, 2021** |
|  | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
| Net realized gain (loss) on investments | $2775 | $3101 | $14573 | $(326) | $(11798) |
| Foreign currency transactions | 56 | (156) | (25) | 212 | 81 |
| Forward currency contracts | 463 |  |  | 463 | 463 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment transactions | $3294 | $2945 | $14548 | $349 | $(11717) |
| Unrealized appreciation on investments | 25440 | 14901 | 36685 | 10539 | (11245) |
| Unrealized (depreciation) on investments | (66511) | (63429) | (31934) | (3082) | (34577) |
| Unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies | 15897 | (18392) | (797) | 34289 | 16694 |
| Unrealized appreciation (depreciation) on forward currency contracts | (14448) | 18184 | 281 | (32632) | (14729) |
| Net change in unrealized appreciation (depreciation) on investment transactions | $(39622) | $(48736) | $4235 | $9114 | $(43857) |

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During the three months ended December 31, 2022, we had a net realized gain of $3.3 million primarily attributable to recognized realized gains on the sale of equity investments in multiple portfolio companies and the gain on the settlement of forward currency contracts. During the three months ended September 30, 2022 and three months ended December 31, 2021, we had a net realized gain of $2.9 million and $14.5 million, respectively, both primarily attributable to net realized gains from the sale of equity investments in multiple portfolio companies.

For the three months ended December 31, 2022, we had $25.4 million in unrealized appreciation on 125 portfolio company investments, which was offset by $66.5 million in unrealized depreciation on 215 portfolio company investments. For the three months September 30, 2022, we had $14.9 million in unrealized appreciation on 176 portfolio company investments, which was offset by $63.4 million in unrealized depreciation on 217 portfolio company investments. Unrealized appreciation for both the three months ended December 31, 2022 and September 30, 2022 primarily resulted from loan repayments and improved performance of certain portfolio companies. Unrealized depreciation for the three months ended December 31, 2022 primarily resulted from decreases in the fair value across our portfolio company investments due to incremental spread widening in the market during the first quarter of the 2023 fiscal year and, to a lesser extent, isolated deterioration in the credit performance of a small number of portfolio companies. Unrealized depreciation for the three months ended September 30, 2022 primarily resulted from decreases in the fair value in the majority of our portfolio company investments due to wider credit spreads in the market during the last quarter of the 2022 fiscal year.

For the three months ended December 31, 2021, we had $36.7 million in unrealized appreciation on 174 portfolio company investments, which was offset by $31.9 million in unrealized depreciation on 153 portfolio company investments. Unrealized appreciation for the three months ended December 31, 2021 primarily resulted from better than expected performance of our portfolio companies. Unrealized depreciation for the three months ended December 31, 2021 primarily resulted from the amortization of discounts, negative credit related adjustments that caused a reduction in fair value and the reversal of the net unrealized appreciation associated with the sale of portfolio company investments.

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**Liquidity and Capital Resources**

For the three months ended December 31, 2022, we experienced a net decrease in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $14.6 million. During the period, cash provided by operating activities was $52.9 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $253.8 million and net investment income after excise tax of $61.7 million, offset by fundings of portfolio investments of $248.9 million. Lastly, cash used in financing activities was $67.5 million, primarily driven by repayments of debt of $88.0 million, distributions paid of $47.2 million and purchases of common stock under the DRIP of $9.2 million, offset by borrowings on debt of $77.1 million.

For the three months ended December 31, 2021, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $57.2 million. During the period, cash used in operating activities was $181.7 million, primarily driven by fundings of portfolio investments of $890.9 million, offset by proceeds from principal payments and sales of portfolio investments of $661.8 million and net investment income of $44.8 million. Lastly, cash provided by financing activities was $238.9 million, primarily driven by borrowings on debt of $620.2 million, offset by repayments of debt of $336.8 million and distributions paid of $38.3 million.

As of December 31, 2022 and September 30, 2022, we had cash and cash equivalents of $96.4 million and $117.3 million, respectively. In addition, we had foreign currencies of $6.8 million as of both December 31, 2022 and September 30, 2022, restricted cash and cash equivalents of $62.8 million and $56.4 million as of December 31, 2022 and September 30, 2022, respectively, and no restricted foreign currencies of both December 31, 2022 and September 30, 2022. 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.

***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 December 31, 2022, allowed us to borrow up to $1.24 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 2022 and September 30, 2022, we had outstanding debt under the JPM Credit Facility of $698.6 million and $692.6 million, respectively. As of December 31, 2022 and September 30, 2022, subject to leverage and borrowing base restrictions, we had $538.9 million and $544.9 million, respectively, of remaining commitments and $538.9 million and $544.9 million of availability, respectively, 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 $100.0 million at any one time outstanding as of December 31, 2022. 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 December 31, 2022 and September 30, 2022, we had no amounts outstanding on the Adviser Revolver.

***Debt Securitizations***

*2018 Debt Securitization* - On November 16, 2018, we completed the 2018 Debt Securitization. The Class A, Class B and Class C-1 2018 Notes are included in the December 31, 2022 and September 30, 2022 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 both December 31, 2022 and September 30, 2022, we had outstanding debt under the 2018 Debt Securitization of $408.2 million.

*GCIC 2018 Debt Securitization* - Effective September 16, 2019, we assumed as a result of the Merger, the GCIC 2018 Debt Securitization. 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 December 31, 2022 and September 30, 2022 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 both December 31, 2022 and September 30, 2022, we had outstanding debt under the GCIC 2018 Debt Securitization of $546.4 million.

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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. On October 15, 2021, we issued an additional $100.0 million in aggregate principal of the 2024 Notes. As of both December 31, 2022 and September 30, 2022, we had $500.0 million of outstanding aggregate principal amount of the 2024 Notes.

***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 December 31, 2022 and September 30, 2022, 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 December 31, 2022 and September 30, 2022.

***Equity Distribution Agreement***

On May 28, 2021, we entered into an equity distribution agreement, or the Equity Distribution Agreement, in connection with the launch of an at the market program to sell up to $250.0 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 both December 31, 2022 and September 30, 2022, there have been no common stock issuances under the Equity Distribution Agreement.

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

As of December 31, 2022, 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 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 December 31, 2022, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 180.4% and 1.24x, respectively.

In August 2022, our board of directors reapproved a share repurchase program, or the Program, which allows us to repurchase up to $150.0 million of our outstanding common stock 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. We did not make any repurchases of our common stock during the three months ended December 31, 2022 and 2021.

As of December 31, 2022 and September 30, 2022, we had outstanding commitments to fund investments totaling $200.2 million and $224.6 million, respectively. As of December 31, 2022, total commitments of $200.2 million included $32.3 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 December 31, 2022 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of December 31, 2022. As of December 31, 2022, 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

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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, may 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 as of December 31, 2022 and September 30, 2022. 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 may 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 may 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 December 31, 2022 and September 30, 2022, we had investments in 332 and 331 portfolio companies, respectively, with a total fair value of $5.5 billion and $5.4 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended December 31, 2022, September 30, 2022 and December 31, 2021:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
| | **(In thousands)** | **Percentage** | **(In thousands)** | **Percentage** | **(In thousands)** | **Percentage** |
| Senior secured | $7059 | 2.9% | $11789 | 6.7% | $37039 | 4.3% |
| One stop | 229161 | 92.8 | 160920 | 91.1 | 761442 | 87.7 |
| Second lien |  |  |  |  | 640 | 0.1 |
| Subordinated debt | 50 | 0.0 \* |  |  | 988 | 0.1 |
| Equity | 10697 | 4.3 | 4019 | 2.2 | 67613 | 7.8 |
| &nbsp;&nbsp;&nbsp;Total new investment commitments | $246967 | 100.0% | $176728 | 100.0% | $867722 | 100.0% |

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\* Represents an amount less than 0.1%.

 For the three months ended December 31, 2022, we had approximately $253.8 million in proceeds from principal payments and sales of portfolio investments.

For the three months ended December 31, 2021, we had approximately $661.8 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2022**<sup>(1)</sup> | **As of December 31, 2022**<sup>(1)</sup> | **As of December 31, 2022**<sup>(1)</sup> | **As of September 30, 2022**<sup>(2)</sup> | **As of September 30, 2022**<sup>(2)</sup> | **As of September 30, 2022**<sup>(2)</sup> |
| | **Principal** | **Amortized<br>Cost** | **Fair<br>Value** | **Principal** | **Amortized<br>Cost** | **Fair<br>Value** |
|  | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
| Senior secured: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Performing | $496897 | $506444 | $478873 | $479354 | $496870 | $461935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-accrual<sup>(3)</sup> | 38814 | 19125 | 12656 | 39834 | 21346 | 10938 |
| One stop: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Performing | 4680453 | 4658401 | 4579806 | 4706125 | 4710508 | 4614422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-accrual<sup>(3)</sup> | 143392 | 122724 | 78224 | 95475 | 75610 | 54187 |
| Second lien: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Performing | 23540 | 25641 | 22776 | 25801 | 29337 | 23240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-accrual<sup>(3)</sup> | 3840 | 3723 | 1344 |  |  |  |
| Subordinated debt: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Performing | 4082 | 4028 | 4003 | 3869 | 3814 | 3815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-accrual<sup>(3)</sup> |  |  |  |  |  |  |
| Equity | N/A | 243329 | 274264 | N/A | 232119 | 277819 |
| &nbsp;&nbsp;&nbsp;**Total** | $5391018 | $5583415 | $5451946 | $5350458 | $5569604 | $5446356 |

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<sup>(1)</sup> As of December 31, 2022, $885.0 million and $809.4 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 December 31, 2022, $145.6 million and $92.2 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

<sup>(2)</sup> As of September 30, 2022, $730.9 million and $666.0 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, 2022, $83.5 million and $54.2 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

<sup>(3)</sup> 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 and interest or our management has reasonable doubt that principal or interest will be collected. See "— Critical Accounting Policies — Revenue Recognition."

As of December 31, 2022, we had loans in nine portfolio companies on non-accrual status, and non-accrual

investments as a percentage of total debt investments at cost and fair value were 2.7% and 1.8%, respectively. As of September 30, 2022, we had loans in eight portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 1.8% and 1.3%, respectively.

As of December 31, 2022 and September 30, 2022, the fair value of our debt investments as a percentage of the outstanding principal value was 96.0% and 96.6%, 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 December 31, 2022, September 30, 2022 and December 31, 2021:

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| | | | |
|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** |
| | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** |
| Weighted average rate of new investment fundings | 11.1% | 9.0% | 6.7% |
| Weighted average spread over the applicable base rate of new floating rate investment fundings | 6.7% | 6.2% | 5.9% |
| Weighted average fees of new investment fundings | 1.8% | 1.2% | 1.2% |
| Weighted average rate of sales and payoffs of portfolio investments | 9.0% | 7.5% | 6.3% |

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As of December 31, 2022, 97.8% and 98.0% 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 September 30, 2022, 97.9% 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.

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As of December 31, 2022 and September 30, 2022, the portfolio median earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $53.7 million and $51.6 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

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:

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| | |
|:---|:---|
| **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. |

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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 December 31, 2022 and September 30, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2022** | **As of December 31, 2022** | **As of September 30, 2022** | **As of September 30, 2022** |
|<br>Internal<br>Performance<br>Rating | **Investments<br>at Fair Value<br>(In thousands)** | **Percentage of<br>Total<br>Investments** | **Investments<br>at Fair Value<br>(In thousands)** | **Percentage of<br>Total<br>Investments** |
| 5 | $151153 | 2.8% | $252572 | 4.6% |
| 4 | 4716163 | 86.5 | 4725988 | 86.8 |
| 3 | 515514 | 9.4 | 398625 | 7.3 |
| 2 | 68888 | 1.3 | 69171 | 1.3 |
| 1 | 228 | &nbsp;&nbsp;&nbsp;0.0\* |  | &nbsp;&nbsp;— |
| **Total** | $5451946 | 100.0% | $5446356 | 100.0% |

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\* Represents an amount less than 0.1%.

The table below details the weighted average price of our debt investments held as of December 31, 2022 and March 31, 2022 and the trailing nine month, or T9M, cumulative net change in unrealized depreciation on total investments (debt and equity) per share by Internal Performance Rating category. Additionally, the following table details the primary drivers of changes in weighted average price of our debt investments by internal performance rating as of December 31, 2022 as compared to March 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Weighted Average Price<sup>1</sup> | Weighted Average Price<sup>1</sup> | | | | |
| Category | As of March 31, 2022 | As of December 31, 2022 | T9M Cumulative Net Change in Unrealized Depreciation on Investments Per Share<sup>2,3</sup> | % of March 31, 2022 Net Asset Value | % of T9M Total | Primary Driver |
| Internal Performance Ratings 4 and 5<br>(Performing At or Above Expectations) | 99.8% | 98.2% | ($0.59) | (3.8)% | 75% | Spread widening |
| Internal Performance Rating 3<br>(Performing Below Expectations) | 88.9 | 92.0 | (0.11) | (0.7) | 14 | Spread widening, credit challenges |
| Internal Performance Ratings 1 and 2<br>(Performing Materially Below Expectations) | 55.4 | 42.3 | (0.09) | (0.6) | 11 | Pre-existing credit challenges |
| **Total** | 98.2% | 96.0% | ($0.79) | (5.1)% | 100% |  |

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<sup>(1)</sup> Includes only debt investments held as of March 31, 2022 and December 31, 2022. Value reflects weighted average fair value of debt investments by risk rating as a percentage of principal.

<sup>(2)</sup> T9M Cumulative Net Change in Unrealized Depreciation on Investments Per Share reflect the cumulative net change in unrealized depreciation on total investments for the nine-month period ending December 31, 2022.

<sup>(3)</sup> Excludes the change in unrealized loss resulting from the translation of assets and liabilities in foreign currencies, forward currency contracts and amortization of purchase premium.

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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.

**Related Party Transactions**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GC Advisors serves as collateral manager to the 2018 Issuer and the GCIC 2018 Issuer under the 2018 Collateral Management Agreement and the GCIC 2018 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the fourth calendar quarter of 2022, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $16.3 million, or 1,242,471 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2022, the Trust purchased approximately $56.7 million, or 4,140,641 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2021, the Trust purchased approximately $14.3 million, or 925,040 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 16, 2019, we completed our acquisition of GCIC pursuant to the 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 BDC 3, Inc., or GBDC 3, Golub Capital Direct Lending Corporation, or GDLC, Golub Capital Direct Lending Unlevered Corporation, or GDLCU, and Golub Capital BDC 4, Inc., or GBDC 4, 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 GBDC 3, GDLC, GDLCU and GBDC 4. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC 3, GDLC, GDLCU, GBDC 4 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.

**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.

**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 by our board of directors under our valuation policy and process.

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

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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, we 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 board of directors 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, our board of directors 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 credit monitoring. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The audit committee of our board of directors reviews these preliminary valuations. At least once annually the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The board of directors 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 management 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 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:

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

<u>Level 2:</u> 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.

<u>Level 3:</u> 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 may require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may 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. We assess 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 three months ended December 31, 2022 and 2021. 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.

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**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 our board of directors, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) 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 both December 31, 2022 and September 30, 2022 with the exception of money market funds included in cash, cash equivalents and restricted cash and cash equivalents (Level 1 investments) and forward currency contracts (Level 2 investments), were valued using Level 3 inputs.

When determining fair value of Level 3 debt and equity investments, we may 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 may affect the price at which similar investments may 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 may 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, we 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, we use a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, we may base our 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 may be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. We generally use 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 may differ significantly from the values that would have been used had a market existed for such investments and may differ materially from the values that may 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 may realize significantly less than the value at which such investment had previously been recorded.

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.

Pursuant to Rule 2a-5 under the 1940 Act, as recently amended, the board of directors of a registered investment company or BDC is permitted to delegate to a valuation designee, which could be its investment adviser, the responsibility to determine fair value of investments in good faith subject to the oversight of the board. Our board of directors has determined to continue its determination of fair value of our investments for which market quotations are not readily available in accordance with our valuation policies and procedures and has not designated GC Advisors or any other entity as a valuation designee.

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**Valuation of Other Financial Assets and Liabilities**

The fair value of the 2024 Notes, 2026 Notes and 2027 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. Premiums, discounts, and origination fees are amortized or accreted into interest income over the life of the respective debt investment. 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 may 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 and record these fees as fee income when earned. 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. 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:* 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 may 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 $92.2 million and $65.1 million as of December 31, 2022 and September 30, 2022, respectively.

**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.

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Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We may 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 December 31, 2022 and 2021, $2.2 million and $0.0 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 months ended December 31, 2022, we recorded a net tax benefit of $0.2 million for taxable subsidiaries. For the three months ended December 31, 2021, we recorded a net tax expense $0.5 million for taxable subsidiaries. As of December 31, 2022, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $0.9 million for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries. As of September 30, 2022, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $1.4 million 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 may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may 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 may 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 changes in interest rates. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based on floating LIBOR, 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 LIBOR, 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 both December 31, 2022 and September 30, 2022, the weighted average floor on loans subject to floating interest rates was 0.83%. The Class A, B and C-1 2018 Notes issued in connection with the 2018 Debt Securitization have floating rate interest provisions based on three-month LIBOR that reset quarterly, as do the Class A-1 and B-1 GCIC 2018 Notes as issued as part of the GCIC 2018 Debt Securitization. The JPM Credit Facility has a floating interest rate provision that, as of September 13, 2022, is primarily based on an applicable base rate (as defined in Note 7) plus a spread that ranges from 1.75% to 1.875% plus a spread adjustment ranging between 0.11448% and 0.42826%. We expect that other credit facilities into which we enter in the future may have floating interest rate provisions.

Assuming that the interim and unaudited Consolidated Statement of Financial Condition as of December 31, 2022 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.

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| | | | |
|:---|:---|:---|:---|
| **Change in interest rates** | **Increase (decrease) in**<br>**interest income**<sup>(1)</sup> | **Increase (decrease) in<br>interest expense** | **Net increase <br>(decrease) in <br> investment income** |
|  | *(In thousands)* | *(In thousands)* | *(In thousands)* |
| Down 200 basis points | $(106617) | $(32295) | $(74322) |
| Down 150 basis points | (79990) | (24221) | (55769) |
| Down 100 basis points | (53348) | (16147) | (37201) |
| Down 50 basis points | (26674) | (8074) | (18600) |
| Up 50 basis points | 26674 | 8074 | 18600 |
| Up 100 basis points | 53348 | 16147 | 37201 |
| Up 150 basis points | 80022 | 24221 | 55801 |
| Up 200 basis points | 106697 | 32295 | 74402 |

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<sup>(1)</sup> Assumes applicable three-month base rate as of December 31, 2022, with the exception of SONIA and Prime that utilize the December 31, 2022 rate.

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of December 31, 2022, 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, 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.

We may in the future 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 may insulate us against adverse changes in interest rates, they may 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 December 31, 2022 (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 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 three months ended December 31, 2022 to the risk factors discussed in Item 1A. Risk

Factors in our Annual Report on Form 10-K for the year ended September 30, 2022.

**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.

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**Item 6: Exhibits.**

**EXHIBIT INDEX**

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| | | |
|:---|:---|:---|
| **Number** | **Description** | **Description** |
| <u>[31.1](gbdcfy2023q110-qexhibit311.htm)</u> | Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended. | \* |
| <u>[31.2](gbdcfy2023q110-qexhibit312.htm)</u> | Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended. | \* |
| <u>[32.1](gbdcfy2023q110-qexhibit321.htm)</u> | 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) | \* |

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_________________

\* 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.

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| | | |
|:---|:---|:---|
| | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
| Date: February 8, 2023 | By | /s/ David B. Golub |
|  |  | David B. Golub |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: February 8, 2023 | By | /s/ Christopher C. Ericson |
|  |  | Christopher C. Ericson |
|  |  | Chief Financial Officer |
|  |  | (Principal Accounting and Financial Officer) |

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## Exhibit 31.1

**Exhibit 31.1**

**<u>Certification of Chief Executive Officer</u>**

**<u>of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a)</u>**

I, David B. Golub, Chief Executive Officer, certify that:

1) I have reviewed this Quarterly Report on Form 10-Q of Golub Capital BDC, Inc.;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15 (e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; February 8, 2023

<u>/s/ David B. Golub&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

David B. Golub

Chief Executive Officer

<u>(Principal Executive Officer)</u>

## Exhibit 31.2

**Exhibit 31.2**

**<u>Certification of Chief Financial Officer</u>**

**<u>of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a)</u>**

I, Christopher C. Ericson, Chief Financial Officer, certify that:

1) I have reviewed this Quarterly Report on Form 10-Q of Golub Capital BDC, Inc.;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15 (e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp;February 8, 2023

<u>/s/ Christopher C. Ericson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Christopher C. Ericson

Chief Financial Officer

(Principal Financial Officer)

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of Golub Capital BDC, Inc. (the "Company"), for the quarterly period ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, David B. Golub and Christopher C. Ericson, Chief Executive Officer and Chief Financial Officer, respectively, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

 (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange <br>Act of 1934; and

 (2) The information contained in the Report fairly presents, in all material respects, the financial condition <br>and results of operations of the Company.

---

| | |
|:---|:---|
| Date: February 8, 2023 | <u>/s/ David B. Golub&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
| | David B. Golub<br>*Chief Executive Officer* |
| | <u>/s/ Christopher C. Ericson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
| | Christopher C. Ericson<br>*Chief Financial Officer* |

---

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