Company Quick10K Filing
Quick10K
Golub Capital BDC
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-Q 2019-03-31 Quarter: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-11-16 Annual: 2016-11-16
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-K 2015-09-30 Annual: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-10-10 Earnings, Exhibits
8-K 2019-10-09 Earnings, Exhibits
8-K 2019-10-08 Sale of Shares
8-K 2019-09-16 Enter Agreement, Leave Agreement, M&A, Earnings, Regulation FD
8-K 2019-09-10 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-09-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-09-04 Amend Bylaw, Shareholder Vote, Regulation FD, Exhibits
8-K 2019-09-04 Sale of Shares
8-K 2019-08-26 Other Events
8-K 2019-08-15 Enter Agreement, Exhibits
8-K 2019-08-13 Earnings, Exhibits
8-K 2019-08-09 Sale of Shares
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-07-12 Earnings, Exhibits
8-K 2019-07-11 Earnings, Exhibits
8-K 2019-07-02 Sale of Shares
8-K 2019-07-02 Enter Agreement, Exhibits
8-K 2019-06-21 Enter Agreement, Exhibits
8-K 2019-06-04 Sale of Shares
8-K 2019-05-23 Sale of Shares
8-K 2019-05-14 Earnings, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-04-23 Sale of Shares
8-K 2019-04-11 Earnings, Exhibits
8-K 2019-04-10 Earnings, Exhibits
8-K 2019-04-08 Enter Agreement, Exhibits
8-K 2019-03-25 Sale of Shares
8-K 2019-03-07 Sale of Shares
8-K 2019-02-13 Earnings, Exhibits
8-K 2019-02-06 Earnings, Exhibits
8-K 2019-02-06 Earnings, Exhibits
8-K 2019-02-05 Shareholder Vote
8-K 2019-02-05 Shareholder Vote
8-K 2019-02-04 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-01 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-14 Earnings, Exhibits
8-K 2019-01-10 Earnings, Exhibits
8-K 2018-11-28 Earnings, Exhibits
8-K 2018-11-28 Enter Agreement, Regulation FD, Exhibits
8-K 2018-11-28 Earnings, Exhibits
8-K 2018-11-16 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-01 Enter Agreement, Exhibits
8-K 2018-10-11 Earnings, Exhibits
8-K 2018-10-10 Earnings, Exhibits
8-K 2018-09-21 Enter Agreement, Exhibits
8-K 2018-09-07 Other Events
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-07-20 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-07-11 Earnings, Exhibits
8-K 2018-07-09 Regulation FD
8-K 2018-07-09 Earnings, Exhibits
8-K 2018-04-09 Earnings, Exhibits
8-K 2018-03-15 Enter Agreement, Regulation FD
8-K 2018-02-06 Shareholder Vote
8-K 2018-01-11 Earnings, Exhibits
8-K 2018-01-10 Earnings, Exhibits
FTAI Fortress Transportation & Infrastructure Investors 1,259
EFR Energy Fuels 1,218
HEES H&E Equipment Services 860
PNNT Pennantpark Investment 0
PIO Pioneer 0
MAIN Main Street Capital 0
DFP Delphi Financial Group 0
SNSR World Surveillance Group 0
OHAI OHA Investment 0
SVVC Firsthand Technology Value Fund 0
GBDC 2019-06-30
Note 1. Organization
Note 2. Significant Accounting Policies and Recent Accounting Updates
Note 3. Related Party Transactions
Note 4. Investments
Note 5. Fair Value Measurements
Note 6. Borrowings
Note 7. Commitments and Contingencies
Note 8. Financial Highlights
Note 9. Earnings per Share
Note 10. Dividends and Distributions
Note 11. Pending Merger with Golub Capital Investment Corporation
Note 12. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures.
Part II - Other Information
Item 1: Legal Proceedings.
Item 1A: Risk Factors.
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3: Defaults Upon Senior Securities.
Item 4: Mine Safety Disclosures
Item 5: Other Information.
Item 6: Exhibits.
EX-31.1 gbdcfy2019q3exhibit311.htm
EX-31.2 gbdcfy2019q3exhibit312.htm
EX-32.1 gbdcfy2019q3exhibit321.htm

Golub Capital BDC Earnings 2019-06-30

GBDC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 gbdcfy2019q310-q.htm 10-Q Document
______________________________________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________________________________ 
FORM 10-Q

þ                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2019

OR

o         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.)
666 Fifth Avenue, 18th Floor
New York, NY 10103
(Address of principal executive offices)

(212) 750-6060
(Registrant's telephone number, including area code)
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.001 per share
GBDC
 The Nasdaq Global Select Market

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  þ
Accelerated filer o
Non-accelerated filer  o 
Smaller reporting company o
Emerging growth company o
 

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

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

As of August 7, 2019, the Registrant had 60,715,908 shares of common stock, $0.001 par value, outstanding.



Part I. Financial Information
  
Item 1.
Financial Statements
 
Consolidated Statements of Financial Condition as of June 30, 2019 (unaudited) and September 30, 2018
 
Consolidated Statements of Operations for the three and nine months ended June 30, 2019 (unaudited) and 2018 (unaudited)
 
Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2019 (unaudited) and 2018 (unaudited)
 
Consolidated Statements of Cash Flows for the nine months ended June 30, 2019 (unaudited) and 2018 (unaudited)
 
Consolidated Schedules of Investments as of June 30, 2019 (unaudited) and September 30, 2018
 
Notes to Consolidated Financial Statements (unaudited)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Item 4.
Controls and Procedures
Part II. Other Information
 
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits


2

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)

 
June 30, 2019
 
September 30, 2018
 
(unaudited)
 
 
Assets
  

 
  

Investments, at fair value
  

 
  

Non-controlled/non-affiliate company investments
$
1,842,550

 
$
1,704,473

Non-controlled affiliate company investments
8,529

 
7,284

Controlled affiliate company investments
71,742

 
71,084

Total investments at fair value (amortized cost of $1,919,841 and $1,780,652, respectively)
1,922,821

 
1,782,841

Cash and cash equivalents
8,158

 
5,878

Foreign currencies (cost of $124 and $159, respectively)
124

 
159

Restricted cash and cash equivalents
101,541

 
39,668

Restricted foreign currencies (cost of $827 and $0, respectively)
831

 

Interest receivable
6,648

 
6,664

Other assets
1,527

 
342

Total Assets
$
2,041,650

 
$
1,835,552

Liabilities
  

 
  

Debt
$
1,047,136

 
$
845,683

Less unamortized debt issuance costs
4,780

 
2,934

Debt less unamortized debt issuance costs
1,042,356

 
842,749

Other short-term borrowings (proceeds of $3,605 and $0, respectively)
3,501

 

Interest payable
9,480

 
4,135

Management and incentive fees payable
14,563

 
17,671

Accounts payable and accrued expenses
3,050

 
2,069

Payable for investments purchased
366

 

Accrued trustee fees
114

 
74

Total Liabilities
1,073,430

 
866,698

Commitments and Contingencies (Note 7)
  

 
  

Net Assets
  

 
  

Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2019 and September 30, 2018

 

Common stock, par value $0.001 per share, 100,000,000 shares authorized, 60,715,908 and 60,165,454 shares issued and outstanding as of June 30, 2019 and September 30, 2018, respectively
61

 
60

Paid in capital in excess of par
958,681

 
949,547

Distributable earnings 
9,478

 
19,247

Total Net Assets
968,220

 
968,854

Total Liabilities and Total Net Assets
$
2,041,650

 
$
1,835,552

Number of common shares outstanding
60,715,908

 
60,165,454

Net asset value per common share
$
15.95

 
$
16.10



See Notes to Consolidated Financial Statements.
3




Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)

 
Three months ended June 30,
 
Nine months ended June 30,
  
2019
 
2018
 
2019
 
2018
Investment income
  

 
  

 
 
 
 
From non-controlled/non-affiliate company investments:
  

 
  

 
 
 
 
Interest income
$
41,329

 
$
35,718

 
$
121,481

 
$
103,125

Dividend income
59

 
10

 
117

 
620

Fee income
524

 
459

 
1,171

 
1,655

Total investment income from non-controlled/non-affiliate company investments
41,912

 
36,187

 
122,769

 
105,400

From non-controlled affiliate company investments:
  

 
  

 
 
 
 
Interest income
193

 
159

 
552

 
475

Total investment income from non-controlled affiliate company investments
193

 
159

 
552

 
475

From controlled affiliate company investments:
  

 
  

 
 
 
 
Dividend income

 
2,050

 

 
5,868

Total investment income from controlled affiliate company investments

 
2,050

 

 
5,868

Total investment income
42,105

 
38,396

 
123,321

 
111,743

Expenses
  

 
  

 
 
 
 
Interest and other debt financing expenses
10,849

 
8,556

 
31,269

 
24,176

Base management fee
6,675

 
6,125

 
19,708

 
17,984

Incentive fee
3,529

 
3,573

 
8,578

 
9,455

Professional fees
727

 
705

 
1,981

 
2,168

Administrative service fee
681

 
601

 
2,043

 
1,840

General and administrative expenses
238

 
120

 
463

 
365

Total expenses
22,699

 
19,680

 
64,042

 
55,988

Net investment income
19,406

 
18,716

 
59,279

 
55,755

Net gain (loss) on investments and foreign currency
  

 
  

 
 
 
 
Net realized gain (loss) on investments and foreign currency transactions:
  

 
  

 
 
 
 
Non-controlled/non-affiliate company investments
(717
)
 
14,881

 
(4,517
)
 
14,744

Foreign currency transactions
17

 
(42
)
 
(22
)
 
(42
)
Net realized gain (loss) on investments and foreign currency transactions
(700
)
 
14,839

 
(4,539
)
 
14,702

Net change in unrealized appreciation (depreciation) on investments and foreign currency translation:
  

 
  

 
 
 
 
Non-controlled/non-affiliate company investments
1,036

 
(11,350
)
 
237

 
(4,533
)
Non-controlled affiliate company investments
(350
)
 
4

 
(629
)
 
568

Controlled affiliate company investments

 
(575
)
 
1,183

 
(511
)
Translation of assets and liabilities in foreign currencies
(192
)
 
86

 
(104
)
 
86

Net change in unrealized appreciation (depreciation) on investments and foreign currency translation
494

 
(11,835
)
 
687

 
(4,390
)
Net gain (loss) on investments and foreign currency
(206
)
 
3,004

 
(3,852
)
 
10,312

Net increase in net assets resulting from operations
$
19,200

 
$
21,720

 
$
55,427

 
$
66,067

Per Common Share Data
  

 
  

 
 
 
 
Basic and diluted earnings per common share
$
0.32

 
$
0.36

 
$
0.92

 
$
1.11

Dividends and distributions declared per common share
$
0.32

 
$
0.32

 
$
1.08

 
$
1.04

Basic and diluted weighted average common shares outstanding
60,591,639

 
59,872,113

 
60,398,353

 
59,732,945


See Notes to Consolidated Financial Statements.
4





Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)

 
Common Stock
 
Paid in Capital in Excess of Par
 
Distributable Earnings (1)
 
Total Net Assets
 
Shares
 
Par Amount
 
 
 
Balance at September 30, 2017
59,577,293

 
$
60

 
$
939,307

 
$
18,579

 
$
957,946

Net increase in net assets resulting from operations:
 
 
 
 
 
 
 
 
 
Net investment income

 

 

 
55,755

 
55,755

Net realized gain (loss) on investments and foreign currency transactions

 

 

 
14,702

 
14,702

Net change in unrealized appreciation (depreciation) on investments and foreign currency translation

 

 

 
(4,390
)
 
(4,390
)
Distributions to stockholders:
  

 
  

 
  

 
 
 
 
Stock issued in connection with dividend reinvestment plan
429,231

 

 
7,415

 

 
7,415

Distributions from distributable earnings (1)

 

 

 
(62,106
)
 
(62,106
)
Total increase (decrease) for the nine months ended June 30, 2018
429,231

 

 
7,415

 
3,961

 
11,376

Balance at June 30, 2018
60,006,524

 
$
60

 
$
946,722

 
$
22,540

 
$
969,322

Balance at March 31, 2018
59,867,531

 
$
60

 
$
944,318

 
$
19,978

 
$
964,356

Net increase in net assets resulting from operations:
 
 
 
 
 
 
 
 
 
Net investment income

 

 

 
18,716

 
18,716

Net realized gain (loss) on investments and foreign currency transactions

 

 

 
14,839

 
14,839

Net change in unrealized appreciation (depreciation) on investments and foreign currency translation

 

 

 
(11,835
)
 
(11,835
)
Distributions to stockholders:
 
 
 
 
 
 
 
 
 
Stock issued in connection with dividend reinvestment plan
138,993

 

 
2,404

 

 
2,404

Distributions from distributable earnings

 

 

 
(19,158
)
 
(19,158
)
Total increase (decrease) for the three months ended June 30, 2018
138,993

 

 
2,404

 
2,562

 
4,966

Balance at June 30, 2018
60,006,524

 
$
60

 
$
946,722

 
$
22,540

 
$
969,322

Balance at September 30, 2018
60,165,454

 
$
60

 
$
949,547

 
$
19,247

 
$
968,854

Net increase in net assets resulting from operations:
 
 
 
 
 
 
 
 
 
Net investment income

 

 

 
59,279

 
59,279

Net realized gain (loss) on investments and foreign currency transactions

 

 

 
(4,539
)
 
(4,539
)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation

 

 

 
687

 
687

Distributions to stockholders:
 
 
 
 
 
 
  

 
 
Stock issued in connection with dividend reinvestment plan
550,454

 
1

 
9,134

 

 
9,135

Distributions from distributable earnings

 

 

 
(65,196
)
 
(65,196
)
Total increase (decrease) for the nine months ended June 30, 2019
550,454

 
1

 
9,134

 
(9,769
)
 
(634
)
Balance at June 30, 2019
60,715,908

 
$
61

 
$
958,681

 
$
9,478

 
$
968,220

Balance at March 31, 2019
60,587,403

 
$
61

 
$
956,508

 
$
9,666

 
$
966,235

Net increase in net assets resulting from operations:
 
 
 
 
 
 
 
 
 
Net investment income

 

 

 
19,406

 
19,406

Net realized gain (loss) on investments and foreign currency transactions

 

 

 
(700
)
 
(700
)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation

 

 

 
494

 
494

Distributions to stockholders:
 
 
 
 
 
 
  

 
 
Stock issued in connection with dividend reinvestment plan
128,505

 

 
2,173

 

 
2,173

Distributions from distributable earnings

 

 

 
(19,388
)
 
(19,388
)
Total increase (decrease) for the three months ended June 30, 2019
128,505

 

 
2,173

 
(188
)
 
1,985

Balance at June 30, 2019
60,715,908

 
$
61

 
$
958,681

 
$
9,478

 
$
968,220


(1) See Note 2. Significant Accounting Policies and Recent Accounting Updates.



See Notes to Consolidated Financial Statements.
5





Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)

 
Nine months ended June 30,
  
2019
 
2018
Cash flows from operating activities
  

 
  

Net increase in net assets resulting from operations
$
55,427

 
$
66,067

Adjustments to reconcile net increase in net assets resulting from operations
to net cash (used in) provided by operating activities
 
 
 
Amortization of deferred debt issuance costs
1,597

 
2,242

Accretion of discounts and amortization of premiums
(6,624
)
 
(7,420
)
Net realized (gain) loss on investments
4,517

 
(14,744
)
Net realized (gain) loss on other short-term borrowings
(73
)
 

Net realized (gain) loss on foreign currency and other transactions
(21
)
 

Net change in unrealized (appreciation) depreciation on investments
(791
)
 
4,476

Net change in unrealized (appreciation) depreciation on other short-term borrowings
(104
)
 

Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies
223

 
(86
)
Proceeds from (fundings of) revolving loans, net
(2,264
)
 
4,334

Fundings of investments
(456,502
)
 
(464,209
)
Proceeds from principal payments and sales of portfolio investments
323,495

 
364,773

PIK interest
(1,811
)
 
(710
)
Changes in operating assets and liabilities:
 
 
 
Interest receivable
16

 
(192
)
Other assets
(1,185
)
 
(58
)
Interest payable
5,345

 
2,983

Management and incentive fees payable
(3,108
)
 
3,534

Payable for investments purchased
366

 

Accounts payable and accrued expenses
981

 
89

Accrued trustee fees
40

 
(3
)
Net cash (used in) provided by operating activities
(80,476
)
 
(38,924
)
Cash flows from financing activities
  

 
  

Borrowings on debt
1,200,436

 
414,800

Repayments of debt
(999,185
)
 
(319,950
)
Capitalized debt issuance costs
(3,443
)
 
(1,097
)
Proceeds from other short-term borrowings
29,437

 
9,511

Repayments on other short-term borrowings
(25,759
)
 

Distributions paid
(56,061
)
 
(54,691
)
Net cash provided by (used in) financing activities
145,425

 
48,573

Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies
64,949

 
9,649

Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period
45,705

 
62,558

Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period
$
110,654

 
$
72,207

Supplemental disclosure of cash flow information:
  

 
  

Cash paid during the period for interest
$
(24,327
)
 
$
(18,951
)
Distributions declared during the period
(65,196
)
 
(62,106
)
Supplemental disclosure of noncash financing activity:
 
 
 
Proceeds from issuance of Class A-1-R, Class A-2-R, and Class B-R 2014 Notes
$

 
$
246,000

Redemptions of Class A-1, Class A-2, and Class B 2014 Notes

 
(246,000
)
Stock issued in connection with dividend reinvestment plan
9,135

 
7,415


See Notes to Consolidated Financial Statements.
6





Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited) - (continued)
(In thousands)




The following table provides a reconciliation of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
 
As of June 30,
 
2019
 
2018
Cash and cash equivalents
$
8,158

 
$
6,814

Foreign currencies (cost of $685 and $111, respectively)
124

 
111

Restricted cash and cash equivalents
101,541

 
65,282

Restricted foreign currencies (cost of $827 and $0, respectively)
831

 

Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows
$
110,654

 
$
72,207

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.
7





Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
June 30, 2019
(In thousands)


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

 
  

 
  

 
  

Non-controlled/non-affiliate company investments
 
 
  
 
 
  
 
  
 
  

 
  

 
  

 
  

Debt investments
  
 
  
 
 
  
 
  
 
  

 
  

 
  

 
  

Aerospace and Defense
  
 
  
 
 
  
 
  
 
  

 
  

 
  

 
  

ILC Dover, LP~
Senior loan
 
L + 4.75%
(c)(d) 
 
6.96%
 
12/2023
 
$
9,853

 
$
9,778

 
1.0

%
$
9,853

NTS Technical Systems^*~
One stop
 
L + 6.25%
(a) 
 
8.69%
 
06/2021
 
22,377

 
22,160

 
2.3

 
22,377

NTS Technical Systems~
One stop
 
L + 6.25%
(a) 
 
8.69%
 
06/2021
 
3,672

 
3,635

 
0.4

 
3,672

NTS Technical Systems(5)
One stop
 
L + 6.25%
 
 
N/A(6)
 
06/2021
 

 
(46
)
 

 

Tresys Technology Holdings, Inc.(7)
One stop
 
L + 6.75%
(a) 
 
9.15%
 
06/2020
 
3,899

 
3,844

 
0.3

 
3,119

Tresys Technology Holdings, Inc.(7)
One stop
 
L + 6.75%
(a) 
 
9.15%
 
06/2020
 
659

 
658

 
0.1

 
659

Tronair Parent, Inc.^
Senior loan
 
L + 4.75%
(c) 
 
7.57%
 
09/2023
 
363

 
361

 
0.1

 
342

Tronair Parent, Inc.
Senior loan
 
L + 4.50%
(c)(f) 
 
7.33%
 
09/2021
 
80

 
79

 

 
76

Whitcraft LLC^*
One stop
 
L + 5.50%
(c) 
 
7.83%
 
04/2023
 
16,202

 
16,017

 
1.7

 
16,040

Whitcraft LLC(5)
One stop
 
L + 5.50%
 
 
N/A(6)
 
04/2023
 

 
(1
)
 

 
(1
)
Whitcraft LLC(5)
One stop
 
L + 5.50%
 
 
N/A(6)
 
04/2023
 

 
(8
)
 

 
(9
)
 
 
 
 
 
 
 
 
 
 
57,105

 
56,477

 
5.9

 
56,128

Automobile
  
 
  
 
 
  
 
  
 
  

 
  

 
  

 
  

Dent Wizard International Corporation~
Senior loan
 
L + 4.00%
(a) 
 
6.40%
 
04/2022
 
8,354

 
8,328

 
0.9

 
8,312

Grease Monkey International, LLC^*
Senior loan
 
L + 5.00%
(a) 
 
7.40%
 
11/2022
 
4,826

 
4,786

 
0.5

 
4,826

Grease Monkey International, LLC~
Senior loan
 
L + 5.00%
(a) 
 
7.40%
 
11/2022
 
148

 
146

 

 
148

Grease Monkey International, LLC~
Senior loan
 
L + 5.00%
(a) 
 
7.40%
 
11/2022
 
104

 
104

 

 
104

Grease Monkey International, LLC~
Senior loan
 
L + 5.00%
(a) 
 
7.40%
 
11/2022
 
75

 
75

 

 
75

Grease Monkey International, LLC
Senior loan
 
L + 5.00%
(a) 
 
7.40%
 
11/2022
 
55

 
54

 

 
55

Grease Monkey International, LLC
Senior loan
 
L + 5.00%
(a) 
 
7.40%
 
11/2022
 
12

 
11

 

 
12

Polk Acquisition Corp.*
Senior loan
 
L + 5.25%
(c) 
 
7.58%
 
06/2022
 
126

 
125

 

 
124

Power Stop, LLC~
Senior loan
 
L + 4.75%
(c)(f) 
 
7.08%
 
10/2025
 
1,349

 
1,343

 
0.1

 
1,349

Quick Quack Car Wash Holdings, LLC*
One stop
 
L + 6.50%
(a) 
 
8.90%
 
04/2023
 
8,686

 
8,602

 
0.9

 
8,686

Quick Quack Car Wash Holdings, LLC*
One stop
 
L + 6.50%
(a) 
 
8.90%
 
04/2023
 
149

 
147

 

 
149

Quick Quack Car Wash Holdings, LLC*
One stop
 
L + 6.50%
(a) 
 
8.90%
 
04/2023
 
100

 
99

 

 
100

Quick Quack Car Wash Holdings, LLC
One stop
 
L + 6.50%
(a) 
 
8.90%
 
04/2023
 
50

 
48

 

 
50

Quick Quack Car Wash Holdings, LLC
One stop
 
L + 6.50%
(a) 
 
8.90%
 
04/2023
 
40

 
40

 

 
40

  
 
 
 
 
 
 
 
 
 
24,074

 
23,908

 
2.4

 
24,030

Beverage, Food and Tobacco
  
 
  
 
 
  
 
  
 
  

 
  

 
  

 
  

Abita Brewing Co., L.L.C.
One stop
 
L + 5.75%
(a) 
 
8.15%
 
04/2021
 
6,733

 
6,684

 
0.7

 
6,665

Abita Brewing Co., L.L.C.(5)
One stop
 
L + 5.75%
 
 
N/A(6)
 
04/2021
 

 

 

 
(1
)
C. J. Foods, Inc.^*~
One stop
 
L + 6.25%
(c) 
 
8.58%
 
05/2020
 
8,518

 
8,489

 
0.9

 
8,518

C. J. Foods, Inc.^
One stop
 
L + 6.25%
(c) 
 
8.58%
 
05/2020
 
644

 
644

 
0.1

 
644

C. J. Foods, Inc.
One stop
 
L + 6.25%
(c) 
 
8.65%
 
05/2020
 
560

 
559

 
0.1

 
560

Cafe Rio Holding, Inc.^
One stop
 
L + 5.50%
(d) 
 
7.70%
 
09/2023
 
10,292

 
10,159

 
1.1

 
10,292

Cafe Rio Holding, Inc.
One stop
 
L + 5.50%
(c) 
 
7.70%
 
09/2023
 
125

 
123

 

 
125

Cafe Rio Holding, Inc.*
One stop
 
L + 5.50%
(c) 
 
7.70%
 
09/2023
 
79

 
78

 

 
79

Cafe Rio Holding, Inc.
One stop
 
L + 5.50%
(d) 
 
7.70%
 
09/2023
 
70

 
69

 

 
70

Cafe Rio Holding, Inc.
One stop
 
P + 4.50%
(f) 
 
10.00%
 
09/2023
 
10

 
8

 

 
10

Cafe Rio Holding, Inc.
One stop
 
L + 5.50%
 
 
N/A(6)
 
09/2023
 

 

 

 

Cafe Rio Holding, Inc.(5)
One stop
 
L + 5.50%
 
 
N/A(6)
 
09/2023
 

 
(3
)
 

 

Fintech Midco, LLC*~
One stop
 
L + 5.25%
(a) 
 
7.66%
 
08/2024
 
12,897

 
12,787

 
1.3

 
12,897

Fintech Midco, LLC
One stop
 
L + 5.25%
(a) 
 
7.66%
 
08/2024
 
80

 
79

 

 
80

Fintech Midco, LLC(5)
One stop
 
L + 5.25%
 
 
N/A(6)
 
08/2024
 

 
(1
)
 

 

Fintech Midco, LLC(5)
One stop
 
L + 5.25%
 
 
N/A(6)
 
08/2024
 

 
(1
)
 

 


See Notes to Consolidated Financial Statements.
8





Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2019
(In thousands)

 
Investment Type
 
Spread
Above
Index(1)
 
Interest
Rate
(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value (4)
Beverage, Food and Tobacco - (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Flavor Producers, LLC~
Senior loan
 
L + 4.75%
(c) 
 
7.06%
 
12/2023
 
$
2,229

 
$
2,204

 
0.2

%
$
2,162

Flavor Producers, LLC
Senior loan
 
L + 4.75%
(c) 
 
7.24%
 
12/2022
 
6

 
5

 

 
4

FWR Holding Corporation^
One stop
 
L + 5.50%
(a) 
 
7.90%
 
08/2023
 
5,219

 
5,165

 
0.5

 
5,219

FWR Holding Corporation
One stop
 
L + 5.50%
(a) 
 
7.90%
 
08/2023
 
101

 
100

 

 
101

FWR Holding Corporation
One stop
 
L + 5.50%
(a) 
 
7.90%
 
08/2023
 
64

 
63

 

 
64

FWR Holding Corporation
One stop
 
L + 5.50%
(a) 
 
7.90%
 
08/2023
 
50

 
50

 

 
50

FWR Holding Corporation
One stop
 
L + 5.50%
(a) 
 
7.90%
 
08/2023
 
35

 
34

 

 
35

FWR Holding Corporation(5)
One stop
 
L + 5.50%
 
 
N/A(6)
 
08/2023
 

 
(1
)
 

 

Global ID Corporation*~
One stop
 
L + 6.50%
(a) 
 
8.89%
 
11/2021
 
5,816

 
5,771

 
0.6

 
5,816

Global ID Corporation
One stop
 
L + 6.50%
(a)(c) 
 
8.89%
 
11/2021
 
105

 
104

 

 
105

Global ID Corporation*
One stop
 
L + 6.50%
(a) 
 
8.89%
 
11/2021
 
71

 
71

 

 
71

Global ID Corporation
One stop
 
L + 6.50%
 
 
N/A(6)
 
11/2021
 

 

 

 

Mendocino Farms, LLC
One stop
 
L + 8.50%
(a) 
 
3.40% cash/7.50% PIK
 
06/2023
 
51

 
51

 

 
51

Mendocino Farms, LLC(5)
One stop
 
L + 1.00%
 
 
N/A(6)
 
06/2023
 

 
(1
)
 

 

Mid-America Pet Food, L.L.C.^*
One stop
 
L + 6.00%
(c) 
 
8.33%
 
12/2021
 
10,580

 
10,513

 
1.1

 
10,580

Mid-America Pet Food, L.L.C.
One stop
 
L + 6.00%
 
 
N/A(6)
 
12/2021
 

 

 

 

NBC Intermediate, LLC^
Senior loan
 
L + 4.25%
(a) 
 
6.66%
 
09/2023
 
2,024

 
2,009

 
0.2

 
2,004

NBC Intermediate, LLC*
Senior loan
 
L + 4.25%
(a) 
 
6.66%
 
09/2023
 
1,020

 
1,011

 
0.1

 
1,010

NBC Intermediate, LLC
Senior loan
 
L + 4.25%
 
 
N/A(6)
 
09/2023
 

 

 

 

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
8.02%
 
05/2021
 
8,379

 
8,302

 
0.9

 
8,379

Purfoods, LLC
One stop
 
N/A
 
 
7.00% PIK
 
05/2026
 
125

 
125

 

 
125

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
55

 
54

 

 
55

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
40

 
40

 

 
40

Purfoods, LLC^
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
39

 
39

 

 
39

Purfoods, LLC
One stop
 
L + 5.50%
(a) 
 
7.90%
 
05/2021
 
30

 
29

 

 
30

Purfoods, LLC*
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
30

 
30

 

 
30

Purfoods, LLC~
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
30

 
30

 

 
30

Purfoods, LLC~
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
30

 
30

 

 
30

Purfoods, LLC^
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
24

 
23

 

 
24

Purfoods, LLC
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
15

 
15

 

 
15

Purfoods, LLC^
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
15

 
15

 

 
15

Purfoods, LLC^
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
15

 
15

 

 
15

Purfoods, LLC^
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
14

 
14

 

 
14

Purfoods, LLC^
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
11

 
11

 

 
11

Purfoods, LLC^
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
11

 
11

 

 
11

Purfoods, LLC^
One stop
 
L + 5.50%
(c) 
 
7.83%
 
05/2021
 
10

 
10

 

 
10

Rubio's Restaurants, Inc.^*
Senior loan
 
L + 5.25%
(c) 
 
7.58%
 
10/2019
 
11,086

 
10,968

 
1.1

 
10,864

Rubio's Restaurants, Inc.
Senior loan
 
L + 4.75%
(a)(f) 
 
7.38%
 
10/2019
 
40

 
39

 

 
38

Wood Fired Holding Corp.*
One stop
 
L + 5.75%
(c) 
 
8.35%
 
12/2023
 
6,936

 
6,874

 
0.7

 
6,936

Wood Fired Holding Corp.
One stop
 
L + 5.75%
 
 
N/A(6)
 
12/2023
 

 

 

 

Wood Fired Holding Corp.(5)
One stop
 
L + 5.75%
 
 
N/A(6)
 
12/2023
 

 
(1
)
 

 

 
 
 
 
 
 
 
 
 
 
94,314

 
93,496

 
9.6

 
93,922


See Notes to Consolidated Financial Statements.
9





Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2019
(In thousands)

 
Investment Type
 
Spread
Above
Index(1)
 
Interest
Rate
(2)
 
Maturity
Date
 
Principal ($) /
Shares(3)
 
Amortized Cost
 
Percentage
of Net
Assets
 
Fair
Value (4)
Broadcasting and Entertainment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TouchTunes Interactive Networks, Inc.^
Senior loan
 
L + 4.75%
(a) 
 
7.15%
 
05/2021
 
$
1,436

 
$
1,434

 
0.1

%
$
1,436

 
 
 
 
 
 
 
 
 
 


 


 


 


Building and Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brooks Equipment Company, LLC^*
One stop
 
L + 5.00%
(c) 
 
7.52%
 
08/2020
 
21,096

 
21,036

 
2.2

 
21,096

Brooks Equipment Company, LLC*
One stop
 
L + 5.00%
(c) 
 
7.49%
 
08/2020
 
1,580

 
1,575

 
0.2

 
1,580

Brooks Equipment Company, LLC(5)
One stop
 
L + 5.00%
 
 
N/A(6)
 
08/2020
 

 
(4
)
 

 

Jensen Hughes, Inc.
Senior loan
 
L + 4.25%
(c)(f) 
 
6.59%
 
03/2024
 
497

 
495

 
0.1

 
497

Jensen Hughes, Inc.
Senior loan
 
L + 4.25%
(c) 
 
6.58%
 
03/2024
 
152

 
151

 

 
152

Jensen Hughes, Inc.
Senior loan
 
L + 4.25%
(c)(f) 
 
6.58%
 
03/2024
 
74

 
73

 

 
74

Jensen Hughes, Inc.
Senior loan
 
L + 4.25%
(c)(f) 
 
6.59%
 
03/2024
 
32

 
32

 

 
32

MRI Software LLC^
One stop
 
L + 5.75%
(a) 
 
8.16%
 
06/2023
 
23,504

 
23,063

 
2.4

 
23,504

MRI Software LLC^*~
One stop
 
L + 5.75%
(a) 
 
8.16%
 
06/2023
 
13,640

 
13,530

 
1.4

 
13,640

MRI Software LLC^
One stop
 
L + 5.75%
(a) 
 
8.16%
 
06/2023
 
355

 
352

 
0.1

 
355

MRI Software LLC
One stop
 
L + 5.75%
(a) 
 
8.16%
 
06/2023
 
333

 
330

 
0.1

 
333

MRI Software LLC*
One stop
 
L + 5.75%
(a) 
 
8.16%
 
06/2023
 
293

 
291

 

 
293

MRI Software LLC~
One stop
 
L + 5.75%
(a) 
 
8.16%
 
06/2023
 
293

 
290

 

 
293

MRI Software LLC*
One stop
 
L + 5.75%
(a) 
 
8.16%
 
06/2023
 
193

 
191

 

 
193

MRI Software LLC^
One stop
 
L + 5.75%
(a) 
 
8.16%
 
06/2023
 
164

 
162