10-Q 1 gbdc-20231231.htm 10-Q gbdc-20231231
false2024Q10001476765September 30http://fasb.org/us-gaap/2023#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2023#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2023#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2023#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2023#GrossInvestmentIncomeOperatinghttp://fasb.org/us-gaap/2023#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2023#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2023#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2023#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2023#GrossInvestmentIncomeOperating1.8251.80400014767652023-10-012023-12-3100014767652024-02-05xbrli:shares0001476765us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-31iso4217:USD0001476765us-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-3000014767652023-12-3100014767652023-09-3000014767652022-10-012023-09-30iso4217:USDxbrli:shares0001476765us-gaap:InvestmentUnaffiliatedIssuerMember2023-10-012023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMember2022-10-012022-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-10-012023-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-10-012022-12-310001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012023-12-310001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2022-10-012022-12-3100014767652022-10-012022-12-310001476765us-gaap:ForeignExchangeForwardMember2023-10-012023-12-310001476765us-gaap:ForeignExchangeForwardMember2022-10-012022-12-310001476765us-gaap:CommonStockMember2022-09-300001476765us-gaap:AdditionalPaidInCapitalMember2022-09-300001476765us-gaap:RetainedEarningsMember2022-09-3000014767652022-09-300001476765us-gaap:RetainedEarningsMember2022-10-012022-12-310001476765us-gaap:CommonStockMember2022-10-012022-12-310001476765us-gaap:AdditionalPaidInCapitalMember2022-10-012022-12-310001476765us-gaap:CommonStockMember2022-12-310001476765us-gaap:AdditionalPaidInCapitalMember2022-12-310001476765us-gaap:RetainedEarningsMember2022-12-3100014767652022-12-310001476765us-gaap:CommonStockMember2023-09-300001476765us-gaap:AdditionalPaidInCapitalMember2023-09-300001476765us-gaap:RetainedEarningsMember2023-09-300001476765us-gaap:RetainedEarningsMember2023-10-012023-12-310001476765us-gaap:CommonStockMember2023-10-012023-12-310001476765us-gaap:AdditionalPaidInCapitalMember2023-10-012023-12-310001476765us-gaap:CommonStockMember2023-12-310001476765us-gaap:AdditionalPaidInCapitalMember2023-12-310001476765us-gaap:RetainedEarningsMember2023-12-310001476765us-gaap:InterestRateSwapMember2023-10-012023-12-310001476765us-gaap:InterestRateSwapMember2022-10-012022-12-310001476765PPW Aero Buyer, Inc., One stop 12023-12-31xbrli:pure0001476765PPW Aero Buyer, Inc., One stop 22023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Accelya Lux Finco S.A.R.L., One stop2023-12-310001476765COP CollisionRight Holdings, Inc., One stop 12023-12-310001476765COP CollisionRight Holdings, Inc., One stop 22023-12-310001476765Covercraft Parent III, Inc., Senior secured 12023-12-310001476765Covercraft Parent III, Inc., Senior secured 22023-12-310001476765Covercraft Parent III, Inc., Senior secured 32023-12-310001476765North Haven Falcon Buyer, LLC, One stop 12023-12-310001476765North Haven Falcon Buyer, LLC, One stop 22023-12-310001476765Polk Acquisition Corp., Senior secured 12023-12-310001476765Polk Acquisition Corp., Senior secured 22023-12-310001476765Polk Acquisition Corp., Senior secured 32023-12-310001476765gbdc:AutoComponentsSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765CG Group Holdings, LLC, One stop 12023-12-310001476765CG Group Holdings, LLC, One stop 22023-12-310001476765Denali Midco 2, LLC, One stop 12023-12-310001476765Denali Midco 2, LLC, One stop 22023-12-310001476765Denali Midco 2, LLC, One stop 32023-12-310001476765Denali Midco 2, LLC, One stop 42023-12-310001476765Denali Midco 2, LLC, One stop 52023-12-310001476765Denali Midco 2, LLC, One stop 62023-12-310001476765Denali Midco 2, LLC, One stop 72023-12-310001476765Denali Midco 2, LLC, One stop 82023-12-310001476765Denali Midco 2, LLC, One stop 92023-12-310001476765Denali Midco 2, LLC, One stop 102023-12-310001476765Denali Midco 2, LLC, One stop 112023-12-310001476765Denali Midco 2, LLC, One stop 122023-12-310001476765Denali Midco 2, LLC, One stop 132023-12-310001476765Denali Midco 2, LLC, One stop 142023-12-310001476765Denali Midco 2, LLC, One stop 152023-12-310001476765Denali Midco 2, LLC, One stop 162023-12-310001476765Denali Midco 2, LLC, One stop 172023-12-310001476765Denali Midco 2, LLC, One stop 182023-12-310001476765High Bar Brands Operating, LLC, Senior secured 12023-12-310001476765High Bar Brands Operating, LLC, Senior secured 22023-12-310001476765High Bar Brands Operating, LLC, Senior secured 32023-12-310001476765High Bar Brands Operating, LLC, Senior secured 42023-12-310001476765JHCC Holdings LLC, One stop 12023-12-310001476765JHCC Holdings LLC, One stop 22023-12-310001476765JHCC Holdings LLC, One stop 32023-12-310001476765JHCC Holdings LLC, One stop 42023-12-310001476765JHCC Holdings LLC, One stop 52023-12-310001476765JHCC Holdings LLC, One stop 62023-12-310001476765JHCC Holdings LLC, One stop 72023-12-310001476765JHCC Holdings LLC, One stop 82023-12-310001476765MOP GM Holding, LLC, One stop 12023-12-310001476765MOP GM Holding, LLC, One stop 22023-12-310001476765MOP GM Holding, LLC, One stop 32023-12-310001476765MOP GM Holding, LLC, One stop 42023-12-310001476765MOP GM Holding, LLC, One stop 52023-12-310001476765MOP GM Holding, LLC, One stop 62023-12-310001476765MOP GM Holding, LLC, One stop 72023-12-310001476765MOP GM Holding, LLC, One stop 82023-12-310001476765MOP GM Holding, LLC, One stop 92023-12-310001476765MOP GM Holding, LLC, One stop 102023-12-310001476765MOP GM Holding, LLC, One stop 112023-12-310001476765MOP GM Holding, LLC, One stop 122023-12-310001476765MOP GM Holding, LLC, One stop 132023-12-310001476765MOP GM Holding, LLC, One stop 142023-12-310001476765MOP GM Holding, LLC, One stop 152023-12-310001476765National Express Wash Parent Holdco, LLC, One stop 12023-12-310001476765National Express Wash Parent Holdco, LLC, One stop 22023-12-310001476765National Express Wash Parent Holdco, LLC, One stop 32023-12-310001476765POY Holdings, LLC, One stop 12023-12-310001476765POY Holdings, LLC, One stop 22023-12-310001476765POY Holdings, LLC, One stop 32023-12-310001476765POY Holdings, LLC, One stop 42023-12-310001476765POY Holdings, LLC, One stop 52023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 12023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 22023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 32023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 42023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 52023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 62023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 72023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 82023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 92023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 102023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 112023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 122023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 132023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 142023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 152023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 162023-12-310001476765Quick Quack Car Wash Holdings, LLC, One stop 172023-12-310001476765Spotless Brands, LLC, One stop 12023-12-310001476765Spotless Brands, LLC, One stop 22023-12-310001476765Spotless Brands, LLC, One stop 32023-12-310001476765Spotless Brands, LLC, One stop 42023-12-310001476765TWAS Holdings, LLC, One stop 12023-12-310001476765TWAS Holdings, LLC, One stop 22023-12-310001476765TWAS Holdings, LLC, One stop 32023-12-310001476765TWAS Holdings, LLC, One stop 42023-12-310001476765TWAS Holdings, LLC, One stop 52023-12-310001476765TWAS Holdings, LLC, One stop 62023-12-310001476765Yorkshire Parent, Inc., One stop 12023-12-310001476765Yorkshire Parent, Inc., One stop 22023-12-310001476765Yorkshire Parent, Inc., One stop 32023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AutomotiveSectorMember2023-12-310001476765OSP Hamilton Purchaser, LLC, One stop 12023-12-310001476765OSP Hamilton Purchaser, LLC, One stop 22023-12-310001476765OSP Hamilton Purchaser, LLC, One stop 32023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Financial Information Technologies, LLC, One stop 12023-12-310001476765Financial Information Technologies, LLC, One stop 22023-12-310001476765Financial Information Technologies, LLC, One stop 32023-12-310001476765Financial Information Technologies, LLC, One stop 42023-12-310001476765Financial Information Technologies, LLC, One stop 52023-12-310001476765Watermill Express, LLC, One stop 12023-12-310001476765Watermill Express, LLC, One stop 22023-12-310001476765Watermill Express, LLC, One stop 32023-12-310001476765Winebow Holdings, Inc., One stop2023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:BeveragesSectorMember2023-12-310001476765BECO Holding Company, Inc., One stop 12023-12-310001476765BECO Holding Company, Inc., One stop 22023-12-310001476765Jensen Hughes, Inc., Senior secured 12023-12-310001476765Jensen Hughes, Inc., Senior secured 22023-12-310001476765Jensen Hughes, Inc., Senior secured 32023-12-310001476765Jensen Hughes, Inc., Senior secured 42023-12-310001476765Jensen Hughes, Inc., Senior secured 52023-12-310001476765Jensen Hughes, Inc., Senior secured 62023-12-310001476765Jensen Hughes, Inc., Senior secured 72023-12-310001476765Jensen Hughes, Inc., Senior secured 82023-12-310001476765Jensen Hughes, Inc., Senior secured 92023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Inhance Technologies Holdings LLC, One stop 12023-12-310001476765Inhance Technologies Holdings LLC, One stop 22023-12-310001476765Inhance Technologies Holdings LLC, One stop 32023-12-310001476765Inhance Technologies Holdings LLC, One stop 42023-12-310001476765PHM NL SP Bidco B.V., One stop 12023-12-310001476765PHM NL SP Bidco B.V., One stop 22023-12-310001476765PHM NL SP Bidco B.V., One stop 32023-12-310001476765PHM NL SP Bidco B.V., One stop 42023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ChemicalsSectorMember2023-12-310001476765BradyIFS Holdings, LLC, One stop 12023-12-310001476765BradyIFS Holdings, LLC, One stop 22023-12-310001476765BradyIFS Holdings, LLC, One stop 32023-12-310001476765CI (Quercus) Intermediate Holdings, LLC, One stop 12023-12-310001476765CI (Quercus) Intermediate Holdings, LLC, One stop 22023-12-310001476765Encore Holdings, LLC, One stop 12023-12-310001476765Encore Holdings, LLC, One stop 22023-12-310001476765Kleinfelder Intermediate, LLC, One stop 12023-12-310001476765Kleinfelder Intermediate, LLC, One stop 22023-12-310001476765Kleinfelder Intermediate, LLC, One stop 32023-12-310001476765North Haven Stack Buyer, LLC, Senior secured 12023-12-310001476765North Haven Stack Buyer, LLC, Senior secured 22023-12-310001476765North Haven Stack Buyer, LLC, Senior secured 32023-12-310001476765North Haven Stack Buyer, LLC, Senior secured 42023-12-310001476765North Haven Stack Buyer, LLC, Senior secured 52023-12-310001476765North Haven Stack Buyer, LLC, Senior secured 62023-12-310001476765North Haven Stack Buyer, LLC, Senior secured 72023-12-310001476765North Haven Stack Buyer, LLC, Senior secured 82023-12-310001476765North Haven Stack Buyer, LLC, Senior secured 92023-12-310001476765North Haven Stack Buyer, LLC, Second lien2023-12-310001476765Profile Products LLC, One stop 12023-12-310001476765Profile Products LLC, One stop 22023-12-310001476765Profile Products LLC, One stop 32023-12-310001476765Profile Products LLC, One stop 42023-12-310001476765PT Intermediate Holdings III, LLC, One stop 12023-12-310001476765PT Intermediate Holdings III, LLC, One stop 22023-12-310001476765PT Intermediate Holdings III, LLC, One stop 32023-12-310001476765PT Intermediate Holdings III, LLC, One stop 42023-12-310001476765PT Intermediate Holdings III, LLC, One stop 52023-12-310001476765Radwell Parent, LLC, One stop 12023-12-310001476765Radwell Parent, LLC, One stop 22023-12-310001476765Radwell Parent, LLC, One stop 32023-12-310001476765Radwell Parent, LLC, One stop 42023-12-310001476765Trinity Air Consultants Holdings Corporation, One stop 12023-12-310001476765Trinity Air Consultants Holdings Corporation, One stop 22023-12-310001476765Trinity Air Consultants Holdings Corporation, One stop 32023-12-310001476765Trinity Air Consultants Holdings Corporation, One stop 42023-12-310001476765WRE Holding Corp., Senior secured 12023-12-310001476765WRE Holding Corp., Senior secured 22023-12-310001476765WRE Holding Corp., Senior secured 32023-12-310001476765WRE Holding Corp., Senior secured 42023-12-310001476765WRE Holding Corp., Senior secured 52023-12-310001476765WRE Holding Corp., Senior secured 62023-12-310001476765WRE Holding Corp., Senior secured 72023-12-310001476765WRE Holding Corp., Senior secured 82023-12-310001476765WRE Holding Corp., Senior secured 92023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CommercialServicesSuppliesSectorMember2023-12-310001476765Lightning Finco Limited, One stop 12023-12-310001476765Lightning Finco Limited, One stop 22023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CommunicationsEquipmentSectorMember2023-12-310001476765AmerCareRoyal LLC, Senior secured 12023-12-310001476765AmerCareRoyal LLC, Senior secured 22023-12-310001476765AmerCareRoyal LLC, Senior secured 32023-12-310001476765AmerCareRoyal LLC, Senior secured 42023-12-310001476765Chase Intermediate, One stop 12023-12-310001476765Chase Intermediate, One stop 22023-12-310001476765Chase Intermediate, One stop 32023-12-310001476765Fortis Solutions Group LLC, One stop 12023-12-310001476765Fortis Solutions Group LLC, One stop 22023-12-310001476765Fortis Solutions Group LLC, One stop 32023-12-310001476765Fortis Solutions Group LLC, One stop 42023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2023-12-310001476765Apex Service Partners, LLC, One stop 12023-12-310001476765Apex Service Partners, LLC, One stop 22023-12-310001476765Apex Service Partners, LLC, One stop 32023-12-310001476765Certus Pest, Inc., One stop 12023-12-310001476765Certus Pest, Inc., One stop 22023-12-310001476765Certus Pest, Inc., One stop 32023-12-310001476765Certus Pest, Inc., One stop 42023-12-310001476765Certus Pest, Inc., One stop 52023-12-310001476765Certus Pest, Inc., One stop 62023-12-310001476765Certus Pest, Inc., One stop 72023-12-310001476765Certus Pest, Inc., One stop 82023-12-310001476765Certus Pest, Inc., One stop 92023-12-310001476765Certus Pest, Inc., One stop 102023-12-310001476765Certus Pest, Inc., One stop 112023-12-310001476765Certus Pest, Inc., One stop 122023-12-310001476765CHHJ Midco, LLC, Senior secured 12023-12-310001476765CHHJ Midco, LLC, Senior secured 22023-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 12023-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 22023-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 32023-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 42023-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 52023-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 62023-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 72023-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 82023-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 92023-12-310001476765COP Hometown Acquisitions, Inc., Senior secured 102023-12-310001476765DP Flores Holdings, LLC., One stop 12023-12-310001476765DP Flores Holdings, LLC., One stop 22023-12-310001476765DP Flores Holdings, LLC., One stop 32023-12-310001476765DP Flores Holdings, LLC., One stop 42023-12-310001476765EMS LINQ, LLC, One stop 12023-12-310001476765EMS LINQ, LLC, One stop 22023-12-310001476765Entomo Brands Acquisitions, Inc., Senior secured 12023-12-310001476765Entomo Brands Acquisitions, Inc., Senior secured 22023-12-310001476765Entomo Brands Acquisitions, Inc., Senior secured 32023-12-310001476765EWC Growth Partners LLC, One stop 12023-12-310001476765EWC Growth Partners LLC, One stop 22023-12-310001476765EWC Growth Partners LLC, One stop 32023-12-310001476765EWC Growth Partners LLC, One stop 42023-12-310001476765Excelligence Learning Corporation, One stop2023-12-310001476765FPG Intermediate Holdco, LLC, One stop 12023-12-310001476765FPG Intermediate Holdco, LLC, One stop 22023-12-310001476765FPG Intermediate Holdco, LLC, One stop 32023-12-310001476765FPG Intermediate Holdco, LLC, One stop 42023-12-310001476765FSS Buyer LLC, One stop 12023-12-310001476765FSS Buyer LLC, One stop 22023-12-310001476765HS Spa Holdings, Inc., One stop 12023-12-310001476765HS Spa Holdings, Inc., One stop 22023-12-310001476765Learn-it Systems, LLC, Senior secured 12023-12-310001476765Learn-it Systems, LLC, Senior secured 22023-12-310001476765Learn-it Systems, LLC, Senior secured 32023-12-310001476765Learn-it Systems, LLC, Senior secured 42023-12-310001476765Liminex, Inc., One stop 12023-12-310001476765Liminex, Inc., One stop 22023-12-310001476765Liminex, Inc., One stop 32023-12-310001476765Liminex, Inc., One stop 42023-12-310001476765Liminex, Inc., One stop 52023-12-310001476765Litera Bidco LLC, One stop 12023-12-310001476765Litera Bidco LLC, One stop 22023-12-310001476765Litera Bidco LLC, One stop 32023-12-310001476765Litera Bidco LLC, One stop 42023-12-310001476765Litera Bidco LLC, One stop 52023-12-310001476765Litera Bidco LLC, One stop 62023-12-310001476765Mario Purchaser, LLC, One stop 12023-12-310001476765Mario Purchaser, LLC, One stop 22023-12-310001476765Mario Purchaser, LLC, One stop 32023-12-310001476765Mario Purchaser, LLC, One stop 42023-12-310001476765Mathnasium, LLC, One stop 12023-12-310001476765Mathnasium, LLC, One stop 22023-12-310001476765NSG Buyer, Inc, One stop 12023-12-310001476765NSG Buyer, Inc, One stop 22023-12-310001476765NSG Buyer, Inc, One stop 32023-12-310001476765PADI Holdco, Inc., One stop 12023-12-310001476765PADI Holdco, Inc., One stop 22023-12-310001476765PADI Holdco, Inc., One stop 32023-12-310001476765PADI Holdco, Inc., One stop 42023-12-310001476765PADI Holdco, Inc., One stop 52023-12-310001476765Provenance Buyer LLC, One stop 12023-12-310001476765Provenance Buyer LLC, One stop 22023-12-310001476765Provenance Buyer LLC, One stop 32023-12-310001476765RW AM Holdco LLC, One stop 12023-12-310001476765RW AM Holdco LLC, One stop 22023-12-310001476765Virginia Green Acquisition, LLC, One stop 12023-12-310001476765Virginia Green Acquisition, LLC, One stop 22023-12-310001476765Virginia Green Acquisition, LLC, One stop 32023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:DiversifiedConsumerServicesSectorMember2023-12-310001476765Avalara, Inc., One stop 12023-12-310001476765Avalara, Inc., One stop 22023-12-310001476765Banker's Toolbox, Inc., One stop 12023-12-310001476765Banker's Toolbox, Inc., One stop 22023-12-310001476765Banker's Toolbox, Inc., One stop 32023-12-310001476765Finastra USA, Inc., One stop 12023-12-310001476765Finastra USA, Inc., One stop 22023-12-310001476765Flash Topco, Inc., One stop 12023-12-310001476765Flash Topco, Inc., One stop 22023-12-310001476765Flash Topco, Inc., One stop 32023-12-310001476765Higginbotham Insurance Agency, Inc., One stop 12023-12-310001476765Higginbotham Insurance Agency, Inc., One stop 22023-12-310001476765Higginbotham Insurance Agency, Inc., One stop 32023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:DiversifiedFinancialServicesSectorMember2023-12-310001476765NTI Connect, LLC, Senior secured2023-12-310001476765Power Grid Holdings, Inc., One stop 12023-12-310001476765Power Grid Holdings, Inc., One stop 22023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ElectricalEquipmentSectorMember2023-12-310001476765CST Holding Company, One stop 12023-12-310001476765CST Holding Company, One stop 22023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Cafe Rio Holding, Inc., One stop 12023-12-310001476765Cafe Rio Holding, Inc., One stop 22023-12-310001476765Cafe Rio Holding, Inc., One stop 32023-12-310001476765Cafe Rio Holding, Inc., One stop 42023-12-310001476765Cafe Rio Holding, Inc., One stop 52023-12-310001476765Cafe Rio Holding, Inc., One stop 62023-12-310001476765Cafe Rio Holding, Inc., One stop 72023-12-310001476765Cafe Rio Holding, Inc., One stop 82023-12-310001476765Cafe Rio Holding, Inc., One stop 92023-12-310001476765Cafe Rio Holding, Inc., One stop 102023-12-310001476765Mendocino Farms, LLC, One stop 12023-12-310001476765Mendocino Farms, LLC, One stop 22023-12-310001476765Mendocino Farms, LLC, One stop 32023-12-310001476765Mendocino Farms, LLC, One stop 42023-12-310001476765Mendocino Farms, LLC, One stop 52023-12-310001476765Mendocino Farms, LLC, One stop 62023-12-310001476765Mendocino Farms, LLC, One stop 72023-12-310001476765Mendocino Farms, LLC, One stop 82023-12-310001476765Mendocino Farms, LLC, One stop 92023-12-310001476765Mendocino Farms, LLC, One stop 102023-12-310001476765Mendocino Farms, LLC, One stop 112023-12-310001476765Ruby Slipper Cafe LLC, The, One stop 12023-12-310001476765Ruby Slipper Cafe LLC, The, One stop 22023-12-310001476765Ruby Slipper Cafe LLC, The, One stop 32023-12-310001476765Ruby Slipper Cafe LLC, The, One stop 42023-12-310001476765Ruby Slipper Cafe LLC, The, One stop 52023-12-310001476765Wineshipping.com LLC, One stop 12023-12-310001476765Wineshipping.com LLC, One stop 22023-12-310001476765Wineshipping.com LLC, One stop 32023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:FoodAndStaplesRetailingSectorMember2023-12-310001476765Blast Bidco Inc., One stop 12023-12-310001476765Blast Bidco Inc., One stop 22023-12-310001476765Borrower R365 Holdings, LLC, One stop 12023-12-310001476765Borrower R365 Holdings, LLC, One stop 22023-12-310001476765Borrower R365 Holdings, LLC, One stop 32023-12-310001476765Borrower R365 Holdings, LLC, One stop 42023-12-310001476765Borrower R365 Holdings, LLC, One stop 52023-12-310001476765Flavor Producers, LLC, Senior secured 12023-12-310001476765Flavor Producers, LLC, Senior secured 22023-12-310001476765Kodiak Cakes, LLC, Senior secured 12023-12-310001476765Kodiak Cakes, LLC, Senior secured 22023-12-310001476765Louisiana Fish Fry Products, Ltd., One stop 12023-12-310001476765Louisiana Fish Fry Products, Ltd., One stop 22023-12-310001476765MAPF Holdings, Inc., One stop 12023-12-310001476765MAPF Holdings, Inc., One stop 22023-12-310001476765MAPF Holdings, Inc., One stop 32023-12-310001476765P&P Food Safety Holdings, Inc., One stop 12023-12-310001476765P&P Food Safety Holdings, Inc., One stop 22023-12-310001476765P&P Food Safety Holdings, Inc., One stop 32023-12-310001476765Purfoods, LLC, One stop2023-12-310001476765Ultimate Baked Goods Midco LLC, One stop 12023-12-310001476765Ultimate Baked Goods Midco LLC, One stop 22023-12-310001476765Whitebridge Pet Brands, LLC, One stop 12023-12-310001476765Whitebridge Pet Brands, LLC, One stop 22023-12-310001476765Wizard Bidco Limited, One stop 12023-12-310001476765Wizard Bidco Limited, One stop 22023-12-310001476765Wizard Bidco Limited, One stop 32023-12-310001476765Wizard Bidco Limited, One stop 42023-12-310001476765Wizard Bidco Limited, One stop 52023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:FoodProductsSectorMember2023-12-310001476765Aspen Medical Products, LLC, One stop 12023-12-310001476765Aspen Medical Products, LLC, One stop 22023-12-310001476765Aspen Medical Products, LLC, One stop 32023-12-310001476765Baduhenna Bidco Limited, One stop 12023-12-310001476765Baduhenna Bidco Limited, One stop 22023-12-310001476765Baduhenna Bidco Limited, One stop 32023-12-310001476765Baduhenna Bidco Limited, One stop 42023-12-310001476765Baduhenna Bidco Limited, One stop 52023-12-310001476765Belmont Instrument, LLC, One stop 12023-12-310001476765Belmont Instrument, LLC, One stop 22023-12-310001476765Blades Buyer, Inc., Senior secured 12023-12-310001476765Blades Buyer, Inc., Senior secured 22023-12-310001476765Blades Buyer, Inc., Senior secured 32023-12-310001476765Blades Buyer, Inc., Senior secured 42023-12-310001476765Blue River Pet Care, LLC, One stop 12023-12-310001476765Blue River Pet Care, LLC, One stop 22023-12-310001476765Blue River Pet Care, LLC, One stop 32023-12-310001476765Blue River Pet Care, LLC, One stop 42023-12-310001476765Blue River Pet Care, LLC, One stop 52023-12-310001476765Blue River Pet Care, LLC, One stop 62023-12-310001476765Blue River Pet Care, LLC, One stop 72023-12-310001476765Blue River Pet Care, LLC, One stop 82023-12-310001476765CCSL Holdings, LLC, One stop 12023-12-310001476765CCSL Holdings, LLC, One stop 22023-12-310001476765CCSL Holdings, LLC, One stop 32023-12-310001476765CCSL Holdings, LLC, One stop 42023-12-310001476765CCSL Holdings, LLC, One stop 52023-12-310001476765CCSL Holdings, LLC, One stop 62023-12-310001476765CMI Parent Inc., Senior secured 12023-12-310001476765CMI Parent Inc., Senior secured 22023-12-310001476765CMI Parent Inc., Senior secured 32023-12-310001476765CMI Parent Inc., Senior secured 42023-12-310001476765G & H Wire Company, Inc., One stop 12023-12-310001476765G & H Wire Company, Inc., One stop 22023-12-310001476765Joerns Healthcare, LLC, One stop 12023-12-310001476765Joerns Healthcare, LLC, One stop 22023-12-310001476765TIDI Legacy Products, Inc., One stop 12023-12-310001476765TIDI Legacy Products, Inc., One stop 22023-12-310001476765TIDI Legacy Products, Inc., One stop 32023-12-310001476765YI, LLC, One stop 12023-12-310001476765YI, LLC, One stop 22023-12-310001476765YI, LLC, One stop 32023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareEquipmentAndSuppliesSectorMember2023-12-310001476765AAH TOPCO, LLC, One stop 12023-12-310001476765AAH TOPCO, LLC, Subordinated debt2023-12-310001476765AAH TOPCO, LLC, One stop 22023-12-310001476765AAH TOPCO, LLC, One stop 32023-12-310001476765AAH TOPCO, LLC, One stop 42023-12-310001476765Active Day, Inc., One stop 12023-12-310001476765Active Day, Inc., One stop 22023-12-310001476765Active Day, Inc., One stop 32023-12-310001476765Active Day, Inc., One stop 42023-12-310001476765Active Day, Inc., One stop 52023-12-310001476765Active Day, Inc., One stop 62023-12-310001476765Active Day, Inc., One stop 72023-12-310001476765Active Day, Inc., One stop 82023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 12023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 22023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 32023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 42023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 52023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 62023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 72023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 82023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 92023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 102023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 112023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 122023-12-310001476765Acuity Eyecare Holdings, LLC, Senior secured2023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 132023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 142023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 152023-12-310001476765Acuity Eyecare Holdings, LLC, One stop 162023-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 12023-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 22023-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 12023-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 22023-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 32023-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 32023-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 42023-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 52023-12-310001476765Bamboo US Bidco LLC, One stop 12023-12-310001476765Bamboo US Bidco LLC, One stop 22023-12-310001476765Bamboo US Bidco LLC, One stop 32023-12-310001476765Bamboo US Bidco LLC, One stop 42023-12-310001476765Community Care Partners, LLC, One stop 12023-12-310001476765Community Care Partners, LLC, One stop 22023-12-310001476765CRH Healthcare Purchaser, Inc., Senior secured 12023-12-310001476765CRH Healthcare Purchaser, Inc., Senior secured 22023-12-310001476765CRH Healthcare Purchaser, Inc., Senior secured 32023-12-310001476765CRH Healthcare Purchaser, Inc., Senior secured 42023-12-310001476765CRH Healthcare Purchaser, Inc., Senior secured 52023-12-310001476765Datix Bidco Limited, Senior secured2023-12-310001476765Datix Bidco Limited, Second lien2023-12-310001476765Emerge Intermediate, Inc., One stop 12023-12-310001476765Emerge Intermediate, Inc., One stop 22023-12-310001476765Emerge Intermediate, Inc., One stop 32023-12-310001476765Encorevet Group LLC, One stop 12023-12-310001476765Encorevet Group LLC, One stop 22023-12-310001476765Encorevet Group LLC, One stop 32023-12-310001476765Encorevet Group LLC, One stop 42023-12-310001476765Encorevet Group LLC, One stop 52023-12-310001476765Encorevet Group LLC, One stop 62023-12-310001476765Encorevet Group LLC, One stop 72023-12-310001476765Encorevet Group LLC, One stop 82023-12-310001476765Encorevet Group LLC, One stop 92023-12-310001476765Encorevet Group LLC, One stop 102023-12-310001476765Encorevet Group LLC, One stop 112023-12-310001476765Encorevet Group LLC, One stop 122023-12-310001476765Encorevet Group LLC, One stop 132023-12-310001476765Encorevet Group LLC, One stop 142023-12-310001476765Encorevet Group LLC, One stop 152023-12-310001476765Encorevet Group LLC, One stop 162023-12-310001476765ERC Topco Holdings, LLC, One stop 12023-12-310001476765ERC Topco Holdings, LLC, One stop 22023-12-310001476765ERC Topco Holdings, LLC, One stop 32023-12-310001476765ERC Topco Holdings, LLC, One stop 42023-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 12023-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 22023-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 32023-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 42023-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 52023-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 62023-12-310001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 72023-12-310001476765Heartland Veterinary Partners LLC, Senior secured 12023-12-310001476765Heartland Veterinary Partners LLC, Senior secured 22023-12-310001476765Heartland Veterinary Partners LLC, Senior secured 32023-12-310001476765Klick Inc., Senior secured 12023-12-310001476765Klick Inc., Senior secured 22023-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 12023-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 22023-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 32023-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 42023-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 52023-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 62023-12-310001476765Krueger-Gilbert Health Physics, LLC, Senior secured 72023-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 12023-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 22023-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 32023-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 42023-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 52023-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 62023-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 72023-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 82023-12-310001476765Oliver Street Dermatology Holdings, LLC, One stop 12023-12-310001476765Oliver Street Dermatology Holdings, LLC, One stop 22023-12-310001476765Oliver Street Dermatology Holdings, LLC, One stop 32023-12-310001476765Pinnacle Treatment Centers, Inc., One stop 12023-12-310001476765Pinnacle Treatment Centers, Inc., One stop 22023-12-310001476765Pinnacle Treatment Centers, Inc., One stop 32023-12-310001476765Pinnacle Treatment Centers, Inc., One stop 42023-12-310001476765Pinnacle Treatment Centers, Inc., One stop 52023-12-310001476765Pinnacle Treatment Centers, Inc., One stop 62023-12-310001476765Pinnacle Treatment Centers, Inc., One stop 72023-12-310001476765Pinnacle Treatment Centers, Inc., One stop 82023-12-310001476765Pinnacle Treatment Centers, Inc., One stop 92023-12-310001476765Pinnacle Treatment Centers, Inc., One stop 102023-12-310001476765Suveto Buyer, LLC, One stop 12023-12-310001476765Suveto Buyer, LLC, One stop 22023-12-310001476765gbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Alegeus Technologies Holdings Corp., Senior secured2023-12-310001476765Coding Solutions Acquisition, Inc., One stop 12023-12-310001476765Coding Solutions Acquisition, Inc., One stop 22023-12-310001476765Coding Solutions Acquisition, Inc., One stop 32023-12-310001476765Coding Solutions Acquisition, Inc., One stop 42023-12-310001476765Coding Solutions Acquisition, Inc., One stop 52023-12-310001476765Color Intermediate, LLC., One stop 2023-12-310001476765Connexin Software, Inc., One stop 12023-12-310001476765Connexin Software, Inc., One stop 22023-12-310001476765Crow River Buyer, Inc., One stop 12023-12-310001476765Crow River Buyer, Inc., One stop 22023-12-310001476765ESO Solution, Inc., One stop 12023-12-310001476765ESO Solution, Inc., One stop 22023-12-310001476765HSI Halo Acquisition, Inc., One stop 12023-12-310001476765HSI Halo Acquisition, Inc., One stop 22023-12-310001476765HSI Halo Acquisition, Inc., One stop 32023-12-310001476765HSI Halo Acquisition, Inc., One stop 42023-12-310001476765HSI Halo Acquisition, Inc., One stop 52023-12-310001476765HSI Halo Acquisition, Inc., One stop 62023-12-310001476765HSI Halo Acquisition, Inc., One stop 72023-12-310001476765Neptune Holdings, Inc., One stop 12023-12-310001476765Neptune Holdings, Inc., One stop 22023-12-310001476765Plasma Buyer LLC, One stop 12023-12-310001476765Plasma Buyer LLC, One stop 22023-12-310001476765Plasma Buyer LLC, One stop 32023-12-310001476765QF Holdings, Inc., One stop2023-12-310001476765Qgenda Intermediate Holdings, LLC, One stop 12023-12-310001476765Qgenda Intermediate Holdings, LLC, One stop 22023-12-310001476765Qgenda Intermediate Holdings, LLC, One stop 32023-12-310001476765Qgenda Intermediate Holdings, LLC, One stop 42023-12-310001476765Qgenda Intermediate Holdings, LLC, One stop 52023-12-310001476765Tebra Technologies, Inc., One stop 12023-12-310001476765Tebra Technologies, Inc., One stop 22023-12-310001476765Tebra Technologies, Inc., One stop 32023-12-310001476765Tebra Technologies, Inc., One stop 42023-12-310001476765Tebra Technologies, Inc., One stop 52023-12-310001476765Tebra Technologies, Inc., One stop 62023-12-310001476765Tebra Technologies, Inc., One stop 72023-12-310001476765Tebra Technologies, Inc., One stop 82023-12-310001476765Tebra Technologies, Inc., One stop 92023-12-310001476765Tebra Technologies, Inc., One stop 102023-12-310001476765Transaction Data Systems, Inc., One stop 12023-12-310001476765Transaction Data Systems, Inc., One stop 22023-12-310001476765Veranex, Inc., Senior secured 12023-12-310001476765Veranex, Inc., Senior secured 22023-12-310001476765Veranex, Inc., Senior secured 32023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:HealthCareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Barteca Restaurants, LLC, One stop 12023-12-310001476765Barteca Restaurants, LLC, One stop 22023-12-310001476765Barteca Restaurants, LLC, One stop 32023-12-310001476765BJH Holdings III Corp., One stop 12023-12-310001476765BJH Holdings III Corp., One stop 22023-12-310001476765Davidson Hotel Company, LLC, One stop 12023-12-310001476765Davidson Hotel Company, LLC, One stop 22023-12-310001476765Davidson Hotel Company, LLC, One stop 32023-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 12023-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 22023-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 32023-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 42023-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 52023-12-310001476765EOS Fitness Opco Holdings, LLC, One stop 62023-12-310001476765ESN Venture Holdings, LLC, One stop 12023-12-310001476765ESN Venture Holdings, LLC, One stop 22023-12-310001476765ESN Venture Holdings, LLC, One stop 32023-12-310001476765ESN Venture Holdings, LLC, One stop 42023-12-310001476765GFP Atlantic Holdco 2, LLC, One stop 12023-12-310001476765GFP Atlantic Holdco 2, LLC, One stop 22023-12-310001476765Harri US LLC, One stop 12023-12-310001476765Harri US LLC, One stop 22023-12-310001476765Harri US LLC, One stop 32023-12-310001476765Harri US LLC, One stop 42023-12-310001476765Health Buyer, LLC, Senior secured 12023-12-310001476765Health Buyer, LLC, Senior secured 22023-12-310001476765Health Buyer, LLC, Senior secured 32023-12-310001476765Health Buyer, LLC, Senior secured 42023-12-310001476765SSRG Holdings, LLC, One stop 12023-12-310001476765SSRG Holdings, LLC, One stop 22023-12-310001476765SSRG Holdings, LLC, One stop 32023-12-310001476765Tropical Smoothie Cafe Holdings, LLC, One stop 12023-12-310001476765Tropical Smoothie Cafe Holdings, LLC, One stop 22023-12-310001476765Tropical Smoothie Cafe Holdings, LLC, One stop 32023-12-310001476765Tropical Smoothie Cafe Holdings, LLC, One stop 42023-12-310001476765Tropical Smoothie Cafe Holdings, LLC, One stop 52023-12-310001476765YE Brands Holding, LLC, One stop 12023-12-310001476765YE Brands Holding, LLC, One stop 22023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Groundworks LLC, One stop 12023-12-310001476765Groundworks LLC, One stop 22023-12-310001476765Groundworks LLC, One stop 32023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HouseholdDurablesSectorMember2023-12-310001476765WU Holdco, Inc., One stop 12023-12-310001476765WU Holdco, Inc., One stop 22023-12-310001476765WU Holdco, Inc., One stop 32023-12-310001476765WU Holdco, Inc., One stop 42023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HouseholdProductsSectorMember2023-12-310001476765Arch Global CCT Holdings Corp., Senior secured 12023-12-310001476765Arch Global CCT Holdings Corp., Senior secured 22023-12-310001476765Arch Global CCT Holdings Corp., Senior secured 32023-12-310001476765Arch Global CCT Holdings Corp., Senior secured 42023-12-310001476765Dwyer Instruments, Inc, One stop 12023-12-310001476765Dwyer Instruments, Inc, One stop 22023-12-310001476765Dwyer Instruments, Inc, One stop 32023-12-310001476765Dwyer Instruments, Inc, One stop 42023-12-310001476765Dwyer Instruments, Inc, One stop 52023-12-310001476765Essential Services Holdings Corporation, One stop 12023-12-310001476765Essential Services Holdings Corporation, One stop 22023-12-310001476765Excelitas Technologies Corp, One stop 12023-12-310001476765Excelitas Technologies Corp, One stop 22023-12-310001476765Excelitas Technologies Corp, One stop 32023-12-310001476765Excelitas Technologies Corp, One stop 42023-12-310001476765Specialty Measurement Bidco Limited, One stop 12023-12-310001476765Specialty Measurement Bidco Limited, One stop 22023-12-310001476765Specialty Measurement Bidco Limited, One stop 32023-12-310001476765Specialty Measurement Bidco Limited, One stop 42023-12-310001476765Specialty Measurement Bidco Limited, One stop 52023-12-310001476765Specialty Measurement Bidco Limited, One stop 62023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:IndustrialConglomeratesSectorMember2023-12-310001476765Accession Risk Management Group, Inc., One stop 12023-12-310001476765Accession Risk Management Group, Inc., One stop 22023-12-310001476765Accession Risk Management Group, Inc., One stop 32023-12-310001476765Accession Risk Management Group, Inc., One stop 42023-12-310001476765Accession Risk Management Group, Inc., One stop 52023-12-310001476765Accession Risk Management Group, Inc., One stop 62023-12-310001476765Accession Risk Management Group, Inc., One stop 72023-12-310001476765Alera Group, Inc., One stop 12023-12-310001476765Alera Group, Inc., One stop 22023-12-310001476765Alera Group, Inc., One stop 32023-12-310001476765Alera Group, Inc., One stop 42023-12-310001476765AMBA Buyer, Inc., One stop 12023-12-310001476765AMBA Buyer, Inc., One stop 22023-12-310001476765AMBA Buyer, Inc., One stop 32023-12-310001476765AMBA Buyer, Inc., One stop 42023-12-310001476765AMBA Buyer, Inc., One stop 52023-12-310001476765Captive Resources Midco, LLC, One stop 12023-12-310001476765Captive Resources Midco, LLC, One stop 22023-12-310001476765Disco Parent, Inc., One stop 12023-12-310001476765Disco Parent, Inc., One stop 22023-12-310001476765Doxa Insurance Holdings LLC, One stop 12023-12-310001476765Doxa Insurance Holdings LLC, One stop 22023-12-310001476765Doxa Insurance Holdings LLC, One stop 32023-12-310001476765Illumifin Corporation, One stop2023-12-310001476765Integrated Specialty Coverages, LLC, One stop 12023-12-310001476765Integrated Specialty Coverages, LLC, One stop 22023-12-310001476765Integrated Specialty Coverages, LLC, One stop 32023-12-310001476765Integrity Marketing Acquisition, LLC, Senior secured 12023-12-310001476765Integrity Marketing Acquisition, LLC, One stop 12023-12-310001476765Integrity Marketing Acquisition, LLC, One stop 22023-12-310001476765Integrity Marketing Acquisition, LLC, Senior secured 22023-12-310001476765Integrity Marketing Acquisition, LLC, Senior secured 32023-12-310001476765Integrity Marketing Acquisition, LLC, One stop 32023-12-310001476765Integrity Marketing Acquisition, LLC, Senior secured 42023-12-310001476765Integrity Marketing Acquisition, LLC, Senior secured 52023-12-310001476765Integrity Marketing Acquisition, LLC, One stop 42023-12-310001476765Integrity Marketing Acquisition, LLC, One stop 52023-12-310001476765J.S. Held Holdings, LLC, One stop 12023-12-310001476765J.S. Held Holdings, LLC, One stop 22023-12-310001476765J.S. Held Holdings, LLC, One stop 32023-12-310001476765J.S. Held Holdings, LLC, One stop 42023-12-310001476765J.S. Held Holdings, LLC, One stop 52023-12-310001476765J.S. Held Holdings, LLC, One stop 62023-12-310001476765Keystone Agency Partners LLC, Senior secured 12023-12-310001476765Keystone Agency Partners LLC, Senior secured 22023-12-310001476765Keystone Agency Partners LLC, Senior secured 32023-12-310001476765Keystone Agency Partners LLC, Senior secured 42023-12-310001476765Keystone Agency Partners LLC, Senior secured 52023-12-310001476765Majesco, One stop 12023-12-310001476765Majesco, One stop 22023-12-310001476765Norvax, LLC, Senior secured 12023-12-310001476765Norvax, LLC, Senior secured 22023-12-310001476765Oakbridge Insurance Agency LLC, One stop 12023-12-310001476765Oakbridge Insurance Agency LLC, One stop 22023-12-310001476765Oakbridge Insurance Agency LLC, One stop 32023-12-310001476765Paisley Bidco Limited, One stop 12023-12-310001476765Paisley Bidco Limited, One stop 22023-12-310001476765Paisley Bidco Limited, One stop 32023-12-310001476765Pareto Health Intermediate Holdings, Inc., One stop 12023-12-310001476765Pareto Health Intermediate Holdings, Inc., One stop 22023-12-310001476765Pareto Health Intermediate Holdings, Inc., One stop 32023-12-310001476765Patriot Growth Insurance Services, LLC, One stop 12023-12-310001476765Patriot Growth Insurance Services, LLC, One stop 22023-12-310001476765Patriot Growth Insurance Services, LLC, One stop 32023-12-310001476765Patriot Growth Insurance Services, LLC, One stop 42023-12-310001476765People Corporation, One stop 12023-12-310001476765People Corporation, One stop 22023-12-310001476765People Corporation, One stop 32023-12-310001476765People Corporation, One stop 42023-12-310001476765People Corporation, One stop 52023-12-310001476765Sunstar Insurance Group, LLC, Senior secured 12023-12-310001476765Sunstar Insurance Group, LLC, Senior secured 22023-12-310001476765Sunstar Insurance Group, LLC, Senior secured 32023-12-310001476765Sunstar Insurance Group, LLC, Senior secured 42023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Revalize, Inc., One stop 12023-12-310001476765Revalize, Inc., One stop 22023-12-310001476765Revalize, Inc., One stop 32023-12-310001476765Revalize, Inc., One stop 42023-12-310001476765Revalize, Inc., One stop 52023-12-310001476765Revalize, Inc., One stop 62023-12-310001476765Revalize, Inc., One stop 72023-12-310001476765Revalize, Inc., One stop 82023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:InternetCatalogRetailSectorMember2023-12-310001476765Acquia, Inc., One stop 12023-12-310001476765Acquia, Inc., One stop 22023-12-310001476765Acquia, Inc., One stop 32023-12-310001476765CivicPlus, LLC, One stop 12023-12-310001476765CivicPlus, LLC, One stop 22023-12-310001476765CivicPlus, LLC, One stop 32023-12-310001476765CivicPlus, LLC, One stop 42023-12-310001476765CivicPlus, LLC, One stop 52023-12-310001476765Critical Start, Inc., One stop 12023-12-310001476765Critical Start, Inc., One stop 22023-12-310001476765Critical Start, Inc., One stop 32023-12-310001476765Delinea Inc., One stop 12023-12-310001476765Delinea Inc., One stop 22023-12-310001476765Delinea Inc., One stop 32023-12-310001476765Goldcup 31018 AB, One stop 12023-12-310001476765Goldcup 31018 AB, One stop 22023-12-310001476765Goldcup 31018 AB, One stop 32023-12-310001476765Netwrix Corporation, One stop 12023-12-310001476765Netwrix Corporation, One stop 22023-12-310001476765Netwrix Corporation, One stop 32023-12-310001476765Netwrix Corporation, One stop 42023-12-310001476765Optimizely North America, Inc., One stop 12023-12-310001476765Optimizely North America, Inc., One stop 22023-12-310001476765Optimizely North America, Inc., One stop 32023-12-310001476765Optimizely North America, Inc., One stop 42023-12-310001476765Optimizely North America, Inc., One stop 52023-12-310001476765PCS Intermediate II Holdings, LLC, One stop 12023-12-310001476765PCS Intermediate II Holdings, LLC, One stop 22023-12-310001476765PCS Intermediate II Holdings, LLC, One stop 32023-12-310001476765PDQ Intermediate, Inc., Subordinated debt2023-12-310001476765Recordxtechnologies, LLC, One stop 12023-12-310001476765Recordxtechnologies, LLC, One stop 22023-12-310001476765Recordxtechnologies, LLC, One stop 32023-12-310001476765Recordxtechnologies, LLC, One stop 42023-12-310001476765Red Dawn SEI Buyer, Inc., Senior secured 12023-12-310001476765Red Dawn SEI Buyer, Inc., Senior secured 22023-12-310001476765Red Dawn SEI Buyer, Inc., Senior secured 32023-12-310001476765Red Dawn SEI Buyer, Inc., Senior secured 42023-12-310001476765Red Dawn SEI Buyer, Inc., Senior secured 52023-12-310001476765Red Dawn SEI Buyer, Inc., Senior secured 62023-12-310001476765Red Dawn SEI Buyer, Inc., Senior secured 72023-12-310001476765ReliaQuest Holdings, LLC, One stop 12023-12-310001476765ReliaQuest Holdings, LLC, One stop 22023-12-310001476765ReliaQuest Holdings, LLC, One stop 32023-12-310001476765Saturn Borrower Inc., One stop 12023-12-310001476765Saturn Borrower Inc., One stop 22023-12-310001476765Transform Bidco Limited, One stop 12023-12-310001476765Transform Bidco Limited, One stop 22023-12-310001476765WPEngine, Inc., One stop 12023-12-310001476765WPEngine, Inc., One stop 22023-12-310001476765Zarya Holdco, Inc., One stop 12023-12-310001476765Zarya Holdco, Inc., One stop 22023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ITServicesSectorMember2023-12-310001476765WBZ Investment LLC, One stop 12023-12-310001476765WBZ Investment LLC, One stop 22023-12-310001476765WBZ Investment LLC, One stop 32023-12-310001476765WBZ Investment LLC, One stop 42023-12-310001476765WBZ Investment LLC, One stop 52023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Celerion Buyer, Inc, One stop 12023-12-310001476765Celerion Buyer, Inc, One stop 22023-12-310001476765Celerion Buyer, Inc, One stop 32023-12-310001476765PAS Parent Inc., One stop 12023-12-310001476765PAS Parent Inc., One stop 22023-12-310001476765PAS Parent Inc., One stop 32023-12-310001476765PAS Parent Inc., One stop 42023-12-310001476765Reaction Biology Corporation, One stop 12023-12-310001476765Reaction Biology Corporation, One stop 22023-12-310001476765Reaction Biology Corporation, One stop 32023-12-310001476765Reaction Biology Corporation, One stop 42023-12-310001476765Reaction Biology Corporation, One stop 52023-12-310001476765Unchained Labs, LLC, Senior secured 12023-12-310001476765Unchained Labs, LLC, Senior secured 22023-12-310001476765Unchained Labs, LLC, Senior secured 32023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Blackbird Purchaser, Inc., One stop 12023-12-310001476765Blackbird Purchaser, Inc., One stop 22023-12-310001476765Blackbird Purchaser, Inc., One stop 32023-12-310001476765Chase Industries, Inc., Senior secured 12023-12-310001476765Chase Industries, Inc., Senior secured 22023-12-310001476765Chase Industries, Inc., Senior secured 32023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:MachinerySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Project Nike Purchaser, LLC, One stop 12023-12-310001476765Project Nike Purchaser, LLC, One stop 22023-12-310001476765Project Nike Purchaser, LLC, One stop 32023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:MarineSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Triple Lift, Inc., One stop 12023-12-310001476765Triple Lift, Inc., One stop 22023-12-310001476765Triple Lift, Inc., One stop 32023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:MediaSectorMember2023-12-310001476765Mills Fleet Farm Group LLC, One stop2023-12-3100014767653ES Innovation, Inc., One stop 12023-12-3100014767653ES Innovation, Inc., One stop 22023-12-310001476765Envernus, Inc., One stop 12023-12-310001476765Envernus, Inc., One stop 22023-12-310001476765Envernus, Inc., One stop 32023-12-310001476765Project Power Buyer, LLC, One stop 12023-12-310001476765Project Power Buyer, LLC, One stop 22023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:OilGasAndConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Messenger, LLC, One stop 12023-12-310001476765Messenger, LLC, One stop 22023-12-310001476765Messenger, LLC, One stop 32023-12-310001476765Messenger, LLC, One stop 42023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765IMPLUS Footcare, LLC, One stop 12023-12-310001476765IMPLUS Footcare, LLC, One stop 22023-12-310001476765IMPLUS Footcare, LLC, One stop 32023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:PersonalProductsSectorMember2023-12-310001476765ACP Ulysses Buyer, Inc., One stop 12023-12-310001476765ACP Ulysses Buyer, Inc., One stop 22023-12-310001476765Amalthea Parent, Inc., One stop 12023-12-310001476765Amalthea Parent, Inc., One stop 22023-12-310001476765Apothecary Products, LLC, Senior secured 12023-12-310001476765Apothecary Products, LLC, Senior secured 22023-12-310001476765Caerus Midco 3 S.A.R.L., One stop 12023-12-310001476765Caerus Midco 3 S.A.R.L., One stop 22023-12-310001476765Caerus Midco 3 S.A.R.L., One stop 32023-12-310001476765Caerus Midco 3 S.A.R.L., One stop 42023-12-310001476765Caerus Midco 3 S.A.R.L., One stop 52023-12-310001476765Cobalt Buyer Sub, Inc., One stop 12023-12-310001476765Cobalt Buyer Sub, Inc., One stop 22023-12-310001476765Cobalt Buyer Sub, Inc., One stop 32023-12-310001476765Cobalt Buyer Sub, Inc., One stop 42023-12-310001476765Spark Bidco Limited, Senior secured 12023-12-310001476765Spark Bidco Limited, Senior secured 22023-12-310001476765Spark Bidco Limited, Senior secured 32023-12-310001476765Spark Bidco Limited, Senior secured 42023-12-310001476765Spark Bidco Limited, Senior secured 52023-12-310001476765Spark Bidco Limited, Senior secured 62023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765ALKU Intermediate Holdings, LLC, One stop2023-12-310001476765bswift, LLC, One stop2023-12-310001476765Citrin Cooperman Advisors LLC, One stop 12023-12-310001476765Citrin Cooperman Advisors LLC, One stop 22023-12-310001476765Citrin Cooperman Advisors LLC, One stop 32023-12-310001476765Citrin Cooperman Advisors LLC, One stop 42023-12-310001476765Citrin Cooperman Advisors LLC, One stop 52023-12-310001476765DISA Holdings Corp., Senior secured 12023-12-310001476765DISA Holdings Corp., Senior secured 22023-12-310001476765DISA Holdings Corp., One stop2023-12-310001476765DISA Holdings Corp., Subordinated debt2023-12-310001476765DISA Holdings Corp., Senior secured 32023-12-310001476765Eliassen Group, LLC, One stop 12023-12-310001476765Eliassen Group, LLC, One stop 22023-12-310001476765Filevine, Inc., One stop 12023-12-310001476765Filevine, Inc., One stop 22023-12-310001476765IG Investments Holdings, LLC, One stop 12023-12-310001476765IG Investments Holdings, LLC, One stop 22023-12-310001476765IG Investments Holdings, LLC, One stop 32023-12-310001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12023-12-310001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22023-12-310001476765Net Health Acquisition Corp., One stop 12023-12-310001476765Net Health Acquisition Corp., One stop 22023-12-310001476765Net Health Acquisition Corp., One stop 32023-12-310001476765Net Health Acquisition Corp., One stop 42023-12-310001476765Net Health Acquisition Corp., One stop 52023-12-310001476765Net Health Acquisition Corp., One stop 62023-12-310001476765PlanSource Holdings, Inc., One stop 12023-12-310001476765PlanSource Holdings, Inc., One stop 22023-12-310001476765PlanSource Holdings, Inc., One stop 32023-12-310001476765PlanSource Holdings, Inc., One stop 42023-12-310001476765Procure Acquireco, Inc., One stop 12023-12-310001476765Procure Acquireco, Inc., One stop 22023-12-310001476765Procure Acquireco, Inc., One stop 32023-12-310001476765Teaching Company, The, One stop 12023-12-310001476765Teaching Company, The, One stop 22023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ProfessionalServicesSectorMember2023-12-310001476765Inhabit IQ Inc., One stop 12023-12-310001476765Inhabit IQ Inc., One stop 22023-12-310001476765Inhabit IQ Inc., One stop 32023-12-310001476765Inhabit IQ Inc., One stop 42023-12-310001476765Inhabit IQ Inc., One stop 52023-12-310001476765Inhabit IQ Inc., One stop 62023-12-310001476765Inhabit IQ Inc., One stop 72023-12-310001476765Inhabit IQ Inc., One stop 82023-12-310001476765Inhabit IQ Inc., One stop 92023-12-310001476765Inhabit IQ Inc., One stop 102023-12-310001476765Inhabit IQ Inc., One stop 112023-12-310001476765Inhabit IQ Inc., One stop 122023-12-310001476765MRI Software LLC, One stop 12023-12-310001476765MRI Software LLC, One stop 22023-12-310001476765MRI Software LLC, One stop 32023-12-310001476765MRI Software LLC, One stop 42023-12-310001476765RPL Bidco Limited, One stop 12023-12-310001476765RPL Bidco Limited, One stop 22023-12-310001476765RPL Bidco Limited, One stop 32023-12-310001476765RPL Bidco Limited, One stop 42023-12-310001476765RPL Bidco Limited, One stop 52023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:RealEstateManagementDevelopmentSectorMember2023-12-310001476765Channelside Acquisitona Co, Inc., One stop 12023-12-310001476765Channelside Acquisitona Co, Inc., One stop 22023-12-310001476765Channelside Acquisitona Co, Inc., One stop 32023-12-310001476765Channelside Acquisitona Co, Inc., One stop 42023-12-310001476765Channelside Acquisitona Co, Inc., One stop 52023-12-310001476765Internet Truckstop Group LLC, One stop 12023-12-310001476765Internet Truckstop Group LLC, One stop 22023-12-310001476765Internet Truckstop Group LLC, One stop 32023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:RoadRailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Anaplan, Inc., One stop 12023-12-310001476765Anaplan, Inc., One stop 22023-12-310001476765Appfire Technologies, LLC, One stop 12023-12-310001476765Appfire Technologies, LLC, One stop 22023-12-310001476765Appfire Technologies, LLC, One stop 32023-12-310001476765Aras Corporation, One stop 12023-12-310001476765Aras Corporation, One stop 22023-12-310001476765Armstrong Bidco Limited, One stop 12023-12-310001476765Armstrong Bidco Limited, One stop 22023-12-310001476765Arrow Buyer, Inc., One stop 12023-12-310001476765Arrow Buyer, Inc., One stop 22023-12-310001476765Auvik Networks Inc., One stop 12023-12-310001476765Auvik Networks Inc., One stop 22023-12-310001476765Auvik Networks Inc., One stop 32023-12-310001476765Avetta, LLC, One stop 12023-12-310001476765Avetta, LLC, One stop 22023-12-310001476765Axiom Merger Sub Inc., One stop 12023-12-310001476765Axiom Merger Sub Inc., One stop 22023-12-310001476765Axiom Merger Sub Inc., One stop 32023-12-310001476765Axiom Merger Sub Inc., One stop 42023-12-310001476765Axiom Merger Sub Inc., One stop 52023-12-310001476765Bayshore Intermediate 2, L.P., One stop 12023-12-310001476765Bayshore Intermediate 2, L.P., One stop 22023-12-310001476765Bloomerang, LLC, One stop 12023-12-310001476765Bloomerang, LLC, One stop 22023-12-310001476765Bloomerang, LLC, One stop 32023-12-310001476765Bonterra LLC, One stop 12023-12-310001476765Bonterra LLC, One stop 22023-12-310001476765Bonterra LLC, One stop 32023-12-310001476765Bottomline Technologies, Inc., One stop 12023-12-310001476765Bottomline Technologies, Inc., One stop 22023-12-310001476765Bottomline Technologies, Inc., One stop 32023-12-310001476765Bullhorn, Inc., One stop 12023-12-310001476765Bullhorn, Inc., One stop 22023-12-310001476765Bullhorn, Inc., One stop 32023-12-310001476765Bullhorn, Inc., One stop 42023-12-310001476765Bullhorn, Inc., One stop 52023-12-310001476765Bullhorn, Inc., One stop 62023-12-310001476765Bullhorn, Inc., One stop 72023-12-310001476765Burning Glass Intermediate Holdings Company, Inc., One stop 12023-12-310001476765Burning Glass Intermediate Holdings Company, Inc., One stop 22023-12-310001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12023-12-310001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22023-12-310001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32023-12-310001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42023-12-310001476765Calabrio, Inc., One stop 12023-12-310001476765Calabrio, Inc., One stop 22023-12-310001476765Calabrio, Inc., One stop 32023-12-310001476765Camelia Bidco Limited, One stop 12023-12-310001476765Camelia Bidco Limited, One stop 22023-12-310001476765Camelia Bidco Limited, One stop 32023-12-310001476765Community Brands Parentco LLC, One stop 12023-12-310001476765Community Brands Parentco LLC, One stop 22023-12-310001476765Community Brands Parentco LLC, One stop 32023-12-310001476765Coupa Holdings, LLC, One stop 12023-12-310001476765Coupa Holdings, LLC, One stop 22023-12-310001476765Coupa Holdings, LLC, One stop 32023-12-310001476765Crewline Buyer, Inc., One stop 12023-12-310001476765Crewline Buyer, Inc., One stop 22023-12-310001476765Daxko Acquisition Corporation, One stop 12023-12-310001476765Daxko Acquisition Corporation, One stop 22023-12-310001476765Daxko Acquisition Corporation, One stop 32023-12-310001476765Daxko Acquisition Corporation, One stop 42023-12-310001476765Denali Bidco Limited, One stop 12023-12-310001476765Denali Bidco Limited, One stop 22023-12-310001476765Denali Bidco Limited, One stop 32023-12-310001476765Diligent Corporation, One stop 12023-12-310001476765Diligent Corporation, One stop 22023-12-310001476765Diligent Corporation, One stop 32023-12-310001476765Dragon UK Bidco Limited, One stop 12023-12-310001476765Dragon UK Bidco Limited, One stop 22023-12-310001476765Dragon UK Bidco Limited, One stop 32023-12-310001476765Evergreen IX Borrower 2023, LLC, One stop 12023-12-310001476765Evergreen IX Borrower 2023, LLC, One stop 22023-12-310001476765FirstUp, Inc, One stop 12023-12-310001476765FirstUp, Inc, One stop 22023-12-310001476765FirstUp, Inc, One stop 32023-12-310001476765Gainsight, Inc., One stop 12023-12-310001476765Gainsight, Inc., One stop 22023-12-310001476765GS Acquisitionco, Inc., One stop 12023-12-310001476765GS Acquisitionco, Inc., One stop 22023-12-310001476765GTIV, LLC, One stop 12023-12-310001476765GTIV, LLC, One stop 22023-12-310001476765GTY Technology Holdings, Inc., One stop 12023-12-310001476765GTY Technology Holdings, Inc., One stop 22023-12-310001476765GTY Technology Holdings, Inc., One stop 32023-12-310001476765GTY Technology Holdings, Inc., One stop 42023-12-310001476765GTY Technology Holdings, Inc., One stop 52023-12-310001476765Hyland Software, Inc., One stop 12023-12-310001476765Hyland Software, Inc., One stop 22023-12-310001476765ICIMS, Inc., One stop 12023-12-310001476765ICIMS, Inc., One stop 22023-12-310001476765ICIMS, Inc., One stop 32023-12-310001476765IQN Holding Corp., One stop 12023-12-310001476765IQN Holding Corp., One stop 22023-12-310001476765IQN Holding Corp., One stop 32023-12-310001476765Island Bidco AB, One stop 12023-12-310001476765Island Bidco AB, One stop 22023-12-310001476765Island Bidco AB, One stop 32023-12-310001476765Island Bidco AB, One stop 42023-12-310001476765Juvare, LLC, One stop 12023-12-310001476765Juvare, LLC, One stop 22023-12-310001476765Juvare, LLC, One stop 32023-12-310001476765Juvare, LLC, One stop 42023-12-310001476765Kaseya Inc., One stop 12023-12-310001476765Kaseya Inc., One stop 22023-12-310001476765Kaseya Inc., One stop 32023-12-310001476765LeadsOnline, LLC, One stop 12023-12-310001476765LeadsOnline, LLC, One stop 22023-12-310001476765LeadsOnline, LLC, One stop 32023-12-310001476765Mindbody, Inc., One stop 12023-12-310001476765Mindbody, Inc., One stop 22023-12-310001476765Mindbody, Inc., One stop 32023-12-310001476765Ministry Brands Holdings LLC, One stop 12023-12-310001476765Ministry Brands Holdings LLC, One stop 22023-12-310001476765Ministry Brands Holdings LLC, One stop 32023-12-310001476765Navex TopCo, Inc., One stop 12023-12-310001476765Navex TopCo, Inc., One stop 22023-12-310001476765Naviga Inc., Senior secured2023-12-310001476765Neo Bidco GMBH, One stop 12023-12-310001476765Neo Bidco GMBH, One stop 22023-12-310001476765Neo Bidco GMBH, One stop 32023-12-310001476765Neo Bidco GMBH, One stop 42023-12-310001476765Panzura, LLC, One stop2023-12-310001476765PDI TA Holdings, Inc., One stop 12023-12-310001476765PDI TA Holdings, Inc., Second lien 12023-12-310001476765PDI TA Holdings, Inc., Second lien 22023-12-310001476765PDI TA Holdings, Inc., One stop 22023-12-310001476765PDI TA Holdings, Inc., One stop 32023-12-310001476765PDI TA Holdings, Inc., Second lien 32023-12-310001476765PDI TA Holdings, Inc., Second lien 42023-12-310001476765PDI TA Holdings, Inc., One stop 42023-12-310001476765PDI TA Holdings, Inc., One stop 52023-12-310001476765Personify, Inc., One stop 12023-12-310001476765Personify, Inc., One stop 22023-12-310001476765Personify, Inc., One stop 32023-12-310001476765PING Identity Holding Corp., One stop 12023-12-310001476765PING Identity Holding Corp., One stop 22023-12-310001476765Pluralsight, LLC, One stop 12023-12-310001476765Pluralsight, LLC, One stop 22023-12-310001476765ProcessUnity Holdings, LLC, One stop 12023-12-310001476765ProcessUnity Holdings, LLC, One stop 22023-12-310001476765ProcessUnity Holdings, LLC, One stop 32023-12-310001476765ProcessUnity Holdings, LLC, One stop 42023-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 12023-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 22023-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 32023-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 42023-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 52023-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 62023-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 72023-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 82023-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 92023-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 102023-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 112023-12-310001476765Pyramid Healthcare Acquisition Corp., One stop 122023-12-310001476765QAD, Inc., One stop 12023-12-310001476765QAD, Inc., One stop 22023-12-310001476765Quant Buyer, Inc., One stop 12023-12-310001476765Quant Buyer, Inc., One stop 22023-12-310001476765Quant Buyer, Inc., One stop 32023-12-310001476765Quant Buyer, Inc., One stop 42023-12-310001476765Quant Buyer, Inc., One stop 52023-12-310001476765Rainforest Bidco Limited, One stop 12023-12-310001476765Rainforest Bidco Limited, One stop 22023-12-310001476765Rainforest Bidco Limited, One stop 32023-12-310001476765Rainforest Bidco Limited, One stop 42023-12-310001476765RegEd Aquireco, LLC, Senior secured 12023-12-310001476765RegEd Aquireco, LLC, Senior secured 22023-12-310001476765Riskonnect Parent, LLC, One stop 12023-12-310001476765Riskonnect Parent, LLC, One stop 22023-12-310001476765Riskonnect Parent, LLC, One stop 32023-12-310001476765Rodeo Buyer Company & Absorb Software Inc., One stop 12023-12-310001476765Rodeo Buyer Company & Absorb Software Inc., One stop 22023-12-310001476765SailPoint Technologies Holdings, Inc, One stop 12023-12-310001476765SailPoint Technologies Holdings, Inc, One stop 22023-12-310001476765Sapphire Bidco Oy, One stop 12023-12-310001476765Sapphire Bidco Oy, One stop 22023-12-310001476765Sonatype, Inc., One stop 12023-12-310001476765Sonatype, Inc., One stop 22023-12-310001476765Sonatype, Inc., One stop 32023-12-310001476765Spartan Buyer Acquisition Co., One stop 12023-12-310001476765Spartan Buyer Acquisition Co., One stop 22023-12-310001476765Spartan Buyer Acquisition Co., One stop 32023-12-310001476765Telesoft Holdings LLC, One stop 12023-12-310001476765Telesoft Holdings LLC, One stop 22023-12-310001476765Telesoft Holdings LLC, One stop 32023-12-310001476765Templafy APS and Templafy, LLC, One stop 12023-12-310001476765Templafy APS and Templafy, LLC, One stop 22023-12-310001476765Templafy APS and Templafy, LLC, One stop 32023-12-310001476765TI Intermediate Holdings, LLC, Senior secured 12023-12-310001476765TI Intermediate Holdings, LLC, Senior secured 22023-12-310001476765TI Intermediate Holdings, LLC, Senior secured 32023-12-310001476765TI Intermediate Holdings, LLC, Senior secured 42023-12-310001476765TI Intermediate Holdings, LLC, Senior secured 52023-12-310001476765TI Intermediate Holdings, LLC, Senior secured 62023-12-310001476765Togetherwork Holdings, LLC, One stop 12023-12-310001476765Togetherwork Holdings, LLC, One stop 22023-12-310001476765Togetherwork Holdings, LLC, One stop 32023-12-310001476765Togetherwork Holdings, LLC, One stop 42023-12-310001476765Togetherwork Holdings, LLC, One stop 52023-12-310001476765Togetherwork Holdings, LLC, One stop 62023-12-310001476765Togetherwork Holdings, LLC, One stop 72023-12-310001476765Togetherwork Holdings, LLC, One stop 82023-12-310001476765Togetherwork Holdings, LLC, One stop 92023-12-310001476765Togetherwork Holdings, LLC, One stop 102023-12-310001476765Togetherwork Holdings, LLC, One stop 112023-12-310001476765Togetherwork Holdings, LLC, One stop 122023-12-310001476765Togetherwork Holdings, LLC, One stop 132023-12-310001476765Togetherwork Holdings, LLC, One stop 142023-12-310001476765Togetherwork Holdings, LLC, One stop 152023-12-310001476765Togetherwork Holdings, LLC, One stop 162023-12-310001476765Togetherwork Holdings, LLC, One stop 172023-12-310001476765Togetherwork Holdings, LLC, One stop 182023-12-310001476765Togetherwork Holdings, LLC, One stop 192023-12-310001476765Vector CS Midco Limited & Cloudsense Ltd., One stop 12023-12-310001476765Vector CS Midco Limited & Cloudsense Ltd., One stop 22023-12-310001476765Vendavo, Inc., One stop 12023-12-310001476765Vendavo, Inc., One stop 22023-12-310001476765WebPT, Inc., One stop2023-12-310001476765Workforce Software, LLC, One stop 12023-12-310001476765Workforce Software, LLC, One stop 22023-12-310001476765Workforce Software, LLC, One stop 32023-12-310001476765Workforce Software, LLC, One stop 42023-12-310001476765Workforce Software, LLC, One stop 52023-12-310001476765Zendesk, Inc, One stop 12023-12-310001476765Zendesk, Inc, One stop 22023-12-310001476765Zendesk, Inc, One stop 32023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:SoftwareSectorMember2023-12-310001476765Ave Holdings III, Corp, One stop 12023-12-310001476765Ave Holdings III, Corp, One stop 22023-12-310001476765Ave Holdings III, Corp, One stop 32023-12-310001476765Ave Holdings III, Corp, One stop 42023-12-310001476765Cavender Stores L.P., Senior secured2023-12-310001476765Consilio Midco Limited, One stop 12023-12-310001476765Consilio Midco Limited, One stop 22023-12-310001476765Consilio Midco Limited, One stop 32023-12-310001476765Consilio Midco Limited, One stop 42023-12-310001476765Consilio Midco Limited, One stop 52023-12-310001476765Consilio Midco Limited, One stop 62023-12-310001476765Consilio Midco Limited, One stop 72023-12-310001476765Consilio Midco Limited, One stop 82023-12-310001476765Consilio Midco Limited, One stop 92023-12-310001476765Consilio Midco Limited, One stop 102023-12-310001476765Consilio Midco Limited, One stop 112023-12-310001476765Consilio Midco Limited, One stop 122023-12-310001476765Consilio Midco Limited, One stop 132023-12-310001476765Consilio Midco Limited, One stop 142023-12-310001476765Consilio Midco Limited, One stop 152023-12-310001476765Cycle Gear, Inc., One stop2023-12-310001476765Imperial Optical Midco Inc., One stop 12023-12-310001476765Imperial Optical Midco Inc., One stop 22023-12-310001476765Imperial Optical Midco Inc., One stop 32023-12-310001476765Imperial Optical Midco Inc., One stop 42023-12-310001476765Imperial Optical Midco Inc., One stop 52023-12-310001476765Imperial Optical Midco Inc., One stop 62023-12-310001476765Imperial Optical Midco Inc., One stop 72023-12-310001476765Imperial Optical Midco Inc., One stop 82023-12-310001476765Imperial Optical Midco Inc., One stop 92023-12-310001476765Imperial Optical Midco Inc., One stop 102023-12-310001476765Imperial Optical Midco Inc., One stop 112023-12-310001476765Imperial Optical Midco Inc., One stop 122023-12-310001476765Imperial Optical Midco Inc., One stop 132023-12-310001476765Imperial Optical Midco Inc., One stop 142023-12-310001476765Imperial Optical Midco Inc., One stop 152023-12-310001476765Imperial Optical Midco Inc., One stop 162023-12-310001476765PetVet Care Centers LLC, One stop 12023-12-310001476765PetVet Care Centers LLC, One stop 22023-12-310001476765PetVet Care Centers LLC, One stop 32023-12-310001476765PPV Intermediate Holdings, LLC, One stop 12023-12-310001476765PPV Intermediate Holdings, LLC, One stop 22023-12-310001476765PPV Intermediate Holdings, LLC, One stop 32023-12-310001476765PPV Intermediate Holdings, LLC, One stop 42023-12-310001476765PPV Intermediate Holdings, LLC, One stop 52023-12-310001476765PPV Intermediate Holdings, LLC, One stop 62023-12-310001476765PPV Intermediate Holdings, LLC, One stop 72023-12-310001476765Salon Lofts Group, LLC, Senior secured 12023-12-310001476765Salon Lofts Group, LLC, Second lien 12023-12-310001476765Salon Lofts Group, LLC, Senior secured 22023-12-310001476765Salon Lofts Group, LLC, Senior secured 32023-12-310001476765Salon Lofts Group, LLC, Senior secured 42023-12-310001476765Salon Lofts Group, LLC, Senior secured 52023-12-310001476765Salon Lofts Group, LLC, Senior secured 62023-12-310001476765Salon Lofts Group, LLC, Senior secured 72023-12-310001476765Salon Lofts Group, LLC, Senior secured 82023-12-310001476765Salon Lofts Group, LLC, Senior secured 92023-12-310001476765Salon Lofts Group, LLC, Senior secured 102023-12-310001476765Salon Lofts Group, LLC, Second lien 22023-12-310001476765SureWerx Purchaser III, Inc., One stop 12023-12-310001476765SureWerx Purchaser III, Inc., One stop 22023-12-310001476765SureWerx Purchaser III, Inc., One stop 32023-12-310001476765Titan Fitness, LLC, One stop 12023-12-310001476765Titan Fitness, LLC, One stop 22023-12-310001476765Titan Fitness, LLC, One stop 32023-12-310001476765Vermont Aus Pty Ltd, One stop 12023-12-310001476765Vermont Aus Pty Ltd, One stop 22023-12-310001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 12023-12-310001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 22023-12-310001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 32023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:SpecialtyRetailSectorMember2023-12-310001476765Agility Recovery Solutions Inc., One stop 12023-12-310001476765Agility Recovery Solutions Inc., One stop 22023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:TechnologyHardwareStoragePeripheralsSectorMember2023-12-310001476765Dollfus Mieg Company, Inc., One stop 12023-12-310001476765Dollfus Mieg Company, Inc., One stop 22023-12-310001476765Dollfus Mieg Company, Inc., One stop 32023-12-310001476765Dollfus Mieg Company, Inc., One stop 42023-12-310001476765Elite Sportswear, L.P., Senior secured 12023-12-310001476765Elite Sportswear, L.P., Senior secured 22023-12-310001476765Elite Sportswear, L.P., Senior secured 32023-12-310001476765Elite Sportswear, L.P., Senior secured 42023-12-310001476765Elite Sportswear, L.P., Senior secured 52023-12-310001476765Elite Sportswear, L.P., Senior secured 62023-12-310001476765Elite Sportswear, L.P., Senior secured 72023-12-310001476765Elite Sportswear, L.P., Senior secured 82023-12-310001476765Georgica Pine Clothiers, LLC, One stop 12023-12-310001476765Georgica Pine Clothiers, LLC, One stop 22023-12-310001476765Georgica Pine Clothiers, LLC, One stop 32023-12-310001476765Georgica Pine Clothiers, LLC, One stop 42023-12-310001476765Georgica Pine Clothiers, LLC, One stop 52023-12-310001476765Georgica Pine Clothiers, LLC, One stop 62023-12-310001476765SHO Holding I Corporation, Senior secured 12023-12-310001476765SHO Holding I Corporation, Senior secured 22023-12-310001476765SHO Holding I Corporation, Senior secured 32023-12-310001476765SHO Holding I Corporation, Senior secured 42023-12-310001476765SHO Holding I Corporation, Senior secured 52023-12-310001476765SHO Holding I Corporation, Senior secured 62023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765Marcone Yellowstone Buyer Inc, One stop 12023-12-310001476765Marcone Yellowstone Buyer Inc, One stop 22023-12-310001476765Marcone Yellowstone Buyer Inc, One stop 32023-12-310001476765Marcone Yellowstone Buyer Inc, One stop 42023-12-310001476765Marcone Yellowstone Buyer Inc, One stop 52023-12-310001476765Marcone Yellowstone Buyer Inc, One stop 62023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:TradingCompaniesAndDistributorsSectorMember2023-12-310001476765S.J. Electro Systems, LLC, Senior secured 12023-12-310001476765S.J. Electro Systems, LLC, Senior secured 22023-12-310001476765S.J. Electro Systems, LLC, Senior secured 32023-12-310001476765Vessco Midco Holdings, LLC, Senior secured 12023-12-310001476765Vessco Midco Holdings, LLC, Senior secured 22023-12-310001476765Vessco Midco Holdings, LLC, Senior secured 32023-12-310001476765Vessco Midco Holdings, LLC, Senior secured 42023-12-310001476765Vessco Midco Holdings, LLC, Senior secured 52023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:WaterUtilitiesSectorMember2023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001476765PPW Aero Buyer, Inc., LP units2023-12-310001476765Tronair Parent, Inc., LLC units2023-12-310001476765gbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Polk Acquisition Corp., LP Interest2023-12-310001476765CG Group Holdings, LLC, LP units2023-12-310001476765Go Car Wash Parent, Corp., Preferred stock2023-12-310001476765Go Car Wash Parent, Corp., Common Stock2023-12-310001476765MOP GM Holding, LLC, LP units2023-12-310001476765National Express Wash Parent Holdco, LLC, LP units2023-12-310001476765POY Holdings, LLC, LLC units2023-12-310001476765Quick Quack Car Wash Holdings, LLC, LLC interest2023-12-310001476765Yorkshire Parent, Inc., LP units2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMemberus-gaap:AutomotiveSectorMember2023-12-310001476765Cobepa BlueSky Aggregator, SCSp, LP units2023-12-310001476765Cobepa BlueSky Aggregator, SCSp, LP Interest2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:BiotechnologySectorMember2023-12-310001476765BECO Holding Company, Inc., Preferred stock2023-12-310001476765BECO Holding Company, Inc., LP Interest2023-12-310001476765gbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Inhance Technologies Holdings LLC, Preferred stock2023-12-310001476765Inhance Technologies Holdings LLC, LLC units2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMember2023-12-310001476765CI (Quercus) Intermediate Holdings, LLC, LP Interest2023-12-310001476765EGD Security Systems, LLC, Common stock2023-12-310001476765Franchise Brands plc, Common stock2023-12-310001476765North Haven Stack Buyer, LLC, LLC units2023-12-310001476765PT Intermediate Holdings III, LLC, LLC units2023-12-310001476765Radwell Parent, LLC, LP units2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Chase Intermediate, LP units2023-12-310001476765CHHJ Midco, LLC, LLC units2023-12-310001476765DP Flores Holdings, LLC, LLC units2023-12-310001476765EMS LINQ, LLC, LP Interest2023-12-310001476765EWC Growth Partners LLC, LLC interest2023-12-310001476765HS Spa Holdings, Inc., Common stock2023-12-310001476765Liminex, Inc., Common stock2023-12-310001476765NSG Buyer, Inc., LP units2023-12-310001476765PADI Holdco, Inc., LLC interest2023-12-310001476765Project Alpha Intermediate Holdings, Inc., Preferred stock2023-12-310001476765Project Alpha Intermediate Holdings, Inc., Common stock2023-12-310001476765Virginia Green Acquisition, LLC, LP units2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:DiversifiedConsumerServicesSectorMember2023-12-310001476765Inventus Power, Inc., Preferred stock2023-12-310001476765Inventus Power, Inc., LLC units2023-12-310001476765Inventus Power, Inc., LP Interest2023-12-310001476765Inventus Power, Inc., Common stock2023-12-310001476765gbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Benihana, Inc., LLC units2023-12-310001476765Cafe Rio Holding, Inc., Common Stock2023-12-310001476765Hopdoddy Holdings, LLC, LLC units 12023-12-310001476765Hopdoddy Holdings, LLC, LLC units 22023-12-310001476765Mendocino Farms, LLC, Common Stock2023-12-310001476765Ruby Slipper Cafe LLC, The, LLC interest 12023-12-310001476765Ruby Slipper Cafe LLC, The, LLC interest 22023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:FoodAndStaplesRetailingSectorMember2023-12-310001476765Borrower R365 Holdings, LLC, Preferred Stock 12023-12-310001476765Borrower R365 Holdings, LLC, LLC units2023-12-310001476765Borrower R365 Holdings, LLC, Common Stock2023-12-310001476765Borrower R365 Holdings, LLC, Preferred Stock 22023-12-310001476765Borrower R365 Holdings, LLC, Preferred Stock 32023-12-310001476765Borrower R365 Holdings, LLC, Preferred Stock 42023-12-310001476765Borrower R365 Holdings, LLC, LP units2023-12-310001476765Kodiak Cakes, LLC, Common Stock2023-12-310001476765Louisiana Fish Fry Products, Ltd., Common Stock2023-12-310001476765Louisiana Fish Fry Products, Ltd., Preferred stock2023-12-310001476765P&P Food Safety Holdings, Inc., Common Stock2023-12-310001476765Purfoods, LLC, LLC interest2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:FoodProductsSectorMember2023-12-310001476765Aspen Medical Products, LLC, LP Interest2023-12-310001476765Blue River Pet Care, LLC, Common Stock2023-12-310001476765CCSL Holdings, LLC, LP Interest2023-12-310001476765CMI Parent Inc., Common Stock 12023-12-310001476765CMI Parent Inc., Common Stock 22023-12-310001476765G & H Wire Company, Inc., LLC interest2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMember2023-12-310001476765Active Day, Inc., LLC interest2023-12-310001476765Acuity Eyecare Holdings, LLC, LLC interest2023-12-310001476765Acuity Eyecare Holdings, LLC, LLC units2023-12-310001476765ADCS Clinics Intermediate Holdings, LLC, Preferred stock2023-12-310001476765ADCS Clinics Intermediate Holdings, LLC, Common Stock2023-12-310001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, LLC units2023-12-310001476765CRH Healthcare Purchaser, Inc., LP Interest2023-12-310001476765DCA Investment Holding, LLC, Preferred Stock2023-12-310001476765DCA Investment Holding, LLC, Common Stock2023-12-310001476765Emerge Intermediate, Inc., LLC units 12023-12-310001476765Emerge Intermediate, Inc., LLC units 22023-12-310001476765Emerge Intermediate, Inc., LLC units 32023-12-310001476765Encorevet Group LLC, Common Stock2023-12-310001476765Encorevet Group LLC, LLC units2023-12-310001476765Krueger-Gilbert Health Physics, LLC, Common Stock2023-12-310001476765Midwest Veterinary Partners, LLC, Preferred Stock 12023-12-310001476765Midwest Veterinary Partners, LLC, Warrant2023-12-310001476765Midwest Veterinary Partners, LLC, Preferred Stock 22023-12-310001476765MWD Management, LLC & MWD Services, Inc., LLC interest2023-12-310001476765NDX Parent, LLC, Common Stock2023-12-310001476765NDX Parent, LLC, Preferred Stock2023-12-310001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., Common Stock2023-12-310001476765Oliver Street Dermatology Holdings, LLC, LLC interest2023-12-310001476765Pinnacle Treatment Centers, Inc., LLC interest 12023-12-310001476765Pinnacle Treatment Centers, Inc., LLC interest 22023-12-310001476765Radiology Partners, Inc., LLC units2023-12-310001476765Radiology Partners, Inc., LLC interest2023-12-310001476765Sage Dental Management, LLC, LLC units 12023-12-310001476765Sage Dental Management, LLC, LLC units 22023-12-310001476765Suveto Buyer, LLC, Common Stock2023-12-310001476765gbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Connexin Software, Inc., LLC interest2023-12-310001476765HSI Halo Acquisition, Inc., Preferred Stock2023-12-310001476765HSI Halo Acquisition, Inc., LP Interest 2023-12-310001476765Symplr Software, Inc., Preferred stock 12023-12-310001476765Symplr Software, Inc., Preferred stock 22023-12-310001476765Symplr Software, Inc., Preferred stock 32023-12-310001476765Symplr Software, Inc., Preferred stock 42023-12-310001476765Symplr Software, Inc., LLC units2023-12-310001476765Symplr Software, Inc., Common Stock2023-12-310001476765Tebra Technologies, Inc., LLC interest2023-12-310001476765Tebra Technologies, Inc., Warrant 12023-12-310001476765Tebra Technologies, Inc., Warrant 22023-12-310001476765Tebra Technologies, Inc., Preferred stock2023-12-310001476765gbdc:HealthCareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Freddy's Frozen Custard LLC, LP Interest2023-12-310001476765Harri US LLC, LLC units2023-12-310001476765Harri US LLC, Preferred stock 12023-12-310001476765Harri US LLC, Warrant2023-12-310001476765Harri US LLC, Preferred stock 22023-12-310001476765LMP TR Holdings, LLC, LLC units2023-12-310001476765SSRG Holdings, LLC, LP Interest2023-12-310001476765Tropical Smoothie Cafe Holdings, LLC, LP Interest2023-12-310001476765gbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Accession Risk Management Group, Inc., Preferred Stock2023-12-310001476765Majesco, Preferred Stock2023-12-310001476765Majesco, LP Interest 2023-12-310001476765Oakbridge Insurance Agency LLC, LP units2023-12-310001476765gbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Revalize, Inc., Preferred stock 12023-12-310001476765Revalize, Inc., Preferred stock 22023-12-310001476765Revalize, Inc., Preferred stock 32023-12-310001476765Revalize, Inc., Preferred stock 42023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:InternetCatalogRetailSectorMember2023-12-310001476765Appriss Health Intermediate Holdings, Inc, Preferred stock2023-12-310001476765Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 12023-12-310001476765Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 22023-12-310001476765Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 32023-12-310001476765Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc., Warrant2023-12-310001476765Critical Start, Inc., Common Stock2023-12-310001476765Kentik Technologies, Inc., Preferred stock2023-12-310001476765Netwrix Corporation, LLC units2023-12-310001476765Optimizely North America, Inc., Common Stock2023-12-310001476765PCS Intermediate II Holdings, LLC, LLC interest2023-12-310001476765Red Dawn SEI Buyer, Inc., LP Interest2023-12-310001476765Saturn Borrower Inc., LP units2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:ITServicesSectorMember2023-12-310001476765Massage Envy, LLC, LLC interest2023-12-310001476765WBZ Investment LLC, LLC interest 12023-12-310001476765WBZ Investment LLC, LLC interest 22023-12-310001476765WBZ Investment LLC, LLC interest 32023-12-310001476765WBZ Investment LLC, LLC interest 42023-12-310001476765WBZ Investment LLC, LLC interest 52023-12-310001476765WBZ Investment LLC, LLC interest 62023-12-310001476765gbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Celerion Buyer, Inc, LP units 12023-12-310001476765Celerion Buyer, Inc, LP units 22023-12-310001476765PAS Parent Inc., LP Interest2023-12-310001476765PAS Parent Inc., Preferred Stock2023-12-310001476765Reaction Biology Corporation, LLC units2023-12-310001476765gbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765W3 Co., LLC interest2023-12-310001476765W3 Co., Preferred stock2023-12-310001476765gbdc:OilGasAndConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Messenger, LLC, LLC units 12023-12-310001476765Messenger, LLC, LLC units 22023-12-310001476765gbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Amalthea Parent, Inc., LP Interest2023-12-310001476765Cobalt Buyer Sub, Inc., Preferred stock 12023-12-310001476765Cobalt Buyer Sub, Inc., Preferred stock 22023-12-310001476765Cobalt Buyer Sub, Inc., Common Stock2023-12-310001476765gbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Brandmuscle, Inc., LLC interest2023-12-310001476765Enboarder, Inc., Preferred stock2023-12-310001476765Filevine, Inc., Preferred stock2023-12-310001476765Filevine, Inc., Warrant 12023-12-310001476765Filevine, Inc., Warrant 22023-12-310001476765Net Health Acquisition Corp., LP Interest2023-12-310001476765Procure Acquireco, Inc., LP Interest2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:ProfessionalServicesSectorMember2023-12-310001476765Inhabit IQ Inc., Common Stock2023-12-310001476765SC Landco Parent, LLC, Common Stock2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMember2023-12-310001476765Internet Truckstop Group LLC, LP Interest2023-12-310001476765Anaplan, Inc., LP Interest2023-12-310001476765Aras Corporation, Preferred stock2023-12-310001476765Aras Corporation, LP Interest2023-12-310001476765Astute Holdings, Inc., LP Interest2023-12-310001476765Auvik Networks Inc., Preferred Stock 12023-12-310001476765Auvik Networks Inc., Preferred Stock 22023-12-310001476765Bayshore Intermediate 2, L.P., Common Stock2023-12-310001476765Calabrio, Inc., LP Interest 12023-12-310001476765Calabrio, Inc., LP Interest 22023-12-310001476765Cloudbees, Inc., Preferred stock 12023-12-310001476765Cloudbees, Inc., Warrant2023-12-310001476765Cloudbees, Inc., Preferred stock 22023-12-310001476765Cynet Security Ltd, Preferred stock2023-12-310001476765Denali Bidco Limited, LP Interest2023-12-310001476765Diligent Corporation, Preferred stock 12023-12-310001476765Diligent Corporation, Preferred stock 22023-12-310001476765FirstUp, Inc, Common Stock2023-12-310001476765GS Acquisitionco, Inc., Preferred stock 12023-12-310001476765GS Acquisitionco, Inc., Preferred stock 22023-12-310001476765GS Acquisitionco, Inc., LP Interest2023-12-310001476765GS Acquisitionco, Inc., Preferred stock 32023-12-310001476765GTY Technology Holdings, Inc, LP units2023-12-310001476765Impartner, Inc., Preferred stock2023-12-310001476765Kaseya Inc., Preferred stock2023-12-310001476765Kaseya Inc., LP Interest2023-12-310001476765MetricStream, Inc., Warrant2023-12-310001476765Ministry Brands Holdings LLC, LP Interest2023-12-310001476765mParticle, Inc., Preferred stock2023-12-310001476765mParticle, Inc., Warrant2023-12-310001476765Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH, Warrant2023-12-310001476765Onit, Inc., Preferred Stock2023-12-310001476765Onit, Inc., Warrant2023-12-310001476765Panzura, LLC, LLC units2023-12-310001476765PDI TA Holdings, Inc., Preferred Stock2023-12-310001476765Personify, Inc., LP Interest2023-12-310001476765Pyramid Healthcare Acquisition Corp., Common Stock2023-12-310001476765QAD, Inc., Preferred stock2023-12-310001476765QAD, Inc., Common Stock2023-12-310001476765RegEd Aquireco, LLC, LP Interest 12023-12-310001476765RegEd Aquireco, LLC, LP Interest 22023-12-310001476765RegEd Aquireco, LLC, Preferred Stock2023-12-310001476765Riskonnect Parent, LLC, Preferred stock 12023-12-310001476765Riskonnect Parent, LLC, LP Interest2023-12-310001476765Riskonnect Parent, LLC, Preferred stock 22023-12-310001476765SnapLogic, Inc., Preferred stock2023-12-310001476765SnapLogic, Inc., Warrant2023-12-310001476765Spartan Buyer Acquisition Co., Common Stock2023-12-310001476765Spartan Buyer Acquisition Co., Preferred Stock2023-12-310001476765Telesoft Holdings LLC, LP Interest2023-12-310001476765Templafy APS and Templafy, LLC, Warrant2023-12-310001476765Workforce Software, LLC, Common Stock 12023-12-310001476765Workforce Software, LLC, Common Stock 22023-12-310001476765Zendesk, Inc, LP units2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMember2023-12-310001476765Ave Holdings III, Corp, Preferred stock2023-12-310001476765Ave Holdings III, Corp, LP units2023-12-310001476765Batteries Plus Holding Corporation, LP Interest2023-12-310001476765Cycle Gear, Inc., LLC units2023-12-310001476765Cycle Gear, Inc., Preferred Stock2023-12-310001476765Imperial Optical Midco Inc., Preferred Stock 12023-12-310001476765Imperial Optical Midco Inc., Preferred Stock 22023-12-310001476765Imperial Optical Midco Inc., Common Stock2023-12-310001476765Pet Holdings ULC, LP Interest2023-12-310001476765Salon Lofts Group, LLC, LP units2023-12-310001476765Southern Veterinary Partners, LLC, Preferred stock 12023-12-310001476765Southern Veterinary Partners, LLC, Preferred stock 22023-12-310001476765Southern Veterinary Partners, LLC, LLC interest2023-12-310001476765VSG Acquisition Corp. and Sherrill, Inc., LP units2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:SpecialtyRetailSectorMember2023-12-310001476765Agility Recovery Solutions Inc., LLC interest2023-12-310001476765Georgica Pine Clothiers, LLC, LLC interest2023-12-310001476765Georgica Pine Clothiers, LLC, Common Stock2023-12-310001476765MakerSights, Inc., Preferred stock2023-12-310001476765R.G. Barry Corporation, Preferred stock2023-12-310001476765gbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Abita Brewing Co., L.L.C., One stop 12023-12-310001476765Abita Brewing Co., L.L.C., Second lien2023-12-310001476765Abita Brewing Co., L.L.C., One stop 22023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:BeveragesSectorMember2023-12-310001476765Benetech, Inc., One stop 12023-12-310001476765Benetech, Inc., One stop 22023-12-310001476765us-gaap:DebtSecuritiesMembergbdc:EnergyEquipmentAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001476765Rubio's Restaurants, Inc., Senior secured 12023-12-310001476765Rubio's Restaurants, Inc., Senior secured 22023-12-310001476765Rubio's Restaurants, Inc., Senior secured 32023-12-310001476765Rubio's Restaurants, Inc., Senior secured 42023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:FoodAndStaplesRetailingSectorMember2023-12-310001476765Bayside Opco, LLC, One stop 12023-12-310001476765Bayside Opco, LLC, Subordinated debt2023-12-310001476765Bayside Opco, LLC, One stop 22023-12-310001476765Bayside Opco, LLC, One stop 32023-12-310001476765Elite Dental Partners LLC, One stop 12023-12-310001476765Elite Dental Partners LLC, One stop 22023-12-310001476765Elite Dental Partners LLC, One stop 32023-12-310001476765Opening Day Borrower 111 LLC, One stop 12023-12-310001476765Opening Day Borrower 111 LLC, One stop 22023-12-310001476765Opening Day Borrower 111 LLC, One stop 32023-12-310001476765gbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001476765Switchfly LLC, One stop 12023-12-310001476765Switchfly LLC, One stop 22023-12-310001476765Switchfly LLC, One stop 32023-12-310001476765Switchfly LLC, One stop 42023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:SoftwareSectorMember2023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001476765Abita Brewing Co., L.L.C., Warrant2023-12-310001476765Rubio's Restaurants, Inc., Preferred stock2023-12-310001476765Rubio's Restaurants, Inc., Common Stock 12023-12-310001476765Rubio's Restaurants, Inc., Common Stock 22023-12-310001476765Rubio's Restaurants, Inc., Common Stock 32023-12-310001476765Rubio's Restaurants, Inc., Common Stock 42023-12-310001476765Rubio's Restaurants, Inc., Common Stock 52023-12-310001476765Rubio's Restaurants, Inc., Common Stock 62023-12-310001476765Rubio's Restaurants, Inc., Common Stock 72023-12-310001476765Rubio's Restaurants, Inc., Common Stock 82023-12-310001476765Rubio's Restaurants, Inc., Common Stock 92023-12-310001476765Rubio's Restaurants, Inc., Common Stock 102023-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMembergbdc:FoodAndStaplesRetailingSectorMember2023-12-310001476765Bayside Opco, LLC, LLC units2023-12-310001476765Elite Dental Partners LLC, LLC interest 12023-12-310001476765Elite Dental Partners LLC, LLC interest 22023-12-310001476765Elite Dental Partners LLC, LLC units2023-12-310001476765Opening Day Borrower 111 LLC, LLC units2023-12-310001476765gbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2023-12-310001476765Switchfly LLC, LLC interest2023-12-310001476765Switchfly LLC, LLC units2023-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMember2023-12-310001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2023-12-310001476765MMan Acquisition Co., One stop 12023-12-310001476765MMan Acquisition Co., One stop 22023-12-310001476765MMan Acquisition Co., One stop 32023-12-310001476765MMan Acquisition Co., One stop 42023-12-310001476765MMan Acquisition Co., One stop 52023-12-310001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001476765BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)2023-12-310001476765Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)2023-12-310001476765Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)2023-12-310001476765gbdc:AssetConcentrationRiskMembergbdc:InvestmentsAtFairValueMembergbdc:NonQualifyingAssetMember2023-10-012023-12-310001476765Abita Brewing Co. LLC2023-09-300001476765Abita Brewing Co. LLC2023-10-012023-12-310001476765Abita Brewing Co. LLC2023-12-310001476765Bayside Opco, LLC2023-09-300001476765Bayside Opco, LLC2023-10-012023-12-310001476765Bayside Opco, LLC2023-12-310001476765Benetech, Inc.2023-09-300001476765Benetech, Inc.2023-10-012023-12-310001476765Benetech, Inc.2023-12-310001476765Elite Dental Partners LLC2023-09-300001476765Elite Dental Partners LLC2023-10-012023-12-310001476765Elite Dental Partners LLC2023-12-310001476765Opening Day Borrower 111 LLC2023-09-300001476765Opening Day Borrower 111 LLC2023-10-012023-12-310001476765Opening Day Borrower 111 LLC2023-12-310001476765Rubio's Restaurants, Inc.2023-09-300001476765Rubio's Restaurants, Inc.2023-10-012023-12-310001476765Rubio's Restaurants, Inc.2023-12-310001476765Switchfly LLC 2023-09-300001476765Switchfly LLC 2023-10-012023-12-310001476765Switchfly LLC 2023-12-310001476765MMan Acquisition Co.2023-09-300001476765MMan Acquisition Co.2023-10-012023-12-310001476765MMan Acquisition Co.2023-12-310001476765PPW Aero Buyer, Inc., One stop 12023-09-300001476765PPW Aero Buyer, Inc., One stop 22023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Accelya Lux Finco S.A.R.L., One stop2023-09-300001476765COP CollisionRight Holdings, Inc., One stop 12023-09-300001476765COP CollisionRight Holdings, Inc., One stop 22023-09-300001476765Covercraft Parent III, Inc., Senior secured 12023-09-300001476765Covercraft Parent III, Inc., Senior secured 22023-09-300001476765Covercraft Parent III, Inc., Senior secured 32023-09-300001476765North Haven Falcon Buyer, LLC, One stop 12023-09-300001476765North Haven Falcon Buyer, LLC, One stop 22023-09-300001476765Polk Acquisition Corp., Senior secured 12023-09-300001476765Polk Acquisition Corp., Senior secured 22023-09-300001476765Polk Acquisition Corp., Senior secured 32023-09-300001476765gbdc:AutoComponentsSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765CG Group Holdings, LLC, One stop 12023-09-300001476765CG Group Holdings, LLC, One stop 22023-09-300001476765Denali Midco 2, LLC, One stop 12023-09-300001476765Denali Midco 2, LLC, One stop 22023-09-300001476765Denali Midco 2, LLC, One stop 32023-09-300001476765Denali Midco 2, LLC, One stop 42023-09-300001476765Denali Midco 2, LLC, One stop 52023-09-300001476765Denali Midco 2, LLC, One stop 62023-09-300001476765Denali Midco 2, LLC, One stop 72023-09-300001476765Denali Midco 2, LLC, One stop 82023-09-300001476765Denali Midco 2, LLC, One stop 92023-09-300001476765Denali Midco 2, LLC, One stop 102023-09-300001476765Denali Midco 2, LLC, One stop 112023-09-300001476765Denali Midco 2, LLC, One stop 122023-09-300001476765Denali Midco 2, LLC, One stop 132023-09-300001476765Denali Midco 2, LLC, One stop 142023-09-300001476765Denali Midco 2, LLC, One stop 152023-09-300001476765Denali Midco 2, LLC, One stop 162023-09-300001476765Denali Midco 2, LLC, One stop 172023-09-300001476765JHCC Holdings LLC, One stop 12023-09-300001476765JHCC Holdings LLC, One stop 22023-09-300001476765JHCC Holdings LLC, One stop 32023-09-300001476765JHCC Holdings LLC, One stop 42023-09-300001476765JHCC Holdings LLC, One stop 52023-09-300001476765JHCC Holdings LLC, One stop 62023-09-300001476765MOP GM Holding, LLC, One stop 12023-09-300001476765MOP GM Holding, LLC, One stop 22023-09-300001476765MOP GM Holding, LLC, One stop 32023-09-300001476765MOP GM Holding, LLC, One stop 42023-09-300001476765MOP GM Holding, LLC, One stop 52023-09-300001476765MOP GM Holding, LLC, One stop 62023-09-300001476765MOP GM Holding, LLC, One stop 72023-09-300001476765MOP GM Holding, LLC, One stop 82023-09-300001476765MOP GM Holding, LLC, One stop 92023-09-300001476765MOP GM Holding, LLC, One stop 102023-09-300001476765MOP GM Holding, LLC, One stop 112023-09-300001476765MOP GM Holding, LLC, One stop 122023-09-300001476765MOP GM Holding, LLC, One stop 132023-09-300001476765MOP GM Holding, LLC, One stop 142023-09-300001476765MOP GM Holding, LLC, One stop 152023-09-300001476765POY Holdings, LLC, One stop 12023-09-300001476765POY Holdings, LLC, One stop 22023-09-300001476765POY Holdings, LLC, One stop 32023-09-300001476765POY Holdings, LLC, One stop 42023-09-300001476765National Express Wash Parent Holdco, LLC, One stop 12023-09-300001476765National Express Wash Parent Holdco, LLC, One stop 22023-09-300001476765National Express Wash Parent Holdco, LLC, One stop 32023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 12023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 22023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 32023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 42023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 52023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 62023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 72023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 82023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 92023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 102023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 112023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 122023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 132023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 142023-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 152023-09-300001476765Spotless Brands, LLC, One stop 12023-09-300001476765Spotless Brands, LLC, One stop 22023-09-300001476765Spotless Brands, LLC, One stop 32023-09-300001476765Spotless Brands, LLC, One stop 42023-09-300001476765TWAS Holdings, LLC, One stop 12023-09-300001476765TWAS Holdings, LLC, One stop 22023-09-300001476765TWAS Holdings, LLC, One stop 32023-09-300001476765TWAS Holdings, LLC, One stop 42023-09-300001476765TWAS Holdings, LLC, One stop 52023-09-300001476765TWAS Holdings, LLC, One stop 62023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AutomotiveSectorMember2023-09-300001476765Financial Information Technologies, LLC, One stop 12023-09-300001476765Financial Information Technologies, LLC, One stop 22023-09-300001476765Financial Information Technologies, LLC, One stop 32023-09-300001476765Watermill Express, LLC, One stop 12023-09-300001476765Watermill Express, LLC, One stop 22023-09-300001476765Watermill Express, LLC, One stop 32023-09-300001476765Winebow Holdings, Inc., One stop2023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:BeveragesSectorMember2023-09-300001476765BECO Holding Company, Inc., One stop 12023-09-300001476765BECO Holding Company, Inc., One stop 22023-09-300001476765BECO Holding Company, Inc., One stop 32023-09-300001476765Jensen Hughes, Inc., Senior secured 12023-09-300001476765Jensen Hughes, Inc., Senior secured 22023-09-300001476765Jensen Hughes, Inc., Senior secured 32023-09-300001476765Jensen Hughes, Inc., Senior secured 42023-09-300001476765Jensen Hughes, Inc., Senior secured 52023-09-300001476765Jensen Hughes, Inc., Senior secured 62023-09-300001476765Jensen Hughes, Inc., Senior secured 72023-09-300001476765Jensen Hughes, Inc., Senior secured 82023-09-300001476765Jensen Hughes, Inc., Senior secured 92023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Inhance Technologies Holdings LLC, One stop 12023-09-300001476765Inhance Technologies Holdings LLC, One stop 22023-09-300001476765Inhance Technologies Holdings LLC, One stop 32023-09-300001476765Inhance Technologies Holdings LLC, One stop 42023-09-300001476765PHM NL SP Bidco B.V., One stop 12023-09-300001476765PHM NL SP Bidco B.V., One stop 22023-09-300001476765PHM NL SP Bidco B.V., One stop 32023-09-300001476765PHM NL SP Bidco B.V., One stop 42023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ChemicalsSectorMember2023-09-300001476765CI (Quercus) Intermediate Holdings, LLC, One stop 12023-09-300001476765CI (Quercus) Intermediate Holdings, LLC, One stop 22023-09-300001476765CI (Quercus) Intermediate Holdings, LLC, One stop 32023-09-300001476765Kleinfelder Intermediate, LLC, One stop 12023-09-300001476765Kleinfelder Intermediate, LLC, One stop 22023-09-300001476765Kleinfelder Intermediate, LLC, One stop 32023-09-300001476765North Haven Stack Buyer, LLC, Senior secured 12023-09-300001476765North Haven Stack Buyer, LLC, Senior secured 22023-09-300001476765North Haven Stack Buyer, LLC, Senior secured 32023-09-300001476765North Haven Stack Buyer, LLC, Senior secured 42023-09-300001476765North Haven Stack Buyer, LLC, Senior secured 52023-09-300001476765North Haven Stack Buyer, LLC, Senior secured 62023-09-300001476765North Haven Stack Buyer, LLC, Senior secured 72023-09-300001476765North Haven Stack Buyer, LLC, Senior secured 82023-09-300001476765North Haven Stack Buyer, LLC, Senior secured 92023-09-300001476765North Haven Stack Buyer, LLC, Second lien2023-09-300001476765Profile Products LLC, One stop 12023-09-300001476765Profile Products LLC, One stop 22023-09-300001476765Profile Products LLC, One stop 32023-09-300001476765Profile Products LLC, One stop 42023-09-300001476765PT Intermediate Holdings III, LLC, One stop 12023-09-300001476765PT Intermediate Holdings III, LLC, One stop 22023-09-300001476765PT Intermediate Holdings III, LLC, One stop 32023-09-300001476765PT Intermediate Holdings III, LLC, One stop 42023-09-300001476765PT Intermediate Holdings III, LLC, One stop 52023-09-300001476765Radwell Parent, LLC, One stop 12023-09-300001476765Radwell Parent, LLC, One stop 22023-09-300001476765Radwell Parent, LLC, One stop 32023-09-300001476765Radwell Parent, LLC, One stop 42023-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 12023-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 22023-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 32023-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 42023-09-300001476765WRE Holding Corp., Senior secured 12023-09-300001476765WRE Holding Corp., Senior secured 22023-09-300001476765WRE Holding Corp., Senior secured 32023-09-300001476765WRE Holding Corp., Senior secured 42023-09-300001476765WRE Holding Corp., Senior secured 52023-09-300001476765WRE Holding Corp., Senior secured 62023-09-300001476765WRE Holding Corp., Senior secured 72023-09-300001476765WRE Holding Corp., Senior secured 82023-09-300001476765WRE Holding Corp., Senior secured 92023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CommercialServicesSuppliesSectorMember2023-09-300001476765Lightning Finco Limited, One stop 12023-09-300001476765Lightning Finco Limited, One stop 22023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CommunicationsEquipmentSectorMember2023-09-300001476765AmerCareRoyal LLC, Senior secured 12023-09-300001476765AmerCareRoyal LLC, Senior secured 22023-09-300001476765AmerCareRoyal LLC, Senior secured 32023-09-300001476765AmerCareRoyal LLC, Senior secured 42023-09-300001476765Chase Intermediate, One stop 12023-09-300001476765Chase Intermediate, One stop 22023-09-300001476765Chase Intermediate, One stop 32023-09-300001476765Chase Intermediate, One stop 42023-09-300001476765Fortis Solutions Group LLC, One stop 12023-09-300001476765Fortis Solutions Group LLC, One stop 22023-09-300001476765Fortis Solutions Group LLC, One stop 32023-09-300001476765Fortis Solutions Group LLC, One stop 42023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2023-09-300001476765Certus Pest, Inc., One stop 12023-09-300001476765Certus Pest, Inc., One stop 22023-09-300001476765Certus Pest, Inc., One stop 32023-09-300001476765Certus Pest, Inc., One stop 42023-09-300001476765Certus Pest, Inc., One stop 52023-09-300001476765Certus Pest, Inc., One stop 62023-09-300001476765Certus Pest, Inc., One stop 72023-09-300001476765Certus Pest, Inc., One stop 82023-09-300001476765Certus Pest, Inc., One stop 92023-09-300001476765Certus Pest, Inc., One stop 102023-09-300001476765Certus Pest, Inc., One stop 112023-09-300001476765Certus Pest, Inc., One stop 122023-09-300001476765CHHJ Midco, LLC, Senior secured 12023-09-300001476765CHHJ Midco, LLC, Senior secured 22023-09-300001476765COP Exterminators Acquisitions, Inc., Senior secured 12023-09-300001476765COP Exterminators Acquisitions, Inc., Senior secured 22023-09-300001476765COP Exterminators Acquisitions, Inc., Senior secured 32023-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 12023-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 22023-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 32023-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 42023-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 52023-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 62023-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 72023-09-300001476765DP Flores Holdings, LLC., One stop 12023-09-300001476765DP Flores Holdings, LLC., One stop 22023-09-300001476765DP Flores Holdings, LLC., One stop 32023-09-300001476765EMS LINQ, LLC, One stop 12023-09-300001476765EMS LINQ, LLC, One stop 22023-09-300001476765EWC Growth Partners LLC, One stop 12023-09-300001476765EWC Growth Partners LLC, One stop 22023-09-300001476765EWC Growth Partners LLC, One stop 32023-09-300001476765EWC Growth Partners LLC, One stop 42023-09-300001476765Excelligence Learning Corporation, One stop2023-09-300001476765FPG Intermediate Holdco, LLC, One stop 12023-09-300001476765FPG Intermediate Holdco, LLC, One stop 22023-09-300001476765FPG Intermediate Holdco, LLC, One stop 32023-09-300001476765FPG Intermediate Holdco, LLC, One stop 42023-09-300001476765FSS Buyer LLC, One stop 12023-09-300001476765FSS Buyer LLC, One stop 22023-09-300001476765HS Spa Holdings, Inc., One stop 12023-09-300001476765HS Spa Holdings, Inc., One stop 22023-09-300001476765Learn-it Systems, LLC, Senior secured 12023-09-300001476765Learn-it Systems, LLC, Senior secured 22023-09-300001476765Learn-it Systems, LLC, Senior secured 32023-09-300001476765Learn-it Systems, LLC, Senior secured 42023-09-300001476765Liminex, Inc., One stop 12023-09-300001476765Liminex, Inc., One stop 22023-09-300001476765Liminex, Inc., One stop 32023-09-300001476765Liminex, Inc., One stop 42023-09-300001476765Liminex, Inc., One stop 52023-09-300001476765Litera Bidco LLC, One stop 12023-09-300001476765Litera Bidco LLC, One stop 22023-09-300001476765Litera Bidco LLC, One stop 32023-09-300001476765Litera Bidco LLC, One stop 42023-09-300001476765Litera Bidco LLC, One stop 52023-09-300001476765Litera Bidco LLC, One stop 62023-09-300001476765Mario Purchaser, LLC, One stop 12023-09-300001476765Mario Purchaser, LLC, One stop 22023-09-300001476765Mario Purchaser, LLC, One stop 32023-09-300001476765Mario Purchaser, LLC, One stop 42023-09-300001476765Mathnasium, LLC, One stop 12023-09-300001476765Mathnasium, LLC, One stop 22023-09-300001476765NSG Buyer, Inc, One stop 12023-09-300001476765NSG Buyer, Inc, One stop 22023-09-300001476765NSG Buyer, Inc, One stop 32023-09-300001476765PADI Holdco, Inc., One stop 12023-09-300001476765PADI Holdco, Inc., One stop 22023-09-300001476765PADI Holdco, Inc., One stop 32023-09-300001476765PADI Holdco, Inc., One stop 42023-09-300001476765PADI Holdco, Inc., One stop 52023-09-300001476765Provenance Buyer LLC, One stop 12023-09-300001476765Provenance Buyer LLC, One stop 22023-09-300001476765Provenance Buyer LLC, One stop 32023-09-300001476765RW AM Holdco LLC, One stop 12023-09-300001476765RW AM Holdco LLC, One stop 22023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:DiversifiedConsumerServicesSectorMember2023-09-300001476765Adenza Group, Inc., One stop 12023-09-300001476765Adenza Group, Inc., One stop 22023-09-300001476765Avalara, Inc., One stop 12023-09-300001476765Avalara, Inc., One stop 22023-09-300001476765Banker's Toolbox, Inc., One stop 12023-09-300001476765Banker's Toolbox, Inc., One stop 22023-09-300001476765Banker's Toolbox, Inc., One stop 32023-09-300001476765Finastra USA, Inc., One stop 12023-09-300001476765Finastra USA, Inc., One stop 22023-09-300001476765Flash Topco, Inc., One stop 12023-09-300001476765Flash Topco, Inc., One stop 22023-09-300001476765Flash Topco, Inc., One stop 32023-09-300001476765Higginbotham Insurance Agency, Inc., One stop 12023-09-300001476765Higginbotham Insurance Agency, Inc., One stop 22023-09-300001476765Higginbotham Insurance Agency, Inc., One stop 32023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:DiversifiedFinancialServicesSectorMember2023-09-300001476765NTI Connect, LLC, Senior secured2023-09-300001476765CST Holding Company, One stop 12023-09-300001476765CST Holding Company, One stop 22023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Cafe Rio Holding, Inc., One stop 12023-09-300001476765Cafe Rio Holding, Inc., One stop 22023-09-300001476765Cafe Rio Holding, Inc., One stop 32023-09-300001476765Cafe Rio Holding, Inc., One stop 42023-09-300001476765Cafe Rio Holding, Inc., One stop 52023-09-300001476765Cafe Rio Holding, Inc., One stop 62023-09-300001476765Cafe Rio Holding, Inc., One stop 72023-09-300001476765Cafe Rio Holding, Inc., One stop 82023-09-300001476765Cafe Rio Holding, Inc., One stop 92023-09-300001476765Cafe Rio Holding, Inc., One stop 102023-09-300001476765Mendocino Farms, LLC, One stop 12023-09-300001476765Mendocino Farms, LLC, One stop 22023-09-300001476765Mendocino Farms, LLC, One stop 32023-09-300001476765Mendocino Farms, LLC, One stop 42023-09-300001476765Mendocino Farms, LLC, One stop 52023-09-300001476765Mendocino Farms, LLC, One stop 62023-09-300001476765Mendocino Farms, LLC, One stop 72023-09-300001476765Mendocino Farms, LLC, One stop 82023-09-300001476765Mendocino Farms, LLC, One stop 92023-09-300001476765Mendocino Farms, LLC, One stop 102023-09-300001476765Ruby Slipper Cafe LLC, The, One stop 12023-09-300001476765Ruby Slipper Cafe LLC, The, One stop 22023-09-300001476765Ruby Slipper Cafe LLC, The, One stop 32023-09-300001476765Ruby Slipper Cafe LLC, The, One stop 42023-09-300001476765Ruby Slipper Cafe LLC, The, One stop 52023-09-300001476765Wineshipping.com LLC, One stop 12023-09-300001476765Wineshipping.com LLC, One stop 22023-09-300001476765Wineshipping.com LLC, One stop 32023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:FoodAndStaplesRetailingSectorMember2023-09-300001476765Borrower R365 Holdings, LLC, One stop 12023-09-300001476765Borrower R365 Holdings, LLC, One stop 22023-09-300001476765Borrower R365 Holdings, LLC, One stop 32023-09-300001476765Borrower R365 Holdings, LLC, One stop 42023-09-300001476765Borrower R365 Holdings, LLC, One stop 52023-09-300001476765Flavor Producers, LLC, Senior secured 12023-09-300001476765Flavor Producers, LLC, Senior secured 22023-09-300001476765Kodiak Cakes, LLC, Senior secured 12023-09-300001476765Kodiak Cakes, LLC, Senior secured 22023-09-300001476765Louisiana Fish Fry Products, Ltd., One stop 12023-09-300001476765Louisiana Fish Fry Products, Ltd., One stop 22023-09-300001476765MAPF Holdings, Inc., One stop 12023-09-300001476765MAPF Holdings, Inc., One stop 22023-09-300001476765P&P Food Safety Holdings, Inc., One stop 12023-09-300001476765P&P Food Safety Holdings, Inc., One stop 22023-09-300001476765P&P Food Safety Holdings, Inc., One stop 32023-09-300001476765Purfoods, LLC, One stop2023-09-300001476765Ultimate Baked Goods Midco LLC, One stop 12023-09-300001476765Ultimate Baked Goods Midco LLC, One stop 22023-09-300001476765Whitebridge Pet Brands, LLC, One stop 12023-09-300001476765Whitebridge Pet Brands, LLC, One stop 22023-09-300001476765Wizard Bidco Limited, One stop 12023-09-300001476765Wizard Bidco Limited, One stop 22023-09-300001476765Wizard Bidco Limited, One stop 32023-09-300001476765Wizard Bidco Limited, One stop 42023-09-300001476765Wizard Bidco Limited, One stop 52023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:FoodProductsSectorMember2023-09-300001476765Aspen Medical Products, LLC, One stop 12023-09-300001476765Aspen Medical Products, LLC, One stop 22023-09-300001476765Aspen Medical Products, LLC, One stop 32023-09-300001476765Baduhenna Bidco Limited, One stop 12023-09-300001476765Baduhenna Bidco Limited, One stop 22023-09-300001476765Baduhenna Bidco Limited, One stop 32023-09-300001476765Baduhenna Bidco Limited, One stop 42023-09-300001476765Baduhenna Bidco Limited, One stop 52023-09-300001476765Belmont Instrument, LLC, One stop 12023-09-300001476765Belmont Instrument, LLC, One stop 22023-09-300001476765Blades Buyer, Inc., Senior secured 12023-09-300001476765Blades Buyer, Inc., Senior secured 22023-09-300001476765Blades Buyer, Inc., Senior secured 32023-09-300001476765Blades Buyer, Inc., Senior secured 42023-09-300001476765Blue River Pet Care, LLC, One stop 12023-09-300001476765Blue River Pet Care, LLC, One stop 22023-09-300001476765Blue River Pet Care, LLC, One stop 32023-09-300001476765Blue River Pet Care, LLC, One stop 42023-09-300001476765Blue River Pet Care, LLC, One stop 52023-09-300001476765Blue River Pet Care, LLC, One stop 62023-09-300001476765Blue River Pet Care, LLC, One stop 72023-09-300001476765CCSL Holdings, LLC, One stop 12023-09-300001476765CCSL Holdings, LLC, One stop 22023-09-300001476765CCSL Holdings, LLC, One stop 32023-09-300001476765CCSL Holdings, LLC, One stop 42023-09-300001476765CCSL Holdings, LLC, One stop 52023-09-300001476765CCSL Holdings, LLC, One stop 62023-09-300001476765CMI Parent Inc., Senior secured 12023-09-300001476765CMI Parent Inc., Senior secured 22023-09-300001476765CMI Parent Inc., Senior secured 32023-09-300001476765CMI Parent Inc., Senior secured 42023-09-300001476765G & H Wire Company, Inc., One stop 12023-09-300001476765G & H Wire Company, Inc., One stop 22023-09-300001476765Joerns Healthcare, LLC, One stop 12023-09-300001476765Joerns Healthcare, LLC, One stop 22023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HealthcareEquipmentAndSuppliesSectorMember2023-09-300001476765AAH TOPCO, LLC, One stop 12023-09-300001476765AAH TOPCO, LLC, Subordinated debt2023-09-300001476765AAH TOPCO, LLC, One stop 22023-09-300001476765AAH TOPCO, LLC, One stop 32023-09-300001476765Active Day, Inc., One stop 12023-09-300001476765Active Day, Inc., One stop 22023-09-300001476765Active Day, Inc., One stop 32023-09-300001476765Active Day, Inc., One stop 42023-09-300001476765Active Day, Inc., One stop 52023-09-300001476765Active Day, Inc., One stop 62023-09-300001476765Active Day, Inc., One stop 72023-09-300001476765Active Day, Inc., One stop 82023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 12023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 22023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 32023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 42023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 52023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 62023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 72023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 82023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 92023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 102023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 112023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 122023-09-300001476765Acuity Eyecare Holdings, LLC, Senior secured2023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 132023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 142023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 152023-09-300001476765Acuity Eyecare Holdings, LLC, One stop 162023-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 12023-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 22023-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 12023-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 22023-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 32023-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 32023-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 42023-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 52023-09-300001476765Bamboo US Bidco LLC, One stop 12023-09-300001476765Bamboo US Bidco LLC, One stop 22023-09-300001476765Bamboo US Bidco LLC, One stop 32023-09-300001476765Bamboo US Bidco LLC, One stop 42023-09-300001476765Community Care Partners, LLC, One stop 12023-09-300001476765Community Care Partners, LLC, One stop 22023-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 12023-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 22023-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 32023-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 42023-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 52023-09-300001476765Datix Bidco Limited, Senior secured2023-09-300001476765Datix Bidco Limited, Second lien2023-09-300001476765Emerge Intermediate, Inc., One stop 12023-09-300001476765Emerge Intermediate, Inc., One stop 22023-09-300001476765Emerge Intermediate, Inc., One stop 32023-09-300001476765Encorevet Group LLC, One stop 12023-09-300001476765Encorevet Group LLC, One stop 22023-09-300001476765Encorevet Group LLC, One stop 32023-09-300001476765Encorevet Group LLC, One stop 42023-09-300001476765Encorevet Group LLC, One stop 52023-09-300001476765Encorevet Group LLC, Senior secured 12023-09-300001476765Encorevet Group LLC, One stop 62023-09-300001476765Encorevet Group LLC, One stop 72023-09-300001476765Encorevet Group LLC, Senior secured 22023-09-300001476765Encorevet Group LLC, Senior secured 32023-09-300001476765Encorevet Group LLC, Senior secured 42023-09-300001476765Encorevet Group LLC, One stop 82023-09-300001476765Encorevet Group LLC, One stop 92023-09-300001476765Encorevet Group LLC, Senior secured 52023-09-300001476765Encorevet Group LLC, Senior secured 62023-09-300001476765ERC Topco Holdings, LLC, One stop 12023-09-300001476765ERC Topco Holdings, LLC, One stop 22023-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 12023-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 22023-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 32023-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 42023-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 52023-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 62023-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 72023-09-300001476765Heartland Veterinary Partners LLC, Senior secured 12023-09-300001476765Heartland Veterinary Partners LLC, Senior secured 22023-09-300001476765Heartland Veterinary Partners LLC, Senior secured 32023-09-300001476765Klick Inc., Senior secured 12023-09-300001476765Klick Inc., Senior secured 22023-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 12023-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 22023-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 32023-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 42023-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 52023-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 12023-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 22023-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 32023-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 42023-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 52023-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 62023-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 72023-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 82023-09-300001476765Oliver Street Dermatology Holdings, LLC, One stop 12023-09-300001476765Oliver Street Dermatology Holdings, LLC, One stop 22023-09-300001476765Oliver Street Dermatology Holdings, LLC, One stop 32023-09-300001476765Pinnacle Treatment Centers, Inc., One stop 12023-09-300001476765Pinnacle Treatment Centers, Inc., One stop 22023-09-300001476765Pinnacle Treatment Centers, Inc., One stop 32023-09-300001476765Pinnacle Treatment Centers, Inc., One stop 42023-09-300001476765Pinnacle Treatment Centers, Inc., One stop 52023-09-300001476765Pinnacle Treatment Centers, Inc., One stop 62023-09-300001476765Pinnacle Treatment Centers, Inc., One stop 72023-09-300001476765Pinnacle Treatment Centers, Inc., One stop 82023-09-300001476765Pinnacle Treatment Centers, Inc., One stop 92023-09-300001476765Pinnacle Treatment Centers, Inc., One stop 102023-09-300001476765Suveto Buyer, LLC, One stop 12023-09-300001476765Suveto Buyer, LLC, One stop 22023-09-300001476765gbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Alegeus Technologies Holdings Corp., Senior secured2023-09-300001476765Coding Solutions Acquisition, Inc., One stop 12023-09-300001476765Coding Solutions Acquisition, Inc., One stop 22023-09-300001476765Coding Solutions Acquisition, Inc., One stop 32023-09-300001476765Coding Solutions Acquisition, Inc., One stop 42023-09-300001476765Coding Solutions Acquisition, Inc., One stop 52023-09-300001476765Color Intermediate, LLC., One stop 2023-09-300001476765Connexin Software, Inc., One stop 12023-09-300001476765Connexin Software, Inc., One stop 22023-09-300001476765Crow River Buyer, Inc., One stop 12023-09-300001476765Crow River Buyer, Inc., One stop 22023-09-300001476765ESO Solution, Inc., One stop 12023-09-300001476765ESO Solution, Inc., One stop 22023-09-300001476765HSI Halo Acquisition, Inc., One stop 12023-09-300001476765HSI Halo Acquisition, Inc., One stop 22023-09-300001476765HSI Halo Acquisition, Inc., One stop 32023-09-300001476765HSI Halo Acquisition, Inc., One stop 42023-09-300001476765HSI Halo Acquisition, Inc., One stop 52023-09-300001476765HSI Halo Acquisition, Inc., One stop 62023-09-300001476765HSI Halo Acquisition, Inc., One stop 72023-09-300001476765HSI Halo Acquisition, Inc., One stop 82023-09-300001476765Neptune Holdings, Inc., One stop 12023-09-300001476765Neptune Holdings, Inc., One stop 22023-09-300001476765Plasma Buyer LLC, One stop 12023-09-300001476765Plasma Buyer LLC, One stop 22023-09-300001476765Plasma Buyer LLC, One stop 32023-09-300001476765QF Holdings, Inc., One stop2023-09-300001476765Qgenda Intermediate Holdings, LLC, One stop 12023-09-300001476765Qgenda Intermediate Holdings, LLC, One stop 22023-09-300001476765Qgenda Intermediate Holdings, LLC, One stop 32023-09-300001476765Qgenda Intermediate Holdings, LLC, One stop 42023-09-300001476765Qgenda Intermediate Holdings, LLC, One stop 52023-09-300001476765Tebra Technologies, Inc., One stop 12023-09-300001476765Tebra Technologies, Inc., One stop 22023-09-300001476765Tebra Technologies, Inc., One stop 32023-09-300001476765Tebra Technologies, Inc., One stop 42023-09-300001476765Tebra Technologies, Inc., One stop 52023-09-300001476765Tebra Technologies, Inc., One stop 62023-09-300001476765Tebra Technologies, Inc., One stop 72023-09-300001476765Tebra Technologies, Inc., One stop 82023-09-300001476765Tebra Technologies, Inc., One stop 92023-09-300001476765Tebra Technologies, Inc., One stop 102023-09-300001476765Transaction Data Systems, Inc., One stop 12023-09-300001476765Transaction Data Systems, Inc., One stop 22023-09-300001476765Veranex, Inc., Senior secured 12023-09-300001476765Veranex, Inc., Senior secured 22023-09-300001476765Veranex, Inc., Senior secured 32023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthCareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Barteca Restaurants, LLC, One stop 12023-09-300001476765Barteca Restaurants, LLC, One stop 22023-09-300001476765Barteca Restaurants, LLC, One stop 32023-09-300001476765BJH Holdings III Corp., One stop 12023-09-300001476765BJH Holdings III Corp., One stop 22023-09-300001476765Davidson Hotel Company, LLC, One stop 12023-09-300001476765Davidson Hotel Company, LLC, One stop 22023-09-300001476765Davidson Hotel Company, LLC, One stop 32023-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 12023-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 22023-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 32023-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 42023-09-300001476765ESN Venture Holdings, LLC, One stop 12023-09-300001476765ESN Venture Holdings, LLC, One stop 22023-09-300001476765ESN Venture Holdings, LLC, One stop 32023-09-300001476765Harri US LLC, One stop 12023-09-300001476765Harri US LLC, One stop 22023-09-300001476765Harri US LLC, One stop 32023-09-300001476765Harri US LLC, One stop 42023-09-300001476765Health Buyer, LLC, Senior secured 12023-09-300001476765Health Buyer, LLC, Senior secured 22023-09-300001476765Health Buyer, LLC, Senior secured 32023-09-300001476765Health Buyer, LLC, Senior secured 42023-09-300001476765SSRG Holdings, LLC, One stop 12023-09-300001476765SSRG Holdings, LLC, One stop 22023-09-300001476765Tropical Smoothie Cafe Holdings, LLC, One stop 12023-09-300001476765Tropical Smoothie Cafe Holdings, LLC, One stop 22023-09-300001476765Tropical Smoothie Cafe Holdings, LLC, One stop 32023-09-300001476765Tropical Smoothie Cafe Holdings, LLC, One stop 42023-09-300001476765YE Brands Holding, LLC, One stop 12023-09-300001476765YE Brands Holding, LLC, One stop 22023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Groundworks LLC, One stop 12023-09-300001476765Groundworks LLC, One stop 22023-09-300001476765Groundworks LLC, One stop 32023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HouseholdDurablesSectorMember2023-09-300001476765WU Holdco, Inc., One stop 12023-09-300001476765WU Holdco, Inc., One stop 22023-09-300001476765WU Holdco, Inc., One stop 32023-09-300001476765WU Holdco, Inc., One stop 42023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:HouseholdProductsSectorMember2023-09-300001476765Arch Global CCT Holdings Corp., Senior secured 12023-09-300001476765Arch Global CCT Holdings Corp., Senior secured 22023-09-300001476765Arch Global CCT Holdings Corp., Senior secured 32023-09-300001476765Arch Global CCT Holdings Corp., Senior secured 42023-09-300001476765Dwyer Instruments, Inc, One stop 12023-09-300001476765Dwyer Instruments, Inc, One stop 22023-09-300001476765Dwyer Instruments, Inc, One stop 32023-09-300001476765Essential Services Holdings Corporation, One stop 12023-09-300001476765Essential Services Holdings Corporation, One stop 22023-09-300001476765Excelitas Technologies Corp, One stop 12023-09-300001476765Excelitas Technologies Corp, One stop 22023-09-300001476765Excelitas Technologies Corp, One stop 32023-09-300001476765Excelitas Technologies Corp, One stop 42023-09-300001476765Specialty Measurement Bidco Limited, One stop 12023-09-300001476765Specialty Measurement Bidco Limited, One stop 22023-09-300001476765Specialty Measurement Bidco Limited, One stop 32023-09-300001476765Specialty Measurement Bidco Limited, One stop 42023-09-300001476765Specialty Measurement Bidco Limited, One stop 52023-09-300001476765Specialty Measurement Bidco Limited, One stop 62023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:IndustrialConglomeratesSectorMember2023-09-300001476765Accession Risk Management Group, Inc., One stop 12023-09-300001476765Accession Risk Management Group, Inc., One stop 22023-09-300001476765Accession Risk Management Group, Inc., One stop 32023-09-300001476765Accession Risk Management Group, Inc., One stop 42023-09-300001476765Accession Risk Management Group, Inc., One stop 52023-09-300001476765Accession Risk Management Group, Inc., One stop 62023-09-300001476765Alera Group, Inc., One stop 12023-09-300001476765Alera Group, Inc., One stop 22023-09-300001476765Alera Group, Inc., One stop 32023-09-300001476765AMBA Buyer, Inc., One stop 12023-09-300001476765AMBA Buyer, Inc., One stop 22023-09-300001476765AMBA Buyer, Inc., One stop 32023-09-300001476765AMBA Buyer, Inc., One stop 42023-09-300001476765AMBA Buyer, Inc., One stop 52023-09-300001476765Captive Resources Midco, LLC, One stop 12023-09-300001476765Captive Resources Midco, LLC, One stop 22023-09-300001476765Disco Parent, Inc., One stop 12023-09-300001476765Disco Parent, Inc., One stop 22023-09-300001476765Integrated Specialty Coverages, LLC, One stop 12023-09-300001476765Integrated Specialty Coverages, LLC, One stop 22023-09-300001476765Integrated Specialty Coverages, LLC, One stop 32023-09-300001476765Integrity Marketing Acquisition, LLC, Senior secured 12023-09-300001476765Integrity Marketing Acquisition, LLC, One stop 12023-09-300001476765Integrity Marketing Acquisition, LLC, Senior secured 22023-09-300001476765Integrity Marketing Acquisition, LLC, Senior secured 32023-09-300001476765Integrity Marketing Acquisition, LLC, One stop 22023-09-300001476765Integrity Marketing Acquisition, LLC, Senior secured 42023-09-300001476765Integrity Marketing Acquisition, LLC, Senior secured 52023-09-300001476765Integrity Marketing Acquisition, LLC, One stop 32023-09-300001476765Integrity Marketing Acquisition, LLC, One stop 42023-09-300001476765Integrity Marketing Acquisition, LLC, One stop 52023-09-300001476765J.S. Held Holdings, LLC, One stop 12023-09-300001476765J.S. Held Holdings, LLC, One stop 22023-09-300001476765J.S. Held Holdings, LLC, One stop 32023-09-300001476765J.S. Held Holdings, LLC, One stop 42023-09-300001476765J.S. Held Holdings, LLC, One stop 52023-09-300001476765J.S. Held Holdings, LLC, One stop 62023-09-300001476765Keystone Agency Partners LLC, Senior secured 12023-09-300001476765Keystone Agency Partners LLC, Senior secured 22023-09-300001476765Keystone Agency Partners LLC, Senior secured 32023-09-300001476765Illumifin Corporation, One stop2023-09-300001476765Majesco, One stop 12023-09-300001476765Majesco, One stop 22023-09-300001476765Norvax, LLC, Senior secured 12023-09-300001476765Norvax, LLC, Senior secured 22023-09-300001476765Paisley Bidco Limited, One stop 12023-09-300001476765Paisley Bidco Limited, One stop 22023-09-300001476765Pareto Health Intermediate Holdings, Inc., One stop 12023-09-300001476765Pareto Health Intermediate Holdings, Inc., One stop 22023-09-300001476765Pareto Health Intermediate Holdings, Inc., One stop 32023-09-300001476765Patriot Growth Insurance Services, LLC, One stop 12023-09-300001476765Patriot Growth Insurance Services, LLC, One stop 22023-09-300001476765Patriot Growth Insurance Services, LLC, One stop 32023-09-300001476765People Corporation, One stop 12023-09-300001476765People Corporation, One stop 22023-09-300001476765People Corporation, One stop 32023-09-300001476765People Corporation, One stop 42023-09-300001476765People Corporation, One stop 52023-09-300001476765Sunstar Insurance Group, LLC, Senior secured 12023-09-300001476765Sunstar Insurance Group, LLC, Senior secured 22023-09-300001476765Sunstar Insurance Group, LLC, Senior secured 32023-09-300001476765Sunstar Insurance Group, LLC, Senior secured 42023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Revalize, Inc., One stop 12023-09-300001476765Revalize, Inc., One stop 22023-09-300001476765Revalize, Inc., One stop 32023-09-300001476765Revalize, Inc., One stop 42023-09-300001476765Revalize, Inc., One stop 52023-09-300001476765Revalize, Inc., One stop 62023-09-300001476765Revalize, Inc., One stop 72023-09-300001476765Revalize, Inc., One stop 82023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:InternetCatalogRetailSectorMember2023-09-300001476765Acquia, Inc., One stop 12023-09-300001476765Acquia, Inc., One stop 22023-09-300001476765CivicPlus, LLC, One stop 12023-09-300001476765CivicPlus, LLC, One stop 22023-09-300001476765CivicPlus, LLC, One stop 32023-09-300001476765CivicPlus, LLC, One stop 42023-09-300001476765CivicPlus, LLC, One stop 52023-09-300001476765Critical Start, Inc., One stop 12023-09-300001476765Critical Start, Inc., One stop 22023-09-300001476765Critical Start, Inc., One stop 32023-09-300001476765Delinea Inc., One stop 12023-09-300001476765Delinea Inc., One stop 22023-09-300001476765Delinea Inc., One stop 32023-09-300001476765Optimizely North America, Inc., One stop 12023-09-300001476765Optimizely North America, Inc., One stop 22023-09-300001476765Optimizely North America, Inc., One stop 32023-09-300001476765Optimizely North America, Inc., One stop 42023-09-300001476765Optimizely North America, Inc., One stop 52023-09-300001476765Optimizely North America, Inc., One stop 62023-09-300001476765Goldcup 31018 AB., One stop 12023-09-300001476765Goldcup 31018 AB., One stop 22023-09-300001476765Goldcup 31018 AB., One stop 32023-09-300001476765Infinisource, Inc., One stop 12023-09-300001476765Infinisource, Inc., One stop 22023-09-300001476765Infinisource, Inc., One stop 32023-09-300001476765Infinisource, Inc., One stop 42023-09-300001476765Infinisource, Inc., One stop 52023-09-300001476765Infinisource, Inc., One stop 62023-09-300001476765Infinisource, Inc., One stop 72023-09-300001476765Infinisource, Inc., One stop 82023-09-300001476765Infinisource, Inc., One stop 92023-09-300001476765Infinisource, Inc., One stop 102023-09-300001476765Infinisource, Inc., One stop 112023-09-300001476765Netwrix Corporation, One stop 12023-09-300001476765Netwrix Corporation, One stop 22023-09-300001476765Netwrix Corporation, One stop 32023-09-300001476765PCS Intermediate II Holdings, LLC, One stop 12023-09-300001476765PCS Intermediate II Holdings, LLC, One stop 22023-09-300001476765PCS Intermediate II Holdings, LLC, One stop 32023-09-300001476765Recordxtechnologies, LLC, One stop 12023-09-300001476765Recordxtechnologies, LLC, One stop 22023-09-300001476765Recordxtechnologies, LLC, One stop 32023-09-300001476765Red Dawn SEI Buyer, Inc., Senior secured 12023-09-300001476765Red Dawn SEI Buyer, Inc., Senior secured 22023-09-300001476765Red Dawn SEI Buyer, Inc., Senior secured 32023-09-300001476765Red Dawn SEI Buyer, Inc., Senior secured 42023-09-300001476765Red Dawn SEI Buyer, Inc., Senior secured 52023-09-300001476765Red Dawn SEI Buyer, Inc., Senior secured 62023-09-300001476765Red Dawn SEI Buyer, Inc., Senior secured 72023-09-300001476765ReliaQuest Holdings, LLC, One stop 12023-09-300001476765ReliaQuest Holdings, LLC, One stop 22023-09-300001476765ReliaQuest Holdings, LLC, One stop 32023-09-300001476765Saturn Borrower Inc., One stop 12023-09-300001476765Saturn Borrower Inc., One stop 22023-09-300001476765WPEngine, Inc., One stop 12023-09-300001476765WPEngine, Inc., One stop 22023-09-300001476765Zarya Holdco, Inc., Senior secured 12023-09-300001476765Zarya Holdco, Inc., One stop 12023-09-300001476765Zarya Holdco, Inc., Senior secured 22023-09-300001476765Zarya Holdco, Inc., One stop 22023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ITServicesSectorMember2023-09-300001476765WBZ Investment LLC, One stop 12023-09-300001476765WBZ Investment LLC, One stop 22023-09-300001476765WBZ Investment LLC, One stop 32023-09-300001476765WBZ Investment LLC, One stop 42023-09-300001476765WBZ Investment LLC, One stop 52023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Celerion Buyer, Inc, One stop 12023-09-300001476765Celerion Buyer, Inc, One stop 22023-09-300001476765Celerion Buyer, Inc, One stop 32023-09-300001476765Covaris Intermediate 3, LLC, One stop 12023-09-300001476765Covaris Intermediate 3, LLC, One stop 22023-09-300001476765Covaris Intermediate 3, LLC, One stop 32023-09-300001476765PAS Parent Inc., One stop 12023-09-300001476765PAS Parent Inc., One stop 22023-09-300001476765PAS Parent Inc., One stop 32023-09-300001476765Reaction Biology Corporation, One stop 12023-09-300001476765Reaction Biology Corporation, One stop 22023-09-300001476765Reaction Biology Corporation, One stop 32023-09-300001476765Reaction Biology Corporation, One stop 42023-09-300001476765Reaction Biology Corporation, One stop 52023-09-300001476765Unchained Labs, LLC, Senior secured 12023-09-300001476765Unchained Labs, LLC, Senior secured 22023-09-300001476765Unchained Labs, LLC, Senior secured 32023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Bad Boy Mowers Acquisition, LLC, Senior secured2023-09-300001476765Blackbird Purchaser, Inc., Senior secured 12023-09-300001476765Blackbird Purchaser, Inc., Senior secured 22023-09-300001476765Chase Industries, Inc., Senior secured 12023-09-300001476765Chase Industries, Inc., Senior secured 22023-09-300001476765Chase Industries, Inc., Senior secured 32023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:MachinerySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Project Nike Purchaser, LLC, One stop 12023-09-300001476765Project Nike Purchaser, LLC, One stop 22023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:MarineSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Triple Lift, Inc., One stop 12023-09-300001476765Triple Lift, Inc., One stop 22023-09-300001476765Triple Lift, Inc., One stop 32023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:MediaSectorMember2023-09-300001476765Mills Fleet Farm Group LLC, One stop2023-09-3000014767653ES Innovation, Inc., One stop 12023-09-3000014767653ES Innovation, Inc., One stop 22023-09-300001476765Envernus, Inc., Senior secured 12023-09-300001476765Envernus, Inc., Senior secured 22023-09-300001476765Envernus, Inc., Senior secured 32023-09-300001476765Project Power Buyer, LLC, One stop 12023-09-300001476765Project Power Buyer, LLC, One stop 22023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:OilGasAndConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Messenger, LLC, One stop 12023-09-300001476765Messenger, LLC, One stop 22023-09-300001476765Messenger, LLC, One stop 32023-09-300001476765Messenger, LLC, One stop 42023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765IMPLUS Footcare, LLC, One stop 12023-09-300001476765IMPLUS Footcare, LLC, One stop 22023-09-300001476765IMPLUS Footcare, LLC, One stop 32023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:PersonalProductsSectorMember2023-09-300001476765ACP Ulysses Buyer, Inc., One stop 12023-09-300001476765ACP Ulysses Buyer, Inc., One stop 22023-09-300001476765Amalthea Parent, Inc., One stop 12023-09-300001476765Amalthea Parent, Inc., One stop 22023-09-300001476765Apothecary Products, LLC, Senior secured 12023-09-300001476765Apothecary Products, LLC, Senior secured 22023-09-300001476765Caerus Midco 3 S.A.R.L., One stop 12023-09-300001476765Caerus Midco 3 S.A.R.L., One stop 22023-09-300001476765Caerus Midco 3 S.A.R.L., One stop 32023-09-300001476765Caerus Midco 3 S.A.R.L., One stop 42023-09-300001476765Caerus Midco 3 S.A.R.L., One stop 52023-09-300001476765Cobalt Buyer Sub, Inc., One stop 12023-09-300001476765Cobalt Buyer Sub, Inc., One stop 22023-09-300001476765Cobalt Buyer Sub, Inc., One stop 32023-09-300001476765Cobalt Buyer Sub, Inc., One stop 42023-09-300001476765Spark Bidco Limited, Senior secured 12023-09-300001476765Spark Bidco Limited, Senior secured 22023-09-300001476765Spark Bidco Limited, Senior secured 32023-09-300001476765Spark Bidco Limited, Senior secured 42023-09-300001476765Spark Bidco Limited, Senior secured 52023-09-300001476765Spark Bidco Limited, Senior secured 62023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765ALKU Intermediate Holdings, LLC, One stop2023-09-300001476765bswift, LLC, One stop2023-09-300001476765Citrin Cooperman Advisors LLC, One stop 12023-09-300001476765Citrin Cooperman Advisors LLC, One stop 22023-09-300001476765Citrin Cooperman Advisors LLC, One stop 32023-09-300001476765DISA Holdings Corp., Senior secured 12023-09-300001476765DISA Holdings Corp., Senior secured 22023-09-300001476765DISA Holdings Corp., Senior secured 32023-09-300001476765DISA Holdings Corp., One stop2023-09-300001476765DISA Holdings Corp., Subordinated debt2023-09-300001476765Eliassen Group, LLC, One stop 12023-09-300001476765Eliassen Group, LLC, One stop 22023-09-300001476765Filevine, Inc., One stop 12023-09-300001476765Filevine, Inc., One stop 22023-09-300001476765IG Investments Holdings, LLC, One stop 12023-09-300001476765IG Investments Holdings, LLC, One stop 22023-09-300001476765IG Investments Holdings, LLC, One stop 32023-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12023-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22023-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 32023-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 42023-09-300001476765Net Health Acquisition Corp., One stop 12023-09-300001476765Net Health Acquisition Corp., One stop 22023-09-300001476765Net Health Acquisition Corp., One stop 32023-09-300001476765Net Health Acquisition Corp., One stop 42023-09-300001476765Net Health Acquisition Corp., One stop 52023-09-300001476765Net Health Acquisition Corp., One stop 62023-09-300001476765PlanSource Holdings, Inc., One stop 12023-09-300001476765PlanSource Holdings, Inc., One stop 22023-09-300001476765PlanSource Holdings, Inc., One stop 32023-09-300001476765PlanSource Holdings, Inc., One stop 42023-09-300001476765Procure Acquireco, Inc., One stop 12023-09-300001476765Procure Acquireco, Inc., One stop 22023-09-300001476765Procure Acquireco, Inc., One stop 32023-09-300001476765Teaching Company, The, One stop 12023-09-300001476765Teaching Company, The, One stop 22023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:ProfessionalServicesSectorMember2023-09-300001476765Inhabit IQ Inc., One stop 12023-09-300001476765Inhabit IQ Inc., One stop 22023-09-300001476765Inhabit IQ Inc., One stop 32023-09-300001476765Inhabit IQ Inc., One stop 42023-09-300001476765Inhabit IQ Inc., One stop 52023-09-300001476765Inhabit IQ Inc., One stop 62023-09-300001476765Inhabit IQ Inc., One stop 72023-09-300001476765Inhabit IQ Inc., One stop 82023-09-300001476765Inhabit IQ Inc., One stop 92023-09-300001476765Inhabit IQ Inc., One stop 102023-09-300001476765Inhabit IQ Inc., One stop 112023-09-300001476765Inhabit IQ Inc., One stop 122023-09-300001476765MRI Software LLC, One stop 12023-09-300001476765MRI Software LLC, One stop 22023-09-300001476765MRI Software LLC, One stop 32023-09-300001476765RPL Bidco Limited, One stop 12023-09-300001476765RPL Bidco Limited, One stop 22023-09-300001476765RPL Bidco Limited, One stop 32023-09-300001476765RPL Bidco Limited, One stop 42023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:RealEstateManagementDevelopmentSectorMember2023-09-300001476765Channelside Acquisitona Co, Inc., One stop 12023-09-300001476765Channelside Acquisitona Co, Inc., One stop 22023-09-300001476765Channelside Acquisitona Co, Inc., One stop 32023-09-300001476765Channelside Acquisitona Co, Inc., One stop 42023-09-300001476765Internet Truckstop Group LLC, One stop 12023-09-300001476765Internet Truckstop Group LLC, One stop 22023-09-300001476765Internet Truckstop Group LLC, One stop 32023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:RoadRailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Anaplan, Inc., One stop 12023-09-300001476765Anaplan, Inc., One stop 22023-09-300001476765Appfire Technologies, LLC, One stop 12023-09-300001476765Appfire Technologies, LLC, One stop 22023-09-300001476765Appfire Technologies, LLC, One stop 32023-09-300001476765Aras Corporation, One stop 12023-09-300001476765Aras Corporation, One stop 22023-09-300001476765Armstrong Bidco Limited, One stop 12023-09-300001476765Armstrong Bidco Limited, One stop 22023-09-300001476765Arrow Buyer, Inc., One stop 12023-09-300001476765Arrow Buyer, Inc., One stop 22023-09-300001476765Auvik Networks Inc., One stop 12023-09-300001476765Auvik Networks Inc., One stop 22023-09-300001476765Auvik Networks Inc., One stop 32023-09-300001476765Axiom Merger Sub Inc., One stop 12023-09-300001476765Axiom Merger Sub Inc., One stop 22023-09-300001476765Axiom Merger Sub Inc., One stop 32023-09-300001476765Axiom Merger Sub Inc., One stop 42023-09-300001476765Axiom Merger Sub Inc., One stop 52023-09-300001476765Bayshore Intermediate 2, L.P., One stop 12023-09-300001476765Bayshore Intermediate 2, L.P., One stop 22023-09-300001476765Bonterra LLC, One stop 12023-09-300001476765Bonterra LLC, One stop 22023-09-300001476765Bonterra LLC, One stop 32023-09-300001476765Bottomline Technologies, Inc., One stop 12023-09-300001476765Bottomline Technologies, Inc., One stop 22023-09-300001476765Bullhorn, Inc., One stop 12023-09-300001476765Bullhorn, Inc., One stop 22023-09-300001476765Bullhorn, Inc., One stop 32023-09-300001476765Bullhorn, Inc., One stop 42023-09-300001476765Bullhorn, Inc., One stop 52023-09-300001476765Bullhorn, Inc., One stop 62023-09-300001476765Bullhorn, Inc., One stop 72023-09-300001476765Burning Glass Intermediate Holdings Company, Inc., One stop 12023-09-300001476765Burning Glass Intermediate Holdings Company, Inc., One stop 22023-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12023-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22023-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32023-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42023-09-300001476765Calabrio, Inc., One stop 12023-09-300001476765Calabrio, Inc., One stop 22023-09-300001476765Camelia Bidco Limited, One stop 12023-09-300001476765Camelia Bidco Limited, One stop 22023-09-300001476765Camelia Bidco Limited, One stop 32023-09-300001476765Community Brands Parentco LLC, One stop 12023-09-300001476765Community Brands Parentco LLC, One stop 22023-09-300001476765Community Brands Parentco LLC, One stop 32023-09-300001476765Coupa Holdings, LLC, One stop 12023-09-300001476765Coupa Holdings, LLC, One stop 22023-09-300001476765Coupa Holdings, LLC, One stop 32023-09-300001476765Daxko Acquisition Corporation, One stop 12023-09-300001476765Daxko Acquisition Corporation, One stop 22023-09-300001476765Daxko Acquisition Corporation, One stop 32023-09-300001476765Daxko Acquisition Corporation, One stop 42023-09-300001476765Denali Bidco Limited, One stop 12023-09-300001476765Denali Bidco Limited, One stop 22023-09-300001476765Denali Bidco Limited, One stop 32023-09-300001476765Diligent Corporation, One stop 12023-09-300001476765Diligent Corporation, One stop 22023-09-300001476765Diligent Corporation, One stop 32023-09-300001476765Dragon UK Bidco Limited, One stop 12023-09-300001476765Dragon UK Bidco Limited, One stop 22023-09-300001476765Dragon UK Bidco Limited, One stop 32023-09-300001476765Evergreen IX Borrower 2023, LLC, One stop 12023-09-300001476765Evergreen IX Borrower 2023, LLC, One stop 22023-09-300001476765FirstUp, Inc, One stop 12023-09-300001476765FirstUp, Inc, One stop 22023-09-300001476765FirstUp, Inc, One stop 32023-09-300001476765Gainsight, Inc., One stop 12023-09-300001476765Gainsight, Inc., One stop 22023-09-300001476765GS Acquisitionco, Inc., One stop 12023-09-300001476765GS Acquisitionco, Inc., One stop 22023-09-300001476765GTIV, LLC, One stop 12023-09-300001476765GTIV, LLC, One stop 22023-09-300001476765GTY Technology Holdings, Inc., One stop 12023-09-300001476765GTY Technology Holdings, Inc., One stop 22023-09-300001476765GTY Technology Holdings, Inc., One stop 32023-09-300001476765GTY Technology Holdings, Inc., One stop 42023-09-300001476765Hyland Software, Inc., One stop 12023-09-300001476765Hyland Software, Inc., One stop 22023-09-300001476765ICIMS, Inc., One stop 12023-09-300001476765ICIMS, Inc., One stop 22023-09-300001476765ICIMS, Inc., One stop 32023-09-300001476765IQN Holding Corp., One stop 12023-09-300001476765IQN Holding Corp., One stop 22023-09-300001476765IQN Holding Corp., One stop 32023-09-300001476765Island Bidco AB, One stop 12023-09-300001476765Island Bidco AB, One stop 22023-09-300001476765Island Bidco AB, One stop 32023-09-300001476765Island Bidco AB, One stop 42023-09-300001476765Juvare, LLC, One stop 12023-09-300001476765Juvare, LLC, One stop 22023-09-300001476765Juvare, LLC, One stop 32023-09-300001476765Juvare, LLC, One stop 42023-09-300001476765Kaseya Inc., One stop 12023-09-300001476765Kaseya Inc., One stop 22023-09-300001476765Kaseya Inc., One stop 32023-09-300001476765LeadsOnline, LLC, One stop 12023-09-300001476765LeadsOnline, LLC, One stop 22023-09-300001476765LeadsOnline, LLC, One stop 32023-09-300001476765Mindbody, Inc., One stop 12023-09-300001476765Mindbody, Inc., One stop 22023-09-300001476765Mindbody, Inc., One stop 32023-09-300001476765Ministry Brands Holdings LLC, One stop 12023-09-300001476765Ministry Brands Holdings LLC, One stop 22023-09-300001476765Ministry Brands Holdings LLC, One stop 32023-09-300001476765Neo Bidco GMBH, One stop 12023-09-300001476765Neo Bidco GMBH, One stop 22023-09-300001476765Neo Bidco GMBH, One stop 32023-09-300001476765Naviga Inc., Senior secured2023-09-300001476765Panzura, LLC, One stop2023-09-300001476765PDI TA Holdings, Inc., One stop 12023-09-300001476765PDI TA Holdings, Inc., Second lien 12023-09-300001476765PDI TA Holdings, Inc., One stop 22023-09-300001476765PDI TA Holdings, Inc., One stop 32023-09-300001476765PDI TA Holdings, Inc., Second lien 22023-09-300001476765PDI TA Holdings, Inc., Second lien 32023-09-300001476765PDI TA Holdings, Inc., One stop 42023-09-300001476765PDI TA Holdings, Inc., One stop 52023-09-300001476765PDI TA Holdings, Inc., Second lien 42023-09-300001476765Personify, Inc., One stop 12023-09-300001476765Personify, Inc., One stop 22023-09-300001476765Personify, Inc., One stop 32023-09-300001476765PING Identity Holding Corp., One stop 12023-09-300001476765PING Identity Holding Corp., One stop 22023-09-300001476765Pluralsight, LLC, One stop 12023-09-300001476765Pluralsight, LLC, One stop 22023-09-300001476765ProcessUnity Holdings, LLC, One stop 12023-09-300001476765ProcessUnity Holdings, LLC, One stop 22023-09-300001476765ProcessUnity Holdings, LLC, One stop 32023-09-300001476765ProcessUnity Holdings, LLC, One stop 42023-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 12023-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 22023-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 32023-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 42023-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 52023-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 62023-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 72023-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 82023-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 92023-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 102023-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 112023-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 122023-09-300001476765QAD, Inc., One stop 12023-09-300001476765QAD, Inc., One stop 22023-09-300001476765Quant Buyer, Inc., One stop 12023-09-300001476765Quant Buyer, Inc., One stop 22023-09-300001476765Quant Buyer, Inc., One stop 32023-09-300001476765Quant Buyer, Inc., One stop 42023-09-300001476765Quant Buyer, Inc., One stop 52023-09-300001476765Rainforest Bidco Limited, One stop 12023-09-300001476765Rainforest Bidco Limited, One stop 22023-09-300001476765Rainforest Bidco Limited, One stop 32023-09-300001476765Rainforest Bidco Limited, One stop 42023-09-300001476765RegEd Aquireco, LLC, Senior secured 12023-09-300001476765RegEd Aquireco, LLC, Senior secured 22023-09-300001476765Riskonnect Parent, LLC, One stop 12023-09-300001476765Riskonnect Parent, LLC, One stop 22023-09-300001476765Riskonnect Parent, LLC, One stop 32023-09-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 12023-09-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 22023-09-300001476765SailPoint Technologies Holdings, Inc, One stop 12023-09-300001476765SailPoint Technologies Holdings, Inc, One stop 22023-09-300001476765Sapphire Bidco Oy, One stop 12023-09-300001476765Sapphire Bidco Oy, One stop 22023-09-300001476765Sonatype, Inc., One stop 12023-09-300001476765Sonatype, Inc., One stop 22023-09-300001476765Sonatype, Inc., One stop 32023-09-300001476765Spartan Buyer Acquisition Co., One stop 12023-09-300001476765Spartan Buyer Acquisition Co., One stop 22023-09-300001476765Spartan Buyer Acquisition Co., One stop 32023-09-300001476765Tahoe Bidco B.V., One stop 12023-09-300001476765Tahoe Bidco B.V., One stop 22023-09-300001476765Telesoft Holdings LLC, One stop 12023-09-300001476765Telesoft Holdings LLC, One stop 22023-09-300001476765Telesoft Holdings LLC, One stop 32023-09-300001476765Templafy APS and Templafy, LLC, One stop 12023-09-300001476765Templafy APS and Templafy, LLC, One stop 22023-09-300001476765Templafy APS and Templafy, LLC, One stop 32023-09-300001476765TI Intermediate Holdings, LLC, Senior secured 12023-09-300001476765TI Intermediate Holdings, LLC, Senior secured 22023-09-300001476765TI Intermediate Holdings, LLC, Senior secured 32023-09-300001476765TI Intermediate Holdings, LLC, Senior secured 42023-09-300001476765TI Intermediate Holdings, LLC, Senior secured 52023-09-300001476765TI Intermediate Holdings, LLC, Senior secured 62023-09-300001476765Togetherwork Holdings, LLC, One stop 12023-09-300001476765Togetherwork Holdings, LLC, One stop 22023-09-300001476765Togetherwork Holdings, LLC, One stop 32023-09-300001476765Togetherwork Holdings, LLC, One stop 42023-09-300001476765Togetherwork Holdings, LLC, One stop 52023-09-300001476765Togetherwork Holdings, LLC, One stop 62023-09-300001476765Togetherwork Holdings, LLC, One stop 72023-09-300001476765Togetherwork Holdings, LLC, One stop 82023-09-300001476765Togetherwork Holdings, LLC, One stop 92023-09-300001476765Togetherwork Holdings, LLC, One stop 102023-09-300001476765Togetherwork Holdings, LLC, One stop 112023-09-300001476765Togetherwork Holdings, LLC, One stop 122023-09-300001476765Togetherwork Holdings, LLC, One stop 132023-09-300001476765Togetherwork Holdings, LLC, One stop 142023-09-300001476765Togetherwork Holdings, LLC, One stop 152023-09-300001476765Togetherwork Holdings, LLC, One stop 162023-09-300001476765Togetherwork Holdings, LLC, One stop 172023-09-300001476765Togetherwork Holdings, LLC, One stop 182023-09-300001476765Togetherwork Holdings, LLC, One stop 192023-09-300001476765Vector CS Midco Limited & Cloudsense Ltd., One stop 12023-09-300001476765Vector CS Midco Limited & Cloudsense Ltd., One stop 22023-09-300001476765Vendavo, Inc., One stop 12023-09-300001476765Vendavo, Inc., One stop 22023-09-300001476765WebPT, Inc., One stop2023-09-300001476765Workforce Software, LLC, One stop 12023-09-300001476765Workforce Software, LLC, One stop 22023-09-300001476765Workforce Software, LLC, One stop 32023-09-300001476765Workforce Software, LLC, One stop 42023-09-300001476765Workforce Software, LLC, One stop 52023-09-300001476765Zendesk, Inc, One stop 12023-09-300001476765Zendesk, Inc, One stop 22023-09-300001476765Zendesk, Inc, One stop 32023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:SoftwareSectorMember2023-09-300001476765Ave Holdings III, Corp, One stop 12023-09-300001476765Ave Holdings III, Corp, One stop 22023-09-300001476765Ave Holdings III, Corp, One stop 32023-09-300001476765Ave Holdings III, Corp, One stop 42023-09-300001476765Consilio Midco Limited, One stop 12023-09-300001476765Consilio Midco Limited, One stop 22023-09-300001476765Consilio Midco Limited, One stop 32023-09-300001476765Consilio Midco Limited, One stop 42023-09-300001476765Consilio Midco Limited, One stop 52023-09-300001476765Consilio Midco Limited, One stop 62023-09-300001476765Consilio Midco Limited, One stop 72023-09-300001476765Consilio Midco Limited, One stop 82023-09-300001476765Consilio Midco Limited, One stop 92023-09-300001476765Consilio Midco Limited, One stop 102023-09-300001476765Consilio Midco Limited, One stop 112023-09-300001476765Consilio Midco Limited, One stop 122023-09-300001476765Consilio Midco Limited, One stop 132023-09-300001476765Consilio Midco Limited, One stop 142023-09-300001476765Cycle Gear, Inc., One stop2023-09-300001476765Imperial Optical Midco Inc., One stop 12023-09-300001476765Imperial Optical Midco Inc., One stop 22023-09-300001476765Imperial Optical Midco Inc., One stop 32023-09-300001476765Imperial Optical Midco Inc., One stop 42023-09-300001476765Imperial Optical Midco Inc., One stop 52023-09-300001476765Imperial Optical Midco Inc., One stop 62023-09-300001476765Imperial Optical Midco Inc., One stop 72023-09-300001476765Imperial Optical Midco Inc., One stop 82023-09-300001476765Imperial Optical Midco Inc., One stop 92023-09-300001476765Imperial Optical Midco Inc., One stop 102023-09-300001476765Imperial Optical Midco Inc., One stop 112023-09-300001476765Imperial Optical Midco Inc., One stop 122023-09-300001476765Imperial Optical Midco Inc., One stop 132023-09-300001476765Imperial Optical Midco Inc., One stop 142023-09-300001476765Imperial Optical Midco Inc., One stop 152023-09-300001476765PPV Intermediate Holdings, LLC, One stop 12023-09-300001476765PPV Intermediate Holdings, LLC, One stop 22023-09-300001476765PPV Intermediate Holdings, LLC, One stop 32023-09-300001476765PPV Intermediate Holdings, LLC, One stop 42023-09-300001476765PPV Intermediate Holdings, LLC, One stop 52023-09-300001476765PPV Intermediate Holdings, LLC, One stop 62023-09-300001476765PPV Intermediate Holdings, LLC, One stop 72023-09-300001476765Salon Lofts Group, LLC, Senior secured 12023-09-300001476765Salon Lofts Group, LLC, Senior secured 22023-09-300001476765Salon Lofts Group, LLC, Senior secured 32023-09-300001476765Salon Lofts Group, LLC, Senior secured 42023-09-300001476765Salon Lofts Group, LLC, Senior secured 52023-09-300001476765Salon Lofts Group, LLC, Senior secured 62023-09-300001476765Salon Lofts Group, LLC, Senior secured 72023-09-300001476765Salon Lofts Group, LLC, Second lien2023-09-300001476765Salon Lofts Group, LLC, Senior secured 82023-09-300001476765Salon Lofts Group, LLC, Senior secured 92023-09-300001476765Salon Lofts Group, LLC, Senior secured 102023-09-300001476765SureWerx Purchaser III, Inc, One stop 12023-09-300001476765SureWerx Purchaser III, Inc, One stop 22023-09-300001476765SureWerx Purchaser III, Inc, One stop 32023-09-300001476765Titan Fitness, LLC, One stop 12023-09-300001476765Titan Fitness, LLC, One stop 22023-09-300001476765Titan Fitness, LLC, One stop 32023-09-300001476765Vermont Aus Pty Ltd, One stop 12023-09-300001476765Vermont Aus Pty Ltd, One stop 22023-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 12023-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 22023-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 32023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:SpecialtyRetailSectorMember2023-09-300001476765Agility Recovery Solutions Inc., One stop 12023-09-300001476765Agility Recovery Solutions Inc., One stop 22023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:TechnologyHardwareStoragePeripheralsSectorMember2023-09-300001476765Dollfus Mieg Company, Inc., One stop 12023-09-300001476765Dollfus Mieg Company, Inc., One stop 22023-09-300001476765Dollfus Mieg Company, Inc., One stop 32023-09-300001476765Dollfus Mieg Company, Inc., One stop 42023-09-300001476765Elite Sportswear, L.P., Senior secured 12023-09-300001476765Elite Sportswear, L.P., Senior secured 22023-09-300001476765Elite Sportswear, L.P., Senior secured 32023-09-300001476765Elite Sportswear, L.P., Senior secured 42023-09-300001476765Elite Sportswear, L.P., Senior secured 52023-09-300001476765Elite Sportswear, L.P., Senior secured 62023-09-300001476765Elite Sportswear, L.P., Senior secured 72023-09-300001476765Elite Sportswear, L.P., Senior secured 82023-09-300001476765Georgica Pine Clothiers, LLC, One stop 12023-09-300001476765Georgica Pine Clothiers, LLC, One stop 22023-09-300001476765Georgica Pine Clothiers, LLC, One stop 32023-09-300001476765Georgica Pine Clothiers, LLC, One stop 42023-09-300001476765Georgica Pine Clothiers, LLC, One stop 52023-09-300001476765Georgica Pine Clothiers, LLC, One stop 62023-09-300001476765SHO Holding I Corporation, Senior secured 12023-09-300001476765SHO Holding I Corporation, Senior secured 22023-09-300001476765SHO Holding I Corporation, Senior secured 32023-09-300001476765SHO Holding I Corporation, Senior secured 42023-09-300001476765SHO Holding I Corporation, Senior secured 52023-09-300001476765SHO Holding I Corporation, Senior secured 62023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765Marcone Yellowstone Buyer Inc, One stop 12023-09-300001476765Marcone Yellowstone Buyer Inc, One stop 22023-09-300001476765Marcone Yellowstone Buyer Inc, One stop 32023-09-300001476765Marcone Yellowstone Buyer Inc, One stop 42023-09-300001476765Marcone Yellowstone Buyer Inc, One stop 52023-09-300001476765Marcone Yellowstone Buyer Inc, One stop 62023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:TradingCompaniesAndDistributorsSectorMember2023-09-300001476765S.J. Electro Systems, LLC, Senior secured 12023-09-300001476765S.J. Electro Systems, LLC, Senior secured 22023-09-300001476765S.J. Electro Systems, LLC, Senior secured 32023-09-300001476765Vessco Midco Holdings, LLC, Senior secured 12023-09-300001476765Vessco Midco Holdings, LLC, Senior secured 22023-09-300001476765Vessco Midco Holdings, LLC, Senior secured 32023-09-300001476765Vessco Midco Holdings, LLC, Senior secured 42023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembergbdc:WaterUtilitiesSectorMember2023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-09-300001476765PPW Aero Buyer, Inc., LP units2023-09-300001476765Tronair Parent, Inc., LLC units2023-09-300001476765gbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Polk Acquisition Corp., LP Interest2023-09-300001476765CG Group Holdings, LLC, LP units2023-09-300001476765Go Car Wash Parent, Corp., Preferred stock2023-09-300001476765Go Car Wash Parent, Corp., Common Stock2023-09-300001476765MOP GM Holding, LLC, LP units2023-09-300001476765National Express Wash Parent Holdco, LLC, LP units2023-09-300001476765POY Holdings, LLC, LLC units2023-09-300001476765Quick Quack Car Wash Holdings, LLC, LLC interest2023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMemberus-gaap:AutomotiveSectorMember2023-09-300001476765Cobepa BlueSky Aggregator, SCSp, LP Interest2023-09-300001476765BECO Holding Company, Inc., Preferred stock2023-09-300001476765BECO Holding Company, Inc., LP Interest2023-09-300001476765gbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Inhance Technologies Holdings LLC, Preferred stock2023-09-300001476765Inhance Technologies Holdings LLC, LLC units2023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMember2023-09-300001476765CI (Quercus) Intermediate Holdings, LLC, LP Interest2023-09-300001476765EGD Security Systems, LLC, Common Stock2023-09-300001476765Franchise Brands plc, Common Stock2023-09-300001476765North Haven Stack Buyer, LLC, LLC units2023-09-300001476765PT Intermediate Holdings III, LLC, LLC units2023-09-300001476765Radwell Parent, LLC, LP units2023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Chase Intermediate, LP units2023-09-300001476765CHHJ Midco, LLC, LLC units2023-09-300001476765DP Flores Holdings, LLC units2023-09-300001476765EMS LINQ, LLC, LP Interest2023-09-300001476765EWC Growth Partners LLC, LLC interest2023-09-300001476765HS Spa Holdings, Inc., Common Stock2023-09-300001476765Liminex, Inc., Common Stock2023-09-300001476765NSG Buyer, Inc, LP units2023-09-300001476765PADI Holdco, Inc., LLC interest2023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:DiversifiedConsumerServicesSectorMember2023-09-300001476765Inventus Power, Inc., Preferred stock2023-09-300001476765Inventus Power, Inc., LLC units2023-09-300001476765Inventus Power, Inc., LP Interest2023-09-300001476765Inventus Power, Inc., Common Stock2023-09-300001476765gbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Benihana, Inc., LLC units2023-09-300001476765Cafe Rio Holding, Inc., Common Stock2023-09-300001476765Hopdoddy Holdings, LLC, LLC units 12023-09-300001476765Hopdoddy Holdings, LLC, LLC units 22023-09-300001476765Mendocino Farms, LLC, Common Stock2023-09-300001476765Ruby Slipper Cafe LLC, The, LLC interest 12023-09-300001476765Ruby Slipper Cafe LLC, The, LLC interest 22023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:FoodAndStaplesRetailingSectorMember2023-09-300001476765Borrower R365 Holdings, LLC, Preferred Stock 12023-09-300001476765Borrower R365 Holdings, LLC, LLC units2023-09-300001476765Borrower R365 Holdings, LLC, Common Stock2023-09-300001476765Borrower R365 Holdings, LLC, Preferred Stock 22023-09-300001476765Borrower R365 Holdings, LLC, Preferred Stock 32023-09-300001476765Borrower R365 Holdings, LLC, Preferred Stock 42023-09-300001476765Borrower R365 Holdings, LLC, LP units2023-09-300001476765C. J. Foods, Inc., Preferred stock2023-09-300001476765Kodiak Cakes, LLC, Common Stock2023-09-300001476765Louisiana Fish Fry Products, Ltd., Common Stock2023-09-300001476765Louisiana Fish Fry Products, Ltd., Preferred stock2023-09-300001476765P&P Food Safety Holdings, Inc., Common Stock2023-09-300001476765Purfoods, LLC, LLC interest2023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:FoodProductsSectorMember2023-09-300001476765Aspen Medical Products, LLC, LP Interest2023-09-300001476765Blue River Pet Care, LLC, Common Stock2023-09-300001476765CCSL Holdings, LLC, LP Interest2023-09-300001476765CMI Parent Inc., Common Stock 12023-09-300001476765CMI Parent Inc., Common Stock 22023-09-300001476765G & H Wire Company, Inc., LLC interest2023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMember2023-09-300001476765Active Day, Inc., LLC interest2023-09-300001476765Acuity Eyecare Holdings, LLC, LLC interest2023-09-300001476765Acuity Eyecare Holdings, LLC, LLC units2023-09-300001476765ADCS Clinics Intermediate Holdings, LLC, Preferred stock2023-09-300001476765ADCS Clinics Intermediate Holdings, LLC, Common Stock2023-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, LLC units2023-09-300001476765CRH Healthcare Purchaser, Inc., LP Interest2023-09-300001476765DCA Investment Holding, LLC, Preferred Stock2023-09-300001476765DCA Investment Holding, LLC, Common Stock2023-09-300001476765Emerge Intermediate, Inc., LLC units 12023-09-300001476765Emerge Intermediate, Inc., LLC units 22023-09-300001476765Emerge Intermediate, Inc., LLC units 32023-09-300001476765Encore GC Acquisition, LLC, LLC interest2023-09-300001476765Encore GC Acquisition, LLC, LLC units2023-09-300001476765Encorevet Group LLC, Common Stock2023-09-300001476765Encorevet Group LLC, LLC units2023-09-300001476765Krueger-Gilbert Health Physics, LLC, Common Stock2023-09-300001476765Midwest Veterinary Partners, LLC, Preferred Stock 12023-09-300001476765Midwest Veterinary Partners, LLC, Warrant2023-09-300001476765Midwest Veterinary Partners, LLC, Preferred Stock 22023-09-300001476765MWD Management, LLC & MWD Services, Inc., LLC interest2023-09-300001476765NDX Parent, LLC, Common Stock2023-09-300001476765NDX Parent, LLC, Preferred Stock2023-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., Common Stock2023-09-300001476765Oliver Street Dermatology Holdings, LLC, LLC interest2023-09-300001476765Pinnacle Treatment Centers, Inc., LLC interest 12023-09-300001476765Pinnacle Treatment Centers, Inc., LLC interest 22023-09-300001476765Radiology Partners, Inc., LLC units2023-09-300001476765Radiology Partners, Inc., LLC interest2023-09-300001476765Sage Dental Management, LLC, LLC units 12023-09-300001476765Sage Dental Management, LLC, LLC units 22023-09-300001476765Suveto Buyer, LLC, Common Stock2023-09-300001476765gbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Connexin Software, Inc., LLC interest2023-09-300001476765HSI Halo Acquisition, Inc., Preferred Stock2023-09-300001476765HSI Halo Acquisition, Inc., LP Interest 2023-09-300001476765Symplr Software, Inc., Preferred stock 12023-09-300001476765Symplr Software, Inc., Preferred stock 22023-09-300001476765Symplr Software, Inc., Preferred stock 32023-09-300001476765Symplr Software, Inc., Preferred stock 42023-09-300001476765Symplr Software, Inc., LLC units2023-09-300001476765Symplr Software, Inc., Common Stock2023-09-300001476765Tebra Technologies, Inc., Warrant 12023-09-300001476765Tebra Technologies, Inc., Warrant 22023-09-300001476765Tebra Technologies, Inc., LCC interest2023-09-300001476765Tebra Technologies, Inc., Preferred stock2023-09-300001476765gbdc:HealthCareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Freddy's Frozen Custard LLC, LP Interest2023-09-300001476765Harri US LLC, LLC units2023-09-300001476765Harri US LLC, Preferred stock2023-09-300001476765Harri US LLC, Warrant2023-09-300001476765LMP TR Holdings, LLC, LLC units2023-09-300001476765SSRG Holdings, LLC, LP Interest2023-09-300001476765Tropical Smoothie Cafe Holdings, LLC, LP Interest2023-09-300001476765gbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Accession Risk Management Group, Inc., Preferred Stock2023-09-300001476765Majesco, Preferred Stock2023-09-300001476765Majesco, LP Interest 2023-09-300001476765gbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Revalize, Inc., Preferred stock 12023-09-300001476765Revalize, Inc., Preferred stock 22023-09-300001476765Revalize, Inc., Preferred stock 32023-09-300001476765Revalize, Inc., Preferred stock 42023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:InternetCatalogRetailSectorMember2023-09-300001476765Appriss Health Intermediate Holdings, Inc, Preferred stock2023-09-300001476765Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 12023-09-300001476765Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 22023-09-300001476765Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 32023-09-300001476765Arctic Wolfs Networks, Inc. and Arctic Wolf Networks Canada, Inc., Warrant2023-09-300001476765Critical Start, Inc., Common Stock2023-09-300001476765Optimizely North America, Inc., Common Stock2023-09-300001476765Kentik Technologies, Inc., Preferred stock2023-09-300001476765Netwrix Corporation, LLC units2023-09-300001476765PCS Intermediate II Holdings, LLC, LLC interest2023-09-300001476765Red Dawn SEI Buyer, Inc., LP Interest2023-09-300001476765Saturn Borrower Inc., LP units2023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:ITServicesSectorMember2023-09-300001476765Massage Envy, LLC, LLC interest2023-09-300001476765WBZ Investment LLC, LLC interest 12023-09-300001476765WBZ Investment LLC, LLC interest 22023-09-300001476765WBZ Investment LLC, LLC interest 32023-09-300001476765WBZ Investment LLC, LLC interest 42023-09-300001476765WBZ Investment LLC, LLC interest 52023-09-300001476765WBZ Investment LLC, LLC interest 62023-09-300001476765gbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Celerion Buyer, Inc, LP units 12023-09-300001476765Celerion Buyer, Inc, LP units 22023-09-300001476765PAS Parent Inc., LP Interest2023-09-300001476765PAS Parent Inc., Preferred Stock2023-09-300001476765Reaction Biology Corporation, LLC units2023-09-300001476765gbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765W3 Co., LLC interest2023-09-300001476765W3 Co., Preferred stock2023-09-300001476765gbdc:OilGasAndConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Messenger, LLC, LLC units 12023-09-300001476765Messenger, LLC, LLC units 22023-09-300001476765gbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Amalthea Parent, Inc., LP Interest2023-09-300001476765Cobalt Buyer Sub, Inc., Preferred stock 12023-09-300001476765Cobalt Buyer Sub, Inc., Preferred stock 22023-09-300001476765Cobalt Buyer Sub, Inc., Common Stock2023-09-300001476765gbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Brandmuscle, Inc., LLC interest2023-09-300001476765Enboarder, Inc., Preferred stock2023-09-300001476765Filevine, Inc., Preferred stock2023-09-300001476765Filevine, Inc., Warrant 12023-09-300001476765Filevine, Inc., Warrant 22023-09-300001476765Net Health Acquisition Corp., LP Interest2023-09-300001476765Procure Acquireco, Inc., LP Interest2023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:ProfessionalServicesSectorMember2023-09-300001476765Inhabit IQ Inc., Common Stock2023-09-300001476765SC Landco Parent, LLC, Common Stock2023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMember2023-09-300001476765Internet Truckstop Group LLC, LP Interest2023-09-300001476765Anaplan, Inc., LP Interest2023-09-300001476765Aras Corporation, Preferred stock2023-09-300001476765Aras Corporation, LP Interest2023-09-300001476765Astute Holdings, Inc., LP Interest2023-09-300001476765Auvik Networks Inc., Preferred Stock 12023-09-300001476765Auvik Networks Inc., Preferred Stock 22023-09-300001476765Bayshore Intermediate 2, L.P., Common Stock2023-09-300001476765Calabrio, Inc., LP Interest 12023-09-300001476765Calabrio, Inc., LP Interest 22023-09-300001476765Cloudbees, Inc., Preferred stock 12023-09-300001476765Cloudbees, Inc., Warrant2023-09-300001476765Cloudbees, Inc., Preferred stock 22023-09-300001476765Cynet Security Ltd, Preferred stock2023-09-300001476765Denali Bidco Limited, LP Interest2023-09-300001476765Diligent Corporation, Preferred stock 12023-09-300001476765Diligent Corporation, Preferred stock 22023-09-300001476765FirstUp, Inc, Common Stock2023-09-300001476765GS Acquisitionco, Inc., Preferred stock 12023-09-300001476765GS Acquisitionco, Inc., Preferred stock 22023-09-300001476765GS Acquisitionco, Inc., LP Interest2023-09-300001476765GS Acquisitionco, Inc., Preferred stock 32023-09-300001476765GTY Technology Holdings, Inc, LP units2023-09-300001476765Impartner, Inc., Preferred stock2023-09-300001476765Kaseya Inc., Preferred stock2023-09-300001476765Kaseya Inc., LP Interest2023-09-300001476765MetricStream, Inc., Warrant2023-09-300001476765Ministry Brands Holdings LLC, LP Interest2023-09-300001476765mParticle, Inc., Preferred stock2023-09-300001476765mParticle, Inc., Warrant2023-09-300001476765Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH, Warrant2023-09-300001476765Panzura, LLC, LLC units2023-09-300001476765PDI TA Holdings, Inc., Preferred Stock2023-09-300001476765Personify, Inc., LP Interest2023-09-300001476765Project Alpha Intermediate Holding, Inc., Preferred Stock2023-09-300001476765Project Alpha Intermediate Holding, Inc., Common Stock2023-09-300001476765Pyramid Healthcare Acquisition Corp., Common Stock2023-09-300001476765QAD, Inc., Preferred stock2023-09-300001476765QAD, Inc., Common Stock2023-09-300001476765Onit, Inc., Preferred Stock2023-09-300001476765Onit, Inc., Warrant2023-09-300001476765RegEd Aquireco, LLC, LP Interest 12023-09-300001476765RegEd Aquireco, LLC, LP Interest 22023-09-300001476765RegEd Aquireco, LLC, Preferred Stock2023-09-300001476765Riskonnect Parent, LLC, Preferred stock 12023-09-300001476765Riskonnect Parent, LLC, LP Interest2023-09-300001476765Riskonnect Parent, LLC, Preferred stock 22023-09-300001476765SnapLogic, Inc., Preferred stock2023-09-300001476765SnapLogic, Inc., Warrant2023-09-300001476765Spartan Buyer Acquisition Co., Common Stock2023-09-300001476765Spartan Buyer Acquisition Co., Preferred Stock2023-09-300001476765Telesoft Holdings LLC, LP Interest2023-09-300001476765Templafy APS and Templafy, LLC, Warrant2023-09-300001476765Workforce Software, LLC, Common Stock 12023-09-300001476765Workforce Software, LLC, Common Stock 22023-09-300001476765Zendesk, Inc, LP units2023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMember2023-09-300001476765Ave Holdings III, Corp, Preferred stock2023-09-300001476765Ave Holdings III, Corp, LP units2023-09-300001476765Batteries Plus Holding Corporation, LP Interest2023-09-300001476765Cycle Gear, Inc., LLC units2023-09-300001476765Cycle Gear, Inc., Preferred Stock2023-09-300001476765Imperial Optical Midco Inc., Preferred Stock 12023-09-300001476765Imperial Optical Midco Inc., Preferred Stock 22023-09-300001476765Imperial Optical Midco Inc., Common Stock2023-09-300001476765Pet Holdings ULC, LP Interest2023-09-300001476765Salon Lofts Group, LLC, LP units2023-09-300001476765Southern Veterinary Partners, LLC, Preferred stock 12023-09-300001476765Southern Veterinary Partners, LLC, Preferred stock 22023-09-300001476765Southern Veterinary Partners, LLC, LLC interest2023-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., LP units2023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMembergbdc:SpecialtyRetailSectorMember2023-09-300001476765Agility Recovery Solutions Inc., LLC interest2023-09-300001476765Georgica Pine Clothiers, LLC, LLC 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Barry Corporation, Preferred stock2023-09-300001476765gbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Abita Brewing Co., L.L.C., One stop 12023-09-300001476765Abita Brewing Co., L.L.C., Second lien2023-09-300001476765Abita Brewing Co., L.L.C., One stop 22023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:BeveragesSectorMember2023-09-300001476765Benetech, Inc., One stop 12023-09-300001476765Benetech, Inc., One stop 22023-09-300001476765us-gaap:DebtSecuritiesMembergbdc:EnergyEquipmentAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001476765Rubio's Restaurants, Inc., Senior secured 12023-09-300001476765Rubio's Restaurants, Inc., Senior secured 22023-09-300001476765Rubio's Restaurants, Inc., Senior secured 32023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:FoodAndStaplesRetailingSectorMember2023-09-300001476765Bayside Opco, LLC, One stop 12023-09-300001476765Bayside Opco, LLC, Subordinated debt2023-09-300001476765Bayside Opco, LLC, One stop 22023-09-300001476765Bayside Opco, LLC, One stop 32023-09-300001476765Elite Dental Partners LLC, One stop 12023-09-300001476765Elite Dental Partners LLC, One stop 22023-09-300001476765Elite Dental Partners LLC, One stop 32023-09-300001476765Opening Day Borrower 111 LLC, One stop 12023-09-300001476765Opening Day Borrower 111 LLC, One stop 22023-09-300001476765Opening Day Borrower 111 LLC, One stop 32023-09-300001476765gbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001476765Switchfly LLC, One stop 12023-09-300001476765Switchfly LLC, One stop 22023-09-300001476765Switchfly LLC, One stop 32023-09-300001476765Switchfly LLC, One stop 42023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergbdc:SoftwareSectorMember2023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001476765Abita Brewing Co., L.L.C., Warrant2023-09-300001476765Rubio's Restaurants, Inc., Preferred stock2023-09-300001476765Rubio's Restaurants, Inc., Common Stock 12023-09-300001476765Rubio's Restaurants, Inc., Common Stock 22023-09-300001476765Rubio's Restaurants, Inc., Common Stock 32023-09-300001476765Rubio's Restaurants, Inc., Common Stock 42023-09-300001476765Rubio's Restaurants, Inc., Common Stock 52023-09-300001476765Rubio's Restaurants, Inc., Common Stock 62023-09-300001476765Rubio's Restaurants, Inc., Common Stock 72023-09-300001476765Rubio's Restaurants, Inc., Common Stock 82023-09-300001476765Rubio's Restaurants, Inc., Common Stock 92023-09-300001476765Rubio's Restaurants, Inc., Common Stock 102023-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMembergbdc:FoodAndStaplesRetailingSectorMember2023-09-300001476765Bayside Opco, LLC, LLC units2023-09-300001476765Elite Dental Partners LLC, LLC interest 12023-09-300001476765Elite Dental Partners LLC, LLC interest 22023-09-300001476765Elite Dental Partners LLC, LLC units2023-09-300001476765Opening Day Borrower 111 LLC, LLC units2023-09-300001476765gbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2023-09-300001476765Switchfly LLC, LLC interest2023-09-300001476765Switchfly LLC, LLC units2023-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMember2023-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2023-09-300001476765MMan Acquisition Co., One stop 12023-09-300001476765MMan Acquisition Co., One stop 22023-09-300001476765MMan Acquisition Co., One stop 32023-09-300001476765MMan Acquisition Co., One stop 42023-09-300001476765MMan Acquisition Co., One stop 52023-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001476765BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)2023-09-300001476765Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)2023-09-300001476765Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)2023-09-300001476765gbdc:AssetConcentrationRiskMembergbdc:InvestmentsAtFairValueMembergbdc:NonQualifyingAssetMember2022-10-012023-09-300001476765Abita Brewing Co. 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______________________________________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________________________________ 
FORM 10-Q

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

For the Quarterly Period Ended December 31, 2023

OR

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

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.
(Exact name of registrant as specified in its charter)
Delaware27-2326940
(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 classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareGBDC The Nasdaq Global Select Market

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

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

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

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

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

As of February 5, 2024, the Registrant had 170,585,795 shares of common stock, $0.001 par value, outstanding.


Part I. Financial Information  
Item 1. Financial Statements
Consolidated Statements of Financial Condition as of December 31, 2023 (unaudited) and September 30, 2023
Consolidated Statements of Operations for the three months ended December 31, 2023 (unaudited) and 2022 (unaudited)
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2023 (unaudited) and 2022 (unaudited)
Consolidated Statements of Cash Flows for the three months ended December 31, 2023 (unaudited) and 2022 (unaudited)
Consolidated Schedules of Investments as of December 31, 2023 (unaudited) and September 30, 2023
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)

December 31, 2023September 30, 2023
(unaudited)
Assets    
Investments, at fair value    
Non-controlled/non-affiliate company investments$5,351,550 $5,416,739 
Non-controlled affiliate company investments79,073 87,084 
Controlled affiliate company investments12,804 12,790 
Total investments, at fair value (amortized cost of $5,510,452 and $5,593,836, respectively)
5,443,427 5,516,613 
Cash and cash equivalents70,691 65,617 
Foreign currencies (cost of $5,873 and $4,540, respectively)
5,967 4,208 
Restricted cash and cash equivalents
96,761 70,381 
Interest receivable54,494 58,054 
Net unrealized appreciation on forward currency contracts9,226 14,941 
Other assets19,314 3,658 
Total Assets$5,699,880 $5,733,472 
Liabilities    
Debt$3,084,102 $3,133,332 
Less unamortized debt issuance costs(18,818)(15,613)
Debt less unamortized debt issuance costs3,065,284 3,117,719 
Interest payable26,583 24,749 
Management and incentive fees payable35,241 35,277 
Accrued trustee fees231 331 
Accounts payable and other liabilities8,623 7,518 
Total Liabilities3,135,962 3,185,594 
Commitments and Contingencies (Note 8)
    
Net Assets    
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2023 and September 30, 2023
— — 
Common stock, par value $0.001 per share, 350,000,000 shares authorized, 170,585,795 and 169,594,742 shares issued and outstanding as of December 31, 2023 and September 30, 2023, respectively
171 170 
Paid in capital in excess of par2,661,797 2,646,912 
Distributable earnings (losses)
(98,050)(99,204)
Total Net Assets2,563,918 2,547,878 
Total Liabilities and Total Net Assets$5,699,880 $5,733,472 
Number of common shares outstanding170,585,795 169,594,742 
Net asset value per common share$15.03 $15.02 

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 December 31,
  20232022
Investment income    
From non-controlled/non-affiliate company investments:    
Interest income$147,532 $123,678 
Payment-in-kind interest income10,909 7,083 
Dividend income4,375 4,133 
Fee income365 487 
Total investment income from non-controlled/non-affiliate company investments163,181 135,381 
From non-controlled affiliate company investments:    
Interest income647 46 
Payment-in-kind interest income788 1,343 
Fee income48 38 
Total investment income from non-controlled affiliate company investments1,483 1,427 
From controlled affiliate company investments:  
Interest income(1)
— (28)
Payment-in-kind interest income102 93 
Fee income4 4 
Total investment income from controlled affiliate company investments106 69 
Total investment income164,770 136,877 
Expenses    
Interest and other debt financing expenses41,560 34,245 
Base management fee13,956 19,062 
Incentive fee21,285 16,011 
Professional fees1,308 1,208 
Administrative service fee2,245 2,175 
General and administrative expenses381 313 
Total expenses80,735 73,014 
Net investment income - before tax84,035 63,863 
Excise tax500 2,200 
Net investment income - after tax83,535 61,663 
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments909 3,697 
Non-controlled affiliate company investments— 320 
Foreign currency transactions187 (1,186)
Forward currency contracts— 463 
Net realized gain (loss) on investment transactions 1,096 3,294 
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments3,047 (33,397)
Non-controlled affiliate company investments(12,225)(7,981)
Controlled affiliate company investments(126)307 
Translation of assets and liabilities in foreign currencies6,187 15,897 
Forward currency contracts (5,715)(14,448)
Net change in unrealized appreciation (depreciation) on investment transactions (8,832)(39,622)
Net gain (loss) on investment transactions (7,736)(36,328)
(Provision) benefit for taxes on realized gains on investments— (207)
(Provision) benefit for taxes on unrealized appreciation on investments(23)453 
Net increase (decrease) in net assets resulting from operations$75,776 $25,581 
Per Common Share Data
Basic and diluted earnings per common share (Note 10)
$0.45 $0.15 
Dividends and distributions declared per common share$0.44 $0.33 
Basic and diluted weighted average common shares outstanding (Note 10)
169,650,233 170,895,670 
(1) Negative interest income amounts are due to amortization of the GCIC acquisition purchase premium. Refer to Note 2 for additional details on the GCIC acquisition purchase premium.

See Notes to Consolidated Financial Statements.
4
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)
Common StockPaid in Capital in Excess of ParDistributable Earnings (Losses)Total Net Assets
SharesPar Amount
Balance at September 30, 2022
170,895,670 $171 $2,676,674 $(132,345)$2,544,500 
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 61,663 61,663 
Net realized gain (loss) on investment transactions— — — 3,294 3,294 
Net change in unrealized appreciation (depreciation) on investment transactions— — — (39,622)(39,622)
(Provision) benefit for taxes on realized gain on investments— — — (207)(207)
(Provision) benefit for taxes on unrealized appreciation on investments— — — 453 453 
Distributions to stockholders:
Distributions from distributable earnings— — — (56,396)(56,396)
Total increase (decrease) for the three months ended December 31, 2022
— — — (30,815)(30,815)
Balance at December 31, 2022
170,895,670 $171 $2,676,674 $(163,160)$2,513,685 
Balance at September 30, 2023
169,594,742 $170 $2,646,912 $(99,204)$2,547,878 
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 83,535 83,535 
Net realized gain (loss) on investment transactions— — — 1,096 1,096 
Net change in unrealized appreciation (depreciation) on investment transactions — — — (8,832)(8,832)
(Provision) benefit for taxes on unrealized appreciation on investments— — — (23)(23)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan991,053 1 14,885 — 14,886 
Distributions from distributable earnings— — — (74,622)(74,622)
Total increase (decrease) for the three months ended December 31, 2023
991,053 1 14,885 1,154 16,040 
Balance at December 31, 2023
170,585,795 $171 $2,661,797 $(98,050)$2,563,918 

See Notes to Consolidated Financial Statements.
5

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

Three months ended December 31,
  20232022
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations$75,776 $25,581 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs2,109 1,748 
Accretion of discounts and amortization of premiums on investments(3,673)(3,893)
Accretion of discounts and amortization of premiums on issued debt securities41 421 
Net realized (gain) loss on investments(909)(4,017)
Net realized (gain) loss on foreign currency transactions(187)1,186 
Net realized (gain) loss on forward currency contracts— (463)
Net change in unrealized (appreciation) depreciation on investments9,304 41,071 
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(6,187)(15,897)
Net change in unrealized (appreciation) depreciation on interest rate swap(301)— 
Net change in unrealized (appreciation) depreciation on forward currency contracts 5,715 14,448 
Proceeds from (fundings of) revolving loans, net(235)(868)
Fundings of investments(73,242)(248,882)
Proceeds from principal payments and sales of portfolio investments179,411 253,833 
Proceeds from settlements of forward currency contracts— 463 
Payment-in-kind interest capitalized(13,715)(7,777)
Non-cash dividends capitalized(4,251)(3,449)
Changes in operating assets and liabilities:
Interest receivable3,560 (7,540)
Receivable from investments sold— (463)
Other assets(12,390)98 
Interest payable1,834 4,558 
Management and incentive fees payable(36)1,651 
Accrued trustee fees(100)(199)
Accounts payable and other liabilities1,105 1,308 
Net cash provided by (used in) operating activities163,629 52,918 
Cash flows from financing activities    
Borrowings on debt563,746 77,080 
Repayments of debt(629,508)(88,000)
Capitalized debt issuance costs(5,314)(178)
Distributions paid (59,736)(47,245)
Purchases of common stock for dividend reinvestment plan — (9,151)
Net cash provided by (used in) financing activities(130,812)(67,494)
Net change in cash and cash equivalents, foreign currencies and restricted cash and cash equivalents32,817 (14,576)
Effect of foreign currency exchange rates396 56 
Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, beginning of period140,206 180,553 
Cash and cash equivalents, foreign currencies and restricted cash and cash equivalents, end of period$173,419 $166,033 
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest$37,576 $27,518 
Distributions declared for the period74,622 56,396 
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan$14,886 $— 


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 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
December 31, 2023September 30, 2023
Cash and cash equivalents$70,691 $65,617 
Foreign currencies (cost of $5,873 and $4,540, respectively)
5,967 4,208 
Restricted cash and cash equivalents96,761 70,381 
Total cash and cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows$173,419 $140,206 
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)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.+One stopSF +7.00%(i)(j)12.35%02/2029$24,763 $24,127 1.0%$24,763 
PPW Aero Buyer, Inc.+One stopSF +7.00%(j)12.35%02/20293 2 —3 
24,766 24,129 1.024,766 
Airlines
Accelya Lux Finco S.A.R.L.+(8)(13)(23)One stopSF +7.00%(j)8.45% cash/4.00%PIK12/2026977 968 —928
Auto Components                
COP CollisionRight Holdings, Inc.#+One stopSF +5.00%(j)10.50%04/20289,779 9,657 0.49,779 
COP CollisionRight Holdings, Inc.+One stopSF +5.00%(j)10.50%04/202851 51 —51 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(k)10.10%08/20274,828 4,799 0.24,635 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(j)10.00%08/2027977 966 0.1938 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(j)10.03%08/202713 12 —9 
North Haven Falcon Buyer, LLC+(23)One stopSF +8.00%(j)9.77% cash/3.75%PIK05/20276,287 6,193 0.25,407 
North Haven Falcon Buyer, LLC+(23)One stopSF +8.00%(j)9.78% cash/3.75%PIK05/20271,053 1,043 —905 
Polk Acquisition Corp.*#+(23)Senior securedSF +7.50%(i)10.71% cash/2.25%PIK12/202418,420 18,177 0.718,052 
Polk Acquisition Corp.+(23)Senior securedSF +7.50%(i)10.71% cash/2.25%PIK12/2024109 108 —107 
Polk Acquisition Corp.+(23)Senior securedSF +7.50%(i)10.71% cash/2.25%PIK12/202463 61 —60 
41,580 41,067 1.6 39,943 
Automobiles                
CG Group Holdings, LLC*#+(23)One stopSF +8.75%(j)12.10% cash/2.00%PIK07/202731,845 31,414 1.231,210 
CG Group Holdings, LLC+(23)One stopSF +8.75%(i)12.11% cash/2.00%PIK07/2026347 342 —342 
Denali Midco 2, LLC*#+One stopSF +6.25%(i)11.71%12/202742,325 42,042 1.742,325 
Denali Midco 2, LLC+One stopSF +6.50%(i)11.96%12/2027966 944 —968 
Denali Midco 2, LLC+One stopSF +6.25%(i)11.71%12/2027652 647 —652 
Denali Midco 2, LLC+One stopSF +6.50%(i)11.96%12/2027260 254 —261 
Denali Midco 2, LLC+One stopSF +6.50%(i)11.96%12/2027220 215 —221 
Denali Midco 2, LLC+One stopSF +6.25%(i)11.71%12/2027195 194 —195 
Denali Midco 2, LLC+One stopSF +6.50%(i)11.96%12/2027129 126 —129 
Denali Midco 2, LLC+One stopSF +6.25%(i)11.71%12/2027119 118 —119 
Denali Midco 2, LLC+One stopSF +6.25%(i)11.71%12/2027113 112 —113 
Denali Midco 2, LLC+One stopSF +6.25%(i)11.71%12/202798 98 —98 
Denali Midco 2, LLC+One stopSF +6.25%(i)11.71%12/202781 80 —81 
Denali Midco 2, LLC+One stopSF +6.25%(i)11.71%12/202779 78 —79 
Denali Midco 2, LLC+One stopSF +6.25%(i)11.71%12/202779 78 —79 
Denali Midco 2, LLC+One stopSF +6.25%(i)11.71%12/202765 64 —65 
Denali Midco 2, LLC+One stopSF +6.50%(i)11.96%12/202765 63 —65 
Denali Midco 2, LLC+(5)One stopSF +6.25%N/A(6)12/2027— (3)—— 
Denali Midco 2, LLC+(5)One stopSF +6.50%N/A(6)12/2027— (7)—— 
Denali Midco 2, LLC+One stopSF +5.75%(i)11.21%12/20277 2 —2 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(k)10.47%12/2029273 268 —268 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(k)10.47%12/202957 56 —56 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(k)10.47%12/20293 2 —2 
High Bar Brands Operating, LLC+(5)Senior securedSF +5.25%N/A(6)12/2029— (1)—(1)

See Notes to Consolidated Financial Statements.
8
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
JHCC Holdings LLC+One stopSF +5.25%(j)10.75%09/2026$15,119 $14,934 0.6%$14,854 
JHCC Holdings LLC+One stopSF +5.25%(j)10.75%09/20263,301 3,265 0.13,243 
JHCC Holdings LLC+One stopSF +6.75%(j)12.25%09/20261,106 1,085 —1,109 
JHCC Holdings LLC+One stopSF +5.25%(j)10.75%09/2026489 484 —481 
JHCC Holdings LLC+One stopSF +5.25%(j)10.75%09/2026291 288 —286 
JHCC Holdings LLC+(5)One stopSF +5.25%N/A(6)09/2026— (1)—(2)
JHCC Holdings LLC+One stopSF +5.75%(j)11.10%09/2026100 99 —99 
JHCC Holdings LLC+(5)One stopSF +5.75%N/A(6)09/2026— (4)—(4)
MOP GM Holding, LLC*#+One stopSF +5.75%(k)11.18%11/202623,672 23,526 0.922,962 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.28%11/20262,596 2,582 0.12,518 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.29%11/20262,566 2,541 0.12,489 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.28%11/20262,545 2,530 0.12,469 
MOP GM Holding, LLC+One stopSF +5.75%(k)11.18%11/20261,886 1,875 0.11,830 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.28%11/20261,551 1,543 0.11,505 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.28%11/20261,430 1,413 0.11,387 
MOP GM Holding, LLC+One stopSF +5.75%(k)11.18%11/2026520 518 —505 
MOP GM Holding, LLC+One stopSF +5.75%(k)11.18%11/2026354 352 —343 
MOP GM Holding, LLC+One stopSF +5.75%(j)(k)11.20%11/2026186 185 —180 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.28%11/2026177 176 —172 
MOP GM Holding, LLC+One stopSF +5.75%(k)11.18%11/2026146 145 —141 
MOP GM Holding, LLC+One stopSF +5.75%(k)11.18%11/202659 59 —57 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.28%11/202659 59 —57 
MOP GM Holding, LLC+(5)One stopSF +5.75%N/A(6)11/2026— (15)—— 
National Express Wash Parent Holdco, LLC+One stopSF +5.50%(j)(k)10.86%07/20295,340 5,298 0.25,180 
National Express Wash Parent Holdco, LLC+(5)One stopSF +5.50%N/A(6)07/2029— (2)—(6)
National Express Wash Parent Holdco, LLC+(5)One stopSF +6.00%N/A(6)07/2029— (5)—(5)
POY Holdings, LLC#+One stopSF +5.50%(j)11.00%11/20279,533 9,408 0.49,437 
POY Holdings, LLC+One stopSF +5.50%(j)11.00%11/202786 85 —85 
POY Holdings, LLC+One stopSF +5.50%(j)11.02%11/202769 66 —66 
POY Holdings, LLC+One stopSF +5.50%(j)11.00%11/2027332 325 —329 
POY Holdings, LLC+(5)One stopSF +5.50%N/A(6)11/2027— (1)—(1)
Quick Quack Car Wash Holdings, LLC*#One stopSF +6.50%(j)12.03%10/202612,649 12,519 0.512,522 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(j)12.03%10/20269,650 9,552 0.49,554 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(j)12.03%10/20263,285 3,241 0.13,252 
Quick Quack Car Wash Holdings, LLC#+One stopSF +6.50%(j)12.03%10/20262,283 2,260 0.12,260 
Quick Quack Car Wash Holdings, LLC*+One stopSF +6.50%(j)12.03%10/20261,994 1,982 0.11,974 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(j)12.03%10/20261,496 1,483 0.11,481 
Quick Quack Car Wash Holdings, LLC*+One stopSF +6.50%(j)12.03%10/20261,333 1,325 0.11,319 
Quick Quack Car Wash Holdings, LLC*+One stopSF +6.50%(j)12.03%10/20261,085 1,075 0.11,075 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(j)12.03%10/2026341 336 —337 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(j)12.03%10/2026103 100 —102 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(j)12.03%10/202694 91 —93 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(j)12.03%10/202694 93 —93 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(i)(j)11.99%10/2026111 109 —110 
Quick Quack Car Wash Holdings, LLC+(5)One stopSF +6.50%N/A(6)10/2026— (2)—(2)
Quick Quack Car Wash Holdings, LLC+(5)One stopSF +6.50%N/A(6)10/2026— (32)—(35)
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(i)11.96%10/2026119 118 —118 
Quick Quack Car Wash Holdings, LLC+(5)One stopSF +6.50%N/A(6)10/2026— — —(4)

See Notes to Consolidated Financial Statements.
9
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Spotless Brands, LLC+One stopSF +6.50%(j)12.03%07/2028$8,285 $8,159 0.3%$8,285 
Spotless Brands, LLC+One stopSF +6.50%(j)12.03%07/2028898 891 0.1898 
Spotless Brands, LLC+One stopSF +6.50%(j)12.04%07/2028668 663 —668 
Spotless Brands, LLC+One stopSF +6.50%(i)11.96%07/20286 6 —6 
TWAS Holdings, LLC#+One stopSF +6.75%(i)12.21%12/202639,950 39,712 1.539,150 
TWAS Holdings, LLC*+One stopSF +6.75%(i)12.21%12/202630,178 29,984 1.229,574 
TWAS Holdings, LLC+One stopSF +6.75%(i)12.21%12/20267,834 7,785 0.37,677 
TWAS Holdings, LLC+One stopSF +6.75%(i)12.21%12/2026601 598 —589 
TWAS Holdings, LLC+One stopSF +6.75%(i)12.21%12/2026382 380 —374 
TWAS Holdings, LLC+(5)One stopSF +6.75%N/A(6)12/2026— (2)—(7)
Yorkshire Parent, Inc.+One stopSF +6.00%(j)11.39%12/2029287 284 —284 
Yorkshire Parent, Inc.+(5)One stopSF +6.00%N/A(6)12/2029— (1)—(1)
Yorkshire Parent, Inc.+One stopSF +6.00%(i)N/A12/2029— — —— 
275,217 272,708 10.6270,841 
Banks
OSP Hamilton Purchaser, LLC+One stopSF +5.50%(j)10.87%12/2029240 237 —237 
OSP Hamilton Purchaser, LLC+(5)One stopSF +5.50%N/A(6)12/2029— (2)—(2)
OSP Hamilton Purchaser, LLC+One stopSF +5.50%N/A(6)12/2029— — —— 
240 235 — 235 
Beverages
Financial Information Technologies, LLC+One stopSF +6.50%(j)11.85%06/203022,566 22,251 0.923,130 
Financial Information Technologies, LLC+(23)One stopN/A14.00%PIK06/203111,578 11,274 0.411,346 
Financial Information Technologies, LLC+One stopSF +6.50%N/A(6)06/2030— — —— 
Financial Information Technologies, LLC+One stopSF +5.50%(j)10.85%06/2030157 156 —156 
Financial Information Technologies, LLC+(5)One stopSF +5.50%N/A(6)06/2030— (3)—(3)
Watermill Express, LLC+One stopSF +5.00%(j)10.50%04/20272,216 2,204 0.12,194 
Watermill Express, LLC+One stopSF +5.00%(j)10.50%04/2027214 213 —212 
Watermill Express, LLC+One stopSF +5.00%(i)10.46%04/20279 9 —9 
Winebow Holdings, Inc.+One stopSF +6.25%(i)11.71%07/20257,701 7,658 0.37,547 
44,441 43,762 1.744,591 

Building Products
BECO Holding Company, Inc.#+One stopSF +5.25%(j)10.75%11/20287,745 7,691 0.37,590 
BECO Holding Company, Inc.+(5)One stopSF +5.25%N/A(6)11/2027— (3)—(8)
Jensen Hughes, Inc.+Senior securedSF +5.75%(i)11.20%03/20254,053 4,037 0.24,053 
Jensen Hughes, Inc.+Senior securedSF +5.75%(i)(k)11.22%03/20251,447 1,440 0.11,447 
Jensen Hughes, Inc.+Senior securedSF +5.75%(i)11.20%03/20251,371 1,368 0.11,371 
Jensen Hughes, Inc.+Senior securedSF +5.75%(i)11.20%03/2025883 881 —883 
Jensen Hughes, Inc.+Senior securedSF +5.75%(i)11.20%03/2025833 829 —833 
Jensen Hughes, Inc.+Senior securedSF +5.75%(i)11.20%03/2025424 423 —424 
Jensen Hughes, Inc.+Senior securedSF +5.75%(i)11.20%03/2025270 269 —270 
Jensen Hughes, Inc.+Senior securedSF +5.75%(i)11.20%03/2025211 210 —211 
Jensen Hughes, Inc.+Senior securedSF +5.75%(i)11.20%03/2025113 112 —113 
17,350 17,257 0.717,187 
Chemicals
Inhance Technologies Holdings LLC#+One stopSF +6.00%(j)11.54%07/202412,282 12,301 0.410,317 
Inhance Technologies Holdings LLC#One stopSF +6.00%(j)11.54%07/20249,788 9,768 0.38,222 
Inhance Technologies Holdings LLC+One stopSF +6.00%(j)11.54%07/20241,867 1,865 0.11,568 
Inhance Technologies Holdings LLC+One stopSF +6.00%(j)11.54%07/2024199 199 —165 
PHM NL SP Bidco B.V.+(8)(9)(14)One stopE + 6.25%(d)10.39%09/202834,962 36,250 1.230,766 

See Notes to Consolidated Financial Statements.
10
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
PHM NL SP Bidco B.V.+(8)(14)One stopSF +6.25%(h)11.57%09/2028$13,766 $13,602 0.5%$12,114 
PHM NL SP Bidco B.V.+(8)(9)(14)One stopSN +6.25%(g)11.44%09/20287,652 7,920 0.36,734 
PHM NL SP Bidco B.V.+(8)(9)(14)One stopE + 6.25%(d)10.21%09/20283,695 3,728 0.13,252 
84,211 85,633 2.973,138 
Commercial Services & Supplies
BradyIFS Holdings, LLC+One stopSF +6.00%(j)11.38%10/2029419 411 —410 
BradyIFS Holdings, LLC+One stopSF +6.00%(j)11.37%10/202911 11 —10 
BradyIFS Holdings, LLC+(5)One stopSF +6.00%N/A(6)10/2029— (1)—(1)
CI (Quercus) Intermediate Holdings, LLC*#+One stopSF +5.25%(j)10.75%10/202818,227 18,057 0.718,227 
CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.25%(i)10.71%10/202812 10 —12 
Encore Holdings, LLC+One stopSF +5.00%(j)10.45%11/20281,937 1,879 0.11,854 
Encore Holdings, LLC+One stopSF +5.00%(j)10.45%11/2028831 815 —815 
Kleinfelder Intermediate, LLC+One stopSF +6.25%(j)11.63%09/20303,744 3,673 0.23,669 
Kleinfelder Intermediate, LLC+(5)One stopSF +6.25%N/A(6)09/2028— (9)—(10)
Kleinfelder Intermediate, LLC+(5)One stopSF +6.25%N/A(6)09/2030— (7)—(8)
North Haven Stack Buyer, LLC*#Senior securedSF +5.50%(j)11.03%07/20278,656 8,553 0.48,656 

See Notes to Consolidated Financial Statements.
11
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
North Haven Stack Buyer, LLC#Senior securedSF +5.50%(j)11.03%07/2027$2,916 $2,899 0.1%$2,916 
North Haven Stack Buyer, LLC+Senior securedSF +5.50%(j)11.03%07/2027966 960 0.1966 
North Haven Stack Buyer, LLC#Senior securedSF +5.50%(j)11.03%07/2027962 956 —962 
North Haven Stack Buyer, LLC+Senior securedSF +5.50%(j)11.03%07/2027141 140 —141 
North Haven Stack Buyer, LLC+Senior securedSF +5.50%(j)11.03%07/202770 70 —70 
North Haven Stack Buyer, LLC+Senior securedSF +5.50%(a)(j)11.11%07/202778 77 —78 
North Haven Stack Buyer, LLC+Senior securedSF +5.50%(j)11.00%07/20271,607 1,591 0.11,607 
North Haven Stack Buyer, LLC+Senior securedSF +5.50%(j)11.01%07/20271,040 983 0.11,040 
North Haven Stack Buyer, LLC+(23)Second lienN/A10.00% cash/2.50%PIK01/20281,448 1,415 0.11,448 
Profile Products LLC+One stopSF +5.50%(j)10.99%11/20276,277 6,189 0.26,151 
Profile Products LLC+(8)One stopSF +5.50%(j)10.99%11/20271,272 1,256 —1,247 
Profile Products LLC+(5)One stopSF +5.50%N/A(6)11/2027— (1)—(1)
Profile Products LLC+(5)One stopSF +5.75%N/A(6)11/2027— — —(1)
PT Intermediate Holdings III, LLC+One stopSF +5.98%(j)11.47%11/202829,151 28,800 1.129,151 
PT Intermediate Holdings III, LLC+One stopSF +5.98%(j)11.47%11/202820,611 20,460 0.820,611 
PT Intermediate Holdings III, LLC+One stopSF +5.98%(j)11.47%11/20289,775 9,677 0.49,775 
PT Intermediate Holdings III, LLC+One stopSF +6.50%(j)11.85%11/20282,288 2,259 0.12,305 
PT Intermediate Holdings III, LLC+(5)One stopSF +6.50%N/A(6)11/2028— (7)—— 
Radwell Parent, LLC#+One stopSF +6.75%(j)12.10%03/202924,701 24,087 1.024,762 
Radwell Parent, LLC+One stopSF +6.53%(j)11.97%03/202918,837 18,608 0.718,837 
Radwell Parent, LLC+One stopSF +6.75%(j)12.10%03/202869 65 —69 
Radwell Parent, LLC+One stopSF +6.53%(j)11.91%03/202932 26 —32 
Trinity Air Consultants Holdings Corporation+One stopSF +5.75%(k)11.29%06/20272,458 2,429 0.12,458 
Trinity Air Consultants Holdings Corporation+One stopSF +5.75%(k)11.20%06/202735 35 —35 
Trinity Air Consultants Holdings Corporation+One stopSF +5.75%N/A(6)06/2027— — —— 
Trinity Air Consultants Holdings Corporation+One stopSF +5.75%(k)11.15%06/2027142 139 —142 
WRE Holding Corp.*#Senior securedSF +5.00%(i)10.39%01/20252,199 2,196 0.12,199 
WRE Holding Corp.+Senior securedSF +5.00%(i)10.39%01/2025908 907 —908 
WRE Holding Corp.+Senior securedSF +5.00%(i)(k)10.39%01/2025667 666 —667 
WRE Holding Corp.+Senior securedSF +5.00%(i)(k)10.39%01/2025394 394 —394 
WRE Holding Corp.+Senior securedSF +5.00%(i)10.57%01/2025353 346 —353 
WRE Holding Corp.+Senior securedSF +5.00%(i)(k)10.41%01/2025149 149 —149 
WRE Holding Corp.+Senior securedSF +5.00%(i)(k)10.39%01/2025127 127 —127 
WRE Holding Corp.+Senior securedSF +5.00%(i)(k)10.39%01/202523 23 —23 
WRE Holding Corp.+Senior securedSF +5.25%N/A(6)01/2025— — —— 
163,533 161,313 6.4163,255 
Communications Equipment
Lightning Finco Limited+(8)(10)One stopSF +5.50%(h)11.25%09/202810,349 10,211 0.410,349 
Lightning Finco Limited+(8)(9)(10)One stopE + 5.50%(d)9.39%09/20281,172 1,245 —1,172 
11,521 11,456 0.411,521 
Containers and Packaging
AmerCareRoyal LLC+(23)Senior securedSF +7.00%(i)11.98% cash/0.50%PIK11/2025741 736 0.1741 
AmerCareRoyal LLC+(23)Senior securedSF +7.00%(i)11.98% cash/0.50%PIK11/2025158 157 —158 
AmerCareRoyal LLC+(23)Senior securedSF +7.00%(i)11.98% cash/0.50%PIK11/2025154 153 —154 
AmerCareRoyal LLC+(8)(23)Senior securedSF +7.00%(i)11.98% cash/0.50%PIK11/2025134 133 —134 
Chase Intermediate#+One stopSF +5.25%(i)(j)(k)10.92%10/202810,976 10,905 0.410,867 
Chase Intermediate+(5)One stopSF +5.25%N/A(6)10/2028— (3)—(4)
Chase Intermediate+(5)One stopSF +5.50%N/A(6)10/2028— (5)—(5)

See Notes to Consolidated Financial Statements.
12
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Fortis Solutions Group, LLC*#+One stopSF +5.50%(j)10.95%10/2028$34,672 $34,267 1.3%$33,632 
Fortis Solutions Group, LLC+One stopSF +5.50%(j)10.96%10/2028159 129 —1 
Fortis Solutions Group, LLC+One stopSF +5.50%(j)10.95%10/202898 21 —95 
Fortis Solutions Group, LLC+One stopSF +5.50%(j)10.95%10/202715 11 —8 
 47,107 46,504 1.845,781 
Diversified Consumer Services
Apex Service Partners, LLC+(23)One stopSF +7.00%(j)10.40% cash/2.00%PIK10/2030379 374 —374 
Apex Service Partners, LLC+(23)One stopSF +7.00%(j)10.38% cash/2.00%PIK10/203020 19 —19 
Apex Service Partners, LLC+One stopSF +6.50%(a)(j)12.76%10/20292 2 —2 
Certus Pest, Inc.#One stopSF +7.50%(j)13.00%02/20261,569 1,545 0.11,553 
Certus Pest, Inc.#One stopSF +7.50%(j)13.00%02/20261,504 1,471 0.11,489 
Certus Pest, Inc.+One stopSF +7.50%(j)13.00%02/20261,085 1,082 0.11,075 
Certus Pest, Inc.#One stopSF +7.50%(j)13.00%02/20261,072 1,062 0.11,061 
Certus Pest, Inc.+One stopSF +7.50%(j)13.00%02/2026743 732 —736 
Certus Pest, Inc.#One stopSF +7.50%(j)13.00%02/2026655 633 —649 
Certus Pest, Inc.+One stopSF +7.50%(j)13.00%02/2026639 634 —632 
Certus Pest, Inc.+One stopSF +7.50%(j)13.00%02/2026377 371 —373 
Certus Pest, Inc.+One stopSF +7.50%(j)13.00%02/2026236 226 —234 
Certus Pest, Inc.+One stopSF +7.50%(j)13.00%02/2026129 112 —128 
Certus Pest, Inc.+One stopSF +7.50%(j)13.00%02/202654 51 —53 
Certus Pest, Inc.+(5)One stopSF +7.50%N/A(6)02/2026— — —(1)
CHHJ Midco, LLC#Senior securedSF +5.00%(i)10.46%01/20262,688 2,677 0.12,688 
CHHJ Midco, LLC+Senior securedSF +5.00%N/A(6)01/2026— — —— 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)10.79%07/20271,691 1,681 0.11,645 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)10.79%07/20271,648 1,633 0.11,602 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)10.79%07/20271,080 1,071 —1,050 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)10.78%07/2027763 757 —742 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)10.79%07/2027196 195 —191 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(j)10.78%07/2027118 117 —115 
COP Hometown Acquisitions, Inc.+(5)Senior securedSF +5.25%N/A(6)07/2027— (2)—(4)
COP Hometown Acquisitions, Inc.+Senior securedP + 4.50%(a)(j)12.21%07/2027122 119 —118 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.50%(j)10.97%07/2027119 116 —116 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.50%(a)(j)11.62%07/2027105 103 —103 
DP Flores Holdings, LLC#One stopSF +6.25%(j)11.60%09/20282,567 2,532 0.12,567 
DP Flores Holdings, LLC+(5)One stopSF +6.25%N/A(6)09/2028— (1)—— 
DP Flores Holdings, LLC+(5)One stopSF +6.25%N/A(6)09/2028— (6)—— 
DP Flores Holdings, LLC+One stopSF +6.25%(j)11.60%09/2028399 393 —399 
EMS LINQ, LLC+One stopSF +6.25%(i)11.71%12/20279,591 9,528 0.49,400 
EMS LINQ, LLC+(5)One stopSF +6.25%N/A(6)12/2027— (1)—(3)
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(j)11.00%07/20292,857 2,824 0.12,857 
Entomo Brands Acquisitions, Inc.+(5)Senior securedSF +5.50%N/A(6)07/2029— (1)—— 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)10.94%07/2029238 212 —238 
EWC Growth Partners LLC+One stopSF +6.00%(j)11.50%03/2026918 912 —918 
EWC Growth Partners LLC+One stopSF +6.00%(j)11.50%03/202673 73 —73 
EWC Growth Partners LLC+One stopSF +6.00%(j)11.50%03/202614 14 —14 
EWC Growth Partners LLC+One stopSF +6.00%(j)11.52%03/20267 7 —7 
Excelligence Learning Corporation#+One stopSF +6.00%(j)11.50%01/202410,176 10,173 0.410,176 

See Notes to Consolidated Financial Statements.
13
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
FPG Intermediate Holdco, LLC+One stopSF +6.00%(j)11.54%03/2027$7,631 $7,534 0.3%$7,402 
FPG Intermediate Holdco, LLC+One stopSF +6.00%(j)11.54%03/2027481 474 —467 
FPG Intermediate Holdco, LLC+One stopSF +6.00%(j)11.53%03/202762 61 —60 
FPG Intermediate Holdco, LLC+(5)One stopSF +6.50%N/A(6)03/2027— (11)—— 
FSS Buyer LLC+One stopSF +5.75%(i)11.21%08/20285,422 5,350 0.25,422 
FSS Buyer LLC+One stopSF +5.75%N/A(6)08/2027— — —— 
HS Spa Holdings, Inc.+One stopSF +5.75%(j)11.12%06/20297,685 7,566 0.37,608 
HS Spa Holdings, Inc.+One stopSF +5.75%(i)11.11%06/20288 6 —7 
Learn-it Systems, LLC+(23)Senior securedSF +5.25%(j)8.00% cash/2.75%PIK09/20262,553 2,566 0.12,426 
Learn-it Systems, LLC+(23)Senior securedSF +5.25%(k)7.93% cash/2.75%PIK09/20261,374 1,373 0.11,305 
Learn-it Systems, LLC+(23)Senior securedSF +5.25%(k)7.93% cash/2.75%PIK09/2026619 617 —588 
Learn-it Systems, LLC+(5)Senior securedSF +5.25%N/A(6)09/2026— — —(3)
Liminex, Inc.+One stopSF +7.25%(j)12.75%11/202625,462 25,153 1.025,462 
Liminex, Inc.+One stopSF +7.25%(j)12.75%11/202620,000 19,811 0.820,000 
Liminex, Inc.+One stopSF +7.25%(j)12.75%11/202615,837 15,580 0.615,837 
Liminex, Inc.+One stopSF +7.25%(j)12.75%11/2026800 793 —800 
Liminex, Inc.+(5)One stopSF +7.25%N/A(6)11/2026— (2)—— 
Litera Bidco LLC+One stopSF +6.00%(i)11.46%05/20265,646 5,611 0.25,646 
Litera Bidco LLC+One stopSF +5.25%(i)10.71%05/20263,627 3,636 0.13,627 
Litera Bidco LLC+One stopSF +5.25%(i)10.71%05/2026680 690 —680 
Litera Bidco LLC+One stopSF +5.25%(i)10.71%05/2026680 691 —680 
Litera Bidco LLC+One stopSF +6.00%(i)11.46%05/2026511 508 —511 
Litera Bidco LLC+One stopSF +5.25%N/A(6)05/2025— — —— 
Mario Purchaser, LLC+One stopSF +5.75%(i)11.21%04/20297,558 7,443 0.37,256 
Mario Purchaser, LLC+(23)One stopSF +10.75%(j)16.21%PIK04/20321,857 1,825 0.11,783 
Mario Purchaser, LLC+One stopSF +5.75%(i)11.21%04/2029169 164 —154 
Mario Purchaser, LLC+One stopSF +5.75%(i)11.21%04/202822 21 —20 
Mathnasium, LLC#One stopSF +5.00%(j)10.53%11/20279,144 9,085 0.49,144 
Mathnasium, LLC+One stopSF +5.00%(j)10.53%11/202718 17 —18 
NSG Buyer, Inc. *#+One stopSF +6.50%(i)11.96%11/202924,730 24,317 1.024,978 
NSG Buyer, Inc. +(5)One stopSF +5.75%N/A(6)11/2029— (4)—(4)
NSG Buyer, Inc. +(5)One stopSF +6.50%N/A(6)11/2028— (1)—(1)
PADI Holdco, Inc.*#One stopSF +6.25%(j)11.79%01/202721,517 21,214 0.821,517 
PADI Holdco, Inc.+(8)(9)One stopE + 6.25%(c)10.21%01/202720,107 20,533 0.820,107 
PADI Holdco, Inc.+One stopSF +6.25%(i)(j)11.71%01/2027829 817 —829 
PADI Holdco, Inc.+One stopSF +6.25%(j)11.79%01/2027171 169 —171 
PADI Holdco, Inc.+(5)One stopSF +6.25%N/A(6)01/2027— (4)—— 
Provenance Buyer LLC*#+One stopSF +5.00%(i)10.46%06/202718,047 17,833 0.717,867 
Provenance Buyer LLC#One stopSF +5.00%(i)10.46%06/20279,850 9,781 0.49,752 
Provenance Buyer LLC+(5)One stopSF +5.00%N/A(6)06/2027— (1)—(1)
RW AM Holdco LLC#+One stopSF +5.25%(k)10.82%04/202817,506 17,381 0.716,807 
RW AM Holdco LLC+(5)One stopSF +5.25%N/A(6)04/2028— (1)—(6)
Virginia Green Acquisition, LLC+One stopSF +5.50%(k)10.75%12/2030321 317 —317 
Virginia Green Acquisition, LLC+One stopSF +5.50%(k)10.75%12/20296 6 —6 
Virginia Green Acquisition, LLC+(5)One stopSF +5.50%N/A(6)12/2030— (1)—(1)
274,764 272,358 10.6272,627 

See Notes to Consolidated Financial Statements.
14
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Financial Services
Avalara, Inc.+One stopSF +7.25%(j)12.60%10/2028$11,941 $11,702 0.5%$11,941 
Avalara, Inc.+(5)One stopSF +7.25%N/A(6)10/2028— (2)—— 
Banker's Toolbox, Inc.+One stopSF +5.25%(j)10.73%07/20277,916 7,857 0.37,916 
Banker's Toolbox, Inc.+One stopSF +5.25%(j)10.73%07/20271,474 1,474 0.11,474 
Banker's Toolbox, Inc.+One stopSF +5.25%N/A(6)07/2027— — —— 
Finastra USA, Inc.+One stopSF +7.25%(k)12.71%09/20294,950 4,856 0.24,851 
Finastra USA, Inc.+One stopSF +7.25%(i)12.61%09/202913 12 —12 
Flash Topco, Inc.*One stopSF +5.75%(k)11.44%10/20289,696 9,628 0.39,211 
Flash Topco, Inc.+One stopSF +6.50%(k)11.94%10/202845 44 —42 
Flash Topco, Inc.+One stopSF +6.50%(k)11.94%12/202425 25 —25 
Higginbotham Insurance Agency, Inc.+One stopSF +5.50%(i)10.96%11/20284,519 4,485 0.24,519 
Higginbotham Insurance Agency, Inc.+One stopSF +5.50%(i)10.96%11/2028183 182 —183 
Higginbotham Insurance Agency, Inc.+One stopSF +5.50%(i)10.96%11/20283,322 3,293 0.13,322 
44,084 43,556 1.743,496 


See Notes to Consolidated Financial Statements.
15
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+Senior securedSF +5.50%(j)11.00%02/2026$1,608 $1,588 0.1%$1,608 
Electrical Equipment
Power Grid Holdings, Inc.+One stopSF +4.75%(j)10.14%12/2030406 398 —398 
Power Grid Holdings, Inc.+One stopSF +4.75%(j)10.12%12/20305 3 —3 
411 401 —401 
Electronic Equipment, Instruments & Components
CST Holding Company+One stopSF +6.50%(i)11.96%11/202824,472 23,880 1.024,472 
CST Holding Company+One stopSF +6.50%(i)11.96%11/20285 4 —5 
24,477 23,884 1.024,477 

Food & Staples Retailing
Cafe Rio Holding, Inc.*#One stopSF +5.25%(i)10.71%09/202817,986 17,986 0.717,986 
Cafe Rio Holding, Inc.#+One stopSF +5.25%(i)10.71%09/20283,235 3,217 0.13,235 
Cafe Rio Holding, Inc.#+One stopSF +5.25%(i)10.71%09/20282,174 2,174 0.12,174 
Cafe Rio Holding, Inc.*#One stopSF +5.25%(i)10.71%09/20281,380 1,380 0.11,380 
Cafe Rio Holding, Inc.#+One stopSF +5.25%(i)10.71%09/20281,219 1,219 0.11,219 
Cafe Rio Holding, Inc.+One stopSF +5.25%(i)10.71%09/2028175 175 —175 
Cafe Rio Holding, Inc.+One stopSF +5.25%(i)10.71%09/2028187 187 —187 
Cafe Rio Holding, Inc.+One stopSF +5.25%(i)10.71%09/202899 99 —99 
Cafe Rio Holding, Inc.+One stopSF +5.25%(i)10.71%09/202879 78 —79 
Cafe Rio Holding, Inc.+One stopSF +5.25%(i)10.71%09/202850 50 —50 
Mendocino Farms, LLC+One stopSF +6.25%(i)11.71%06/2025922 917 0.1922 
Mendocino Farms, LLC+One stopSF +6.25%(i)11.71%06/2025413 411 —413 
Mendocino Farms, LLC+One stopSF +6.25%(i)11.71%06/2025724 721 —724 
Mendocino Farms, LLC+One stopSF +6.25%(i)11.71%06/2025711 707 —711 
Mendocino Farms, LLC+One stopSF +6.25%(i)11.71%06/2025512 510 —512 
Mendocino Farms, LLC+One stopSF +6.25%(i)11.71%06/2025350 347 —350 
Mendocino Farms, LLC+One stopSF +6.25%(i)11.71%06/2025349 346 —349 
Mendocino Farms, LLC+One stopSF +6.25%(i)11.71%06/2025307 305 —307 
Mendocino Farms, LLC+One stopSF +6.25%(i)11.71%06/2025172 171 —172 
Mendocino Farms, LLC+One stopSF +6.25%(i)11.71%06/2025105 104 —105 
Mendocino Farms, LLC+One stopSF +6.25%(i)11.71%06/2025822 818 —822 
Ruby Slipper Cafe LLC, The*+One stopSF +7.50%(j)13.00%06/20241,998 1,998 0.11,998 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(j)13.00%06/2024405 405 —405 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(j)13.00%06/2024288 287 —288 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(j)13.00%06/202441 41 —41 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(j)13.00%06/2024— — —— 
Wineshipping.com LLC+One stopSF +5.75%(j)11.29%10/20276,708 6,665 0.36,171 
Wineshipping.com LLC+One stopSF +5.75%(j)11.33%10/2027183 182 —169 
Wineshipping.com LLC+One stopSF +5.75%(a)(j)11.46%10/202773 73 —67 
41,667 41,573 1.641,110 


See Notes to Consolidated Financial Statements.
16
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food Products
Blast Bidco Inc.+One stopSF +6.00%(j)11.35%10/2030$4,479 $4,414 0.2%$4,435 
Blast Bidco Inc.+(5)One stopSF +6.00%N/A(6)10/2029— (8)—(5)
Borrower R365 Holdings, LLC+One stopSF +6.50%(j)12.00%06/202713,637 13,489 0.513,637 
Borrower R365 Holdings, LLC+One stopSF +6.50%(j)12.00%06/20271,124 1,111 —1,124 
Borrower R365 Holdings, LLC+One stopSF +6.50%(j)12.00%06/202743 42 —43 
Borrower R365 Holdings, LLC+(5)One stopSF +6.50%N/A(6)06/2027— (1)—— 
Borrower R365 Holdings, LLC+(5)One stopSF +6.50%N/A(6)06/2027— (1)—— 
Flavor Producers, LLC#+(23)Senior securedSF +6.50%(a)(j)10.20% cash/1.75%PIK12/20245,044 5,044 0.24,843 
Flavor Producers, LLC+(5)Senior securedSF +6.50%N/A(6)09/2024— — —(2)
Kodiak Cakes, LLC*#+Senior securedSF +6.75%(i)12.11%06/202712,308 12,036 0.512,308 
Kodiak Cakes, LLC+Senior securedSF +6.75%(i)12.11%06/2026125 122 —125 
Louisiana Fish Fry Products, Ltd.*+One stopSF +6.25%(j)11.75%07/20279,654 9,595 0.49,557 
Louisiana Fish Fry Products, Ltd.+One stopSF +6.25%(i)(j)11.74%07/2027105 104 —104 
MAPF Holdings, Inc.*#+One stopSF +5.00%(j)10.50%12/202637,499 37,309 1.537,499 
MAPF Holdings, Inc.+One stopSF +5.00%(j)10.51%12/2026300 299 —300 
MAPF Holdings, Inc.+One stopSF +5.00%(j)10.50%12/2026500 496 —500 
P&P Food Safety Holdings, Inc.*+One stopSF +6.00%(i)(j)11.50%12/202617,597 17,478 0.717,069 
P&P Food Safety Holdings, Inc.+(5)One stopSF +6.00%N/A(6)12/2026— (1)—(3)
P&P Food Safety Holdings, Inc.+(5)One stopSF +6.00%N/A(6)12/2026— (3)—(14)
Purfoods, LLC+(23)One stopN/A7.00%PIK05/202666 68 —66 
Ultimate Baked Goods Midco LLC+One stopSF +6.25%(i)11.71%08/20276,587 6,538 0.26,521 
Ultimate Baked Goods Midco LLC+(5)One stopSF +6.25%N/A(6)08/2027— (21)—(1)
Whitebridge Pet Brands, LLC*#+One stopSF +4.75%(i)10.21%07/202720,777 20,546 0.820,777 
Whitebridge Pet Brands, LLC+(5)One stopSF +4.75%N/A(6)07/2027— (2)—— 
Wizard Bidco Limited+(8)(10)One stopSF +6.00%(j)11.35%03/202916,243 15,968 0.616,283 
Wizard Bidco Limited+(8)(9)(10)(23)One stopSN +5.00%(g)8.69% cash/1.50%PIK03/20296,943 7,107 0.36,666 
Wizard Bidco Limited+(8)(9)(10)One stopSN +6.50%(g)11.69%03/20295,658 5,393 0.25,673 
Wizard Bidco Limited+(8)(9)(10)One stopSN +4.75%(g)9.94%09/202895 91 —92 
Wizard Bidco Limited+(5)(8)(9)(10)One stopSN +6.50%N/A(6)03/2029— (50)—— 
158,784 157,163 6.1157,597 


See Notes to Consolidated Financial Statements.
17
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#+One stopSF +5.25%(j)10.78%06/2025$4,115 $4,137 0.2%$4,115 
Aspen Medical Products, LLC+One stopSF +5.25%(j)10.78%06/2025263 262 —263 
Aspen Medical Products, LLC+One stopSF +5.25%N/A(6)06/2025— — —— 
Baduhenna Bidco Limited+(8)(10)One stopSF +5.95%(h)11.53%08/20285,415 5,366 0.25,415 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 5.95%(c)9.92%08/20283,197 3,398 0.13,197 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +5.95%(g)11.26%08/2028900 949 —900 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 5.95%(c)9.88%08/2028763 762 —763 
Baduhenna Bidco Limited+(5)(8)(9)(10)One stopSN +5.95%N/A(6)08/2028— (13)—— 
Belmont Instrument, LLC*#One stopSF +6.25%(j)11.60%08/20289,777 9,700 0.49,777 
Belmont Instrument, LLC+One stopSF +6.25%(j)11.60%08/202833 32 —33 
Blades Buyer, Inc.#+Senior securedSF +5.00%(j)(k)10.45%03/20289,932 9,862 0.49,859 
Blades Buyer, Inc.+Senior securedSF +5.25%(i)10.69%03/20281,297 1,281 0.11,297 
Blades Buyer, Inc.+Senior securedSF +5.00%(i)10.44%03/2028316 315 —314 
Blades Buyer, Inc.+Senior securedP + 3.75%(a)12.25%03/202817 17 —15 
Blue River Pet Care, LLC*#+One stopSF +5.75%(i)11.21%07/202650,545 50,339 2.050,039 
Blue River Pet Care, LLC+One stopSF +5.75%(i)11.21%07/2026762 758 —755 
Blue River Pet Care, LLC+One stopSF +5.75%(i)11.21%07/2026178 177 —176 
Blue River Pet Care, LLC+One stopSF +5.75%(i)11.21%07/2026171 170 —169 
Blue River Pet Care, LLC+One stopSF +5.75%(i)11.21%07/2026169 168 —167 
Blue River Pet Care, LLC+(5)One stopSF +5.75%N/A(6)08/2025— (2)—(4)
Blue River Pet Care, LLC+(5)One stopSF +5.75%N/A(6)07/2026— — —(1)
Blue River Pet Care, LLC+One stopSF +5.75%(i)11.21%07/2026130 129 —129 
CCSL Holdings, LLC*#(8)One stopSF +6.00%(i)11.36%12/202815,202 14,966 0.615,202 
CCSL Holdings, LLC+(8)One stopSF +6.00%(i)11.36%12/20284,104 4,043 0.24,104 
CCSL Holdings, LLC+(8)(9)One stopSN +6.00%(g)11.19%12/20282,449 2,382 0.12,449 
CCSL Holdings, LLC+(5)(8)One stopSF +6.00%N/A(6)12/2028— (3)—— 
CCSL Holdings, LLC+(8)One stopSF +6.00%(i)11.36%12/2028521 480 —521 
CCSL Holdings, LLC+(5)(8)One stopSF +6.00%N/A(6)12/2028— (25)—— 
CMI Parent Inc.*#Senior securedSF +4.75%(i)10.21%08/20256,291 6,328 0.36,291 
CMI Parent Inc.*Senior securedSF +4.75%(i)10.21%08/20253,086 3,074 0.13,086 
CMI Parent Inc.*Senior securedSF +4.75%(i)10.21%08/20252,895 2,879 0.12,895 
CMI Parent Inc.+(5)Senior securedSF +4.75%N/A(6)08/2025— (2)—— 
G & H Wire Company, Inc.+(23)One stopSF +9.00%(j)8.04% cash/6.50%PIK12/202412,004 11,965 0.49,363 
G & H Wire Company, Inc.+(23)One stopSF +9.00%(j)8.04% cash/6.50%PIK12/2024102 100 —70 
Joerns Healthcare, LLC+(7)(23)One stopSF +18.00%(j)23.63%PIK01/20241,654 1,470 —298 
Joerns Healthcare, LLC+(23)One stopSF +18.00%(j)23.63%PIK01/2024329 329 —329 
TIDI Legacy Products, Inc.+One stopSF +5.50%(i)10.86%12/2029345 341 —341 
TIDI Legacy Products, Inc.+(5)One stopSF +5.50%N/A(6)12/2029— (1)—(1)
TIDI Legacy Products, Inc.+One stopSF +5.50%N/A(6)06/2025— — —— 
YI, LLC+One stopSF +5.75%(j)11.09%12/2029367 363 —359 
YI, LLC+(5)One stopSF +5.75%N/A(6)12/2029— (1)—(1)
YI, LLC+(5)One stopSF +5.75%N/A(6)12/2029— (1)—(1)
137,329 136,494 5.2132,683 


See Notes to Consolidated Financial Statements.
18
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services
AAH TOPCO, LLC +One stopSF +5.50%(i)10.96%12/2027$8,224 $8,169 0.3%$8,018 
AAH TOPCO, LLC +(23)Subordinated debtN/A11.50%PIK12/20311,246 1,230 —1,097 
AAH TOPCO, LLC +One stopSF +5.50%(i)10.96%12/2027519 516 —506 
AAH TOPCO, LLC +(5)One stopSF +5.50%N/A(6)12/2027— — —(2)
AAH TOPCO, LLC +(5)One stopSF +6.00%N/A(6)12/2027— (5)—(5)
Active Day, Inc.#+One stopSF +5.25%(j)10.75%02/202517,522 17,437 0.717,522 
Active Day, Inc.#+One stopSF +5.25%(j)10.75%02/20251,352 1,346 0.11,352 
Active Day, Inc.*#One stopSF +5.25%(j)10.75%02/2025872 867 —872 
Active Day, Inc.+One stopSF +5.25%(j)10.75%02/2025695 692 —695 
Active Day, Inc.+One stopSF +5.25%(j)10.75%02/2025613 609 —613 
Active Day, Inc.*#One stopSF +5.25%(j)10.75%02/2025602 599 —602 
Active Day, Inc.+One stopSF +5.25%N/A(6)02/2025— — —— 
Active Day, Inc.+One stopSF +5.25%(j)10.75%02/2025— — —— 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)11.51%03/202616,302 16,176 0.616,302 
Acuity Eyecare Holdings, LLC+(23)One stopN/A16.50%06/202712,665 12,518 0.512,728 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.75%03/20264,026 4,005 0.24,026 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.76%03/20263,586 3,566 0.23,586 
Acuity Eyecare Holdings, LLC#+One stopSF +6.25%(j)11.75%03/20263,504 3,487 0.23,504 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.75%03/20263,163 3,174 0.13,163 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)11.53%03/20262,021 1,998 0.12,021 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.75%03/20261,844 1,857 0.11,844 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)11.53%03/20261,031 1,023 0.11,031 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.75%03/2026446 444 —446 
Acuity Eyecare Holdings, LLC+(23)One stopSF +13.00%(j)11.75% cash/6.75%PIK03/2026268 267 —268 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.75%03/2026165 164 —165 
Acuity Eyecare Holdings, LLC+Senior securedSF +6.25%(j)11.79%03/2026108 108 —108 
Acuity Eyecare Holdings, LLC+(23)One stopSF +13.00%(j)11.75% cash/6.75%PIK03/2026104 103 —104 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(j)11.53%03/202630 28 —30 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(j)11.75%03/20261 1 —1 
Acuity Eyecare Holdings, LLC+(5)One stopSF +6.25%N/A(6)03/2026— (1)—— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(j)11.49%03/20274,649 4,615 0.24,649 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(j)11.49%03/20273,886 3,848 0.23,886 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)Subordinated debtN/A13.75%03/20282,266 2,246 0.12,221 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)Subordinated debtN/A13.75%03/2028866 860 —849 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)Subordinated debtN/A13.75%03/2028275 272 —269 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(j)11.48%03/2027153 151 —153 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(j)11.48%03/202772 72 —72 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stopSF +6.00%N/A(6)03/2027— (1)—— 
Bamboo US Bidco LLC+One stopSF +6.00%(j)11.38%09/20302,424 2,354 0.12,352 
Bamboo US Bidco LLC+(8)(9)One stopE + 6.00%(c)9.95%09/20301,665 1,549 0.11,615 
Bamboo US Bidco LLC+(5)One stopSF +6.00%N/A(6)09/2029— (14)—(15)
Bamboo US Bidco LLC+One stopSF +6.00%(i)11.36%09/203026 21 —20 
Community Care Partners, LLC+One stopSF +6.00%(i)11.47%06/20262,319 2,307 0.12,180 
Community Care Partners, LLC+(5)One stopSF +6.00%N/A(6)06/2026— (2)—— 

See Notes to Consolidated Financial Statements.
19
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
CRH Healthcare Purchaser, Inc.+Senior securedSF +6.25%(j)11.75%06/2025$19,501 $19,438 0.8%$19,501 
CRH Healthcare Purchaser, Inc.+Senior securedSF +6.25%(j)11.75%06/20255,132 5,100 0.25,132 
CRH Healthcare Purchaser, Inc.+Senior securedSF +6.25%(j)11.75%06/20254,059 4,040 0.24,059 
CRH Healthcare Purchaser, Inc.+Senior securedSF +6.25%(j)11.75%06/20253,476 3,454 0.23,476 
CRH Healthcare Purchaser, Inc.+Senior securedSF +6.25%(j)11.75%06/2025100 98 —100 
Datix Bidco Limited+(8)(9)(10)Senior securedSN +4.50%(g)9.69%04/202556,646 60,318 2.256,646 
Datix Bidco Limited+(8)(9)(10)Second lienSN +7.75%(g)12.94%04/202620,100 21,344 0.820,100 
Emerge Intermediate, Inc.*#(23)One stopSF +6.50%(j)11.50% cash/0.50%PIK05/202419,233 19,206 0.819,233 
Emerge Intermediate, Inc.+(23)One stopSF +6.50%(j)11.50% cash/0.50%PIK05/20241,741 1,738 0.11,741 
Emerge Intermediate, Inc.+(23)One stopSF +6.50%(j)11.50% cash/0.50%PIK05/2024134 134 —134 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/2027983 981 —949 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/2027618 617 —596 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/2027307 306 —296 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/2027294 293 —283 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/2027266 265 —256 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/2027244 244 —235 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/2027162 162 —157 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/2027114 114 —110 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/2027110 110 —106 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/202768 68 —66 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/202757 57 —55 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/202756 55 —54 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.26%02/202747 47 —45 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/202732 32 —31 
Encorevet Group LLC+(23)One stopSF +6.75%(j)12.29%02/202710 10 —9 
Encorevet Group LLC+(5)One stopSF +8.75%N/A(6)02/2027— — —(3)
ERC Topco Holdings, LLC+(23)One stopSF +6.25%(j)8.61% cash/3.25%PIK11/20289,116 9,069 0.37,111 
ERC Topco Holdings, LLC+(23)One stopSF +6.25%(j)8.67% cash/3.25%PIK11/202765 64 —37 
ERC Topco Holdings, LLC+(23)One stopSF +6.25%(j)11.86%PIK11/202873 73 —57 
ERC Topco Holdings, LLC+(23)One stopSF +6.25%(j)11.60%PIK11/20281 1 —— 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(f)11.33%03/202710,777 10,597 0.410,777 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(f)11.33%03/2027707 715 —707 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(f)11.33%03/2027482 499 —482 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(f)11.33%03/2027171 170 —171 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.75%(j)11.28%03/202794 93 —94 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(f)11.33%03/202784 80 —84 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.75%(j)11.28%03/202770 69 —70 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(i)10.21%12/2026834 829 —825 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(i)10.21%12/2026161 160 —159 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%N/A(6)12/2026— — —— 
Klick Inc.+(8)(12)Senior securedSF +4.50%(j)9.95%03/20289,871 9,811 0.49,871 
Klick Inc.+(5)(8)(12)Senior securedSF +4.50%N/A(6)03/2026— (1)—— 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(j)11.25%05/20262,281 2,267 0.12,281 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(j)11.25%05/20261,835 1,819 0.11,835 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(j)11.25%05/20261,084 1,071 —1,084 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(j)11.25%05/20261,077 1,083 —1,077 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(j)11.25%05/202660 60 —60 

See Notes to Consolidated Financial Statements.
20
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(j)11.25%05/2026$153 $151 —%$153 
Krueger-Gilbert Health Physics, LLC+(5)Senior securedSF +5.75%N/A(6)05/2026— (3)—— 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)(23)One stopC + 6.00%(f)9.43% cash/2.00%PIK05/202819,122 20,552 0.718,166 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)One stopSF +5.50%(j)11.00%05/20284,271 4,234 0.24,058 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#+(8)(12)One stopSF +5.50%(j)11.00%05/20282,997 2,964 0.12,848 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopC + 5.50%(f)10.93%05/20281,215 1,265 —1,154 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopC + 5.50%(f)10.93%05/2028633 644 —601 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(9)(12)One stopC + 5.50%N/A(6)05/2026— (18)—(12)
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(12)One stopSF +5.50%N/A(6)05/2026— (1)—(2)
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)(23)One stopSF +6.00%(j)9.50% cash/2.00%PIK05/202842 40 —40 
Oliver Street Dermatology Holdings, LLC+(7)(23)One stopSF +11.31%(j)16.81%01/202427,872 16,786 0.615,329 
Oliver Street Dermatology Holdings, LLC+(23)One stopSF +6.25%(j)11.75%01/202415,533 15,533 0.615,533 
Oliver Street Dermatology Holdings, LLC+(23)One stopSF +6.25%(j)11.75%01/2024400 400 —400 
Pinnacle Treatment Centers, Inc.*#One stopSF +6.50%(i)11.95%01/202618,482 18,179 0.718,482 
Pinnacle Treatment Centers, Inc.*One stopSF +6.50%(i)11.95%01/20267,457 7,344 0.37,457 
Pinnacle Treatment Centers, Inc.#One stopSF +6.50%(i)11.95%01/20262,176 2,143 0.12,176 
Pinnacle Treatment Centers, Inc.#+One stopSF +6.50%(i)11.95%01/20261,519 1,497 0.11,519 
Pinnacle Treatment Centers, Inc.#One stopSF +6.50%(i)11.95%01/20261,144 1,127 —1,144 
Pinnacle Treatment Centers, Inc.+One stopSF +6.50%(i)11.95%01/2026686 675 —686 
Pinnacle Treatment Centers, Inc.+One stopP + 5.25%(a)13.75%01/2026174 171 —174 
Pinnacle Treatment Centers, Inc.+One stopSF +6.50%(i)11.95%01/2026180 178 —180 
Pinnacle Treatment Centers, Inc.+One stopSF +6.50%(i)11.95%01/2026104 102 —104 
Pinnacle Treatment Centers, Inc.+One stopSF +6.50%(i)11.95%01/202636 36 —36 
Suveto Buyer, LLC+One stopSF +4.25%(i)9.71%09/202719,622 19,502 0.819,230 
Suveto Buyer, LLC+One stopSF +4.25%(i)9.71%09/202751 50 —48 
395,712 388,967 14.8378,501 

See Notes to Consolidated Financial Statements.
21
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Alegeus Technologies Holdings Corp.+Senior securedSF +8.25%(k)13.75%09/2024$374 $373 —%$374 
Coding Solutions Acquisition, Inc.+One stopSF +5.50%(i)11.11%05/20285,182 5,144 0.25,144 
Coding Solutions Acquisition, Inc.+One stopSF +5.75%(i)11.11%05/20281,570 1,558 0.11,559 
Coding Solutions Acquisition, Inc.+One stopSF +6.00%(i)11.36%05/2028630 615 —630 
Coding Solutions Acquisition, Inc.+One stopSF +5.50%(i)11.11%05/202824 24 —24 
Coding Solutions Acquisition, Inc.+(5)One stopSF +5.75%N/A(6)05/2028— (27)—— 
Color Intermediate, LLC+One stopSF +5.50%(j)10.95%10/202911,636 11,444 0.511,636 
Connexin Software, Inc.+One stopSF +8.50%(j)13.85%02/20249,465 9,466 0.49,465 
Connexin Software, Inc.+One stopSF +8.50%(j)13.85%02/202420 20 —20 
Crow River Buyer, Inc.+One stopSF +7.75%(j)13.13%01/20294,631 4,552 0.24,631 
Crow River Buyer, Inc.+(5)One stopSF +7.75%N/A(6)01/2029— (1)—— 
ESO Solution, Inc.+One stopSF +7.00%(i)12.36%05/20277,549 7,500 0.37,549 
ESO Solution, Inc.+One stopSF +7.00%(i)12.36%03/202743 42 —43 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(j)11.20%08/20266,106 6,089 0.26,106 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(j)11.20%08/20262,912 2,891 0.12,912 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(j)11.20%08/20261,918 1,909 0.11,918 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(j)11.20%08/20261,338 1,325 0.11,338 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(j)11.20%08/2026627 624 —627 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(j)11.20%08/2026130 129 —130 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(a)(k)11.59%09/202576 76 —76 
Neptune Holdings, Inc.+One stopSF +6.00%(k)11.50%09/20304,950 4,879 0.24,888 
Neptune Holdings, Inc.+(5)One stopSF +6.00%N/A(6)08/2029— (1)—(1)
Plasma Buyer LLC+One stopSF +5.75%(j)11.10%05/20295,336 5,254 0.25,069 
Plasma Buyer LLC+One stopSF +5.75%(j)11.10%05/202818 18 —16 
Plasma Buyer LLC+(5)One stopSF +5.75%N/A(6)05/2029— (11)—— 
QF Holdings, Inc.+One stopSF +6.25%(j)11.73%12/2027626 619 —626 
Qgenda Intermediate Holdings, LLC+One stopSF +4.75%(j)10.20%06/202514,774 14,774 0.614,626 
Qgenda Intermediate Holdings, LLC#One stopSF +4.75%(j)10.20%06/202512,039 11,999 0.511,919 
Qgenda Intermediate Holdings, LLC+One stopSF +4.75%(j)10.20%06/20251,436 1,433 0.11,422 
Qgenda Intermediate Holdings, LLC#One stopSF +4.75%(j)10.20%06/2025960 960 —950 
Qgenda Intermediate Holdings, LLC+One stopSF +4.75%(j)10.20%06/2025150 150 —148 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(i)9.96% cash/3.50%PIK06/202510,855 10,793 0.410,910 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(i)9.96% cash/3.50%PIK06/202510,567 10,298 0.410,620 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(i)9.96% cash/3.50%PIK06/20256,962 6,922 0.36,997 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(i)9.96% cash/3.50%PIK06/20251,790 1,780 0.11,799 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(i)9.96% cash/3.50%PIK06/20251,591 1,582 0.11,599 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(i)9.96% cash/3.50%PIK06/20251,193 1,187 —1,199 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(i)9.96% cash/3.50%PIK06/2025995 988 —999 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(i)9.96% cash/3.50%PIK06/2025796 791 —800 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(i)9.96% cash/3.50%PIK06/2025159 158 —159 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(i)9.96% cash/3.50%PIK06/202584 84 —84 
Transaction Data Systems, Inc.*#+One stopSF +4.25%(j)9.75%02/202665,213 64,726 2.565,213 
Transaction Data Systems, Inc.+One stopSF +4.25%(i)9.71%02/2026180 178 —180 
Veranex, Inc.+(23)Senior securedSF +6.25%(k)10.64% cash/1.00%PIK04/20283,140 3,117 0.12,417 
Veranex, Inc.+(23)Senior securedSF +6.25%(k)10.56% cash/1.00%PIK04/202850 50 —39 
Veranex, Inc.+(23)Senior securedSF +6.25%(k)10.59% cash/1.00%PIK04/202825 25 —19 
198,120 196,506 7.7196,879 

See Notes to Consolidated Financial Statements.
22
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC#+One stopSF +6.00%(j)11.53%08/2028$8,500 $8,435 0.3%$8,500 
Barteca Restaurants, LLC+One stopSF +6.00%(j)11.51%08/2028665 657 —665 
Barteca Restaurants, LLC+(5)One stopSF +6.00%N/A(6)08/2028— (1)—— 
BJH Holdings III Corp.*#+One stopSF +4.50%(j)10.05%08/202550,065 50,489 1.949,564 
BJH Holdings III Corp.+One stopSF +4.50%(i)(j)10.03%08/2025450 448 —442 
Davidson Hotel Company, LLC+One stopSF +5.25%(i)10.71%07/20255,447 5,514 0.25,447 
Davidson Hotel Company, LLC+One stopSF +5.25%(i)10.71%07/2025840 838 —840 
Davidson Hotel Company, LLC+One stopSF +5.25%N/A(6)07/2025— — —— 
EOS Fitness Opco Holdings, LLC*#+One stopSF +5.25%(j)10.75%01/20279,272 9,250 0.49,109 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(j)10.75%01/2027884 883 —869 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(j)10.75%01/2027880 871 —865 
EOS Fitness Opco Holdings, LLC+(5)One stopSF +5.25%N/A(6)01/2027— — —(2)
EOS Fitness Opco Holdings, LLC+One stopSF +5.75%(j)11.10%01/20271,348 1,339 0.11,338 
EOS Fitness Opco Holdings, LLC+One stopSF +5.75%(j)11.10%01/2027721 699 —697 
ESN Venture Holdings, LLC*One stopSF +6.50%(j)11.85%10/20283,616 3,575 0.23,616 
ESN Venture Holdings, LLC+(5)One stopSF +6.50%N/A(6)10/2028— (19)—— 
ESN Venture Holdings, LLC+One stopSF +6.50%(j)11.86%10/202832 31 —32 
ESN Venture Holdings, LLC+One stopSF +6.50%(j)(k)11.87%10/2028547 542 —547 
GFP Atlantic Holdco 2, LLC+One stopSF +6.00%(j)11.62%11/2027155 152 —152 
GFP Atlantic Holdco 2, LLC+(5)One stopSF +6.00%N/A(6)11/2027— (3)—(7)
Harri US LLC+(23)One stopSF +10.00%(j)11.54% cash/4.00%PIK08/2026849 792 0.1857 
Harri US LLC+(23)One stopSF +10.00%(j)11.54% cash/4.00%PIK08/2026574 573 —581 
Harri US LLC+(23)One stopSF +10.00%(j)11.54% cash/4.00%PIK08/2026557 556 —564 
Harri US LLC+One stopSF +10.00%N/A(6)08/2026— — —— 
Health Buyer, LLC+Senior securedSF +5.25%(j)10.75%04/20292,571 2,542 0.12,558 
Health Buyer, LLC+Senior securedSF +5.50%(j)10.85%04/20291,168 1,141 0.11,168 
Health Buyer, LLC+Senior securedSF +5.25%N/A(6)04/2028— — —— 
Health Buyer, LLC+(5)Senior securedSF +5.50%N/A(6)04/2029— (7)—— 
SSRG Holdings, LLC+One stopSF +4.75%(j)10.25%11/2025988 981 0.1988 
SSRG Holdings, LLC+One stopSF +4.75%(j)10.25%11/202520 20 —20 
SSRG Holdings, LLC+One stopSF +5.50%(j)11.00%11/2025118 117 —118 
Tropical Smoothie Cafe Holdings, LLC+One stopSF +5.50%(j)11.03%09/202619,299 19,178 0.719,106 
Tropical Smoothie Cafe Holdings, LLC*#One stopSF +5.50%(i)(j)11.02%09/202612,110 12,013 0.511,988 
Tropical Smoothie Cafe Holdings, LLC#One stopSF +5.50%(j)11.03%09/20265,292 5,256 0.25,239 
Tropical Smoothie Cafe Holdings, LLC+(5)One stopSF +5.50%N/A(6)09/2026— (1)—(1)
Tropical Smoothie Cafe Holdings, LLC+One stopSF +5.75%(j)11.12%09/2026500 495 —495 
YE Brands Holding, LLC+One stopSF +5.75%(j)11.20%10/20274,938 4,892 0.24,938 
YE Brands Holding, LLC+One stopSF +5.50%(i)10.96%10/202726 26 —26 
132,432 132,274 5.1131,319 

See Notes to Consolidated Financial Statements.
23
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Household Durables
Groundworks LLC+One stopSF +6.50%(j)11.90%03/2030$7,209 $7,027 0.3%$7,209 
Groundworks LLC+One stopSF +6.50%(i)(j)11.86%03/2030174 155 —174 
Groundworks LLC+(5)One stopSF +6.50%N/A(6)03/2029— (1)—— 
7,383 7,181 0.37,383 
Household Products
WU Holdco, Inc.#+One stopSF +5.50%(j)11.00%03/20263,694 3,724 0.13,582 
WU Holdco, Inc.+One stopSF +5.50%(j)11.00%03/20261,302 1,302 0.11,262 
WU Holdco, Inc.+One stopSF +5.50%(j)11.00%03/2026338 336 —328 
WU Holdco, Inc.+One stopSF +5.50%(j)11.00%03/202526 26 —26 
5,360 5,388 0.25,198 
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+Senior securedSF +4.75%(j)10.24%04/20262,325 2,354 0.12,278 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(j)10.22%04/2026148 148 —145 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(j)10.20%04/2026133 133 —131 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%N/A(6)04/2025— — —— 
Dwyer Instruments, Inc.+One stopSF +5.75%(j)11.20%07/20273,873 3,818 0.23,795 
Dwyer Instruments, Inc.+(5)One stopSF +5.75%N/A(6)07/2027— (1)—(1)
Dwyer Instruments, Inc.+One stopSF +5.75%(i)(j)11.20%07/2027982 966 —962 
Dwyer Instruments, Inc.+One stopSF +5.75%(k)11.09%07/2027231 227 —227 
Dwyer Instruments, Inc.+(5)One stopSF +5.75%N/A(6)07/2027— (3)—(3)
Essential Services Holdings Corporation+One stopSF +5.75%(j)11.29%11/20261,481 1,473 0.11,451 
Essential Services Holdings Corporation+One stopSF +5.75%(j)11.28%11/202540 40 —39 
Excelitas Technologies Corp.+One stopSF +5.75%(j)11.23%08/20297,536 7,417 0.37,461 
Excelitas Technologies Corp.+(8)(9)One stopE + 5.75%(c)9.75%08/20291,288 1,185 —1,275 
Excelitas Technologies Corp.+One stopSF +5.75%(a)(j)11.29%08/2028136 134 —134 
Excelitas Technologies Corp.+One stopSF +5.75%(j)11.22%08/2029665 647 —656 
Specialty Measurement Bidco Limited+(8)(10)One stopSF +6.00%(h)11.58%11/20277,961 7,839 0.37,961 
Specialty Measurement Bidco Limited+(8)(9)(10)One stopE + 6.00%(c)9.96%11/20277,383 7,866 0.37,383 
Specialty Measurement Bidco Limited+(8)(9)(10)One stopE + 6.00%(c)9.96%11/20273,631 3,444 0.23,631 
Specialty Measurement Bidco Limited+(8)(10)One stopSF +6.50%(h)12.25%11/2027500 490 —503 
Specialty Measurement Bidco Limited+(8)(10)One stopSF +6.25%(h)11.83%11/20272,510 2,468 0.12,516 
Specialty Measurement Bidco Limited+(8)(9)(10)One stopE + 6.25%(c)10.22%11/20273,000 2,921 0.13,007 
43,823 43,566 1.7 43,551 


See Notes to Consolidated Financial Statements.
24
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Insurance
Accession Risk Management Group, Inc.*#+One stopSF +5.50%(j)11.03%11/2029$25,307 $24,984 1.0%$24,927 
Accession Risk Management Group, Inc.+One stopSF +5.50%(j)11.02%11/20296,478 6,270 0.26,380 
Accession Risk Management Group, Inc.+One stopSF +5.50%(j)11.02%11/20295,551 5,495 0.25,468 
Accession Risk Management Group, Inc.+One stopSF +5.50%(j)11.01%11/20291,499 1,485 0.11,477 
Accession Risk Management Group, Inc.+(5)One stopSF +5.50%N/A(6)11/2029— (1)—(1)
Accession Risk Management Group, Inc.+One stopSF +6.00%(j)11.35%11/2029279 204 —279 
Accession Risk Management Group, Inc.+One stopSF +6.00%(j)11.41%11/2029625 615 —625 
Alera Group, Inc.+One stopSF +6.00%(i)11.46%10/202825,050 24,880 1.025,050 
Alera Group, Inc.+One stopSF +6.00%(i)11.46%10/20287,119 7,045 0.37,119 
Alera Group, Inc.+One stopSF +6.00%(i)11.46%10/2028606 602 —606 
Alera Group, Inc.+(5)One stopSF +5.75%N/A(6)10/2028— (2)—(3)
AMBA Buyer, Inc.+One stopSF +5.25%(j)(k)10.53%07/20273,148 3,129 0.13,117 
AMBA Buyer, Inc.+One stopSF +5.25%(j)(k)10.53%07/2027938 935 —928 
AMBA Buyer, Inc.+One stopSF +5.25%(j)(k)10.53%07/2027780 775 —772 
AMBA Buyer, Inc.+One stopSF +5.25%(j)10.70%07/202710 10 —10 
AMBA Buyer, Inc.+(5)One stopSF +5.25%N/A(6)07/2027— — —(1)
Captive Resources Midco, LLC+(23)One stopSF +5.25%(i)5.31% cash/5.80%PIK07/202910,252 10,099 0.410,252 
Captive Resources Midco, LLC+(5)One stopSF +5.25%N/A(6)07/2028— (3)—— 
Disco Parent, Inc.+One stopSF +7.50%(j)12.89%03/20294,069 3,980 0.24,069 
Disco Parent, Inc.+(5)One stopSF +7.50%N/A(6)03/2029— (1)—— 
Doxa Insurance Holdings LLC+One stopSF +5.50%(j)10.87%12/2030231 229 —229 
Doxa Insurance Holdings LLC+One stopSF +5.50%N/A(6)12/2029— — —— 
Doxa Insurance Holdings LLC+(5)One stopSF +5.50%N/A(6)12/2030— (2)—(2)
Illumifin Corporation+(23)One stopSF +7.00%(j)6.66% cash/6.00%PIK09/20273,068 3,032 0.12,608 
Integrated Specialty Coverages, LLC+One stopSF +6.00%(i)(j)(k)11.40%07/20303,289 3,212 0.13,289 
Integrated Specialty Coverages, LLC+(5)One stopSF +6.00%N/A(6)07/2029— (1)—— 
Integrated Specialty Coverages, LLC+(5)One stopSF +6.00%N/A(6)07/2030— (9)—— 
Integrity Marketing Acquisition, LLC+Senior securedSF +6.05%(j)11.54%08/20263,008 2,979 0.12,986 
Integrity Marketing Acquisition, LLC+One stopSF +5.80%(j)11.29%08/20262,390 2,375 0.12,360 
Integrity Marketing Acquisition, LLC+One stopSF +6.02%(j)11.41%08/20262,127 2,099 0.12,106 
Integrity Marketing Acquisition, LLC+Senior securedSF +6.05%(j)11.54%08/20261,498 1,484 0.11,487 
Integrity Marketing Acquisition, LLC+Senior securedSF +5.80%(j)11.29%08/2026764 761 —754 
Integrity Marketing Acquisition, LLC+One stopSF +5.80%(j)11.29%08/2026461 460 —456 
Integrity Marketing Acquisition, LLC+Senior securedSF +6.05%(j)11.54%08/2026241 240 —239 
Integrity Marketing Acquisition, LLC+Senior securedSF +6.02%(j)11.51%08/2026182 181 —180 
Integrity Marketing Acquisition, LLC+One stopSF +6.50%N/A(6)08/2026— — —— 
Integrity Marketing Acquisition, LLC+One stopSF +6.00%(j)11.39%08/2026348 326 —298 
J.S. Held Holdings, LLC#+One stopSF +5.50%(j)11.00%07/20256,339 6,328 0.26,276 
J.S. Held Holdings, LLC+One stopSF +5.50%(j)11.00%07/20251,459 1,449 0.11,445 
J.S. Held Holdings, LLC+One stopSF +5.50%(j)11.00%07/20251,412 1,399 0.11,398 
J.S. Held Holdings, LLC+One stopSF +5.50%(j)11.00%07/2025420 418 —416 
J.S. Held Holdings, LLC+One stopSF +5.50%(j)11.00%07/202596 93 —95 
J.S. Held Holdings, LLC+One stopSF +5.50%(j)11.00%07/2025144 142 —140 
Keystone Agency Partners LLC+Senior securedSF +5.50%(j)11.00%05/20272,814 2,782 0.12,758 
Keystone Agency Partners LLC+Senior securedSF +5.50%(j)11.00%05/2027923 912 0.1904 
Keystone Agency Partners LLC+Senior securedSF +5.50%(j)11.00%05/2027180 178 —176 
Keystone Agency Partners LLC+Senior securedSF +5.50%(i)10.96%05/202789 87 —87 
Keystone Agency Partners LLC+(5)Senior securedSF +5.50%N/A(6)05/2027— (4)—(4)

See Notes to Consolidated Financial Statements.
25
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Majesco*#One stopSF +7.25%(j)12.60%09/2027$18,512 $18,342 0.7%$18,512 
Majesco+(5)One stopSF +7.25%N/A(6)09/2026— (2)—— 
Norvax, LLC+(8)Senior securedSF +7.50%(j)13.03%09/202531,733 31,571 1.331,733 
Norvax, LLC+(8)Senior securedSF +7.50%(j)13.03%09/20259,607 9,516 0.49,607 
Oakbridge Insurance Agency LLC+One stopSF +5.75%(i)11.09%11/2029307 304 —304 
Oakbridge Insurance Agency LLC+One stopSF +5.75%N/A(6)11/2029— — —— 
Oakbridge Insurance Agency LLC+(5)One stopSF +5.75%N/A(6)11/2029— (1)—(1)
Paisley Bidco Limited+(8)(9)(10)One stopE + 6.75%(c)10.70%03/20281,465 1,395 0.11,451 
Paisley Bidco Limited+(5)(8)(9)(10)One stopSN +7.00%N/A(6)03/2028— (33)—(29)
Paisley Bidco Limited+(8)(9)(10)One stopE + 6.75%(c)10.70%03/20281,385 1,309 0.11,371 
Pareto Health Intermediate Holdings, Inc.+One stopSF +6.50%(k)11.97%05/203014,424 14,159 0.614,424 
Pareto Health Intermediate Holdings, Inc.+One stopSF +6.50%(k)11.97%05/20304,808 4,720 0.24,808 
Pareto Health Intermediate Holdings, Inc.+(5)One stopSF +6.50%N/A(6)06/2029— (1)—— 
Patriot Growth Insurance Services, LLC+One stopSF +5.50%(i)(j)11.00%10/202810,923 10,849 0.410,705 
Patriot Growth Insurance Services, LLC+One stopSF +5.75%(j)11.25%10/20282,228 2,211 0.12,206 
Patriot Growth Insurance Services, LLC+(5)One stopSF +5.75%N/A(6)10/2028— (1)—(2)
Patriot Growth Insurance Services, LLC+One stopSF +5.75%(j)11.10%10/202833 28 —26 
People Corporation+(8)(9)(12)One stopC + 6.25%(f)11.75%02/202813,910 14,396 0.513,736 
People Corporation+(8)(9)(12)One stopC + 5.75%(f)11.25%02/202811,604 11,465 0.411,285 
People Corporation+(8)(9)(12)One stopC + 6.25%(f)11.75%02/20284,541 4,824 0.24,484 
People Corporation+(8)(9)(12)One stopC + 6.00%(f)11.50%02/2028361 330 —261 
People Corporation+(8)(9)(12)One stopC + 6.25%(f)11.74%02/2027148 144 —147 
Sunstar Insurance Group, LLC+Senior securedSF +6.00%(j)11.50%10/2026911 907 —911 
Sunstar Insurance Group, LLC+Senior securedSF +6.00%(j)11.50%10/2026766 759 —766 
Sunstar Insurance Group, LLC+Senior securedSF +6.00%(j)11.50%10/2026388 384 —388 
Sunstar Insurance Group, LLC+Senior securedSF +6.00%(a)(i)12.27%10/20264 4 —4 
251,252 249,230 9.7248,852 
Internet & Catalog Retail
Revalize, Inc.+One stopSF +5.75%(i)11.21%04/202714,822 14,741 0.614,229 
Revalize, Inc.+One stopSF +5.75%(i)11.21%04/20278,675 8,628 0.38,328 
Revalize, Inc.+One stopSF +5.75%(i)11.21%04/20274,301 4,278 0.14,129 
Revalize, Inc.+One stopSF +5.75%(i)11.21%04/20272,591 2,577 0.12,488 
Revalize, Inc.+One stopSF +5.75%(i)11.21%04/20271,670 1,660 0.11,603 
Revalize, Inc.+One stopSF +5.75%(i)11.21%04/2027392 391 —377 
Revalize, Inc.+One stopSF +5.75%(j)11.25%04/202743 41 —41 
Revalize, Inc.+One stopSF +5.75%(j)11.23%04/202757 56 —48 
32,551 32,372 1.231,243 
IT Services
Acquia, Inc.+One stopSF +7.00%(k)12.74%10/20259,578 9,537 0.49,482 
Acquia, Inc.+One stopSF +7.00%(k)12.60%10/202527 27 —27 
Acquia, Inc.+(5)One stopSF +7.00%N/A(6)10/2025— — —(5)
CivicPlus, LLC+(23)One stopSF +6.50%(j)9.54% cash/2.50%PIK08/20276,359 6,310 0.26,295 
CivicPlus, LLC+(23)One stopSF +6.50%(j)9.54% cash/2.50%PIK08/20273,746 3,721 0.13,709 
CivicPlus, LLC+(23)One stopSF +6.50%(j)9.54% cash/2.50%PIK08/20272,981 2,958 0.12,951 
CivicPlus, LLC+(23)One stopSF +11.75%(k)17.00%PIK06/2034254 249 —249 
CivicPlus, LLC+One stopSF +6.00%(i)11.46%08/202727 27 —26 
Critical Start, Inc.+(23)One stopSF +6.75%(j)8.54% cash/3.63%PIK05/20283,374 3,351 0.13,341 
Critical Start, Inc.+(23)One stopSF +6.75%(j)8.54% cash/3.63%PIK05/20281,540 1,514 0.11,524 
Critical Start, Inc.+One stopSF +6.25%(h)11.57%05/202827 26 —26 
Delinea Inc.+One stopSF +5.75%(j)11.25%03/202816,370 16,224 0.616,370 

See Notes to Consolidated Financial Statements.
26
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Delinea Inc.#One stopSF +5.75%(j)11.25%03/2028$9,464 $9,376 0.4%$9,464 
Delinea Inc.+(5)One stopSF +5.75%N/A(6)03/2027— (2)—— 
Goldcup 31018 AB+(8)(9)(17)(23)One stopE + 6.50%(d)10.43%PIK07/20298,998 8,135 0.38,908 
Goldcup 31018 AB+(8)(9)(17)(23)One stopE + 6.50%(d)10.43%PIK07/2029839 793 —825 
Goldcup 31018 AB+(5)(8)(9)(17)One stopE + 6.25%N/A(6)01/2029— (1)—(1)
Netwrix Corporation*+One stopSF +5.00%(j)(k)10.39%06/20294,212 4,185 0.24,128 
Netwrix Corporation+(5)One stopSF +5.00%N/A(6)06/2029— (1)—(4)
Netwrix Corporation+(5)One stopSF +5.00%N/A(6)06/2029— (6)—(23)
Netwrix Corporation+(5)One stopSF +5.25%N/A(6)06/2029— (4)—(4)
Optimizely North America, Inc.#+One stopSF +5.25%(j)10.75%04/202621,221 21,075 0.821,009 
Optimizely North America, Inc.+(8)(9)One stopE + 5.50%(c)9.43%04/202619,521 19,902 0.819,326 
Optimizely North America, Inc.*#One stopSF +5.25%(j)10.75%04/202611,783 11,797 0.511,665 
Optimizely North America, Inc.*One stopSF +5.25%(j)10.75%04/20266,518 6,468 0.36,453 
Optimizely North America, Inc.+(5)One stopSF +5.25%N/A(6)04/2026— (2)—(5)
PCS Intermediate II Holdings, LLC#One stopSF +5.25%(i)10.71%01/202614,019 13,970 0.514,019 
PCS Intermediate II Holdings, LLC#One stopSF +5.25%(i)10.71%01/20262,024 2,015 0.12,024 
PCS Intermediate II Holdings, LLC+One stopSF +5.25%N/A(6)01/2026— — —— 
PDQ Intermediate, Inc.+(23)Subordinated debtN/A13.75%PIK10/203150 49 —49 
Recordxtechnologies, LLC#One stopSF +6.50%(j)11.85%12/2025727 723 —727 
Recordxtechnologies, LLC+One stopSF +6.50%(j)11.85%12/2025114 113 —114 
Recordxtechnologies, LLC+One stopSF +6.50%(j)11.85%12/202561 60 —61 
Recordxtechnologies, LLC+One stopSF +6.50%(j)11.85%12/202540 39 —40 
Red Dawn SEI Buyer, Inc.+(8)(9)Senior securedSN +4.50%(g)9.69%11/202521,687 23,254 0.921,470 
Red Dawn SEI Buyer, Inc.+Senior securedSF +4.50%(j)9.95%11/20255,472 5,450 0.25,417 
Red Dawn SEI Buyer, Inc.+Senior securedSF +4.25%(j)9.70%11/2025727 724 —716 
Red Dawn SEI Buyer, Inc.+Senior securedSF +4.50%(j)9.95%11/2025334 332 —330 
Red Dawn SEI Buyer, Inc.+Senior securedSF +4.25%(j)9.70%11/2025129 129 —127 
Red Dawn SEI Buyer, Inc.+(5)Senior securedSF +4.25%N/A(6)11/2025— — —(2)
Red Dawn SEI Buyer, Inc.+(5)Senior securedSF +4.50%N/A(6)11/2025— — —(1)
ReliaQuest Holdings, LLC+One stopSF +10.75%(j)16.13%10/20261,098 1,084 —1,098 
ReliaQuest Holdings, LLC+One stopSF +10.75%(j)16.13%10/2026347 347 —347 
ReliaQuest Holdings, LLC+One stopSF +10.75%(j)16.13%10/2026123 122 —123 
Saturn Borrower Inc.+One stopSF +6.50%(j)12.00%09/202619,846 19,571 0.819,250 
Saturn Borrower Inc.+One stopSF +6.50%(j)12.00%09/2026103 102 —100 
Transform Bidco Limited+(8)(10)One stopSF +7.00%N/A(6)06/2030— — —— 
Transform Bidco Limited+(8)(10)One stopSF +7.00%N/A(6)12/2030— — —— 
WPEngine, Inc.+One stopSF +6.50%(k)11.92%08/20293,522 3,456 0.23,522 
WPEngine, Inc.+(5)One stopSF +6.50%N/A(6)08/2029— (1)—— 
Zarya Holdco, Inc.+One stopSF +6.50%(j)11.89%07/20274,789 4,789 0.24,789 
Zarya Holdco, Inc.+One stopSF +6.50%(j)11.87%07/202740 40 —40 
202,091 202,027 7.8200,096 


See Notes to Consolidated Financial Statements.
27
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Leisure Products
WBZ Investment LLC#+(23)One stopSF +6.50%(j)11.00% cash/1.00%PIK09/2024$8,425 $8,439 0.3%$8,341 
WBZ Investment LLC+(23)One stopSF +6.50%(j)11.00% cash/1.00%PIK09/20241,240 1,238 0.11,227 
WBZ Investment LLC+(23)One stopSF +6.50%(j)11.00% cash/1.00%PIK09/2024861 866 —853 
WBZ Investment LLC+(23)One stopSF +6.50%(j)11.00% cash/1.00%PIK09/2024450 452 —445 
WBZ Investment LLC+(5)One stopSF +6.50%N/A(6)09/2024— — —(2)
10,976 10,995 0.410,864 
Life Sciences Tools & Services
Celerion Buyer, Inc.*#One stopSF +6.50%(k)11.93%11/202921,326 20,886 0.821,326 
Celerion Buyer, Inc.+(5)One stopSF +6.50%N/A(6)11/2028— (1)—— 
Celerion Buyer, Inc.+(5)One stopSF +6.50%N/A(6)11/2029— (70)—— 
PAS Parent Inc.*#+One stopSF +5.00%(i)10.47%12/202833,484 33,003 1.332,648 
PAS Parent Inc.+(5)One stopSF +5.00%N/A(6)12/2027— (7)—(4)
PAS Parent Inc.+One stopSF +5.00%(i)10.47%12/202879 75 —77 
PAS Parent Inc.+(5)One stopSF +5.50%N/A(6)12/2028— (5)—(5)
Reaction Biology Corporation#One stopSF +5.25%(j)10.75%03/20297,922 7,863 0.37,130 
Reaction Biology Corporation+One stopSF +5.25%(j)10.75%03/2029181 180 —163 
Reaction Biology Corporation+One stopSF +5.25%(j)10.75%03/2029120 120 —108 
Reaction Biology Corporation+One stopSF +5.25%(j)10.75%03/2029105 104 —90 
Reaction Biology Corporation+(5)One stopSF +5.25%N/A(6)03/2029— (1)—— 
Unchained Labs, LLC+Senior securedSF +5.50%(i)10.91%08/2027986 980 0.1976 
Unchained Labs, LLC+Senior securedSF +5.50%(i)10.91%08/2027833 823 —825 
Unchained Labs, LLC+Senior securedSF +5.50%N/A(6)08/2027— — —— 
65,036 63,950 2.563,334 
Machinery
Blackbird Purchaser, Inc.+One stopSF +5.50%(j)10.86%12/2030376 373 —373 
Blackbird Purchaser, Inc.+(5)One stopSF +5.50%N/A(6)12/2030— (1)—(1)
Blackbird Purchaser, Inc.+One stopSF +5.50%N/A(6)12/2030— — —— 
Chase Industries, Inc.+(23)(24)Senior securedSF +7.00%(j)11.00% cash/1.50%PIK05/202512,029 12,029 0.511,427 
Chase Industries, Inc.+(23)(24)Senior securedSF +7.00%(j)11.00% cash/1.50%PIK05/2025983 983 —934 
Chase Industries, Inc.+(23)(24)Senior securedSF +7.00%(j)11.00% cash/1.50%PIK05/2025142 142 —124 
13,530 13,526 0.512,857 
Marine
Project Nike Purchaser, LLC+One stopSF +6.00%(j)11.35%04/202919,523 19,375 0.818,937 
Project Nike Purchaser, LLC+One stopSF +6.00%(j)11.35%04/2029430 426 —417 
Project Nike Purchaser, LLC+One stopSF +6.00%(j)11.35%04/202975 73 —68 
20,028 19,874 0.819,422 
Media
Triple Lift, Inc.+One stopSF +5.75%(j)11.27%05/20285,275 5,210 0.25,064 
Triple Lift, Inc.+One stopSF +5.75%(j)11.27%05/20281,119 1,103 —1,074 
Triple Lift, Inc.+One stopSF +5.75%(j)11.31%05/202827 26 —25 
6,421 6,339 0.26,163 
Multiline Retail
Mills Fleet Farm Group LLC*#+One stopSF +7.00%(j)12.52%12/202643,652 43,353 1.743,652 

See Notes to Consolidated Financial Statements.
28
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)One stopSF +6.75%(j)12.24%05/2025$20,157 $20,201 0.8%$20,157 
3ES Innovation, Inc.+(8)(12)One stopSF +6.75%(i)12.21%05/2025120 120 —120 
Envernus, Inc.+One stopSF +5.50%(i)10.86%12/2029442 436 —436 
Envernus, Inc.+(5)One stopSF +5.50%N/A(6)12/2029— (1)—(1)
Envernus, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— 
Project Power Buyer, LLC*#+One stopSF +7.00%(j)12.35%05/202639,963 39,500 1.639,963 
Project Power Buyer, LLC+(5)One stopSF +7.00%N/A(6)05/2025— (1)—— 
60,682 60,255 2.460,675 
Paper & Forest Products
Messenger, LLC#+One stopSF +5.75%(j)11.25%12/202710,048 9,979 0.49,746 
Messenger, LLC+One stopSF +5.75%(j)11.28%12/202798 98 —95 
Messenger, LLC+One stopSF +5.75%(j)11.25%12/202749 49 —48 
Messenger, LLC+One stopP + 4.75%(a)13.25%12/20278 8 —6 
10,203 10,134 0.49,895 
Personal Products
IMPLUS Footcare, LLC+(23)One stopSF +8.75%(j)13.25% cash/1.00%PIK07/202430,496 30,542 1.229,469 
IMPLUS Footcare, LLC+(23)One stopSF +8.75%(j)13.25% cash/1.00%PIK07/20245,208 5,216 0.25,033 
IMPLUS Footcare, LLC*+(23)One stopSF +8.75%(j)13.25% cash/1.00%PIK07/2024751 753 —725 
36,455 36,511 1.435,227 

See Notes to Consolidated Financial Statements.
29
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#One stopSF +6.00%(j)11.50%02/2029$21,462 $21,035 0.8%$21,033 
ACP Ulysses Buyer, Inc.*One stopSF +6.00%(j)11.50%02/2029928 904 0.1910 
Amalthea Parent, Inc.*#+(8)One stopSF +5.00%(j)(k)10.82%03/202758,543 58,167 2.152,690 
Amalthea Parent, Inc.+(5)(8)One stopSF +5.00%N/A(6)03/2027— (2)—(27)
Apothecary Products, LLC+Senior securedSF +6.25%(k)11.85%07/20252,476 2,456 0.12,476 
Apothecary Products, LLC+(5)Senior securedSF +6.25%N/A(6)07/2025— (6)—— 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.50%(j)10.85%05/202916,964 16,702 0.716,455 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.75%(j)11.10%05/20292,807 2,761 0.12,751 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.75%(k)11.21%05/20291,145 1,116 —1,094 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.75%(k)11.21%05/2029181 176 —173 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.75%(i)11.11%05/2029210 206 —204 
Cobalt Buyer Sub, Inc.+One stopSF +6.00%(i)11.47%10/202810,493 10,351 0.410,283 
Cobalt Buyer Sub, Inc.+One stopSF +6.00%(i)11.47%10/20283,518 3,469 0.13,448 
Cobalt Buyer Sub, Inc.+One stopSF +6.00%(i)11.47%10/20282,651 2,568 0.12,598 
Cobalt Buyer Sub, Inc.+One stopSF +6.00%(i)11.47%10/202738 37 —37 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +4.75%(g)9.94%08/202824,957 26,703 0.923,584 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +6.00%(g)11.19%08/20283,464 3,260 0.13,429 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +4.75%(g)9.94%08/20283,025 2,689 0.12,859 
Spark Bidco Limited+(8)(10)Senior securedSF +6.00%(j)11.35%08/20282,613 2,571 0.12,587 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +4.75%(g)9.94%08/20282,647 2,506 0.12,501 
Spark Bidco Limited+(5)(8)(9)(10)Senior securedSN +4.75%N/A(6)02/2028— (2)—(5)
158,122 157,667 5.8149,080 
Professional Services
ALKU Intermediate Holdings, LLC+One stopSF +6.25%(i)11.61%05/20294,433 4,373 0.24,433 
bswift, LLC+One stopSF +6.38%(j)11.78%11/20285,087 4,958 0.25,087 
Citrin Cooperman Advisors LLC+One stopSF +5.75%(j)(k)11.26%10/20275,357 5,316 0.25,344 
Citrin Cooperman Advisors LLC+One stopSF +6.25%(k)11.82%10/20272,323 2,264 0.12,323 
Citrin Cooperman Advisors LLC+One stopSF +6.25%(k)11.78%10/2027527 515 —527 
Citrin Cooperman Advisors LLC+One stopSF +5.25%(i)10.68%10/202763 61 —61 
Citrin Cooperman Advisors LLC+(5)One stopSF +5.25%N/A(6)10/2027— (4)—(4)
DISA Holdings Corp.+Senior securedSF +5.50%(i)10.84%09/20283,468 3,413 0.13,468 
DISA Holdings Corp.+Senior securedSF +5.50%(i)10.84%09/2028250 245 —250 
DISA Holdings Corp.+One stopSF +5.50%(i)10.84%09/2028201 196 —201 
DISA Holdings Corp.+(23)Subordinated debtSF +10.00%(i)13.36% cash/2.00%PIK03/202951 50 —51 
DISA Holdings Corp.+Senior securedSF +5.50%(i)10.85%09/20289 9 —9 
Eliassen Group, LLC+One stopSF +5.50%(j)10.85%04/20281,426 1,416 0.11,412 
Eliassen Group, LLC+One stopSF +5.50%(j)10.87%04/20289 9 —8 
Filevine, Inc.+(23)One stopSF +6.50%(j)(k)9.71% cash/2.50%PIK04/20275,435 5,386 0.25,489 
Filevine, Inc.+One stopSF +6.50%N/A(6)04/2027— — —— 
IG Investments Holdings, LLC+One stopSF +6.00%(j)11.48%09/20286,452 6,368 0.36,452 
IG Investments Holdings, LLC+One stopSF +6.00%(j)11.48%09/2028552 544 —552 
IG Investments Holdings, LLC+(5)One stopSF +6.00%N/A(6)09/2027— (1)—— 
NBG Acquisition Corp. and NBG-P Acquisition Corp.#One stopSF +5.25%(j)10.78%11/20287,498 7,460 0.37,198 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stopSF +5.25%(i)(j)10.77%11/2028151 149 —141 
Net Health Acquisition Corp.+One stopSF +5.75%(i)11.21%12/202513,067 13,014 0.512,937 
Net Health Acquisition Corp.*#One stopSF +5.75%(i)11.21%12/20258,268 8,250 0.38,185 
Net Health Acquisition Corp.*One stopSF +5.75%(i)11.21%12/20256,620 6,642 0.36,554 
Net Health Acquisition Corp.#One stopSF +5.75%(i)11.21%12/20254,183 4,159 0.24,141 

See Notes to Consolidated Financial Statements.
30
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Net Health Acquisition Corp.*#One stopSF +5.75%(i)11.21%12/2025$1,155 $1,153 —%$1,144 
Net Health Acquisition Corp.+One stopSF +5.75%(i)11.21%12/2025153 153 —150 
PlanSource Holdings, Inc.+One stopSF +6.25%(k)11.90%04/202511,416 11,441 0.411,416 
PlanSource Holdings, Inc.+One stopSF +6.25%(k)11.90%04/20251,932 1,926 0.11,932 
PlanSource Holdings, Inc.+One stopSF +6.25%(k)11.90%04/2025139 138 —139 
PlanSource Holdings, Inc.+One stopSF +6.25%N/A(6)04/2025— — —— 
Procure Acquireco, Inc.#+One stopSF +5.00%(j)10.54%12/202817,411 17,288 0.717,411 
Procure Acquireco, Inc.+(5)One stopSF +5.00%N/A(6)12/2028— (1)—— 
Procure Acquireco, Inc.+One stopSF +5.00%(j)10.50%12/202873 72 —73 
Teaching Company, The+One stopSF +5.75%(j)11.28%01/202613,747 13,747 0.513,747 
Teaching Company, The+One stopSF +5.75%N/A(6)01/2026— — —— 
121,456 120,709 4.7 120,831 
%
Real Estate Management & Development
Inhabit IQ Inc.+One stopSF +5.50%(i)10.96%07/202521,478 21,392 0.821,478 
Inhabit IQ Inc.#+One stopSF +5.50%(i)10.96%07/202519,182 19,166 0.719,182 
Inhabit IQ Inc.+One stopSF +5.50%(i)10.96%07/202513,219 13,190 0.513,219 
Inhabit IQ Inc.*One stopSF +5.50%(i)10.96%07/202512,211 12,161 0.512,211 
Inhabit IQ Inc.*#One stopSF +5.50%(i)10.96%07/20256,433 6,428 0.36,433 
Inhabit IQ Inc.+One stopSF +5.50%(i)10.96%07/20253,135 3,155 0.13,135 
Inhabit IQ Inc.#+One stopSF +5.50%(i)10.96%07/20251,377 1,377 0.11,377 
Inhabit IQ Inc.#+One stopSF +5.50%(i)10.96%07/20251,165 1,165 0.11,165 
Inhabit IQ Inc.#+One stopSF +5.50%(i)10.96%07/20251,149 1,149 0.11,149 
Inhabit IQ Inc.+One stopSF +5.50%(i)10.96%07/2025919 918 —919 
Inhabit IQ Inc.+One stopSF +5.50%(i)10.96%07/2025485 485 —485 
Inhabit IQ Inc.+One stopSF +5.50%(i)10.96%07/2025130 130 —130 
MRI Software LLC*+One stopSF +5.50%(j)10.95%02/202614,175 14,104 0.513,891 
MRI Software LLC+One stopSF +5.50%(j)10.95%02/20265,336 5,298 0.25,230 
MRI Software LLC+(5)One stopSF +5.50%N/A(6)02/2026— (1)—(6)
MRI Software LLC+(5)One stopSF +5.75%N/A(6)02/2026— (2)—(9)
RPL Bidco Limited+(8)(9)(10)One stopSN +6.00%(g)11.19%08/2028524 514 —520 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.25%(g)10.44%08/202818,590 20,084 0.718,451 
RPL Bidco Limited+(8)(9)(10)One stopA + 6.75%(e)11.12%08/20288,376 8,146 0.38,313 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.25%(e)9.67%08/20282,033 2,178 0.12,018 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.50%N/A(6)02/2028— — —— 
129,917 131,037 5.0 129,291 
Road & Rail
Channelside Acquisitona Co, Inc.+One stopSF +6.38%(i)11.83%07/20284,218 4,151 0.24,218 
Channelside Acquisitona Co, Inc.+One stopSF +6.75%(i)12.11%07/20283,980 3,883 0.24,069 
Channelside Acquisitona Co, Inc.+(5)One stopSF +6.75%N/A(6)07/2026— (1)—— 
Channelside Acquisitona Co, Inc.+(5)One stopSF +6.75%N/A(6)07/2028— (1)—— 
Channelside Acquisitona Co, Inc.+(5)One stopSF +5.50%N/A(6)07/2028— (2)—— 
Internet Truckstop Group LLC*#One stopSF +5.00%(j)10.50%04/202521,118 21,248 0.821,118 
Internet Truckstop Group LLC+One stopSF +5.00%(j)10.50%04/20259,248 9,205 0.39,248 
Internet Truckstop Group LLC+(5)One stopSF +5.00%N/A(6)04/2025— (1)—— 
38,564 38,482 1.538,653 


See Notes to Consolidated Financial Statements.
31
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Anaplan, Inc.+One stopSF +6.50%(j)11.85%06/2029$9,840 $9,763 0.4%$9,840 
Anaplan, Inc.+(5)One stopSF +6.50%N/A(6)06/2028— (1)—— 
Appfire Technologies, LLC#+One stopSF +5.50%(i)(j)11.02%03/202739,550 39,236 1.538,759 
Appfire Technologies, LLC+One stopP + 4.50%(a)13.00%03/202753 51 —48 
Appfire Technologies, LLC+(5)One stopSF +5.50%N/A(6)03/2027— (27)—(64)
Aras Corporation+(23)One stopSF +6.75%(j)9.04% cash/3.25%PIK04/202714,809 14,734 0.614,661 
Aras Corporation+One stopSF +6.50%(a)(j)12.34%04/202779 79 —78 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(g)10.44%06/20293,647 3,423 0.23,501 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(g)10.44%06/20291,903 1,736 0.11,826 
Arrow Buyer, Inc.+One stopSF +6.50%(j)11.85%06/203016,360 15,959 0.616,360 
Arrow Buyer, Inc.+(5)One stopSF +6.50%N/A(6)06/2030— (22)—— 
Auvik Networks Inc.+(8)(12)(23)One stopSF +5.75%(j)8.53% cash/2.75%PIK07/20277,283 7,243 0.37,174 
Auvik Networks Inc.+(8)(12)(23)One stopSF +6.25%(j)8.53% cash/3.25%PIK07/20271,303 1,294 0.11,303 
Auvik Networks Inc.+(5)(8)(12)One stopSF +3.00%N/A(6)07/2027— — —(1)
Avetta, LLC+One stopSF +5.75%(j)11.15%10/20304,568 4,468 0.24,465 
Avetta, LLC+(5)One stopSF +5.75%N/A(6)10/2029— (9)—(10)
Axiom Merger Sub Inc.+One stopSF +5.25%(j)10.79%04/20265,655 5,671 0.25,655 
Axiom Merger Sub Inc.+(8)(9)One stopE + 5.50%(c)(d)9.60%04/20262,307 2,339 0.12,307 
Axiom Merger Sub Inc.+One stopSF +5.25%(j)10.79%04/2026268 267 —268 
Axiom Merger Sub Inc.+One stopSF +5.25%(k)10.88%04/202639 38 —39 
Axiom Merger Sub Inc.+One stopSF +5.25%N/A(6)10/2025— — —— 
Bayshore Intermediate #2, L.P.+(23)One stopSF +7.50%(i)12.96%10/202876,248 75,333 3.076,248 
Bayshore Intermediate #2, L.P.+One stopSF +6.50%(j)12.01%10/202733 31 —33 
Bloomerang, LLC+One stopSF +6.00%(k)11.19%12/2029334 330 —330 
Bloomerang, LLC+(5)One stopSF +6.00%N/A(6)12/2029— (1)—(1)
Bloomerang, LLC+(5)One stopSF +6.00%N/A(6)12/2029— (1)—(1)
Bonterra LLC+One stopSF +7.25%(j)12.60%09/202765,427 64,830 2.563,465 
Bonterra LLC+(23)One stopSF +8.00%(j)13.35%09/20272,952 2,912 0.12,864 
Bonterra LLC+One stopSF +7.25%(j)12.60%09/202760 58 —54 
Bottomline Technologies, Inc.+One stopSF +5.25%(i)10.61%05/202927,811 27,385 1.026,698 
Bottomline Technologies, Inc.+(5)One stopSF +5.00%N/A(6)05/2028— (3)—(9)
Bottomline Technologies, Inc.+One stopSF +5.75%(i)11.11%05/20294,624 4,536 0.24,532 
Bullhorn, Inc.*#+One stopSF +5.50%(i)10.96%09/202665,099 64,616 2.665,099 
Bullhorn, Inc.+(8)(9)One stopSN +5.75%(g)10.94%09/202612,021 11,536 0.512,021 
Bullhorn, Inc.+(8)(9)One stopE + 5.50%(b)9.34%09/20264,709 4,632 0.24,709 
Bullhorn, Inc.+One stopSF +5.50%(i)10.96%09/2026211 210 —211 
Bullhorn, Inc.+One stopSF +5.50%(i)10.96%09/202695 94 —95 
Bullhorn, Inc.+One stopSF +5.50%(i)10.96%09/202675 75 —75 
Bullhorn, Inc.+(5)One stopSF +5.50%N/A(6)09/2026— (2)—— 
Burning Glass Intermediate Holdings Company, Inc.#+One stopSF +5.00%(i)10.46%06/20289,695 9,569 0.49,695 
Burning Glass Intermediate Holdings Company, Inc.+One stopSF +5.00%(i)10.46%06/202621 20 —21 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +7.25%(j)12.63%01/20295,437 5,297 0.25,437 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +7.25%(j)12.63%01/20291,438 1,401 0.11,438 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +7.25%N/A(6)01/2029— — —— 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)One stopSF +7.25%N/A(6)01/2029— (1)—— 

See Notes to Consolidated Financial Statements.
32
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Calabrio, Inc.+One stopSF +7.13%(i)12.48%04/2027$53,683 $53,241 2.1%$53,683 
Calabrio, Inc.+One stopSF +7.13%(i)12.48%04/2027135 132 —135 
Calabrio, Inc.+One stopSF +7.13%N/A(6)04/2027— — —— 
Camelia Bidco Limited+(8)(9)(10)One stopSN +6.25%(g)11.44%08/20303,260 3,195 0.13,211 
Camelia Bidco Limited+(8)(9)(10)One stopA + 6.25%(e)10.57%08/2030216 201 —213 
Camelia Bidco Limited+(5)(8)(9)(10)One stopSN +6.25%N/A(6)08/2030— (20)—(21)
Community Brands Parentco LLC+One stopSF +5.50%(i)10.96%02/202814,016 13,822 0.513,736 
Community Brands Parentco LLC+(5)One stopSF +5.50%N/A(6)02/2028— (1)—(1)
Community Brands Parentco LLC+(5)One stopSF +5.50%N/A(6)02/2028— (1)—(2)
Coupa Holdings, LLC+One stopSF +7.50%(i)12.86%02/203022,905 22,403 0.922,676 
Coupa Holdings, LLC+(5)One stopSF +7.50%N/A(6)02/2029— (1)—(1)
Coupa Holdings, LLC+(5)One stopSF +7.50%N/A(6)02/2030— (22)—(20)
Crewline Buyer, Inc.+One stopSF +6.75%(j)12.10%11/2030453 446 —447 
Crewline Buyer, Inc.+(5)One stopSF +6.75%N/A(6)11/2030— (1)—(1)
Daxko Acquisition Corporation+One stopSF +5.50%(i)10.96%10/202827,361 27,174 1.026,540 
Daxko Acquisition Corporation+One stopSF +5.50%(i)10.96%10/20282,307 2,284 0.12,238 
Daxko Acquisition Corporation+One stopP + 4.50%(a)13.00%10/202712 11 —7 
Daxko Acquisition Corporation+One stopSF +5.50%(i)10.96%10/2028138 130 —105 
Denali Bidco Limited+(8)(9)(10)One stopSN +6.00%(g)11.19%08/20303,043 2,951 0.13,012 
Denali Bidco Limited+(8)(9)(10)One stopE + 6.00%(b)9.84%08/2030764 736 —757 
Denali Bidco Limited+(5)(8)(9)(10)One stopSN +6.00%N/A(6)08/2030— (12)—(11)
Diligent Corporation*#+One stopSF +6.25%(j)11.78%08/202585,188 85,149 3.385,188 
Diligent Corporation+One stopSF +5.75%(j)11.28%08/20255,889 5,867 0.25,844 
Diligent Corporation+One stopSF +6.25%(i)(j)11.76%08/2025175 174 —175 
Dragon UK Bidco Limited+(8)(9)(10)One stopSN +5.75%(g)10.94%02/202914,750 15,108 0.614,307 
Dragon UK Bidco Limited+(8)(9)(10)One stopC + 5.75%(f)11.19%02/2029289 294 —281 
Dragon UK Bidco Limited+(5)(8)(9)(10)One stopSN +5.75%N/A(6)02/2029— — —(3)
Evergreen IX Borrower 2023, LLC+One stopSF +6.00%(j)11.35%09/20304,506 4,397 0.24,393 
Evergreen IX Borrower 2023, LLC+(5)One stopSF +6.00%N/A(6)10/2029— (12)—(12)
FirstUp, Inc.+(23)One stopSF +7.50%(j)8.60% cash/4.25%PIK07/20279,334 9,264 0.49,334 
FirstUp, Inc.+(23)One stopSF +7.50%(j)8.60% cash/4.25%PIK07/2027885 874 —885 
FirstUp, Inc.+(5)One stopSF +7.50%N/A(6)07/2027— (1)—— 
Gainsight, Inc.+(23)One stopSF +6.75%(j)12.28%PIK07/202711,455 11,356 0.411,340 
Gainsight, Inc.+(23)One stopSF +6.75%(j)12.28%PIK07/202758 57 —57 
GS Acquisitionco, Inc.*#+One stopSF +5.50%(j)11.00%05/202683,542 83,550 3.383,542 
GS Acquisitionco, Inc.+One stopSF +5.50%N/A(6)05/2026— — —— 
GTIV, LLC+One stopSF +5.25%(j)10.70%02/202973,285 72,750 2.973,285 
GTIV, LLC+(5)One stopSF +5.25%N/A(6)02/2029— (2)—— 
GTY Technology Holdings, Inc.+(23)One stopSF +6.88%(j)7.92% cash/4.30%PIK07/20293,273 3,224 0.13,207 
GTY Technology Holdings, Inc.+(23)One stopSF +6.88%(j)7.95% cash/4.30%PIK07/20292,137 2,101 0.12,094 
GTY Technology Holdings, Inc.+(23)One stopSF +6.88%(j)7.92% cash/4.30%PIK07/2029392 389 —384 
GTY Technology Holdings, Inc.+One stopP + 5.25%(a)13.75%07/202911 9 —9 
GTY Technology Holdings, Inc.+(5)One stopSF +7.13%N/A(6)07/2029— (5)—(5)
Hyland Software, Inc.+One stopSF +6.00%(i)11.36%09/20304,950 4,879 0.24,876 
Hyland Software, Inc.+(5)One stopSF +6.00%N/A(6)09/2029— (1)—(1)
ICIMS, Inc.+(23)One stopSF +7.25%(j)8.74% cash/3.88%PIK08/20288,088 7,984 0.37,927 
ICIMS, Inc.+One stopSF +6.75%(j)12.10%08/202827 26 —24 
ICIMS, Inc.+(5)One stopSF +7.25%N/A(6)08/2028— — —(33)
IQN Holding Corp. #+One stopSF +5.25%(j)10.64%05/202914,577 14,466 0.614,285 
IQN Holding Corp. +(5)One stopSF +5.25%N/A(6)05/2028— (1)—(2)

See Notes to Consolidated Financial Statements.
33
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
IQN Holding Corp. +(5)One stopSF +5.25%N/A(6)05/2029$— $(24)—%$(3)
Island Bidco AB+(8)(9)(17)(23)One stopE + 7.25%(d)3.89% cash/7.25%PIK07/20286,668 6,270 0.36,668 
Island Bidco AB+(8)(17)(23)One stopSF +7.00%(k)8.68% cash/3.50%PIK07/20283,078 3,056 0.13,078 
Island Bidco AB+(5)(8)(9)(17)One stopE + 6.50%N/A(6)07/2028— (1)—— 
Island Bidco AB+(8)(17)One stopSF +6.50%(k)11.83%07/202830 30 —30 
Juvare, LLC*One stopSF +5.75%(j)11.29%10/20267,526 7,482 0.37,376 
Juvare, LLC+One stopSF +5.75%(j)11.29%10/20261,737 1,727 0.11,702 
Juvare, LLC+One stopSF +5.75%(j)11.29%10/2026548 540 —537 
Juvare, LLC+One stopSF +5.75%(a)(j)11.48%04/202650 50 —49 
Kaseya Inc.+(23)One stopSF +6.00%(j)8.88% cash/2.50%PIK06/20299,256 9,147 0.49,164 
Kaseya Inc.+(23)One stopSF +5.50%(i)10.86%06/202968 66 —65 
Kaseya Inc.+(23)One stopSF +6.00%(j)8.88% cash/2.50%PIK06/202934 30 —29 
LeadsOnline, LLC+One stopSF +6.00%(j)11.49%02/20284,197 4,100 0.24,197 
LeadsOnline, LLC+One stopSF +6.00%(j)11.49%02/2028741 724 —741 
LeadsOnline, LLC+One stopSF +6.00%(i)11.46%02/20288 7 —8 
Mindbody, Inc.+One stopSF +7.00%(j)12.53%02/202549,911 50,113 1.949,911 
Mindbody, Inc.+One stopSF +7.00%(j)12.53%02/20253,929 3,910 0.23,929 
Mindbody, Inc.+One stopSF +7.00%N/A(6)02/2025— — —— 
Ministry Brands Holdings LLC+One stopSF +5.50%(i)10.96%12/202821,705 21,550 0.820,837 
Ministry Brands Holdings LLC+One stopSF +5.50%(i)10.96%12/2028186 182 —162 
Ministry Brands Holdings LLC+One stopSF +5.50%(a)(i)11.28%12/202796 95 —90 
Navex TopCo, Inc.+One stopSF +5.75%(i)11.11%11/2030460 451 —450 
Navex TopCo, Inc.+(5)One stopSF +5.75%N/A(6)11/2028— (1)—(1)
Naviga Inc.+Senior securedSF +7.00%(j)12.45%02/2024108 108 —108 
Neo Bidco GMBH+(8)(9)(13)One stopE + 6.00%(d)9.95%07/20287,216 7,644 0.37,216 
Neo Bidco GMBH+(8)(9)(13)One stopE + 6.00%(d)9.92%01/202822 22 —22 
Neo Bidco GMBH+(8)(13)One stopSF +6.00%N/A(6)01/2028— — —— 
Neo Bidco GMBH+(8)(9)(13)One stopE + 6.25%(c)10.08%07/2028520 510 —522 
Panzura, LLC+(23)One stopN/A2.00% cash/15.00%PIK08/202752 47 —47 
PDI TA Holdings, Inc.+One stopSF +4.50%(j)10.07%10/20248,302 8,270 0.38,302 
PDI TA Holdings, Inc.+Second lienSF +8.50%(j)14.02%10/20253,424 3,395 0.13,424 
PDI TA Holdings, Inc.+Second lienSF +8.50%(j)14.02%10/20253,333 3,278 0.13,333 
PDI TA Holdings, Inc.+One stopSF +4.50%(j)10.07%10/20241,105 1,103 —1,105 
PDI TA Holdings, Inc.+One stopSF +4.50%(j)10.07%10/2024681 679 —681 
PDI TA Holdings, Inc.+Second lienSF +8.71%(j)14.23%10/2025640 638 —640 
PDI TA Holdings, Inc.+Second lienSF +8.53%(j)14.05%10/2025377 375 —377 
PDI TA Holdings, Inc.+One stopSF +4.50%(j)10.07%10/2024148 147 —148 
PDI TA Holdings, Inc.+(8)(9)One stopSN +4.50%(g)9.81%10/202488 93 —88 
Personify, Inc.*#+One stopSF +5.25%(j)10.60%09/202413,045 13,089 0.513,045 
Personify, Inc.#One stopSF +5.25%(j)10.60%09/20248,060 8,043 0.38,060 
Personify, Inc.+One stopSF +5.25%N/A(6)09/2024— — —— 
PING Identity Holding Corp.+One stopSF +7.00%(i)12.36%10/20299,953 9,829 0.49,953 
PING Identity Holding Corp.+(5)One stopSF +7.00%N/A(6)10/2028— (1)—— 
Pluralsight, LLC+One stopSF +8.00%(j)13.56%04/202723,748 23,594 0.923,511 
Pluralsight, LLC+One stopSF +8.00%(i)(j)13.52%04/202778 77 —77 
ProcessUnity Holdings, LLC+One stopSF +6.75%(i)12.11%09/20284,221 4,192 0.24,221 
ProcessUnity Holdings, LLC+One stopSF +6.75%(j)12.10%09/20281,996 1,969 0.11,996 
ProcessUnity Holdings, LLC+One stopSF +6.75%(j)12.10%09/2028844 838 —844 
ProcessUnity Holdings, LLC+(5)One stopSF +6.75%N/A(6)09/2028— (1)—— 
Pyramid Healthcare Acquisition Corp.#+One stopSF +4.75%(j)10.28%05/202718,139 18,038 0.718,139 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)10.28%05/20271,875 1,854 0.11,875 

See Notes to Consolidated Financial Statements.
34
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)10.29%05/2027$1,567 $1,559 0.1%$1,567 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)10.29%05/2027862 857 —862 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)10.28%05/2027789 784 —789 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)10.28%05/2027533 530 —533 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)10.28%05/2027177 176 —177 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)10.28%05/2027156 155 —156 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)10.28%05/2027146 145 —146 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)10.29%05/2027146 145 —146 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(j)10.28%05/202757 57 —57 
Pyramid Healthcare Acquisition Corp.+(5)One stopSF +4.75%N/A(6)05/2027— (1)—— 
QAD, Inc.+One stopSF +5.38%(i)10.73%11/20279,369 9,309 0.49,369 
QAD, Inc.+(5)One stopSF +5.38%N/A(6)11/2027— (3)—— 
Quant Buyer, Inc.+One stopSF +6.00%(k)11.39%06/20292,920 2,898 0.12,833 
Quant Buyer, Inc.+One stopSF +6.00%(k)11.39%06/20292,460 2,441 0.12,386 
Quant Buyer, Inc.+One stopSF +6.00%(k)11.39%06/20292,001 1,986 0.11,941 
Quant Buyer, Inc.+(5)One stopSF +6.00%N/A(6)06/2029— (1)—(5)
Quant Buyer, Inc.+(5)One stopSF +6.50%N/A(6)06/2029— (71)—— 
Rainforest Bidco Limited+(8)(9)(10)(23)One stopSN +5.43%(g)8.68% cash/1.93%PIK07/20297,708 7,057 0.37,439 
Rainforest Bidco Limited+(8)(10)(23)One stopSF +5.43%(h)8.82% cash/1.93%PIK07/20291,430 1,415 0.11,380 
Rainforest Bidco Limited+(8)(9)(10)(23)One stopSN +5.43%(g)8.68% cash/1.93%PIK07/2029566 520 —547 
Rainforest Bidco Limited+(5)(8)(9)(10)One stopSN +6.50%N/A(6)07/2029— (61)—— 
RegEd Aquireco, LLC+Senior securedSF +4.25%(i)(j)(k)9.79%12/202411,038 11,042 0.410,707 
RegEd Aquireco, LLC+Senior securedSF +4.25%(j)(k)9.94%12/2024210 210 —202 
Riskonnect Parent, LLC*+One stopSF +5.50%(j)11.00%12/202810,076 10,005 0.49,875 
Riskonnect Parent, LLC+One stopSF +5.50%(j)11.00%12/2028201 198 —194 
Riskonnect Parent, LLC+(5)One stopSF +5.50%N/A(6)12/2028— (5)—(13)
Rodeo Buyer Company & Absorb Software Inc.+One stopSF +6.25%(i)11.71%05/20275,041 4,994 0.24,991 
Rodeo Buyer Company & Absorb Software Inc.+(5)One stopSF +6.25%N/A(6)05/2027— (1)—(1)
SailPoint Technologies Holdings, Inc.+One stopSF +6.00%(i)11.36%08/20299,827 9,668 0.49,729 
SailPoint Technologies Holdings, Inc.+(5)One stopSF +6.00%N/A(6)08/2028— (1)—(2)
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.50%(c)9.49%07/202933,910 30,472 1.333,910 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.50%(c)9.49%07/20292,771 2,617 0.12,771 
Sonatype, Inc.+One stopSF +6.75%(i)12.21%12/202540,459 40,308 1.640,459 
Sonatype, Inc.+One stopSF +6.75%(i)12.21%12/2025851 848 —851 
Sonatype, Inc.+(5)One stopSF +6.75%N/A(6)12/2025— (1)—— 
Spartan Buyer Acquisition Co.*#+(23)One stopSF +8.50%(i)11.86% cash/2.00%PIK12/202631,785 31,482 1.230,832 
Spartan Buyer Acquisition Co.+(23)One stopSF +8.50%(i)11.86% cash/2.00%PIK12/20262,020 1,991 0.11,960 
Spartan Buyer Acquisition Co.+(5)(23)One stopP + 7.50%(a)14.00% cash/2.00%PIK12/20261 (1)—(1)
Telesoft Holdings LLC+One stopSF +5.75%(i)11.21%12/2025875 869 —864 
Telesoft Holdings LLC+One stopSF +6.25%(i)11.71%08/202864 64 —64 
Telesoft Holdings LLC+One stopSF +5.75%(i)11.14%12/202513 12 —12 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%(k)11.68%07/20283,171 3,106 0.13,171 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%N/A(6)07/2028— — —— 
Templafy APS and Templafy, LLC+(5)(8)(18)One stopSF +6.00%N/A(6)07/2028— (14)—— 
TI Intermediate Holdings, LLC+Senior securedSF +4.50%(j)9.98%12/20243,409 3,420 0.13,273 
TI Intermediate Holdings, LLC+Senior securedSF +4.50%(j)9.98%12/2024901 896 —865 
TI Intermediate Holdings, LLC+Senior securedSF +4.50%(j)(k)9.99%12/2024565 562 —542 
TI Intermediate Holdings, LLC+Senior securedSF +4.50%(j)9.98%12/2024424 421 —407 
TI Intermediate Holdings, LLC+Senior securedSF +4.50%(j)9.98%12/2024156 155 —149 

See Notes to Consolidated Financial Statements.
35
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
TI Intermediate Holdings, LLC+Senior securedSF +4.50%(k)10.00%12/2024$57 $57 —%$54 
Togetherwork Holdings, LLC*#One stopSF +6.00%(i)11.46%03/202515,045 15,072 0.615,045 
Togetherwork Holdings, LLC+One stopSF +6.00%(i)11.46%03/20256,806 6,765 0.36,806 
Togetherwork Holdings, LLC+One stopSF +6.00%(i)11.46%03/20255,939 5,878 0.25,939 
Togetherwork Holdings, LLC+One stopSF +6.00%(i)11.46%03/20254,128 4,114 0.24,128 
Togetherwork Holdings, LLC+One stopSF +6.00%(i)11.46%03/20251,744 1,759 0.11,744 
Togetherwork Holdings, LLC#+One stopSF +6.00%(i)11.46%03/20251,693 1,707 0.11,693 
Togetherwork Holdings, LLC*#One stopSF +6.00%(i)11.46%03/20251,650 1,664 0.11,650 
Togetherwork Holdings, LLC#+One stopSF +6.00%(i)11.46%03/20251,594 1,601 0.11,594 
Togetherwork Holdings, LLC*+One stopSF +6.00%(i)11.46%03/20251,535 1,550 0.11,535 
Togetherwork Holdings, LLC#+One stopSF +6.00%(i)11.46%03/20251,432 1,444 0.11,432 
Togetherwork Holdings, LLC+One stopSF +6.00%(i)11.46%03/20251,322 1,316 0.11,322 
Togetherwork Holdings, LLC*#One stopSF +6.00%(i)11.46%03/20251,173 1,177 —1,173 
Togetherwork Holdings, LLC#+One stopSF +6.00%(i)11.46%03/2025646 651 —646 
Togetherwork Holdings, LLC+One stopSF +6.00%(i)11.46%03/2025447 445 —447 
Togetherwork Holdings, LLC+One stopSF +6.00%(i)11.46%03/2025432 431 —432 
Togetherwork Holdings, LLC+One stopSF +6.00%(i)11.46%03/2025250 249 —250 
Togetherwork Holdings, LLC+One stopSF +6.00%(i)11.46%03/202562 63 —62 
Togetherwork Holdings, LLC+One stopSF +6.00%(i)11.46%03/202557 58 —57 
Togetherwork Holdings, LLC+(5)One stopSF +6.00%N/A(6)03/2025— (2)—— 
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)One stopN/A4.50% cash/8.12%PIK05/20249,150 9,154 0.38,235 
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)One stopN/A4.50% cash/8.12%PIK05/2024150 154 —134 
Vendavo, Inc.*#+One stopSF +5.75%(j)11.23%09/202719,363 19,256 0.718,201 
Vendavo, Inc.+One stopP + 4.75%(a)13.25%09/2027104 103 —95 
WebPT, Inc.+One stopSF +6.75%(j)12.24%01/2028626 619 —620 
Workforce Software, LLC+(23)One stopSF +7.25%(j)9.79% cash/3.00%PIK07/202529,265 29,469 1.128,972 
Workforce Software, LLC+(23)One stopSF +7.25%(j)9.79% cash/3.00%PIK07/20255,179 5,160 0.25,127 
Workforce Software, LLC+(23)One stopSF +7.25%(j)9.79% cash/3.00%PIK07/20253,668 3,637 0.13,631 
Workforce Software, LLC+(23)One stopSF +7.25%(j)9.79% cash/3.00%PIK07/2025108 107 —107 
Workforce Software, LLC+(5)One stopSF +6.50%N/A(6)07/2025— (1)—(2)
Zendesk, Inc.+(23)One stopSF +6.75%(j)8.86% cash/3.25%PIK11/202820,480 20,154 0.820,480 
Zendesk, Inc.+(5)One stopSF +6.50%N/A(6)11/2028— (1)—— 
Zendesk, Inc.+(5)One stopSF +6.50%N/A(6)11/2028— (41)—— 
1,376,021 1,361,980 53.11,361,803 


See Notes to Consolidated Financial Statements.
36
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
Ave Holdings III, Corp*+One stopSF +5.50%(j)11.00%02/2028$22,171 $21,837 0.9%$22,171 
Ave Holdings III, Corp+One stopSF +5.50%(j)11.00%02/2028398 395 —398 
Ave Holdings III, Corp+One stopSF +5.50%(j)11.00%02/202852 52 —52 
Ave Holdings III, Corp+(5)One stopSF +5.50%N/A(6)02/2028— (2)—— 
Cavender Stores L.P.+Senior securedSF +5.00%(j)10.35%10/20295,000 4,952 0.24,950 
Consilio Midco Limited+(8)(10)One stopSF +5.75%(j)11.25%05/202811,392 11,247 0.411,278 
Consilio Midco Limited#(8)(10)One stopSF +5.75%(j)11.25%05/20289,850 9,779 0.49,752 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)10.19%05/20289,275 9,399 0.49,182 
Consilio Midco Limited#(8)(10)One stopSF +5.75%(j)11.25%05/20282,131 2,104 0.12,110 
Consilio Midco Limited#(8)(10)One stopSF +5.75%(j)11.25%05/20281,417 1,406 0.11,403 
Consilio Midco Limited+(8)(10)One stopSF +5.75%(j)11.25%05/2028724 711 —717 
Consilio Midco Limited+(8)(10)One stopSF +5.75%(j)11.25%05/202845 44 —44 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)10.19%05/202867 64 —66 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)10.19%05/202830 28 —29 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)10.19%05/202817 18 —17 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)10.19%05/202815 15 —15 
Consilio Midco Limited+(8)(10)One stopSF +5.75%(j)11.25%05/202811 11 —11 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)10.19%05/202832 32 —32 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)10.19%05/20284 3 —4 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)10.19%05/202817 16 —17 
Cycle Gear, Inc.*#+One stopSF +6.75%(j)12.25%01/202646,953 46,848 1.845,074 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/202438,349 38,431 1.333,938 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/202422,279 22,249 0.819,717 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/20245,704 5,768 0.25,048 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/20245,180 5,173 0.24,584 
Imperial Optical Midco Inc.+(23)One stopSF +13.00%(j)8.03% cash/10.50%PIK05/20243,954 3,921 0.13,598 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/20243,870 3,866 0.13,425 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/20243,219 3,214 0.12,848 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/20242,946 2,983 0.12,607 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/20242,589 2,585 0.12,291 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/20241,281 1,280 —1,134 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/2024535 534 —473 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/2024137 136 —121 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/202481 81 —72 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(j)6.53% cash/7.75%PIK05/202443 42 —38 
Imperial Optical Midco Inc.+(23)One stopSF +13.00%(j)8.03% cash/10.50%PIK05/20241,575 1,575 0.11,700 
Imperial Optical Midco Inc.+(23)One stopSF +13.00%(i)7.96% cash/10.50%PIK05/2024984 984 0.11,293 
PetVet Care Centers LLC+One stopSF +6.00%(i)11.36%11/2030397 389 —389 
PetVet Care Centers LLC+(5)One stopSF +6.00%N/A(6)11/2029— (1)—(1)
PetVet Care Centers LLC+(5)One stopSF +6.00%N/A(6)11/2030— (1)—(1)
PPV Intermediate Holdings, LLC#+One stopSF +5.75%(j)11.14%08/20299,613 9,475 0.49,420 
PPV Intermediate Holdings, LLC+(23)One stopN/A14.75%PIK08/20302,844 2,767 0.12,758 
PPV Intermediate Holdings, LLC+(23)One stopN/A13.75%PIK08/20301,082 1,063 —1,006 
PPV Intermediate Holdings, LLC+(23)One stopN/A13.75%PIK08/2030250 248 —233 
PPV Intermediate Holdings, LLC+(23)One stopN/A13.75%PIK08/203045 41 —42 
PPV Intermediate Holdings, LLC+(23)One stopN/A13.75%PIK08/203046 45 —43 

See Notes to Consolidated Financial Statements.
37
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
PPV Intermediate Holdings, LLC+(5)One stopSF +5.75%N/A(6)08/2029$— $(6)—%$(8)
Salon Lofts Group, LLC+Senior securedSF +6.25%(j)11.60%08/20283,531 3,504 0.13,496 
Salon Lofts Group, LLC+(5)Second lienSF +17.00%N/A(6)09/2029— (44)—(38)
Salon Lofts Group, LLC+Senior securedSF +6.25%(j)11.60%08/2028233 231 —230 
Salon Lofts Group, LLC+Senior securedSF +6.25%(j)11.60%08/2028231 229 —228 
Salon Lofts Group, LLC+Senior securedSF +6.25%(j)11.60%08/2028183 181 —181 
Salon Lofts Group, LLC+Senior securedSF +6.25%(j)11.60%08/202876 76 —75 
Salon Lofts Group, LLC+Senior securedSF +6.25%(j)11.60%08/202875 73 —73 
Salon Lofts Group, LLC+Senior securedSF +6.25%(j)11.60%08/202858 57 —57 
Salon Lofts Group, LLC+Senior securedSF +6.25%(j)11.60%08/202853 53 —53 
Salon Lofts Group, LLC+(5)Senior securedSF +6.25%N/A(6)08/2028— (8)—(10)
Salon Lofts Group, LLC+(5)Senior securedSF +6.25%N/A(6)08/2028— (5)—(6)
Salon Lofts Group, LLC+(23)Second lienSF +9.00%(j)14.43%09/20291,758 1,734 0.11,723 
SureWerx Purchaser III, Inc.+(8)One stopSF +6.75%(j)12.10%12/202920,542 20,101 0.820,542 
SureWerx Purchaser III, Inc.+(8)One stopSF +6.75%(i)12.11%12/202827 26 —27 
SureWerx Purchaser III, Inc.+(5)(8)One stopSF +6.75%N/A(6)12/2029— (55)—— 
Titan Fitness, LLC*#+(23)One stopSF +7.25%(i)(k)10.45% cash/2.50%PIK10/202631,523 31,302 1.229,632 
Titan Fitness, LLC+(23)One stopSF +7.25%(k)10.47% cash/2.50%PIK10/20261,963 1,939 0.11,845 
Titan Fitness, LLC+(23)One stopSF +7.25%(k)10.47% cash/2.50%PIK10/2026508 502 —476 
Vermont Aus Pty Ltd+(8)(11)One stopSF +5.65%(j)11.00%03/20288,237 8,150 0.38,237 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)10.16%03/20287,651 8,296 0.37,651 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.50%(k)11.11%04/20288,204 8,116 0.37,876 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.50%(j)(k)11.11%04/2028105 102 —101 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.50%(j)11.11%04/202815 14 —11 
301,577 300,375 11.2 286,550 

See Notes to Consolidated Financial Statements.
38
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+(23)One stopSF +6.75%(k)11.43% cash/0.75%PIK12/2024$5,428 $5,428 0.2%$5,570 
Agility Recovery Solutions Inc.+(23)One stopSF +6.75%(k)11.43% cash/0.75%PIK12/2024744 744 —773 
6,172 6,172 0.26,343 
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)One stopSF +6.00%(k)11.47%03/20281,954 1,937 0.11,856 
Dollfus Mieg Company, Inc.+(8)(10)One stopSF +6.00%(k)11.47%03/2028974 965 0.1925 
Dollfus Mieg Company, Inc.+(8)(10)One stopSF +6.00%(k)11.47%03/2028855 848 —813 
Dollfus Mieg Company, Inc.+(8)(9)(10)One stopE + 6.00%N/A(6)03/2028— — —— 
Elite Sportswear, L.P.+(23)Senior securedSF +7.00%(j)11.86% cash/0.75%PIK09/20259,982 9,914 0.49,783 
Elite Sportswear, L.P.+(23)Senior securedSF +7.00%(j)11.86% cash/0.75%PIK09/20254,012 3,984 0.23,932 
Elite Sportswear, L.P.+(23)Senior securedSF +7.00%(j)11.86% cash/0.75%PIK09/20252,065 2,051 0.12,024 
Elite Sportswear, L.P.*+(23)Senior securedSF +7.00%(j)11.86% cash/0.75%PIK09/2025686 680 —671 
Elite Sportswear, L.P.+(23)Senior securedSF +7.00%(j)11.86% cash/0.75%PIK09/2025314 311 —308 
Elite Sportswear, L.P.*+(23)Senior securedSF +7.00%(j)11.86% cash/0.75%PIK09/2025300 298 —294 
Elite Sportswear, L.P.+(23)Senior securedSF +7.00%(j)11.86% cash/0.75%PIK09/2025113 106 —92 
Elite Sportswear, L.P.+(23)Senior securedSF +7.00%(j)11.86% cash/0.75%PIK09/20254 4 —3 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(j)11.02%05/20249,484 9,468 0.49,510 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(j)11.02%05/20246,424 6,413 0.36,441 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(j)11.02%05/2024994 993 —997 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(j)11.02%05/2024893 891 —895 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(j)11.02%05/2024627 626 —628 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(j)11.02%05/20242 2 —2 
SHO Holding I Corporation+(23)Senior securedSF +5.25%(j)10.89%04/20243,917 3,910 0.13,604 
SHO Holding I Corporation+(23)Senior securedSF +5.00%(j)10.64%04/202498 96 —90 
SHO Holding I Corporation+(23)Senior securedSF +5.23%(j)10.87%04/202467 67 —61 
SHO Holding I Corporation+(23)Senior securedSF +4.00%(j)9.64%04/202450 50 —50 
SHO Holding I Corporation+(23)Senior securedSF +4.00%(j)9.61%04/2024— — —— 
SHO Holding I Corporation+(23)Senior securedSF +5.23%(j)10.87%04/2024— — —— 
43,815 43,614 1.742,979 
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(j)11.75%06/202818,876 18,634 0.717,790 
Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(j)11.75%06/202815,054 14,845 0.614,189 
Marcone Yellowstone Buyer Inc.+One stopSF +6.50%(j)12.00%06/20284,103 4,005 0.13,898 
Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(j)11.76%06/2028452 446 —426 
Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(j)11.75%06/2028450 443 —424 
Marcone Yellowstone Buyer Inc.+(5)One stopSF +6.50%N/A(6)06/2028— (34)—— 
38,935 38,339 1.436,727 
Water Utilities
S.J. Electro Systems, LLC+Senior securedSF +4.75%(j)10.28%06/202716,794 16,697 0.616,290 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(j)10.28%06/202779 79 —76 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(i)(j)10.21%06/202748 47 —42 
Vessco Midco Holdings, LLC+Senior securedSF +4.50%(k)10.07%11/20262,098 2,080 0.12,030 
Vessco Midco Holdings, LLC+Senior securedSF +4.50%(i)9.96%11/2026206 204 —199 
Vessco Midco Holdings, LLC+Senior securedSF +5.25%(k)10.73%11/20268 — —— 
Vessco Midco Holdings, LLC+Senior securedP + 3.50%(a)12.00%10/20261 1 —— 
Vessco Midco Holdings, LLC+Senior securedSF +5.00%(k)10.40%11/2026122 116 —111 
19,356 19,224 0.7 18,748 
Total non-controlled/non-affiliate company debt investments5,163,709 5,122,096 197.55,062,301 



See Notes to Consolidated Financial Statements.
39
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)



Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments (19)(20)
Aerospace and Defense
PPW Aero Buyer, Inc.+LP unitsN/AN/AN/A66 $664 —%$704 
Tronair Parent, Inc.+LLC unitsN/AN/AN/A— 40 —42 
704 —746 
Auto Components
Polk Acquisition Corp.+LP InterestN/AN/AN/A5 314 —— 
Automobiles
CG Group Holdings, LLC+LP unitsN/AN/AN/A1 730 —503 
Go Car Wash Parent, Corp.+(21)Preferred stockN/A17.00%Non-CashN/A— 92 —94 
Go Car Wash Parent, Corp.+Common stockN/AN/AN/A— 50 —17 
MOP GM Holding, LLC+LP unitsN/AN/AN/A— 330 —324 
National Express Wash Parent Holdco, LLC+LP unitsN/AN/AN/A1 61 —82 
POY Holdings, LLC+LLC unitsN/AN/AN/A141 69 —294 
Quick Quack Car Wash Holdings, LLCLLC interestN/AN/AN/A— 508 0.1866 
Yorkshire Parent, Inc.+LP unitsN/AN/AN/A— 345 —345 
2,185 0.12,525 
Biotechnology
Cobepa BlueSky Aggregator, SCSp+LP unitsN/AN/AN/A3 32 —31 
Cobepa BlueSky Aggregator, SCSp+LP InterestN/AN/AN/A177 1,769 —925 
1,801 —956 
Building Products
BECO Holding Company, Inc.+(21)Preferred stockN/A11.75%Non-CashN/A10 1,123 0.11,180 
BECO Holding Company, Inc.+LP InterestN/AN/AN/A2 196 —232 
1,319 0.1 1,412 
Chemicals
Inhance Technologies Holdings LLC+Preferred stockN/AN/AN/A2 1,960 —1,015 
Inhance Technologies Holdings LLC+LLC unitsN/AN/AN/A— 124 —— 
2,084 — 1,015 
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+LP InterestN/AN/AN/A540 540 —650 
EGD Security Systems, LLC +Common stockN/AN/AN/A855 405 0.11,260 
Franchise Brands plc+(8)(9)(10)(21)(22)Common stockN/AN/AN/A51 114 —105 
North Haven Stack Buyer, LLCLLC unitsN/AN/AN/A359 359 —532 
PT Intermediate Holdings III, LLC+LLC unitsN/AN/AN/A8 767 —914 
Radwell Parent, LLC+LP unitsN/AN/AN/A2 233 —312 
2,418 0.1 3,773 

See Notes to Consolidated Financial Statements.
40
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Containers and Packaging
Chase Intermediate+LP unitsN/AN/AN/A49 $25 — %$54 
Diversified Consumer Services
CHHJ Midco, LLC+LLC unitsN/AN/AN/A19 193 —301 
DP Flores Holdings, LLC+LLC unitsN/AN/AN/A70 70 —86 
EMS LINQ, LLC+LP InterestN/AN/AN/A525 525 —419 
EWC Growth Partners LLC+LLC interestN/AN/AN/A— 12 —2 
HS Spa Holdings, Inc.+Common stockN/AN/AN/A479 479 —484 
Liminex, Inc.+Common stockN/AN/AN/A12 434 —616 
NSG Buyer, Inc. +(8)LP unitsN/AN/AN/A2 1,985 0.12,074 
PADI Holdco, Inc.+LLC interestN/AN/AN/A1 987 0.1795 
Project Alpha Intermediate Holdings, Inc.+(21)Preferred stockN/A9.00%Non-CashN/A— 1,035 0.11,562 
Project Alpha Intermediate Holdings, Inc.+Common stockN/AN/AN/A202 329 —752 
Virginia Green Acquisition, LLC+LP unitsN/AN/AN/A257 257 —257 
6,306 0.37,348 
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+Preferred stockN/AN/AN/A— 372 —33 
Inventus Power, Inc.+LLC unitsN/AN/AN/A— 88 —276 
Inventus Power, Inc.+LP InterestN/AN/AN/A— 20 —61 
Inventus Power, Inc.+Common stockN/AN/AN/A— — —— 
480 —370 


See Notes to Consolidated Financial Statements.
41
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Benihana, Inc.+LLC unitsN/AN/AN/A43 $699 —%$897 
Cafe Rio Holding, Inc.+Common stockN/AN/AN/A5 604 0.11,010 
Hopdoddy Holdings, LLC+LLC unitsN/AN/AN/A44 217 —1 
Hopdoddy Holdings, LLC+LLC unitsN/AN/AN/A20 61 —— 
Mendocino Farms, LLC+Common stockN/AN/AN/A168 770 —1,147 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/AN/A32 389 —160 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/AN/A2 20 —35 
2,760 0.13,250 
Food Products
Borrower R365 Holdings, LLC+Preferred stockN/AN/AN/A77 102 —157 
Borrower R365 Holdings, LLC+Preferred stockN/AN/AN/A4 9 —9 
Borrower R365 Holdings, LLC+LLC unitsN/AN/AN/A3 5 —6 
Borrower R365 Holdings, LLC+Common stockN/AN/AN/A1 2 —2 
Borrower R365 Holdings, LLC+Preferred stockN/AN/AN/A1 2 —3 
Borrower R365 Holdings, LLC+Preferred stockN/AN/AN/A1 2 —2 
Borrower R365 Holdings, LLC+LP unitsN/AN/AN/A— 1 —1 
Kodiak Cakes, LLC+Common stockN/AN/AN/A— 472 —319 
Louisiana Fish Fry Products, Ltd.+Common stockN/AN/AN/A— 483 —366 
Louisiana Fish Fry Products, Ltd.+Preferred stockN/AN/AN/A— 13 —25 
P&P Food Safety Holdings, Inc.+Common stockN/AN/AN/A4 356 —192 
Purfoods, LLC+LLC interestN/AN/AN/A— 945 0.24,285 
2,392 0.25,367 
Health Care Equipment & Supplies
Aspen Medical Products, LLC+LP InterestN/AN/AN/A— 77 —92 
Blue River Pet Care, LLC+Common stockN/AN/AN/A— 76 —210 
CCSL Holdings, LLC+(8)LP InterestN/AN/AN/A— 337 —341 
CMI Parent Inc.+Common stockN/AN/AN/A— 132 —189 
CMI Parent Inc.+Common stockN/AN/AN/A3 3 —233 
G & H Wire Company, Inc.+LLC interestN/AN/AN/A335 269 —7 
894 —1,072 


See Notes to Consolidated Financial Statements.
42
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services
Active Day, Inc.+LLC interestN/AN/AN/A2 $1,099 —%$342 
Acuity Eyecare Holdings, LLC+LLC interestN/AN/AN/A1,632 2,235 0.24,868 
Acuity Eyecare Holdings, LLC+LLC unitsN/AN/AN/A889 1,023 0.12,956 
ADCS Clinics Intermediate Holdings, LLC+Preferred stockN/AN/AN/A2 1,119 0.11,530 
ADCS Clinics Intermediate Holdings, LLC+Common stockN/AN/AN/A— 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+LLC unitsN/AN/AN/A129 132 —202 
CRH Healthcare Purchaser, Inc.+LP InterestN/AN/AN/A429 327 —504 
DCA Investment Holding, LLC(21)Preferred stockN/A8.00%Non-CashN/A1,142 582 0.11,238 
DCA Investment Holding, LLCCommon stockN/AN/AN/A12 5 —80 
Emerge Intermediate, Inc.+LLC unitsN/AN/AN/A— 648 —591 
Emerge Intermediate, Inc.+LLC unitsN/AN/AN/A— 61 —79 
Emerge Intermediate, Inc.+LLC unitsN/AN/AN/A9 4 —— 
Encorevet Group LLC+Common stockN/AN/AN/A— 15 —— 
Encorevet Group LLC+LLC unitsN/AN/AN/A— 11 —— 
Krueger-Gilbert Health Physics, LLC+Common stockN/AN/AN/A185 212 —338 
Midwest Veterinary Partners, LLC+(21)Preferred stockN/A12.00%Non-CashN/A1 1,205 0.11,241 
Midwest Veterinary Partners, LLC+WarrantN/AN/AN/A6 — —351 
Midwest Veterinary Partners, LLC+(21)Preferred stockN/A10.00%Non-CashN/A— 31 —44 
MWD Management, LLC & MWD Services, Inc.+LLC interestN/AN/AN/A412 335 —552 
NDX Parent, LLC+Common stockN/AN/AN/A— 272 —40 
NDX Parent, LLC+Preferred stockN/AN/AN/A40 40 —47 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)Common stockN/AN/AN/A— 321 —269 
Oliver Street Dermatology Holdings, LLC+LLC interestN/AN/AN/A452 234 —— 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/AN/A— 528 0.1816 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/AN/A4 74 0.1736 
Radiology Partners, Inc.+LLC unitsN/AN/AN/A11 68 —81 
Radiology Partners, Inc.+LLC interestN/AN/AN/A43 55 —319 
Sage Dental Management, LLC+LLC unitsN/AN/AN/A— 249 —483 
Sage Dental Management, LLC+LLC unitsN/AN/AN/A3 3 —— 
Suveto Buyer, LLC+Common stockN/AN/AN/A6 562 —370 
11,456 0.818,077 


See Notes to Consolidated Financial Statements.
43
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Connexin Software, Inc.+LLC interestN/AN/AN/A154 $193 —%$185 
HSI Halo Acquisition, Inc.+(21)Preferred stockN/A10.00%Non-CashN/A— 40 —171 
HSI Halo Acquisition, Inc.+LP InterestN/AN/AN/A— 5 —136 
Symplr Software, Inc.+(21)Preferred stockN/A11.00%Non-CashN/A12 13,796 0.613,545 
Symplr Software, Inc.+(21)Preferred stockSF +10.50%(j)15.85%Non-CashN/A2 3,580 0.24,784 
Symplr Software, Inc.+(21)Preferred stockN/A11.00%Non-CashN/A2 1,691 0.11,798 
Symplr Software, Inc.+(21)Preferred stockN/A11.00%Non-CashN/A1 1,034 —1,051 
Symplr Software, Inc.+LLC unitsN/AN/AN/A— 161 —181 
Symplr Software, Inc.+Common stockN/AN/AN/A177 — —841 
Tebra Technologies, Inc.+LLC interestN/AN/AN/A348 2,824 0.13,157 
Tebra Technologies, Inc.+WarrantN/AN/AN/A169 871 —626 
Tebra Technologies, Inc.+WarrantN/AN/AN/A53 162 —130 
Tebra Technologies, Inc.+Preferred stockN/AN/AN/A1 8 —11 
24,365 1.026,616 
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+LP InterestN/AN/AN/A206 188 —373 
Harri US LLC+LLC unitsN/AN/AN/A83 658 —582 
Harri US LLC+Preferred stockN/AN/AN/A71 456 —489 
Harri US LLC+WarrantN/AN/AN/A24 106 —155 
Harri US LLC+Preferred stockN/AN/AN/A67 759 —763 
LMP TR Holdings, LLCLLC unitsN/AN/AN/A712 712 0.12,451 
SSRG Holdings, LLC+LP InterestN/AN/AN/A6 61 —88 
Tropical Smoothie Cafe Holdings, LLC+LP InterestN/AN/AN/A5 69 0.1986 
3,009 0.25,887 
Insurance
Accession Risk Management Group, Inc.+(21)Preferred stockN/A13.25%Non-CashN/A3 2,760 0.12,773 
Majesco+(21)Preferred stockN/A9.00%Non-CashN/A— 325 —407 
Majesco+LP InterestN/AN/AN/A69 — —198 
Oakbridge Insurance Agency LLC+LP unitsN/AN/AN/A13 259 —259 
3,344 0.13,637 
Internet and Catalog Retail
Revalize, Inc.+Preferred stockN/AN/AN/A17 17,025 0.820,179 
Revalize, Inc.+Preferred stockN/AN/AN/A10 10,219 0.512,112 
Revalize, Inc.+Preferred stockN/AN/AN/A7 7,034 0.37,491 
Revalize, Inc.+Preferred stockN/AN/AN/A1 1,104 —1,262 
35,382 1.641,044 
IT Services
Appriss Health Intermediate Holdings, Inc+(21)Preferred stockN/A11.00%Non-CashN/A2 2,347 0.12,348 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/AN/A587 462 0.24,589 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/AN/A154 423 0.11,203 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/AN/A35 291 —276 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+WarrantN/AN/AN/A202 159 0.11,468 
Critical Start, Inc.+Common stockN/AN/AN/A225 225 —256 
Kentik Technologies, Inc.+Preferred stockN/AN/AN/A192 1,103 —1,103 

See Notes to Consolidated Financial Statements.
44
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Netwrix Corporation+LLC unitsN/AN/AN/A5 $10 —%$16 
Optimizely North America, Inc.+Common stockN/AN/AN/A75 807 —871 
PCS Intermediate II Holdings, LLC+LLC interestN/AN/AN/A37 367 —793 
Red Dawn SEI Buyer, Inc.+LP InterestN/AN/AN/A13 13 —24 
Saturn Borrower Inc.+LP unitsN/AN/AN/A346 346 —110 
6,553 0.513,057 
Leisure Products
Massage Envy, LLC+LLC interestN/AN/AN/A749 210 0.11,784 
WBZ Investment LLC+LLC interestN/AN/AN/A67 117 —124 
WBZ Investment LLC+LLC interestN/AN/AN/A46 80 —85 
WBZ Investment LLC+LLC interestN/AN/AN/A38 65 —69 
WBZ Investment LLC+LLC interestN/AN/AN/A33 58 —61 
WBZ Investment LLC+LLC interestN/AN/AN/A15 24 —26 
WBZ Investment LLC+LLC interestN/AN/AN/A2 2 —2 
556 0.12,151 
Life Sciences Tools & Services
Celerion Buyer, Inc.+LP unitsN/AN/AN/A930 930 —930 
Celerion Buyer, Inc.+LP unitsN/AN/AN/A930 — —328 
PAS Parent Inc.+LP InterestN/AN/AN/A9 933 0.1921 
PAS Parent Inc.+Preferred stockN/AN/AN/A1 139 —174 
Reaction Biology Corporation+LLC unitsN/AN/AN/A— 265 —197 
2,267 0.12,550 
Oil, Gas and Consumable Fuels
W3 Co.+LLC interestN/AN/AN/A3 1,632 0.12,046 
W3 Co.+Preferred stockN/AN/AN/A— 224 —260 
1,856 0.12,306 
Paper and Forest Products
Messenger, LLC+LLC unitsN/AN/AN/A3 312 —177 
Messenger, LLC+LLC unitsN/AN/AN/A— — —— 
312 —177 
Pharmaceuticals
Amalthea Parent, Inc.+(8)LP InterestN/AN/AN/A502 502 —255 
Cobalt Buyer Sub, Inc.+(21)Preferred stockSF +10.00%(j)15.35%Non-CashN/A8 9,465 0.410,489 
Cobalt Buyer Sub, Inc.+Preferred stockN/AN/AN/A— 168 —139 
Cobalt Buyer Sub, Inc.+Common stockN/AN/AN/A2 2 —— 
10,137 0.410,883 


See Notes to Consolidated Financial Statements.
45
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Professional Services
Brandmuscle, Inc.+LLC interestN/AN/AN/A— $216 —%$244 
Enboarder, Inc.+(8)(11)Preferred stockN/AN/AN/A56 573 —573 
Filevine, Inc.+Preferred stockN/AN/AN/A221 1,401 0.11,794 
Filevine, Inc.+WarrantN/AN/AN/A90 90 —103 
Filevine, Inc.+WarrantN/AN/AN/A33 49 —200 
Net Health Acquisition Corp.+LP InterestN/AN/AN/A13 1,509 0.11,613 
Procure Acquireco, Inc.+LP InterestN/AN/AN/A— 486 —633 
4,324 0.25,160 
Real Estate Management & Development
Inhabit IQ Inc.+Common stockN/AN/AN/A62 434 —872 
SC Landco Parent, LLC+Common stockN/AN/AN/A2 274 —260 
708 —1,132 
Road & Rail
Internet Truckstop Group LLC+LP InterestN/AN/AN/A408 447 —425 
Software
Anaplan, Inc.+LP InterestN/AN/AN/A385 385 —570
Aras Corporation+(21)Preferred stockN/A12.00%Non-CashN/A1 1,197 0.11,323
Aras Corporation+LP InterestN/AN/AN/A306 306—410
Astute Holdings, Inc.+LP InterestN/AN/AN/A— 304—712
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/AN/A26 256—300
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/AN/A3 29—34
Bayshore Intermediate #2, L.P.+Common stockN/AN/AN/A4,095 4,0950.23,747
Calabrio, Inc.+LP InterestN/AN/AN/A1 769—741
Calabrio, Inc.+LP InterestN/AN/AN/A96 0—0
Cloudbees, Inc.+Preferred stockN/AN/AN/A149 1,6630.11,743
Cloudbees, Inc.+WarrantN/AN/AN/A131 247—1,042
Cloudbees, Inc.+Preferred stockN/AN/AN/A71 466—720
Cynet Security Ltd.+(8)(15)Preferred stockN/AN/AN/A145 508—627
Denali Bidco Limited+(8)(10)LP InterestN/AN/AN/A258 335—381
Diligent Corporation+(21)Preferred stockN/A10.50%Non-CashN/A17 19,3770.820,573
Diligent Corporation+Preferred stockN/AN/AN/A415 9120.12,320
FirstUp, Inc.+Common stockN/AN/AN/A221 541—312
GS Acquisitionco, Inc.+(21)Preferred stockN/A11.00%Non-CashN/A26 29,5921.229,669
GS Acquisitionco, Inc.+(21)Preferred stockN/A11.00%Non-CashN/A2 1,7800.11,736
GS Acquisitionco, Inc.+LP InterestN/AN/AN/A1 1700.1975
GS Acquisitionco, Inc.+(21)Preferred stockSF +10.50%(j)15.85%Non-CashN/A— 52—53
GTY Technology Holdings, Inc.+LP unitsN/AN/AN/A48 48—69
Impartner, Inc.+Preferred stockN/AN/AN/A28 226—215
Kaseya Inc.+(21)Preferred stockSF +11.75%(j)17.10%Non-CashN/A2 1,9360.12,028
Kaseya Inc.+LP InterestN/AN/AN/A100 100—102
MetricStream, Inc.+WarrantN/AN/AN/A168 263—158
Ministry Brands Holdings LLC+LP InterestN/AN/AN/A438 439—431
mParticle, Inc.+Preferred stockN/AN/AN/A162 1,0600.1966
mParticle, Inc.+WarrantN/AN/AN/A80 16—330

See Notes to Consolidated Financial Statements.
46
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+WarrantN/AN/AN/A4 $9 —%$10 
Onit, Inc.+(21)Preferred stockN/A15.00%Non-CashN/A— 48—53
Onit, Inc.+WarrantN/AN/AN/A— 6—7
Panzura, LLC+LLC unitsN/AN/AN/A1 4 —3 
PDI TA Holdings, Inc.+Preferred stockN/AN/AN/A92 2,8460.13,393
Personify, Inc.+LP InterestN/AN/AN/A716 942 0.11,777 
Pyramid Healthcare Acquisition Corp.+Common stockN/AN/AN/A184 184—368
QAD, Inc.+(21)Preferred stockN/A9.00%Non-CashN/A— 233—256
QAD, Inc.+Common stockN/AN/AN/A15 0—34
RegEd Aquireco, LLC+LP InterestN/AN/AN/A— 331—71
RegEd Aquireco, LLC+LP InterestN/AN/AN/A3 21—0
RegEd Aquireco, LLC+Preferred stockN/AN/AN/A— 20—24 
Riskonnect Parent, LLC+(21)Preferred stockN/A11.00%Non-CashN/A18 20,8580.819,489 
Riskonnect Parent, LLC+LP InterestN/AN/AN/A857 859 0.1973 
Riskonnect Parent, LLC+(21)Preferred stockSF +10.50%(j)15.85%Non-CashN/A— 394 —409 
SnapLogic, Inc.+Preferred stockN/AN/AN/A278 695 0.11,426 
SnapLogic, Inc.+WarrantN/AN/AN/A106 75—365
Spartan Buyer Acquisition Co.+Common stockN/AN/AN/A1 623—339
Spartan Buyer Acquisition Co.+Preferred stockN/AN/AN/A— 38—47
Telesoft Holdings LLC+LP InterestN/AN/AN/A6 6—5
Templafy APS and Templafy, LLC+(8)(18)WarrantN/AN/AN/A— 45—58
Workforce Software, LLC+(21)Common stockN/AN/AN/A— 973—489
Workforce Software, LLC+Common stockN/AN/AN/A— 36—42
Zendesk, Inc.+LP unitsN/AN/AN/A45 454—629
96,772 4.1102,554 


See Notes to Consolidated Financial Statements.
47
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
Ave Holdings III, Corp+(21)Preferred stockN/A11.50%Non-CashN/A9 $9,948 0.3%$8,263 
Ave Holdings III, Corp+LP unitsN/AN/AN/A1 1,129 0.11,060 
Batteries Plus Holding Corporation+LP InterestN/AN/AN/A10 1,287 0.11,209 
Cycle Gear, Inc.+LLC unitsN/AN/AN/A2,002 482 —54 
Cycle Gear, Inc.+Preferred stockN/AN/AN/A50 50 —101 
Imperial Optical Midco Inc.+Preferred stockN/AN/AN/A— 122 —— 
Imperial Optical Midco Inc.+Preferred stockN/AN/AN/A— 46 —— 
Imperial Optical Midco Inc.+Common stockN/AN/AN/A— — —— 
Pet Holdings ULC+(8)(12)LP InterestN/AN/AN/A677 450 0.11,092 
Salon Lofts Group, LLC+LP unitsN/AN/AN/A— 87 —77 
Southern Veterinary Partners, LLC+(21)Preferred stockN/A12.00%Non-CashN/A5 5,826 0.36,096 
Southern Veterinary Partners, LLC+(21)Preferred stockN/A10.00%Non-CashN/A— 786 —1,265 
Southern Veterinary Partners, LLC+LLC interestN/AN/AN/A148 188 0.25,364 
VSG Acquisition Corp. and Sherrill, Inc.+LP unitsN/AN/AN/A— 37 —22 
20,438 1.124,603 
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+LLC interestN/AN/AN/A97604—179
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(21)LLC interestN/AN/AN/A20 239 —478 
Georgica Pine Clothiers, LLC+Common stockN/AN/AN/A— — —2 
MakerSights, Inc.+Preferred stockN/AN/AN/A40 218 —138 
R.G. Barry Corporation+Preferred stockN/AN/AN/A— 161 —305 
618 —923 
Total non-controlled/non-affiliate company equity investments246,830 11.2289,249 
Total non-controlled/non-affiliate company investments5,368,926 208.75,351,550 


See Notes to Consolidated Financial Statements.
48
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments(25)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(23)One stopSF +8.00%(j)13.35%04/2024$6,769 $6,761 0.2%$5,279 
Abita Brewing Co., L.L.C.+(7)(23)Second lienSF +8.00%(j)13.35%04/20244,372 3,724 0.11,442 
Abita Brewing Co., L.L.C.+One stopSF +8.00%(j)13.37%04/2024315 315 —315 
11,456 10,800 0.37,036 
Energy, Equipment & Services
Benetech, Inc.+(7)(23)One stopSF +6.00%(j)11.50%08/20244,259 3,623 0.11,278 
Benetech, Inc.+(7)(23)One stopSF +6.00%(j)11.50%08/20241,076 878 —16 
5,335 4,501 0.11,294 
Food and Staples Retailing
Rubio's Restaurants, Inc.+(23)Senior securedSF +10.00%(j)15.50%12/202414,071 13,987 0.35,628 
Rubio's Restaurants, Inc.+Senior securedSF +10.00%(i)15.46%12/2024834 834 —834 
Rubio's Restaurants, Inc.+(7)(23)Senior securedSF +16.00%(j)21.53%12/20242,406 2,248 —— 
Rubio's Restaurants, Inc.+(23)Senior securedSF +10.00%(i)15.46%12/20241,378 1,373 —518 
18,689 18,442 0.36,980 
Healthcare Providers and Services
Bayside Opco, LLC+(23)One stopSF +7.25%(j)12.75%06/202612,500 12,406 0.512,375 
Bayside Opco, LLC+(7)(23)Subordinated debtSF +10.00%(j)15.50%06/20264,492 3,328 0.13,908 
Bayside Opco, LLC+(23)One stopSF +7.25%(j)12.75%06/20264,421 4,224 0.14,201 
Bayside Opco, LLC+One stopSF +7.00%N/A(6)06/2026— — —— 
Elite Dental Partners LLC+(7)(23)One stopSF +5.25%(j)10.70%PIK09/202413,342 12,337 0.24,937 
Elite Dental Partners LLC+(7)(23)One stopSF +12.00%(j)17.45%PIK09/20247,047 6,288 0.13,242 
Elite Dental Partners LLC+(23)One stopSF +5.25%(j)10.70%PIK09/20241,438 1,438 —1,438 
Opening Day Borrower 111 LLC+(7)(23)One stopSF +6.25%(j)11.75%05/202713,894 12,284 0.512,504 
Opening Day Borrower 111 LLC+(7)(23)One stopSF +6.25%(j)11.75%05/20275,309 4,808 0.24,778 
Opening Day Borrower 111 LLC+(5)(7)One stopSF +6.25%N/A(6)05/2027— — —(163)
62,443 57,113 1.747,220 
Software
Switchfly LLC+(23)One stopN/A1.00%PIK10/20246,610 6,610 0.24,363 
Switchfly LLC+(23)One stopN/A1.00%PIK10/2024552 552 —364 
Switchfly LLC+(23)One stopN/A1.00%PIK10/202442 42 —28 
Switchfly LLC+(5)One stopSF +8.50%(j)14.18%10/20242 2 —(24)
7,206 7,206 0.24,731 
Total non-controlled/affiliate company debt investments105,129 98,062 2.667,261 
Equity investments(19)(20)
Beverages
Abita Brewing Co., L.L.C.+WarrantN/AN/AN/A210$— —%$— 
Food and Staples Retailing
Rubio's Restaurants, Inc.+Preferred stockN/AN/AN/A2,779 2,276 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A27,241 278 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A6,321 131 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A1,829 10 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A1,056 9 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A1,490 5 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A492 2 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A568 2 —— 

See Notes to Consolidated Financial Statements.
49
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A543 $2 —%$— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A246 1 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A246 1 —— 
2,717 —— 
Healthcare Providers and Services
Bayside Opco, LLC+LLC unitsN/AN/AN/A6 2,592 0.12,832 
Elite Dental Partners LLCLLC interestN/AN/AN/A— 2,902 —— 
Elite Dental Partners LLCLLC interestN/AN/AN/A— 1,250 —— 
Elite Dental Partners LLCLLC unitsN/AN/AN/A— — —— 
Opening Day Borrower 111 LLC+LLC unitsN/AN/AN/A163 7,238 0.37,126 
13,982 0.49,958 
Software
Switchfly LLC+LLC interestN/AN/AN/A98,370 2,321 0.11,344 
Switchfly LLC+LLC unitsN/AN/AN/A950 950 —510 
3,271 0.11,854 
Total non-controlled/affiliate company equity investments19,970 0.511,812 
Total non-controlled/affiliate company investments118,032 3.179,073 
Controlled affiliate company investments(26)
Debt investments
IT Services
MMan Acquisition Co.+(7)(23)One stopN/A10.00%PIK08/2024$34,294 $19,457 0.4%$8,916 
MMan Acquisition Co.+(23)One stopN/A8.00%PIK08/20241,857 1,857 0.11,708 
MMan Acquisition Co.+(23)One stopN/A12.00%PIK08/2024952 953 —953 
MMan Acquisition Co.+(23)One stopN/A12.00%PIK08/2024952 952 —952 
MMan Acquisition Co.+(23)One stopN/A12.00%PIK08/2024275 275 —275 
Total controlled affiliate company debt investments38,330 23,494 0.512,804 
Total controlled affiliate company investments23,494 0.512,804 
Total investments5,510,452 212.35,443,427 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)5.25%
(27)
$50,823 2.0%$50,823 
Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)5.23%
(27)
26,124 1.026,124 
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)5.21%
(27)
43,036 1.743,036 
Total money market funds119,983 4.7119,983 
Total investments and money market funds$5,630,435 217.0%$5,563,410 


See Notes to Consolidated Financial Statements.
50
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
*
Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
+
Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian Bankers Acceptance Rate (”CDOR” or "C”) 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, 2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of December 31, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2023, as the loan may have priced or repriced based on an index rate prior to December 31, 2023.
(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of December 31, 2023.
(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.85% as of December 31, 2023.
(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.91% as of December 31, 2023.
(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.86% as of December 31, 2023.
(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.36% as of December 31, 2023.
(f) Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was 5.45% as of December 31, 2023.
(g) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.19% as of December 31, 2023.
(h) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.38% as of December 31, 2023.
(i) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 5.35% as of December 31, 2023.
(j) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 5.33% as of December 31, 2023.
(k) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.16% as of December 31, 2023.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2023.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See “Note 6. Fair Value Measurements”.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of December 31, 2023. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)Loan was on non-accrual status as of December 31, 2023, meaning that the Company has ceased recognizing interest income on the loan.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2023, total non-qualifying assets at fair value represented 16.4% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See “Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Translation”.
(10)The headquarters of this portfolio company is located in the United Kingdom.
(11)The headquarters of this portfolio company is located in Australia.
(12)The headquarters of this portfolio company is located in Canada.
(13)The headquarters of this portfolio company is located in Luxembourg.
(14) The headquarters of this portfolio company is located in Netherlands.
(15)The headquarters of this portfolio company is located in Israel.
(16)The headquarters of this portfolio company is located in Finland.
(17)The headquarters of this portfolio company is located in Sweden.
(18)The headquarters of this portfolio company is located in Denmark.
(19) Equity investments are non-income producing securities unless otherwise noted.
(20) Ownership of certain equity investments occurs through a holding company or partnership.
(21) The Company holds an equity investment that is income producing.
(22) The fair value of this investment was valued using Level 1 inputs. See “Note 6. Fair Value Measurements”.

See Notes to Consolidated Financial Statements.
51
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
December 31, 2023
(Dollar and share amounts in thousands)
(23)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, 2023.
(24)The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.
(25)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, 2023 were as follows:
Portfolio CompanyFair value as of September 30, 2023
Gross Additions(a)
Gross Reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of December 31, 2023Interest, dividend and fee income
Abita Brewing Co. LLC$6,536 $821 $(143)$(178)$— $7,036 $233 
Bayside Opco, LLC22,044 736 (524)1,060 — 23,316 583 
Benetech, Inc.1,353 154 (259)46 — 1,294 9 
Elite Dental Partners LLC13,396 1,489 (646)(4,622)— 9,617 42 
Opening Day Borrower 111 LLC24,438 555 (463)(285)— 24,245 4 
Rubio's Restaurants, Inc.12,063 2,553 (82)(7,554)— 6,980 572 
Switchfly LLC7,254 23 — (692)— 6,585 40 
Total Non-Controlled Affiliates$87,084 $6,331 $(2,117)$(12,225)$— $79,073 $1,483 
(a)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(26)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, 2023 were as follows:
Portfolio CompanyFair value as of September 30, 2023
Gross Additions(a)
Gross Reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of December 31, 2023Interest, dividend and fee income
MMan Acquisition Co.$12,790 $986 $(846)$(126)$— $12,804 $106 
Total Controlled Affiliates$12,790 $986 $(846)$(126)$— $12,804 $106 
(a)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(27)The rate shown is the annualized seven-day yield as of December 31, 2023.


See Notes to Consolidated Financial Statements.
52
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
PPW Aero Buyer, Inc.+One stopSF +7.00%(k)(m)12.33%02/2029$24,825 $24,157 1.0%$24,825 
PPW Aero Buyer, Inc.+(5)One stopSF +7.00%N/A(6)02/2029— (1)—— 
24,825 24,156 1.024,825 
Airlines
Accelya Lux Finco S.A.R.L.+(8)(13)One stopSF +6.00%(l)11.49%12/2026965 955 —917
Auto Components                
COP CollisionRight Holdings, Inc.#+One stopSF +5.25%(l)10.79%04/20289,810 9,680 0.49,711 
COP CollisionRight Holdings, Inc.+One stopSF +5.25%(l)10.79%04/202836 35 —35 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(l)(m)10.10%08/20274,840 4,809 0.24,647 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(m)10.09%08/2027977 960 —938 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(m)10.03%08/202713 12 —9 
North Haven Falcon Buyer, LLC+(23)One stopSF +8.00%(l)9.78% cash/3.75%PIK05/20276,243 6,141 0.25,493 
North Haven Falcon Buyer, LLC+(23)One stopSF +8.00%(l)9.82% cash/3.75%PIK05/20271,048 1,037 0.1922 
Polk Acquisition Corp.*#+(23)Senior securedSF +7.00%(k)10.67% cash/1.75%PIK12/202418,092 18,078 0.717,731 
Polk Acquisition Corp.+(23)Senior securedSF +7.00%(k)10.67% cash/1.75%PIK12/202460 61 —57 
Polk Acquisition Corp.+(23)Senior securedSF +7.00%(k)10.67% cash/1.75%PIK12/2024107 107 —105 
41,226 40,920 1.6 39,648 
Automobiles                
CG Group Holdings, LLC*#+(23)One stopSF +8.75%(l)12.14% cash/2.00%PIK07/202731,764 31,300 1.230,493 
CG Group Holdings, LLC+(23)One stopSF +8.75%(k)12.07% cash/2.00%PIK07/2026345 340 —333 
Denali Midco 2, LLC*#+One stopSF +6.25%(k)11.67%12/202742,433 42,132 1.641,583 
Denali Midco 2, LLC+(5)One stopSF +6.25%N/A(6)12/2027— (4)—(10)
Denali Midco 2, LLC+One stopSF +6.25%(k)11.67%12/2027196 194 —192 
Denali Midco 2, LLC+One stopSF +6.25%(k)11.67%12/202799 98 —97 
Denali Midco 2, LLC+One stopSF +6.25%(k)11.67%12/202779 78 —77 
Denali Midco 2, LLC+One stopSF +6.25%(k)11.67%12/202779 78 —77 
Denali Midco 2, LLC+One stopSF +6.25%(k)11.67%12/202765 65 —64 
Denali Midco 2, LLC+One stopSF +6.50%(k)11.92%12/2027968 945 —959 
Denali Midco 2, LLC+One stopSF +6.25%(k)11.67%12/2027653 649 —640 
Denali Midco 2, LLC+One stopSF +6.25%(k)11.67%12/2027119 118 —116 
Denali Midco 2, LLC+One stopSF +6.25%(k)11.67%12/2027113 112 —111 
Denali Midco 2, LLC+One stopSF +6.25%(k)11.67%12/202781 81 —80 
Denali Midco 2, LLC+(5)One stopSF +6.50%N/A(6)12/2027— (7)—(3)
Denali Midco 2, LLC+One stopSF +6.50%(k)11.92%12/2027129 126 —128 
Denali Midco 2, LLC+One stopSF +6.50%(k)11.92%12/202765 63 —64 
Denali Midco 2, LLC+One stopSF +6.50%(k)11.92%12/2027221 215 —218 
Denali Midco 2, LLC+One stopSF +6.50%(k)11.92%12/2027261 255 —258 
JHCC Holdings LLC+One stopSF +5.25%(l)10.79%09/202515,156 15,026 0.614,929 
JHCC Holdings LLC+One stopSF +5.25%(l)10.79%09/2025491 487 —483 
JHCC Holdings LLC+One stopSF +5.25%(l)10.79%09/2025292 290 —287 
JHCC Holdings LLC+(5)One stopSF +5.25%N/A(6)09/2025— (1)—(2)
JHCC Holdings LLC+One stopSF +5.25%(l)10.79%09/20253,309 3,286 0.13,259 
See Notes to Consolidated Financial Statements.
53
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
JHCC Holdings LLC+One stopSF +6.75%(l)12.29%09/2025$1,109 $1,090 —%$1,114 
MOP GM Holding, LLC*#+One stopSF +5.75%(l)11.29%11/202623,733 23,574 0.922,785 
MOP GM Holding, LLC+One stopSF +5.75%(m)11.03%11/20262,602 2,587 0.12,498 
MOP GM Holding, LLC+One stopSF +5.75%(l)11.32%11/20262,573 2,545 0.12,470 
MOP GM Holding, LLC+One stopSF +5.75%(m)11.03%11/20262,552 2,535 0.12,450 
MOP GM Holding, LLC+One stopSF +5.75%(l)11.29%11/20261,891 1,879 0.11,815 
MOP GM Holding, LLC+One stopSF +5.75%(l)11.27%11/20261,555 1,546 0.11,493 
MOP GM Holding, LLC+One stopSF +5.75%(m)11.03%11/20261,433 1,416 0.11,376 
MOP GM Holding, LLC+One stopSF +5.75%(l)11.29%11/2026522 519 —501 
MOP GM Holding, LLC+One stopSF +5.75%(l)11.29%11/2026355 352 —341 
MOP GM Holding, LLC+One stopSF +5.75%(l)11.29%11/2026146 145 —140 
MOP GM Holding, LLC+One stopSF +5.75%(l)11.29%11/202659 59 —57 
MOP GM Holding, LLC+One stopSF +5.75%(l)(m)11.34%11/2026186 185 —178 
MOP GM Holding, LLC+(5)One stopSF +5.75%N/A(6)11/2026— (16)—(93)
MOP GM Holding, LLC+One stopSF +5.75%(l)11.27%11/2026178 177 —171 
MOP GM Holding, LLC+One stopSF +5.75%(l)11.27%11/202659 59 —57 
POY Holdings, LLC#One stopSF +5.50%(l)11.04%11/20279,447 9,316 0.49,447 
POY Holdings, LLC+(5)One stopSF +5.50%N/A(6)11/2027— (3)—— 
POY Holdings, LLC+(5)One stopSF +5.50%N/A(6)11/2027— (1)—— 
POY Holdings, LLC+One stopSF +5.50%(l)11.04%11/202781 80 —81 
National Express Wash Parent Holdco, LLC+One stopSF +5.50%(l)(m)10.89%07/20294,980 4,939 0.24,781 
National Express Wash Parent Holdco, LLC+One stopSF +5.50%(m)10.96%07/2029105 103 —97 
National Express Wash Parent Holdco, LLC+(5)One stopSF +5.50%N/A(6)07/2029— (3)—(15)
Quick Quack Car Wash Holdings, LLC*#One stopSF +6.50%(l)12.02%10/202612,682 12,538 0.512,555 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/20269,675 9,565 0.49,578 
Quick Quack Car Wash Holdings, LLC#+One stopSF +6.50%(l)12.02%10/20262,289 2,263 0.12,266 
Quick Quack Car Wash Holdings, LLC*+One stopSF +6.50%(l)12.02%10/20261,998 1,988 0.11,979 
Quick Quack Car Wash Holdings, LLC*+One stopSF +6.50%(l)12.02%10/20261,336 1,328 0.11,323 
Quick Quack Car Wash Holdings, LLC*+One stopSF +6.50%(l)12.02%10/20261,089 1,076 —1,078 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/202694 90 —93 
Quick Quack Car Wash Holdings, LLC+(5)One stopSF +6.50%N/A(6)10/2026— (2)—(2)
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/202650 48 —49 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/2026342 336 —338 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/2026103 99 —102 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/20263,293 3,242 0.13,260 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(l)12.02%10/202694 92 —93 
Quick Quack Car Wash Holdings, LLC+One stopSF +6.50%(k)11.92%10/20261,500 1,485 0.11,485 
Quick Quack Car Wash Holdings, LLC+(5)One stopSF +6.50%N/A(6)10/2026— (35)—(35)
Spotless Brands, LLC+One stopSF +6.50%(l)12.00%07/20288,306 8,173 0.38,223 
Spotless Brands, LLC+One stopSF +6.50%(l)12.02%07/2028903 896 0.1894 
Spotless Brands, LLC+One stopSF +6.50%N/A(6)07/2028— — —— 
Spotless Brands, LLC+One stopSF +6.50%(l)11.99%07/2028670 665 —663 
TWAS Holdings, LLC#+One stopSF +6.75%(k)12.17%12/202640,051 39,793 1.639,651 
TWAS Holdings, LLC*+One stopSF +6.75%(k)12.17%12/202630,255 30,045 1.229,953 
TWAS Holdings, LLC+One stopSF +6.75%(k)12.17%12/20267,854 7,801 0.37,775 
TWAS Holdings, LLC+One stopSF +6.75%(k)12.17%12/2026603 599 —597 
TWAS Holdings, LLC+One stopSF +6.75%(k)12.17%12/2026383 381 —379 
TWAS Holdings, LLC+(5)One stopSF +6.75%N/A(6)12/2026— (2)—(4)
274,054 271,473 10.5268,470 

See Notes to Consolidated Financial Statements.
54
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Beverages
Financial Information Technologies, LLC+One stopSF +6.50%(l)11.89%06/2030$22,623 $22,295 0.9%$22,396 
Financial Information Technologies, LLC+(23)One stopN/A14.00%PIK06/203111,182 10,869 0.410,847 
Financial Information Technologies, LLC+(5)One stopSF +6.50%N/A(6)06/2030— — —(1)
Watermill Express, LLC+One stopSF +5.00%(l)10.54%04/20272,221 2,208 0.12,221 
Watermill Express, LLC+One stopSF +5.00%(k)10.42%04/20278 7 —8 
Watermill Express, LLC+One stopSF +5.00%(l)10.54%04/2027214 214 —214 
Winebow Holdings, Inc.+One stopSF +6.25%(k)11.67%07/20257,720 7,671 0.37,566 
43,968 43,264 1.743,251 

Building Products
BECO Holding Company, Inc.#+One stopSF +5.25%(l)10.79%11/20287,462 7,407 0.37,313 
BECO Holding Company, Inc.+One stopSF +5.25%(k)10.67%11/202720 17 —12 
BECO Holding Company, Inc.+(5)One stopSF +5.25%N/A(6)11/2028— (14)—(39)
Jensen Hughes, Inc.+Senior securedSF +5.75%(k)(l)11.22%03/20254,063 4,045 0.24,063 
Jensen Hughes, Inc.+Senior securedSF +5.75%(k)(l)11.22%03/20251,374 1,373 0.11,374 
Jensen Hughes, Inc.+Senior securedSF +5.75%(k)(l)11.22%03/2025886 883 —886 
Jensen Hughes, Inc.+Senior securedSF +5.75%(k)(l)11.22%03/2025835 830 —835 
Jensen Hughes, Inc.+Senior securedSF +5.75%(k)(l)11.22%03/2025425 425 —425 
Jensen Hughes, Inc.+Senior securedSF +5.75%(k)(l)11.22%03/2025271 270 —271 
Jensen Hughes, Inc.+Senior securedSF +5.75%(k)(l)(m)11.23%03/20251,450 1,441 0.11,450 
Jensen Hughes, Inc.+Senior securedSF +5.75%(k)(l)11.22%03/2025211 211 —211 
Jensen Hughes, Inc.+Senior securedSF +5.75%(k)(l)11.22%03/2025113 112 —113 
17,110 17,000 0.716,914 
Chemicals
Inhance Technologies Holdings LLC#+One stopSF +6.00%(l)11.40%07/202412,314 12,341 0.511,637 
Inhance Technologies Holdings LLC#One stopSF +6.00%(l)11.40%07/20249,813 9,783 0.39,273 
Inhance Technologies Holdings LLC+One stopSF +6.00%(l)11.40%07/20241,871 1,869 0.11,768 
Inhance Technologies Holdings LLC+One stopSF +6.00%(k)(l)11.42%07/2024199 200 —187 
PHM NL SP Bidco B.V.+(8)(9)(14)One stopE + 6.25%(e)10.39%09/202833,496 36,220 1.229,476 
PHM NL SP Bidco B.V.+(8)(14)One stopSF +6.25%(j)11.55%09/202813,766 13,593 0.512,114 
PHM NL SP Bidco B.V.+(8)(9)(14)One stopSN +6.25%(i)11.44%09/20287,335 7,919 0.26,455 
PHM NL SP Bidco B.V.+(8)(9)(14)One stopE + 6.25%(e)10.01%09/20283,540 3,720 0.13,116 
82,334 85,645 2.974,026 
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC*#+One stopSF +5.25%(k)(l)10.79%10/202817,792 17,614 0.717,792 
CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.25%(k)10.67%10/202810 8 —10 
CI (Quercus) Intermediate Holdings, LLC+(5)One stopSF +5.25%N/A(6)10/2028— (3)—— 
Kleinfelder Intermediate, LLC+One stopSF +6.25%(l)11.66%09/20303,754 3,679 0.23,679 
Kleinfelder Intermediate, LLC+One stopSF +6.25%(l)11.66%09/202859 50 —50 
Kleinfelder Intermediate, LLC+(5)One stopSF +6.25%N/A(6)09/2030— (7)—(8)
North Haven Stack Buyer, LLC*#Senior securedSF +5.50%(l)11.02%07/20278,678 8,568 0.38,569 


See Notes to Consolidated Financial Statements.
55
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
North Haven Stack Buyer, LLC+(5)Senior securedSF +5.50%N/A(6)07/2027$— $(18)—%$(20)
North Haven Stack Buyer, LLC+Senior securedSF +5.50%(b)(l)11.40%07/202766 65 —64 
North Haven Stack Buyer, LLC#Senior securedSF +5.50%(l)11.02%07/20272,923 2,905 0.12,887 
North Haven Stack Buyer, LLC#Senior securedSF +5.50%(l)11.02%07/2027964 958 0.1952 
North Haven Stack Buyer, LLC+Senior securedSF +5.50%(l)11.02%07/2027968 962 0.1956 
North Haven Stack Buyer, LLC+Senior securedSF +5.50%(l)11.02%07/2027142 141 —140 
North Haven Stack Buyer, LLC+Senior securedSF +5.50%(l)11.02%07/202771 70 —70 
North Haven Stack Buyer, LLC+(5)Senior securedSF +5.50%N/A(6)07/2027— (61)—(46)
North Haven Stack Buyer, LLC+(5)Second lienN/AN/A(6)01/2028— (35)—(35)
Profile Products LLC+One stopSF +5.75%(l)11.22%11/20276,293 6,199 0.36,167 
Profile Products LLC+(8)One stopSF +5.75%(l)11.22%11/20271,275 1,258 —1,250 
Profile Products LLC+One stopSF +5.75%(b)(k)11.42%11/202742 41 —41 
Profile Products LLC+One stopP + 4.75%(b)13.25%11/20278 8 —8 
PT Intermediate Holdings III, LLC+One stopSF +5.98%(l)11.52%11/202829,225 28,846 1.129,225 
PT Intermediate Holdings III, LLC+One stopSF +5.98%(l)11.52%11/202820,664 20,504 0.820,664 
PT Intermediate Holdings III, LLC+One stopSF +5.98%(l)11.52%11/20289,800 9,696 0.49,800 
PT Intermediate Holdings III, LLC+One stopSF +6.50%(l)11.89%11/20282,243 2,214 0.12,260 
PT Intermediate Holdings III, LLC+(5)One stopSF +6.50%N/A(6)11/2028— (8)—— 
Radwell Parent, LLC+One stopSF +6.53%(l)12.02%03/202918,885 18,644 0.718,885 
Radwell Parent, LLC+One stopSF +6.75%(l)12.14%03/202869 64 —69 
Radwell Parent, LLC+(5)One stopSF +6.53%N/A(6)03/2029— (7)—— 
Radwell Parent, LLC#+One stopSF +6.75%(l)12.14%03/202924,763 24,118 1.024,824 
Trinity Air Consultants Holdings Corporation+One stopSF +5.75%(l)11.10%06/20272,458 2,427 0.12,458 
Trinity Air Consultants Holdings Corporation+(5)One stopSF +5.75%N/A(6)06/2027— (3)—— 
Trinity Air Consultants Holdings Corporation+One stopSF +5.75%N/A(6)06/2027— — —— 
Trinity Air Consultants Holdings Corporation+One stopSF +5.75%(m)11.27%06/202735 35 —35 
WRE Holding Corp.*#Senior securedSF +5.00%(k)(m)10.50%01/20252,204 2,200 0.12,204 
WRE Holding Corp.+Senior securedSF +5.00%(k)10.43%01/2025911 908 —911 
WRE Holding Corp.+Senior securedSF +5.00%(m)10.19%01/2025668 667 —668 
WRE Holding Corp.+Senior securedSF +5.00%(m)10.19%01/2025395 394 —395 
WRE Holding Corp.+Senior securedSF +5.00%(m)10.19%01/2025127 127 —127 
WRE Holding Corp.+Senior securedSF +5.00%(m)10.19%01/202523 23 —23 
WRE Holding Corp.+Senior securedSF +5.00%(k)10.57%01/2025353 345 —353 
WRE Holding Corp.+Senior securedSF +5.25%N/A(6)01/2025— — —— 
WRE Holding Corp.+Senior securedSF +5.00%(k)(l)(m)10.38%01/2025150 149 —150 
156,018 153,745 6.1155,577 
Communications Equipment
Lightning Finco Limited+(8)(10)One stopSF +5.75%(l)11.13%09/202810,349 10,204 0.410,246 
Lightning Finco Limited+(8)(9)(10)One stopE + 5.75%(d)9.53%09/20281,123 1,244 —1,112 
11,472 11,448 0.411,358 
Containers and Packaging
AmerCareRoyal LLC+(23)Senior securedSF +7.00%(k)11.98% cash/0.50%PIK11/2025743 737 0.1743 
AmerCareRoyal LLC+(23)Senior securedSF +7.00%(k)11.98% cash/0.50%PIK11/2025159 157 —159 
AmerCareRoyal LLC+(23)Senior securedSF +7.00%(k)11.98% cash/0.50%PIK11/2025154 153 —154 
AmerCareRoyal LLC+(8)(23)Senior securedSF +7.00%(k)(l)11.98% cash/0.50%PIK11/2025133 132 —133 
Chase Intermediate#+One stopSF +5.25%(k)(l)(m)10.95%10/202810,818 10,743 0.410,601 
Chase Intermediate+One stopSF +5.25%(m)11.00%10/2028120 117 —113 
Chase Intermediate+(5)One stopSF +5.25%N/A(6)10/2028— (1)—(4)

See Notes to Consolidated Financial Statements.
56
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Chase Intermediate+(5)One stopSF +5.75%N/A(6)10/2028$— $(5)—%$(5)
Fortis Solutions Group, LLC*#+One stopSF +5.50%(l)10.99%10/202834,402 33,976 1.333,370 
Fortis Solutions Group, LLC+(5)One stopSF +5.50%N/A(6)10/2027— (4)—(8)
Fortis Solutions Group, LLC+One stopSF +5.50%(l)10.99%10/202898 17 —95 
Fortis Solutions Group, LLC+One stopSF +5.50%(l)10.99%10/2028358 325 —190 
 46,985 46,347 1.845,541 
Diversified Consumer Services
Certus Pest, Inc.#One stopSF +7.50%(l)13.04%02/20261,573 1,547 0.11,557 
Certus Pest, Inc.#One stopSF +7.50%(l)13.04%02/20261,508 1,471 0.11,493 
Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/20261,088 1,084 0.11,077 
Certus Pest, Inc.#One stopSF +7.50%(l)13.04%02/20261,074 1,064 0.11,064 
Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/2026745 732 —738 
Certus Pest, Inc.#One stopSF +7.50%(l)13.04%02/2026657 632 —650 
Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/2026640 635 —634 
Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/2026378 371 —374 
Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/2026237 226 —235 
Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/2026129 111 —128 
Certus Pest, Inc.+One stopSF +7.50%(l)13.04%02/202654 50 —54 
Certus Pest, Inc.+(5)One stopSF +7.50%N/A(6)02/2026— (1)—(1)
CHHJ Midco, LLC#Senior securedSF +5.00%(k)10.42%01/20262,695 2,682 0.12,695 
CHHJ Midco, LLC+Senior securedSF +5.00%N/A(6)01/2026— — —— 
COP Exterminators Acquisitions, Inc.+Senior securedSF +5.50%(l)11.02%07/20292,864 2,830 0.12,829 
COP Exterminators Acquisitions, Inc.+(5)Senior securedSF +5.50%N/A(6)07/2029— (1)—(1)
COP Exterminators Acquisitions, Inc.+(5)Senior securedSF +5.50%N/A(6)07/2029— (26)—(20)
COP Hometown Acquisitions, Inc.+Senior securedSF +4.50%(l)9.90%07/20271,695 1,685 0.11,695 
COP Hometown Acquisitions, Inc.+Senior securedSF +4.50%(l)9.90%07/20271,652 1,636 0.11,652 
COP Hometown Acquisitions, Inc.+Senior securedSF +4.50%(l)9.92%07/20271,083 1,073 0.11,083 
COP Hometown Acquisitions, Inc.+Senior securedSF +4.50%(l)9.98%07/2027765 758 —765 
COP Hometown Acquisitions, Inc.+Senior securedSF +4.50%(l)9.90%07/2027197 195 —197 
COP Hometown Acquisitions, Inc.+Senior securedSF +4.75%(l)10.31%07/2027119 117 —119 
COP Hometown Acquisitions, Inc.+Senior securedSF +4.50%N/A(6)07/2027— — —— 
DP Flores Holdings, LLC#One stopSF +6.25%(m)11.59%09/20282,574 2,536 0.12,574 
DP Flores Holdings, LLC+(5)One stopSF +6.25%N/A(6)09/2028— (1)—— 
DP Flores Holdings, LLC+(5)One stopSF +6.25%N/A(6)09/2028— (12)—— 
EMS LINQ, LLC+One stopSF +6.25%(k)11.67%12/20279,591 9,524 0.49,304 
EMS LINQ, LLC+(5)One stopSF +6.25%N/A(6)12/2027— (1)—(4)
EWC Growth Partners LLC+One stopSF +6.00%(l)11.54%03/2026920 914 0.1920 
EWC Growth Partners LLC+One stopSF +6.00%N/A(6)03/2026— — —— 
EWC Growth Partners LLC+One stopSF +6.00%(l)11.54%03/202614 14 —14 
EWC Growth Partners LLC+One stopSF +6.00%(l)11.54%03/202673 73 —73 
Excelligence Learning Corporation#+One stopSF +6.00%(l)11.54%01/202410,176 10,157 0.410,176 
FPG Intermediate Holdco, LLC+One stopSF +6.00%(l)11.57%03/20277,668 7,563 0.37,592 
FPG Intermediate Holdco, LLC+One stopSF +6.00%(l)11.57%03/2027484 474 —479 
FPG Intermediate Holdco, LLC+One stopSF +6.00%(b)(l)12.16%03/202733 32 —32 
FPG Intermediate Holdco, LLC+(5)One stopSF +6.50%N/A(6)03/2027— (12)—— 
FSS Buyer LLC+One stopSF +5.75%(l)11.24%08/20285,436 5,360 0.25,436 
FSS Buyer LLC+(5)One stopSF +5.75%N/A(6)08/2027— (1)—— 
HS Spa Holdings, Inc.+One stopSF +5.75%(m)11.07%06/20297,704 7,579 0.37,627 
HS Spa Holdings, Inc.+One stopSF +5.75%(k)(l)11.07%06/202813 11 —12 

See Notes to Consolidated Financial Statements.
57
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Learn-it Systems, LLC+(23)Senior securedSF +5.25%(l)8.04% cash/2.75%PIK09/2026$2,536 $2,550 0.1%$2,333 
Learn-it Systems, LLC+(23)Senior securedSF +5.25%(l)8.04% cash/2.75%PIK09/20261,364 1,363 —1,256 
Learn-it Systems, LLC+(23)Senior securedSF +5.25%(l)8.04% cash/2.75%PIK09/2026615 612 —565 
Learn-it Systems, LLC+(5)(23)Senior securedL + 4.75%(a)10.40%09/2026— — —(3)
Liminex, Inc.+One stopSF +7.25%(l)12.79%11/202625,462 25,126 1.025,462 
Liminex, Inc.+One stopSF +7.25%(l)12.79%11/202620,000 19,795 0.820,000 
Liminex, Inc.+One stopSF +7.25%(l)12.79%11/2026800 793 —800 
Liminex, Inc.+(5)One stopSF +7.25%N/A(6)11/2026— (2)—— 
Liminex, Inc.+One stopSF +7.25%(l)12.79%11/202615,837 15,558 0.615,837 
Litera Bidco LLC+One stopSF +6.00%(k)11.42%05/20265,660 5,622 0.25,660 
Litera Bidco LLC+One stopSF +5.25%(k)10.67%05/20263,636 3,647 0.13,636 
Litera Bidco LLC+One stopSF +5.25%(k)10.67%05/2026682 694 —682 
Litera Bidco LLC+One stopSF +5.25%(k)10.67%05/2026682 694 —682 
Litera Bidco LLC+One stopSF +6.00%(k)11.42%05/2026512 509 —512 
Litera Bidco LLC+One stopSF +5.25%N/A(6)05/2025— — —— 
Mario Purchaser, LLC+One stopSF +5.75%(k)11.17%04/20297,577 7,457 0.37,274 
Mario Purchaser, LLC+(23)One stopSF +10.75%(k)16.17%PIK04/20321,784 1,749 0.11,748 
Mario Purchaser, LLC+(5)One stopSF +5.75%N/A(6)04/2028— (1)—(3)
Mario Purchaser, LLC+One stopSF +5.75%(k)11.17%04/2029169 165 —154 
Mathnasium, LLC#One stopSF +5.00%(l)10.51%11/20279,168 9,105 0.49,168 
Mathnasium, LLC+One stopSF +5.00%(l)10.52%11/202711 11 —11 
NSG Buyer, Inc. *#+One stopSF +6.50%(k)11.92%11/202920,821 20,423 0.820,821 
NSG Buyer, Inc. +(5)One stopSF +6.50%N/A(6)11/2029— (35)—— 
NSG Buyer, Inc. +One stopSF +6.50%N/A(6)11/2028— — —— 
PADI Holdco, Inc.*#(23)One stopSF +6.25%(l)11.82%01/202721,582 21,242 0.821,582 
PADI Holdco, Inc.+(8)(9)(23)One stopE + 6.25%(d)10.03%01/202719,322 20,594 0.819,322 
PADI Holdco, Inc.+(23)One stopSF +6.25%(l)11.79%01/2027832 819 —832 
PADI Holdco, Inc.+(23)One stopSF +6.25%(l)11.79%01/2027172 169 —172 
PADI Holdco, Inc.+One stopSF +6.25%(l)11.77%01/202754 50 —54 
Provenance Buyer LLC*#+One stopSF +5.00%(k)10.42%06/202718,094 17,864 0.718,094 
Provenance Buyer LLC#One stopSF +5.00%(k)10.42%06/20279,875 9,801 0.49,875 
Provenance Buyer LLC+(5)One stopSF +5.00%N/A(6)06/2027— (2)—— 
RW AM Holdco LLC#+One stopSF +5.25%(m)10.82%04/202817,551 17,418 0.717,025 
RW AM Holdco LLC+(5)One stopSF +5.25%N/A(6)04/2028— (1)—(5)
268,637 266,870 10.5266,798 

See Notes to Consolidated Financial Statements.
58
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Financial Services
Adenza Group, Inc. +One stopSF +5.75%(k)11.18%12/2027$3,975 $3,923 0.1%$3,975 
Adenza Group, Inc. +One stopSF +5.75%N/A(6)12/2025— — —— 
Avalara, Inc.+One stopSF +7.25%(l)12.64%10/202811,941 11,690 0.511,941 
Avalara, Inc.+(5)One stopSF +7.25%N/A(6)10/2028— (3)—— 
Banker's Toolbox, Inc.+One stopSF +5.25%(l)10.72%07/20277,936 7,873 0.37,936 
Banker's Toolbox, Inc.+One stopSF +5.25%N/A(6)07/2027— — —— 
Banker's Toolbox, Inc.+One stopSF +5.25%(l)10.72%07/20271,478 1,478 —1,478 
Finastra USA, Inc.+(8)One stopSF +7.25%(m)12.71%09/20294,950 4,852 0.24,851 
Finastra USA, Inc.+(8)One stopSF +7.25%(k)12.58%09/202911 10 —10 
Flash Topco, Inc.*One stopSF +5.75%(l)11.22%10/20289,721 9,649 0.49,235 
Flash Topco, Inc.+One stopSF +6.50%(l)11.87%10/202841 40 —38 
Flash Topco, Inc.+One stopSF +6.50%(l)11.87%12/202419 19 —19 
Higginbotham Insurance Agency, Inc.+One stopSF +5.50%(k)10.92%11/20284,530 4,494 0.24,507 
Higginbotham Insurance Agency, Inc.+(5)One stopSF +5.50%N/A(6)11/2028— (25)—(25)
Higginbotham Insurance Agency, Inc.+One stopSF +5.50%(k)10.92%11/2028183 183 —182 
44,785 44,183 1.744,147 


See Notes to Consolidated Financial Statements.
59
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Telecommunication Services
NTI Connect, LLC+Senior securedSF +4.75%(l)10.29%12/2024$1,612 $1,601 0.1%$1,612 
Electronic Equipment, Instruments & Components
CST Holding Company+One stopSF +6.50%(k)11.92%11/202824,533 23,910 1.024,533 
CST Holding Company+(5)One stopSF +6.50%N/A(6)11/2028— (1)—— 
24,533 23,909 1.024,533 

Food & Staples Retailing
Cafe Rio Holding, Inc.*#One stopSF +5.25%(k)10.67%09/202818,034 18,034 0.718,034 
Cafe Rio Holding, Inc.#+One stopSF +5.25%(k)10.67%09/20283,244 3,224 0.13,244 
Cafe Rio Holding, Inc.#+One stopSF +5.25%(k)10.67%09/20282,179 2,179 0.12,179 
Cafe Rio Holding, Inc.*#One stopSF +5.25%(k)10.67%09/20281,383 1,383 0.11,383 
Cafe Rio Holding, Inc.#+One stopSF +5.25%(k)10.67%09/20281,222 1,222 0.11,222 
Cafe Rio Holding, Inc.+One stopSF +5.25%(k)10.67%09/2028101 101 —101 
Cafe Rio Holding, Inc.+One stopSF +5.25%(k)10.67%09/2028176 176 —176 
Cafe Rio Holding, Inc.+One stopSF +5.25%(k)10.67%09/202850 50 —50 
Cafe Rio Holding, Inc.+One stopSF +5.25%(k)10.67%09/202879 79 —79 
Cafe Rio Holding, Inc.+One stopSF +5.25%(k)10.67%09/2028100 99 —100 
Mendocino Farms, LLC+One stopSF +6.25%(k)11.67%06/2025923 918 0.1923 
Mendocino Farms, LLC+One stopSF +6.25%(k)11.67%06/2025726 722 —726 
Mendocino Farms, LLC+One stopSF +6.25%(k)11.67%06/2025712 708 —712 
Mendocino Farms, LLC+One stopSF +6.25%(k)11.67%06/2025351 349 —351 
Mendocino Farms, LLC+One stopSF +6.25%(k)11.67%06/2025350 347 —350 
Mendocino Farms, LLC+One stopSF +6.25%(k)11.67%06/2025173 172 —173 
Mendocino Farms, LLC+One stopSF +6.25%(k)11.67%06/2025105 104 —105 
Mendocino Farms, LLC+One stopSF +6.25%(k)11.67%06/2025824 817 —824 
Mendocino Farms, LLC+One stopSF +6.25%(k)11.67%06/2025307 306 —307 
Mendocino Farms, LLC+One stopSF +6.25%(k)11.67%06/2025514 511 —514 
Ruby Slipper Cafe LLC, The*+One stopSF +7.50%(l)13.04%06/20242,003 2,003 0.12,003 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(l)13.04%06/2024406 406 —406 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(l)13.04%06/2024289 288 —289 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(l)13.04%06/2024— — —— 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(l)13.04%06/202428 28 —28 
Wineshipping.com LLC+One stopSF +5.75%(l)11.32%10/20276,725 6,679 0.36,456 
Wineshipping.com LLC+One stopSF +5.75%(l)11.20%10/2027184 177 —177 
Wineshipping.com LLC+One stopSF +5.75%(b)(l)11.47%10/202763 63 —60 
41,251 41,145 1.640,972 


See Notes to Consolidated Financial Statements.
60
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food Products
Borrower R365 Holdings, LLC+(23)One stopSF +6.50%(l)12.04%06/2027$13,669 $13,510 0.5%$13,669 
Borrower R365 Holdings, LLC+(23)One stopSF +6.50%(l)12.04%06/20271,127 1,112 —1,127 
Borrower R365 Holdings, LLC+(5)One stopSF +6.50%N/A(6)06/2027— (1)—— 
Borrower R365 Holdings, LLC+(5)One stopSF +6.50%N/A(6)06/2027— (1)—— 
Borrower R365 Holdings, LLC+(23)One stopSF +6.50%(l)12.04%06/202743 43 —43 
Flavor Producers, LLC#+(23)Senior securedSF +6.50%(b)(l)10.24% cash/1.75%PIK12/20245,035 5,028 0.24,682 
Flavor Producers, LLC+(5)Senior securedSF +6.50%N/A(6)09/2024— — —(2)
Kodiak Cakes, LLC*#+Senior securedSF +8.75%(l)14.14%06/202712,338 12,048 0.511,998 
Kodiak Cakes, LLC+Senior securedSF +8.75%(l)14.14%06/2026150 146 —146 
Louisiana Fish Fry Products, Ltd.*+One stopSF +6.25%(l)11.79%07/20279,678 9,616 0.49,387 
Louisiana Fish Fry Products, Ltd.+One stopSF +6.25%(b)(k)(l)12.06%07/202776 75 —72 
MAPF Holdings, Inc.*#+One stopSF +5.00%(l)10.54%12/202637,594 37,388 1.537,594 
MAPF Holdings, Inc.+One stopSF +5.00%(l)10.54%12/2026120 118 —120 
P&P Food Safety Holdings, Inc.*+One stopSF +6.00%(l)11.54%12/202617,579 17,449 0.717,052 
P&P Food Safety Holdings, Inc.+One stopSF +6.00%(l)11.55%12/202619 18 —16 
P&P Food Safety Holdings, Inc.+(5)One stopSF +6.00%N/A(6)12/2026— (4)—(16)
Purfoods, LLC+(23)One stopN/A7.00%PIK05/202666 68 —66 
Ultimate Baked Goods Midco LLC+One stopSF +6.25%(k)11.67%08/20276,604 6,551 0.36,604 
Ultimate Baked Goods Midco LLC+(5)One stopSF +6.25%N/A(6)08/2027— (22)—— 
Whitebridge Pet Brands, LLC*#+One stopSF +4.75%(k)10.17%07/202720,777 20,530 0.820,777 
Whitebridge Pet Brands, LLC+(5)One stopSF +4.75%N/A(6)07/2027— (2)—— 
Wizard Bidco Limited+(8)(9)(10)One stopSN +5.25%(i)10.44%03/20296,631 7,077 0.26,366 
Wizard Bidco Limited+(8)(9)(10)One stopSN +5.25%(i)10.44%09/202891 90 —88 
Wizard Bidco Limited+(8)(10)One stopSF +6.50%(l)11.89%03/202916,243 15,955 0.616,283 
Wizard Bidco Limited+(8)(9)(10)One stopSN +6.50%(i)11.69%03/20295,424 5,389 0.25,438 
Wizard Bidco Limited+(5)(8)(9)(10)One stopSN +6.50%N/A(6)03/2029— (52)—— 
153,264 152,129 5.9151,510 


See Notes to Consolidated Financial Statements.
61
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Equipment & Supplies
Aspen Medical Products, LLC#+One stopSF +5.25%(l)10.76%06/2025$4,115 $4,141 0.2%$4,115 
Aspen Medical Products, LLC+One stopSF +5.25%(l)10.76%06/2025263 262 —263 
Aspen Medical Products, LLC+One stopSF +5.25%N/A(6)06/2025— — —— 
Baduhenna Bidco Limited+(8)(10)One stopSF +5.95%(j)11.51%08/20285,415 5,363 0.25,415 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 5.95%(d)9.72%08/20283,063 3,396 0.13,063 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +5.95%(i)11.26%08/2028863 947 —863 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 5.95%(d)9.92%08/2028731 760 —731 
Baduhenna Bidco Limited+(5)(8)(9)(10)One stopSN +5.95%N/A(6)08/2028— (14)—— 
Belmont Instrument, LLC*#One stopSF +6.25%(l)11.64%08/20289,801 9,722 0.49,801 
Belmont Instrument, LLC+One stopSF +6.25%(l)11.64%08/202833 32 —33 
Blades Buyer, Inc.#+Senior securedSF +5.00%(l)(m)10.45%03/20289,958 9,880 0.49,859 
Blades Buyer, Inc.+(5)Senior securedSF +4.75%N/A(6)03/2028— (1)—(3)
Blades Buyer, Inc.+Senior securedSF +5.00%(k)10.33%03/2028317 316 —314 
Blades Buyer, Inc.+Senior securedSF +5.25%(k)10.68%03/20281,301 1,283 0.11,301 
Blue River Pet Care, LLC*#+One stopSF +5.75%(l)11.27%07/202650,675 50,449 2.050,167 
Blue River Pet Care, LLC+One stopSF +5.75%(k)(l)11.24%08/2025124 122 —120 
Blue River Pet Care, LLC+(5)One stopSF +5.75%N/A(6)07/2026— (1)—(2)
Blue River Pet Care, LLC+One stopSF +5.75%(l)11.27%07/2026178 177 —176 
Blue River Pet Care, LLC+One stopSF +5.75%(l)11.27%07/2026171 170 —170 
Blue River Pet Care, LLC+One stopSF +5.75%(l)11.27%07/2026764 759 —757 
Blue River Pet Care, LLC+One stopSF +5.75%(l)11.27%07/2026170 169 —168 
CCSL Holdings, LLC*#(8)One stopSF +6.00%(k)11.42%12/202615,241 14,986 0.615,089 
CCSL Holdings, LLC+(8)One stopSF +6.00%(k)11.42%12/20264,114 4,048 0.24,073 
CCSL Holdings, LLC+(8)(9)One stopSN +6.00%(i)11.29%12/20262,354 2,385 0.12,330 
CCSL Holdings, LLC+(5)(8)One stopSF +6.00%N/A(6)12/2026— (3)—(3)
CCSL Holdings, LLC+(5)(8)One stopSF +6.00%N/A(6)12/2026— (44)—(26)
CCSL Holdings, LLC+(5)(8)One stopSF +6.00%N/A(6)12/2028— (27)—(27)
CMI Parent Inc.*#Senior securedSF +4.75%(k)10.17%08/20256,432 6,474 0.36,432 
CMI Parent Inc.*Senior securedSF +4.75%(k)10.17%08/20253,094 3,080 0.13,094 
CMI Parent Inc.+(5)Senior securedSF +4.75%N/A(6)08/2025— (2)—— 
CMI Parent Inc.*Senior securedSF +4.75%(k)10.17%08/20252,903 2,884 0.12,903 
G & H Wire Company, Inc.+(23)One stopSF +9.00%(l)8.07% cash/6.50%PIK12/202411,846 11,798 0.49,477 
G & H Wire Company, Inc.+(23)One stopSF +9.00%(l)8.07% cash/6.50%PIK12/2024100 98 —70 
Joerns Healthcare, LLC+(7)(23)One stopSF +18.00%(l)23.64%PIK01/20241,560 1,470 —515 
Joerns Healthcare, LLC+(23)One stopSF +18.00%(l)23.64%PIK01/2024310 310 —310 
135,896 135,389 5.2131,548 


See Notes to Consolidated Financial Statements.
62
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services
AAH TOPCO, LLC +One stopSF +5.50%(k)10.92%12/2027$8,245 $8,187 0.3%$7,997 
AAH TOPCO, LLC +(23)Subordinated debtN/A11.50%PIK12/20311,211 1,195 0.11,114 
AAH TOPCO, LLC +(5)One stopSF +5.50%N/A(6)12/2027— — —(2)
AAH TOPCO, LLC +One stopSF +5.50%(k)10.92%12/2027472 468 —454 
Active Day, Inc.#+One stopSF +5.75%(l)11.29%02/202517,566 17,462 0.717,216 
Active Day, Inc.#+One stopSF +5.75%(l)11.29%02/20251,356 1,348 0.11,328 
Active Day, Inc.*#One stopSF +5.75%(l)11.29%02/2025874 869 —856 
Active Day, Inc.+One stopSF +5.75%(l)11.29%02/2025696 692 —682 
Active Day, Inc.+One stopSF +5.75%(l)11.29%02/2025615 610 —602 
Active Day, Inc.*#One stopSF +5.75%(l)11.29%02/2025604 600 —592 
Active Day, Inc.+(5)One stopSF +5.75%N/A(6)02/2025— (2)—(4)
Active Day, Inc.+One stopSF +5.75%(l)11.29%02/2025— — —— 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(l)11.55%03/202616,343 16,198 0.616,343 
Acuity Eyecare Holdings, LLC+(23)One stopN/A16.50%06/202712,165 12,007 0.512,165 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.79%03/20264,036 4,012 0.24,036 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.80%03/20263,596 3,570 0.23,596 
Acuity Eyecare Holdings, LLC#+One stopSF +6.25%(l)11.79%03/20263,504 3,484 0.23,504 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.79%03/20263,171 3,185 0.13,171 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(l)11.53%03/20262,027 1,999 0.12,027 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.79%03/20261,849 1,866 0.11,849 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.79%03/2026447 445 —447 
Acuity Eyecare Holdings, LLC+(23)One stopSF +13.00%(l)11.79% cash/6.75%PIK03/2026264 263 —268 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.79%03/2026165 164 —165 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(l)11.52%03/202630 27 —30 
Acuity Eyecare Holdings, LLC+Senior securedSF +6.25%(l)11.79%03/2026109 108 —109 
Acuity Eyecare Holdings, LLC+(23)One stopSF +13.00%(l)11.79% cash/6.75%PIK03/2026102 102 —102 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(l)11.79%03/20261 1 —1 
Acuity Eyecare Holdings, LLC+(5)One stopSF +6.25%N/A(6)03/2026— (2)—— 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(l)11.55%03/20261,033 1,024 0.11,033 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.13%(l)11.65%03/20274,661 4,625 0.24,661 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.13%(l)11.65%03/20273,896 3,855 0.23,896 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)Subordinated debtSF +10.50%(k)15.92%03/20282,213 2,192 0.12,213 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)Subordinated debtSF +10.50%(k)15.92%03/2028846 840 —846 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(23)Subordinated debtSF +10.50%(k)15.92%03/2028264 262 —264 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.25%(k)11.67%03/2027153 151 —153 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stopSF +6.00%N/A(6)03/2027— (1)—— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.25%(k)(l)11.68%03/202772 72 —72 
Bamboo US Bidco LLC+One stopSF +6.00%(k)11.32%09/20302,424 2,352 0.12,352 
Bamboo US Bidco LLC+(8)(9)One stopE + 6.00%(c)9.86%09/20301,595 1,547 0.11,547 
Bamboo US Bidco LLC+(5)One stopSF +6.00%N/A(6)09/2029— (15)—(15)
Bamboo US Bidco LLC+(5)One stopSF +6.00%N/A(6)09/2030— (6)—(6)
Community Care Partners, LLC+One stopSF +6.00%(k)11.43%06/20262,325 2,311 0.12,186 
Community Care Partners, LLC+(5)One stopSF +6.00%N/A(6)06/2026— (2)—— 
CRH Healthcare Purchaser, Inc.+Senior securedSF +4.75%(l)10.29%12/202419,501 19,500 0.819,209 
CRH Healthcare Purchaser, Inc.+Senior securedSF +4.75%(l)10.29%12/20245,145 5,126 0.25,068 

See Notes to Consolidated Financial Statements.
63
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
CRH Healthcare Purchaser, Inc.+Senior securedSF +4.75%(l)10.29%12/2024$4,070 $4,063 0.2%$4,008 
CRH Healthcare Purchaser, Inc.+Senior securedSF +4.75%(l)10.29%12/20243,485 3,471 0.13,433 
CRH Healthcare Purchaser, Inc.+Senior securedSF +4.75%(l)10.29%12/2024200 199 —196 
Datix Bidco Limited+(8)(9)(10)Senior securedSN +4.50%(i)9.69%04/202554,300 60,233 2.153,757 
Datix Bidco Limited+(8)(9)(10)Second lienSN +7.75%(i)12.94%04/202619,268 21,320 0.819,171 
Emerge Intermediate, Inc.*#(23)One stopSF +7.25%(k)11.42% cash/1.25%PIK05/202419,231 19,186 0.819,231 
Emerge Intermediate, Inc.+(23)One stopSF +7.25%(k)11.42% cash/1.25%PIK05/20241,741 1,736 0.11,741 
Emerge Intermediate, Inc.+(23)One stopSF +7.25%(k)11.43% cash/1.25%PIK05/2024134 132 —134 
Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024975 972 —945 
Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024613 611 —594 
Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024304 303 —295 
Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024291 290 —282 
Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024263 262 —256 
Encorevet Group LLC+Senior securedSF +6.75%(l)12.32%11/2024242 241 —235 
Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024161 161 —156 
Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/2024113 113 —110 
Encorevet Group LLC+Senior securedSF +6.75%(l)12.32%11/2024109 109 —105 
Encorevet Group LLC+Senior securedSF +6.75%(l)12.32%11/202468 67 —66 
Encorevet Group LLC+Senior securedSF +6.75%(l)12.32%11/202456 56 —54 
Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/202455 55 —54 
Encorevet Group LLC+One stopSF +6.75%(l)12.32%11/202432 32 —31 
Encorevet Group LLC+Senior securedSF +6.75%(l)12.32%11/202410 10 —9 
Encorevet Group LLC+Senior securedSF +6.75%(l)12.28%11/202447 47 —45 
ERC Topco Holdings, LLC+One stopSF +5.50%(l)11.15%11/20289,116 9,063 0.37,566 
ERC Topco Holdings, LLC+One stopSF +5.50%(l)11.10%11/202760 59 —37 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(h)11.25%03/202710,516 10,592 0.410,516 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(h)11.25%03/202782 80 —82 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(h)11.25%03/2027471 499 —471 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(h)11.25%03/2027166 170 —166 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.75%(l)11.27%03/202770 69 —70 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.75%(l)11.27%03/202794 93 —94 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopC + 5.75%(h)11.25%03/2027690 715 —690 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(k)10.17%12/2026836 830 —819 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(k)10.17%12/2026161 160 —158 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%N/A(6)12/2026— — —— 
Klick Inc.+(8)(12)Senior securedSF +4.50%(l)9.99%03/20289,896 9,832 0.49,896 
Klick Inc.+(5)(8)(12)Senior securedSF +4.50%N/A(6)03/2026— (1)—— 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(l)10.79%05/20252,287 2,283 0.12,287 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(l)10.79%05/20251,840 1,832 0.11,840 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(l)10.79%05/20251,080 1,093 —1,080 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(l)10.79%05/202560 60 —60 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(l)10.79%05/20251,086 1,077 —1,086 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopC + 5.50%(h)11.01%05/202817,876 19,826 0.716,983 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)One stopSF +5.50%(l)11.04%05/20284,282 4,242 0.24,068 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#(8)(12)One stopSF +5.50%(l)11.04%05/20282,787 2,768 0.12,648 

See Notes to Consolidated Financial Statements.
64
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopC + 5.50%(h)11.01%05/2028$1,090 $1,181 —%$1,035 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopC + 5.50%(h)11.01%05/2028568 595 —539 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopC + 5.50%(h)11.01%05/2026182 184 —177 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)One stopSF +5.50%(l)11.04%05/202680 79 —77 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)One stopSF +5.50%(l)11.04%05/202818 17 —17 
Oliver Street Dermatology Holdings, LLC+(7)(23)One stopSF +11.33%(l)16.87%11/202326,731 16,786 0.718,178 
Oliver Street Dermatology Holdings, LLC+(23)One stopSF +6.25%(l)11.79%11/202315,083 15,083 0.615,083 
Oliver Street Dermatology Holdings, LLC+(23)One stopSF +6.25%(l)11.79%11/2023388 388 —388 
Pinnacle Treatment Centers, Inc.*#One stopSF +6.75%(l)12.32%01/202618,532 18,201 0.718,532 
Pinnacle Treatment Centers, Inc.*One stopSF +6.75%(l)12.32%01/20267,476 7,349 0.37,476 
Pinnacle Treatment Centers, Inc.#+One stopSF +6.75%(l)12.32%01/20261,523 1,497 0.11,523 
Pinnacle Treatment Centers, Inc.+One stopSF +6.75%(l)12.32%01/2026688 676 —688 
Pinnacle Treatment Centers, Inc.+One stopSF +6.75%(l)12.32%01/2026182 178 —182 
Pinnacle Treatment Centers, Inc.+One stopSF +6.75%(l)12.32%01/2026197 193 —197 
Pinnacle Treatment Centers, Inc.+One stopSF +6.75%(l)12.32%01/2026104 102 —104 
Pinnacle Treatment Centers, Inc.+One stopSF +6.75%(l)12.32%01/202637 36 —37 
Pinnacle Treatment Centers, Inc.#One stopSF +6.75%(l)12.32%01/20262,181 2,144 0.12,181 
Pinnacle Treatment Centers, Inc.#One stopSF +6.75%(l)12.32%01/20261,147 1,127 —1,147 
Suveto Buyer, LLC+One stopSF +4.25%(k)9.67%09/202719,672 19,543 0.719,082 
Suveto Buyer, LLC+One stopSF +4.25%(k)9.67%09/202724 23 —19 
388,703 387,084 14.7374,314 

See Notes to Consolidated Financial Statements.
65
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Alegeus Technologies Holdings Corp.+Senior securedSF +8.25%(m)13.36%09/2024$374 $373 —%$374 
Coding Solutions Acquisition, Inc.+One stopSF +5.50%(k)10.82%05/20285,196 5,155 0.25,014 
Coding Solutions Acquisition, Inc.+One stopSF +5.50%(k)10.82%05/202814 14 —12 
Coding Solutions Acquisition, Inc.+One stopSF +5.50%(k)11.57%05/20281,571 1,558 0.11,516 
Coding Solutions Acquisition, Inc.+One stopSF +6.00%(l)11.32%05/2028632 616 —616 
Coding Solutions Acquisition, Inc.+(5)One stopSF +6.00%N/A(6)05/2028— (28)—(28)
Color Intermediate, LLC+One stopSF +5.50%(l)10.99%10/202911,665 11,465 0.411,315 
Connexin Software, Inc.+One stopSF +8.50%(l)13.89%02/20249,465 9,470 0.49,465 
Connexin Software, Inc.+One stopSF +8.50%(l)13.89%02/202420 20 —20 
Crow River Buyer, Inc.+One stopSF +7.75%(l)13.12%01/20294,631 4,548 0.24,631 
Crow River Buyer, Inc.+(5)One stopSF +7.75%N/A(6)01/2029— (1)—— 
ESO Solution, Inc.+One stopSF +7.00%(l)12.40%05/20277,549 7,495 0.37,474 
ESO Solution, Inc.+One stopSF +7.00%(l)12.33%03/202743 42 —42 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(m)11.19%08/20266,122 6,104 0.26,046 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(m)11.19%08/20262,919 2,897 0.12,883 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(m)11.32%08/20261,923 1,913 0.11,899 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(m)11.19%08/20261,341 1,327 0.11,325 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(m)11.19%08/2026628 626 —620 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(b)(m)11.59%09/202576 76 —76 
HSI Halo Acquisition, Inc.+One stopSF +5.75%(m)11.19%08/2026131 130 —129 
HSI Halo Acquisition, Inc.+One stopSF +6.25%(m)11.82%08/2026485 480 —485 
Neptune Holdings, Inc.+One stopSF +6.00%(m)11.50%09/20304,950 4,877 0.24,888 
Neptune Holdings, Inc.+(5)One stopSF +6.00%N/A(6)08/2029— (1)—(1)
Plasma Buyer LLC+One stopSF +5.75%(l)11.14%05/20295,349 5,263 0.24,921 
Plasma Buyer LLC+One stopSF +5.75%(l)11.14%05/202811 10 —7 
Plasma Buyer LLC+(5)One stopSF +5.75%N/A(6)05/2029— (11)—— 
QF Holdings, Inc.+One stopSF +6.25%(l)11.72%12/2027626 619 —626 
Qgenda Intermediate Holdings, LLC+One stopSF +5.00%(l)10.49%06/202514,813 14,813 0.614,517 
Qgenda Intermediate Holdings, LLC#One stopSF +5.00%(l)10.49%06/202512,070 12,023 0.511,829 
Qgenda Intermediate Holdings, LLC+One stopSF +5.00%(l)10.49%06/20251,440 1,436 0.11,411 
Qgenda Intermediate Holdings, LLC#One stopSF +5.00%(l)10.49%06/2025962 963 —943 
Qgenda Intermediate Holdings, LLC+One stopSF +5.00%(l)10.49%06/2025200 200 —196 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/202510,760 10,687 0.410,814 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/202510,474 10,159 0.410,526 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/20256,901 6,854 0.36,935 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/20251,774 1,762 0.11,783 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/20251,577 1,567 0.11,585 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/20251,183 1,175 —1,189 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/2025986 979 —990 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/2025789 783 —793 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/2025157 156 —158 
Tebra Technologies, Inc.+(23)One stopSF +8.00%(k)9.92% cash/3.50%PIK06/202584 84 —84 
Transaction Data Systems, Inc.*#+One stopSF +4.50%(l)10.04%02/202665,427 64,881 2.665,427 
Transaction Data Systems, Inc.+One stopSF +4.50%(k)9.93%02/2026180 178 —180 
Veranex, Inc.+Senior securedSF +5.25%(m)10.64%04/20283,146 3,122 0.12,674 
Veranex, Inc.+Senior securedSF +5.25%(m)10.63%04/202850 50 —43 
Veranex, Inc.+Senior securedSF +5.25%(m)10.54%04/202825 25 —21 
198,719 196,934 7.7196,453 

See Notes to Consolidated Financial Statements.
66
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC#One stopSF +6.00%(l)11.57%08/2028$7,602 $7,540 0.3%$7,602 
Barteca Restaurants, LLC+(5)One stopSF +6.00%N/A(6)08/2028— (1)—— 
Barteca Restaurants, LLC+One stopSF +6.00%(l)11.57%08/2028510 493 —510 
BJH Holdings III Corp.*#+One stopSF +4.50%(l)9.90%08/202550,191 50,681 2.049,690 
BJH Holdings III Corp.+One stopSF +4.50%(k)(l)9.92%08/2025280 277 —272 
Davidson Hotel Company, LLC+One stopSF +5.25%(k)10.67%07/20255,468 5,568 0.25,468 
Davidson Hotel Company, LLC+One stopSF +5.25%(k)10.67%07/2025844 840 —844 
Davidson Hotel Company, LLC+One stopSF +5.25%N/A(6)07/2025— — —— 
EOS Fitness Opco Holdings, LLC*#+One stopSF +4.75%(m)10.34%01/20269,295 9,298 0.49,156 
EOS Fitness Opco Holdings, LLC+One stopSF +4.75%(m)10.34%01/2026887 887 —874 
EOS Fitness Opco Holdings, LLC+One stopSF +4.75%(b)(l)(m)11.00%01/2026104 104 —104 
EOS Fitness Opco Holdings, LLC+One stopSF +4.75%(l)10.29%01/2026883 875 —869 
ESN Venture Holdings, LLC*One stopSF +6.00%(l)11.39%10/20283,625 3,582 0.23,625 
ESN Venture Holdings, LLC+One stopSF +6.00%(l)11.39%10/202816 14 —16 
ESN Venture Holdings, LLC+One stopSF +6.00%(l)(m)11.27%10/2028168 142 —168 
Harri US LLC+(23)One stopSF +10.00%(l)11.57% cash/4.00%PIK08/2026840 778 —845 
Harri US LLC+One stopSF +10.00%N/A(6)08/2026— — —— 
Harri US LLC+(23)One stopSF +10.00%(l)11.57% cash/4.00%PIK08/2026552 549 —558 
Harri US LLC+(23)One stopSF +10.00%(l)11.57% cash/4.00%PIK08/2026568 567 —573 
Health Buyer, LLC+Senior securedSF +5.25%(b)(l)10.80%04/20292,578 2,547 0.12,487 
Health Buyer, LLC+(5)Senior securedSF +5.25%N/A(6)04/2028— — —(1)
Health Buyer, LLC+Senior securedSF +5.50%(l)10.89%04/20291,171 1,143 0.11,142 
Health Buyer, LLC+(5)Senior securedSF +5.50%N/A(6)04/2029— (7)—(7)
SSRG Holdings, LLC+One stopSF +4.75%(l)10.29%11/2025990 983 —990 
SSRG Holdings, LLC+One stopSF +4.75%(l)10.29%11/202520 20 —20 
Tropical Smoothie Cafe Holdings, LLC+One stopSF +4.75%(l)10.27%09/202619,466 19,333 0.819,466 
Tropical Smoothie Cafe Holdings, LLC*#One stopSF +4.75%(k)(l)10.30%09/202612,214 12,109 0.512,214 
Tropical Smoothie Cafe Holdings, LLC#One stopSF +4.75%(l)10.27%09/20265,338 5,298 0.25,338 
Tropical Smoothie Cafe Holdings, LLC+(5)One stopSF +4.75%N/A(6)09/2026— (1)—— 
YE Brands Holding, LLC+One stopSF +5.75%(k)11.18%10/20274,950 4,901 0.24,901 
YE Brands Holding, LLC+(5)One stopSF +5.50%N/A(6)10/2027— — —(1)
128,560 128,520 5.0127,723 
Household Durables
Groundworks LLC+One stopSF +6.50%(l)11.81%03/20306,891 6,706 0.36,891 
Groundworks LLC+(5)One stopSF +6.50%N/A(6)03/2030— (17)—— 
Groundworks LLC+(5)One stopSF +6.50%N/A(6)03/2029— (1)—— 
6,891 6,688 0.36,891 
Household Products
WU Holdco, Inc.#+One stopSF +5.50%(l)11.04%03/20263,703 3,738 0.13,592 
WU Holdco, Inc.+One stopSF +5.50%(l)11.04%03/20261,305 1,305 0.11,266 
WU Holdco, Inc.+One stopSF +5.50%(l)11.04%03/2026339 337 —329 
WU Holdco, Inc.+One stopSF +5.50%(l)11.04%03/202530 30 —30 
5,377 5,410 0.25,217 

See Notes to Consolidated Financial Statements.
67
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Industrial Conglomerates
Arch Global CCT Holdings Corp.#+Senior securedSF +4.75%(l)10.22%04/2026$2,331 $2,364 0.1%$2,284 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(l)10.24%04/2026134 133 —131 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(l)10.23%04/2026148 148 —145 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%N/A(6)04/2025— — —— 
Dwyer Instruments, Inc.+One stopSF +5.75%(b)(l)11.25%07/20273,883 3,824 0.13,883 
Dwyer Instruments, Inc.+One stopSF +5.75%(k)(l)11.23%07/202712 11 —12 
Dwyer Instruments, Inc.+(5)One stopSF +5.75%N/A(6)07/2027— (7)—— 
Essential Services Holdings Corporation+One stopSF +5.75%(l)11.15%11/20261,485 1,476 0.11,455 
Essential Services Holdings Corporation+(5)One stopSF +5.75%N/A(6)11/2025— (1)—(2)
Excelitas Technologies Corp.+One stopSF +5.75%(l)11.21%08/20297,555 7,431 0.37,480 
Excelitas Technologies Corp.+(8)(9)One stopE + 5.75%(d)9.54%08/20291,237 1,187 —1,224 
Excelitas Technologies Corp.+One stopSF +5.75%(l)11.27%08/2028132 130 —130 
Excelitas Technologies Corp.+(5)One stopSF +5.75%N/A(6)08/2029— (12)—(9)
Specialty Measurement Bidco Limited+(8)(10)One stopSF +6.00%(j)11.57%11/20277,961 7,831 0.37,961 
Specialty Measurement Bidco Limited+(8)(9)(10)One stopE + 6.00%(d)9.78%11/20277,073 7,859 0.37,073 
Specialty Measurement Bidco Limited+(8)(9)(10)One stopE + 6.00%(d)9.78%11/20273,479 3,442 0.13,479 
Specialty Measurement Bidco Limited+(8)(10)One stopSF +6.25%(j)11.81%11/20272,510 2,466 0.12,516 
Specialty Measurement Bidco Limited+(8)(9)(10)One stopE + 6.25%(d)10.03%11/20271,291 1,324 0.11,294 
Specialty Measurement Bidco Limited+(5)(8)(9)(10)One stopSN +6.25%N/A(6)11/2027— (36)—— 
39,231 39,570 1.5 39,056 


See Notes to Consolidated Financial Statements.
68
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Insurance
Accession Risk Management Group, Inc.+(5)One stopSF +6.00%N/A(6)10/2026$— $(72)—%$(75)
Accession Risk Management Group, Inc.*#+One stopSF +5.50%(l)11.02%10/202625,373 25,125 1.024,738 
Accession Risk Management Group, Inc.+One stopSF +5.50%(l)11.03%10/20266,494 6,293 0.36,332 
Accession Risk Management Group, Inc.+One stopSF +5.50%(l)11.04%10/20261,503 1,494 0.11,465 
Accession Risk Management Group, Inc.+(5)One stopSF +5.50%N/A(6)10/2026— (1)—(2)
Accession Risk Management Group, Inc.+One stopSF +5.50%(l)11.07%10/20265,565 5,526 0.25,426 
Alera Group, Inc.+One stopSF +6.00%(k)11.42%10/202825,114 24,934 1.024,863 
Alera Group, Inc.+One stopSF +6.00%(k)11.42%10/20287,137 7,059 0.37,066 
Alera Group, Inc.+One stopSF +6.00%(k)11.42%10/2028608 604 —602 
AMBA Buyer, Inc.+One stopSF +5.25%(l)10.74%07/20273,156 3,136 0.13,125 
AMBA Buyer, Inc.+One stopSF +5.25%(l)10.74%07/2027940 937 —930 
AMBA Buyer, Inc.+One stopSF +5.25%(l)10.74%07/2027782 776 —774 
AMBA Buyer, Inc.+One stopSF +5.25%(k)10.67%07/20274 4 —4 
AMBA Buyer, Inc.+(5)One stopSF +5.25%N/A(6)07/2027— — —(1)
Captive Resources Midco, LLC+(23)One stopSF +5.25%(k)5.29% cash/5.78%PIK07/202910,130 9,969 0.410,130 
Captive Resources Midco, LLC+(5)One stopSF +5.25%N/A(6)07/2028— (3)—— 
Disco Parent, Inc.+One stopSF +7.50%(l)12.92%03/20294,069 3,976 0.23,968 
Disco Parent, Inc.+(5)One stopSF +7.50%N/A(6)03/2029— (1)—(1)
Integrated Specialty Coverages, LLC+One stopSF +6.00%(k)(l)(m)11.38%07/20303,289 3,209 0.13,207 
Integrated Specialty Coverages, LLC+(5)One stopSF +6.00%N/A(6)07/2029— (1)—(1)
Integrated Specialty Coverages, LLC+(5)One stopSF +6.00%N/A(6)07/2030— (9)—(9)
Integrity Marketing Acquisition, LLC+Senior securedSF +6.05%(l)11.57%08/20263,016 2,983 0.13,001 
Integrity Marketing Acquisition, LLC+One stopSF +5.80%(l)11.32%08/20262,396 2,379 0.12,366 
Integrity Marketing Acquisition, LLC+Senior securedSF +6.05%(l)11.57%08/20261,502 1,485 0.11,494 
Integrity Marketing Acquisition, LLC+Senior securedSF +5.80%(l)11.32%08/2026765 762 —756 
Integrity Marketing Acquisition, LLC+One stopSF +5.80%(l)11.32%08/2026463 461 —457 
Integrity Marketing Acquisition, LLC+Senior securedSF +6.05%(l)11.57%08/2026242 240 —240 
Integrity Marketing Acquisition, LLC+Senior securedSF +6.02%(l)11.54%08/2026182 181 —181 
Integrity Marketing Acquisition, LLC+One stopSF +6.50%N/A(6)08/2026— — —— 
Integrity Marketing Acquisition, LLC+One stopSF +6.02%(l)11.53%08/20262,133 2,100 0.12,111 
Integrity Marketing Acquisition, LLC+(5)One stopSF +6.00%N/A(6)08/2026— (24)—(50)
J.S. Held Holdings, LLC#+One stopSF +5.50%(l)11.04%07/20256,355 6,343 0.26,292 
J.S. Held Holdings, LLC+One stopSF +5.50%(l)11.04%07/20251,463 1,451 0.11,448 
J.S. Held Holdings, LLC+One stopSF +5.50%(l)11.04%07/20251,416 1,400 0.11,401 
J.S. Held Holdings, LLC+One stopSF +5.50%(l)11.04%07/2025146 144 —143 
J.S. Held Holdings, LLC+One stopSF +5.50%(l)11.04%07/202596 94 —92 
J.S. Held Holdings, LLC+One stopSF +5.50%(l)11.04%07/2025271 270 —269 
Keystone Agency Partners LLC+Senior securedSF +5.50%(l)11.04%05/20272,821 2,790 0.12,821 
Keystone Agency Partners LLC+Senior securedSF +5.50%(l)11.04%05/2027181 179 —181 
Keystone Agency Partners LLC+Senior securedSF +5.50%(l)11.04%05/2027742 732 —742 
Illumifin Corporation+(23)One stopSF +7.00%(l)6.58% cash/6.00%PIK09/20273,022 2,983 0.12,599 
Majesco*#One stopSF +7.38%(l)12.77%09/202718,560 18,379 0.718,560 
Majesco+(5)One stopSF +7.38%N/A(6)09/2026— (2)—— 
Norvax, LLC+(8)Senior securedSF +7.50%(k)12.92%09/202531,733 31,547 1.231,733 
Norvax, LLC+(8)Senior securedSF +7.50%(k)12.92%09/20259,607 9,503 0.49,607 
Paisley Bidco Limited+(8)(9)(10)One stopE + 6.50%(d)10.21%03/20281,404 1,393 0.11,404 
Paisley Bidco Limited+(5)(8)(9)(10)One stopSN +6.75%N/A(6)03/2028— (52)—— 

See Notes to Consolidated Financial Statements.
69
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Pareto Health Intermediate Holdings, Inc.+One stopSF +6.50%(m)11.97%05/2030$14,460 $14,184 0.6%$14,460 
Pareto Health Intermediate Holdings, Inc.+One stopSF +6.50%(m)11.97%05/20304,820 4,728 0.24,820 
Pareto Health Intermediate Holdings, Inc.+(5)One stopSF +6.50%N/A(6)06/2029— (1)—— 
Patriot Growth Insurance Services, LLC+One stopSF +5.75%(l)11.28%10/202810,951 10,872 0.410,732 
Patriot Growth Insurance Services, LLC+(5)One stopSF +5.75%N/A(6)10/2028— — —(1)
Patriot Growth Insurance Services, LLC+One stopSF +5.75%(b)(l)11.29%10/20281,449 1,431 0.11,404 
People Corporation+(8)(9)(12)One stopC + 6.25%(h)11.75%02/202813,608 14,424 0.513,608 
People Corporation+(8)(9)(12)One stopC + 6.25%(h)11.75%02/20284,442 4,834 0.24,442 
People Corporation+(8)(9)(12)One stopC + 5.75%(h)11.21%02/202811,352 11,485 0.411,152 
People Corporation+(5)(8)(9)(12)One stopC + 6.25%N/A(6)02/2027— (1)—(3)
People Corporation+(8)(9)(12)One stopC + 6.00%(g)11.44%02/2028178 154 —129 
Sunstar Insurance Group, LLC+Senior securedSF +6.00%(l)11.54%10/2026767 760 —767 
Sunstar Insurance Group, LLC+Senior securedSF +6.00%(l)11.54%10/2026914 909 —914 
Sunstar Insurance Group, LLC+Senior securedSF +6.00%(l)11.54%10/2026389 385 —389 
Sunstar Insurance Group, LLC+Senior securedSF +6.00%(k)11.42%10/20262 2 —2 
246,012 244,842 9.5243,204 
Internet & Catalog Retail
Revalize, Inc.+One stopSF +5.75%(l)11.29%04/202714,860 14,773 0.513,969 
Revalize, Inc.+One stopSF +5.75%(l)11.29%04/20278,698 8,646 0.38,176 
Revalize, Inc.+One stopSF +5.75%(l)11.29%04/20274,313 4,287 0.24,054 
Revalize, Inc.+One stopSF +5.75%(l)11.29%04/20272,598 2,583 0.12,442 
Revalize, Inc.+One stopSF +5.75%(l)11.29%04/20271,674 1,663 0.11,574 
Revalize, Inc.+One stopSF +5.75%(l)11.29%04/2027393 391 —370 
Revalize, Inc.+One stopSF +5.75%(l)11.30%04/202729 27 —15 
Revalize, Inc.+One stopSF +5.75%(l)11.24%04/202743 41 —40 
32,608 32,411 1.230,640 
IT Services
Acquia, Inc.+One stopL + 7.00%(a)12.34%10/20259,578 9,532 0.49,578 
Acquia, Inc.+One stopSF +7.00%(l)(m)12.67%10/202527 27 —27 
CivicPlus, LLC+(23)One stopSF +6.50%(l)9.57% cash/2.50%PIK08/20276,319 6,267 0.36,256 
CivicPlus, LLC+(23)One stopSF +6.50%(l)9.57% cash/2.50%PIK08/20273,732 3,705 0.23,695 
CivicPlus, LLC+(23)One stopSF +6.50%(l)9.57% cash/2.50%PIK08/20272,962 2,938 0.12,932 
CivicPlus, LLC+(23)One stopSF +11.75%(m)17.00%PIK06/2034234 229 —232 
CivicPlus, LLC+One stopSF +6.00%(k)11.42%08/20276 6 —6 
Critical Start, Inc.+(23)One stopSF +6.75%(l)8.46% cash/3.63%PIK05/20283,343 3,318 0.13,310 
Critical Start, Inc.+(23)One stopSF +6.75%(l)8.46% cash/3.63%PIK05/20281,525 1,498 0.11,510 
Critical Start, Inc.+(5)One stopSF +6.75%N/A(6)05/2028— (1)—(1)
Delinea Inc.+One stopSF +5.75%(l)11.29%03/202816,412 16,257 0.616,084 
Delinea Inc.#One stopSF +5.75%(l)11.29%03/20289,488 9,395 0.49,299 
Delinea Inc.+(5)One stopSF +5.75%N/A(6)03/2027— (2)—(4)
Optimizely North America, Inc.#+One stopSF +5.50%(l)11.04%04/202621,277 21,112 0.820,850 
Optimizely North America, Inc.+(8)(9)One stopE + 5.75%(d)9.69%04/202618,752 19,978 0.718,377 
Optimizely North America, Inc.*#One stopSF +5.50%(l)11.04%04/202611,813 11,839 0.511,577 
Optimizely North America, Inc.*One stopSF +5.50%(l)11.04%04/20266,535 6,479 0.36,404 
Optimizely North America, Inc.+(5)One stopSF +5.50%N/A(6)04/2026— (2)—(11)
Optimizely North America, Inc.+(5)One stopSF +5.50%N/A(6)04/2026— (2)—(10)
Goldcup 31018 AB+(8)(9)(17)(23)One stopE + 6.50%(e)10.43%PIK07/20298,621 8,132 0.38,535 
Goldcup 31018 AB+(5)(8)(9)(17)One stopE + 6.25%N/A(6)01/2029— (2)—(1)
Goldcup 31018 AB+(8)(9)(17)(23)One stopE + 6.50%(e)10.43%PIK07/2029804 793 —790 
Infinisource, Inc.*#One stopSF +4.50%(m)10.09%10/202627,517 27,273 1.127,517 

See Notes to Consolidated Financial Statements.
70
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Infinisource, Inc.+One stopSF +4.50%(m)10.09%10/2026$8,318 $8,267 0.3%$8,318 
Infinisource, Inc.+One stopSF +4.50%(m)10.09%10/20262,006 1,979 0.12,006 
Infinisource, Inc.+One stopSF +4.50%(m)10.09%10/2026301 299 —301 
Infinisource, Inc.+One stopSF +4.50%(m)10.09%10/2026213 212 —213 
Infinisource, Inc.+One stopSF +4.50%(m)10.09%10/2026104 104 —104 
Infinisource, Inc.+One stopSF +4.50%(l)10.06%10/202632 29 —32 
Infinisource, Inc.+(5)One stopSF +4.50%N/A(6)10/2026— (1)—— 
Infinisource, Inc.+One stopSF +4.50%(m)10.09%10/202685 77 —85 
Infinisource, Inc.+One stopSF +4.50%(m)10.09%10/2026484 481 —484 
Infinisource, Inc.+One stopSF +4.50%(m)10.09%10/2026285 278 —285 
Netwrix Corporation*+One stopSF +5.00%(l)(m)10.37%06/20294,196 4,168 0.24,112 
Netwrix Corporation+One stopSF +5.00%(m)10.47%06/202944 42 —40 
Netwrix Corporation+(5)One stopSF +5.00%N/A(6)06/2029— (6)—(24)
PCS Intermediate II Holdings, LLC#One stopSF +5.25%(l)10.77%01/202614,056 14,001 0.614,056 
PCS Intermediate II Holdings, LLC#One stopSF +5.25%(l)10.77%01/20262,029 2,019 0.12,029 
PCS Intermediate II Holdings, LLC+One stopSF +5.25%N/A(6)01/2026— — —— 
Recordxtechnologies, LLC#(23)One stopSF +6.50%(l)11.89%12/2025729 724 —714 
Recordxtechnologies, LLC+(23)One stopSF +6.50%(l)11.89%12/2025114 113 —112 
Recordxtechnologies, LLC+(23)One stopSF +6.50%(l)11.89%12/202562 61 —60 
Red Dawn SEI Buyer, Inc.+(8)(9)Senior securedSN +4.50%(i)9.69%11/202520,842 23,302 0.820,634 
Red Dawn SEI Buyer, Inc.+Senior securedSF +4.50%(l)9.99%11/20255,486 5,461 0.25,431 
Red Dawn SEI Buyer, Inc.+Senior securedSF +4.25%(l)9.74%11/2025729 726 —718 
Red Dawn SEI Buyer, Inc.+Senior securedSF +4.25%(l)9.74%11/2025130 129 —128 
Red Dawn SEI Buyer, Inc.+(5)Senior securedSF +4.50%N/A(6)11/2025— — —(1)
Red Dawn SEI Buyer, Inc.+Senior securedSF +4.25%(l)9.74%11/202513 13 —12 
Red Dawn SEI Buyer, Inc.+Senior securedSF +4.50%(l)9.99%11/2025318 317 —315 
ReliaQuest Holdings, LLC+One stopSF +10.75%(l)16.12%10/20261,098 1,083 0.11,098 
ReliaQuest Holdings, LLC+One stopSF +10.75%(l)16.12%10/2026266 266 —266 
ReliaQuest Holdings, LLC+One stopSF +10.75%(l)16.12%10/202682 81 —82 
Saturn Borrower Inc.+(23)One stopSF +6.50%(l)12.04%09/202619,897 19,596 0.719,101 
Saturn Borrower Inc.+One stopSF +6.50%(l)12.04%09/2026103 101 —99 
WPEngine, Inc.+One stopSF +6.50%(m)11.92%08/20293,522 3,453 0.13,469 
WPEngine, Inc.+(5)One stopSF +6.50%N/A(6)08/2029— (1)—(1)
Zarya Holdco, Inc.+One stopSF +6.50%(l)11.92%07/20274,777 4,777 0.24,777 
Zarya Holdco, Inc.+One stopSF +6.50%(l)11.91%07/202720 20 —20 
239,286 240,940 9.3236,027 


See Notes to Consolidated Financial Statements.
71
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Leisure Products
WBZ Investment LLC#+(23)One stopSF +6.50%(l)11.04% cash/1.00%PIK09/2024$8,425 $8,444 0.3%$8,425 
WBZ Investment LLC+(23)One stopSF +6.50%(l)11.04% cash/1.00%PIK09/20241,240 1,237 0.11,240 
WBZ Investment LLC+(23)One stopSF +6.50%(l)11.04% cash/1.00%PIK09/2024861 868 —861 
WBZ Investment LLC+(23)One stopSF +6.50%(l)11.04% cash/1.00%PIK09/2024449 452 —449 
WBZ Investment LLC+One stopSF +6.50%N/A(6)09/2024— — —— 
10,975 11,001 0.410,975 
Life Sciences Tools & Services
Celerion Buyer, Inc.*#One stopSF +6.50%(m)11.93%11/202921,380 20,918 0.921,380 
Celerion Buyer, Inc.+(5)One stopSF +6.50%N/A(6)11/2028— (1)—— 
Celerion Buyer, Inc.+(5)One stopSF +6.50%N/A(6)11/2029— (73)—— 
Covaris Intermediate 3, LLC+One stopSF +5.25%(l)10.79%01/20285,850 5,807 0.25,557 
Covaris Intermediate 3, LLC+(5)One stopSF +5.25%N/A(6)01/2028— — —(3)
Covaris Intermediate 3, LLC+One stopSF +5.25%(l)10.79%01/202839 37 —25 
PAS Parent Inc.*#+One stopSF +5.25%(k)10.68%12/202833,571 33,063 1.332,898 
PAS Parent Inc.+(5)One stopSF +5.25%N/A(6)12/2027— (7)—(7)
PAS Parent Inc.+(5)One stopSF +5.25%N/A(6)12/2028— (4)—(2)
Reaction Biology Corporation#One stopSF +5.25%(l)10.79%03/20297,943 7,880 0.37,546 
Reaction Biology Corporation+(5)One stopSF +5.25%N/A(6)03/2029— (2)—(10)
Reaction Biology Corporation+One stopSF +5.25%(l)10.79%03/202975 74 —68 
Reaction Biology Corporation+One stopSF +5.25%(m)10.87%03/2029182 180 —173 
Reaction Biology Corporation+One stopSF +5.25%(l)10.79%03/2029121 120 —115 
Unchained Labs, LLC+Senior securedSF +5.50%(k)10.87%08/2027989 982 —979 
Unchained Labs, LLC+Senior securedSF +5.50%(k)10.87%08/2027835 824 —827 
Unchained Labs, LLC+Senior securedSF +5.50%N/A(6)08/2027— — —— 
70,985 69,798 2.769,546 
Machinery
Bad Boy Mowers Acquisition, LLC+Senior securedSF +4.25%(k)9.68%03/20281,866 1,863 0.11,866 
Blackbird Purchaser, Inc.*+Senior securedSF +4.25%(k)9.67%04/202619,174 19,259 0.819,174 
Blackbird Purchaser, Inc.+Senior securedSF +4.25%N/A(6)10/2025— — —— 
Chase Industries, Inc.+(23)(24)Senior securedSF +7.00%(l)11.04% cash/1.50%PIK05/202512,059 12,059 0.411,004 
Chase Industries, Inc.+(23)(24)Senior securedSF +7.00%(l)11.04% cash/1.50%PIK05/2025985 985 —900 
Chase Industries, Inc.+(23)(24)Senior securedSF +7.00%(l)11.04% cash/1.50%PIK05/2025170 170 —138 
34,254 34,336 1.333,082 
Marine
Project Nike Purchaser, LLC+One stopSF +6.00%(l)11.39%04/202919,572 19,417 0.718,985 
Project Nike Purchaser, LLC+One stopSF +6.00%(l)11.39%04/202975 73 —68 
19,647 19,490 0.719,053 
Media
Triple Lift, Inc.+One stopSF +5.75%(l)11.30%05/20285,289 5,220 0.25,077 
Triple Lift, Inc.+One stopSF +5.75%(l)11.30%05/20281,122 1,105 —1,077 
Triple Lift, Inc.+One stopSF +5.75%(l)11.20%05/202827 26 —25 
6,438 6,351 0.26,179 
Multiline Retail
Mills Fleet Farm Group LLC*#+One stopSF +6.50%(l)12.02%10/202445,138 45,113 1.845,138 

See Notes to Consolidated Financial Statements.
72
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)One stopSF +6.50%(k)11.92%05/2025$20,210 $20,261 0.8%$20,210 
3ES Innovation, Inc.+(8)(12)One stopSF +6.50%(k)11.92%05/202580 79 —80 
Envernus, Inc.*#+Senior securedSF +4.25%(k)9.67%07/202538,453 38,575 1.538,259 
Envernus, Inc.+Senior securedSF +4.50%(k)9.92%07/202516,960 16,791 0.716,960 
Envernus, Inc.+Senior securedSF +4.50%(k)9.92%09/202666 61 —66 
Project Power Buyer, LLC*#+One stopSF +7.00%(l)12.39%05/202640,066 39,553 1.540,066 
Project Power Buyer, LLC+(5)One stopSF +7.00%N/A(6)05/2025— (1)—— 
115,835 115,319 4.5115,641 
Paper & Forest Products
Messenger, LLC#+One stopSF +5.75%(l)11.29%12/202710,074 10,001 0.49,670 
Messenger, LLC+One stopSF +5.75%(l)11.27%12/202799 98 —95 
Messenger, LLC+One stopSF +5.75%(l)11.29%12/202749 49 —47 
Messenger, LLC+One stopP + 4.75%(b)13.25%12/202721 21 —19 
10,243 10,169 0.49,831 
Personal Products
IMPLUS Footcare, LLC+(23)One stopSF +8.75%(l)13.30% cash/1.00%PIK07/202430,496 30,574 1.228,852 
IMPLUS Footcare, LLC+(23)One stopSF +8.75%(l)13.30% cash/1.00%PIK07/20245,208 5,222 0.24,927 
IMPLUS Footcare, LLC*+(23)One stopSF +8.75%(l)13.30% cash/1.00%PIK07/2024751 755 —710 
36,455 36,551 1.434,489 

See Notes to Consolidated Financial Statements.
73
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#One stopSF +5.50%(l)11.04%02/2026$25,232 $25,089 1.0%$23,970 
ACP Ulysses Buyer, Inc.*One stopSF +5.50%(l)11.04%02/20261,091 1,076 —1,036 
Amalthea Parent, Inc.*#+(8)(12)One stopSF +5.00%(k)10.43%03/202758,695 58,287 2.153,997 
Amalthea Parent, Inc.+(5)(8)(12)One stopSF +5.00%N/A(6)03/2027— (2)—(22)
Apothecary Products, LLC+Senior securedSF +6.50%(m)12.10%07/20252,632 2,608 0.12,632 
Apothecary Products, LLC+(5)Senior securedSF +6.50%N/A(6)07/2025— (7)—— 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.50%(l)10.89%05/202917,007 16,733 0.716,497 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.75%(k)11.07%05/202974 69 —68 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.75%(m)11.21%05/20291,148 1,117 —1,096 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.75%(l)11.14%05/20292,814 2,766 0.12,758 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.75%(m)11.21%05/2029182 177 —174 
Cobalt Buyer Sub, Inc.+One stopSF +6.00%(k)11.43%10/202810,520 10,370 0.410,310 
Cobalt Buyer Sub, Inc.+One stopSF +6.00%(k)11.43%10/202712 11 —10 
Cobalt Buyer Sub, Inc.+One stopSF +6.00%(k)11.43%10/20283,527 3,475 0.13,457 
Cobalt Buyer Sub, Inc.+One stopSF +6.00%(k)11.43%10/20282,658 2,570 0.12,604 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +4.75%(i)9.94%08/202823,923 26,689 0.922,129 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +4.75%(i)9.94%08/20282,537 2,505 0.12,347 
Spark Bidco Limited+(5)(8)(9)(10)Senior securedSN +4.75%N/A(6)02/2028— (2)—(6)
Spark Bidco Limited+(8)(9)(10)Senior securedSN +6.00%(i)11.19%08/20283,320 3,257 0.13,221 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +4.75%(i)9.94%08/20282,900 2,689 0.12,682 
Spark Bidco Limited+(8)(10)Senior securedSF +6.00%(l)11.39%08/20282,613 2,568 0.12,535 
160,885 162,045 5.9151,495 
Professional Services
ALKU Intermediate Holdings, LLC+One stopSF +6.25%(k)11.57%05/20294,444 4,382 0.24,389 
bswift, LLC+One stopSF +6.63%(l)11.91%11/20285,100 4,964 0.25,100 
Citrin Cooperman Advisors LLC+One stopSF +5.75%(l)11.14%10/20274,203 4,160 0.24,203 
Citrin Cooperman Advisors LLC+(5)One stopSF +6.25%N/A(6)10/2027— (9)—— 
Citrin Cooperman Advisors LLC+One stopSF +6.25%(m)11.70%10/20272,329 2,267 0.12,334 
DISA Holdings Corp.+Senior securedSF +5.50%(k)10.83%09/20283,477 3,419 0.13,477 
DISA Holdings Corp.+Senior securedSF +5.50%(k)10.83%09/20287 6 —7 
DISA Holdings Corp.+Senior securedSF +5.50%(k)10.83%09/2028220 215 —220 
DISA Holdings Corp.+One stopSF +5.50%(k)10.83%09/2028151 145 —151 
DISA Holdings Corp.+(23)Subordinated debtSF +10.00%(k)13.33% cash/2.00%PIK03/202951 49 —51 
Eliassen Group, LLC+One stopSF +5.50%(m)10.84%04/20281,430 1,419 0.11,430 
Eliassen Group, LLC+One stopSF +5.50%(k)(l)10.86%04/20289 9 —9 
Filevine, Inc.+(23)One stopSF +6.50%(l)(m)9.13% cash/2.50%PIK04/20275,400 5,347 0.25,454 
Filevine, Inc.+One stopSF +6.50%N/A(6)04/2027— — —— 
IG Investments Holdings, LLC+One stopSF +6.00%(k)(l)11.45%09/20286,468 6,380 0.36,468 
IG Investments Holdings, LLC+(5)One stopSF +6.00%N/A(6)09/2027— (1)—— 
IG Investments Holdings, LLC+One stopSF +6.00%(l)11.47%09/2028553 545 —553 
NBG Acquisition Corp. and NBG-P Acquisition Corp.#One stopSF +5.25%(l)10.77%11/20287,517 7,477 0.37,291 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)One stopSF +5.25%N/A(6)11/2028— (12)—— 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stopSF +5.25%(l)10.78%11/2028157 156 —150 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+(5)One stopSF +5.25%N/A(6)11/2028— (15)—— 
Net Health Acquisition Corp.+One stopSF +5.75%(k)11.17%12/202513,101 13,041 0.512,839 
Net Health Acquisition Corp.*#One stopSF +5.75%(k)11.17%12/20258,290 8,275 0.38,124 
Net Health Acquisition Corp.*One stopSF +5.75%(k)11.17%12/20256,637 6,662 0.36,504 

See Notes to Consolidated Financial Statements.
74
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Net Health Acquisition Corp.#One stopSF +5.75%(k)11.17%12/2025$4,194 $4,167 0.2%$4,110 
Net Health Acquisition Corp.*#One stopSF +5.75%(k)11.17%12/20251,159 1,156 —1,135 
Net Health Acquisition Corp.+One stopSF +5.75%(k)11.17%12/202586 86 —80 
PlanSource Holdings, Inc.+One stopSF +6.25%(m)11.90%04/202511,416 11,446 0.411,416 
PlanSource Holdings, Inc.+One stopSF +6.25%(m)11.90%04/20251,932 1,925 0.11,932 
PlanSource Holdings, Inc.+One stopSF +6.25%(m)11.90%04/2025139 138 —139 
PlanSource Holdings, Inc.+One stopSF +6.25%N/A(6)04/2025— — —— 
Procure Acquireco, Inc.#+One stopSF +5.00%(l)10.57%12/202817,456 17,326 0.717,456 
Procure Acquireco, Inc.+(5)One stopSF +5.00%N/A(6)12/2028— (1)—— 
Procure Acquireco, Inc.+(5)One stopSF +5.00%N/A(6)12/2028— (2)—— 
Teaching Company, The+One stopSF +5.75%(l)11.27%01/202613,791 13,791 0.513,791 
Teaching Company, The+One stopSF +5.75%(b)(l)11.76%01/202680 80 —80 
119,797 118,993 4.7 118,893 
%
Real Estate Management & Development
Inhabit IQ Inc.+One stopSF +5.50%(k)10.92%07/202521,533 21,433 0.821,533 
Inhabit IQ Inc.#+One stopSF +5.50%(k)10.92%07/202519,232 19,227 0.819,232 
Inhabit IQ Inc.+One stopSF +5.50%(k)10.92%07/202513,254 13,208 0.513,254 
Inhabit IQ Inc.*One stopSF +5.50%(k)10.92%07/202512,242 12,185 0.512,242 
Inhabit IQ Inc.*#One stopSF +5.50%(k)10.92%07/20256,450 6,453 0.36,450 
Inhabit IQ Inc.+One stopSF +5.50%(k)10.92%07/20253,143 3,167 0.13,143 
Inhabit IQ Inc.#+One stopSF +5.50%(k)10.92%07/20251,381 1,383 0.11,381 
Inhabit IQ Inc.#+One stopSF +5.50%(k)10.92%07/20251,169 1,171 0.11,169 
Inhabit IQ Inc.#+One stopSF +5.50%(k)10.92%07/20251,152 1,154 —1,152 
Inhabit IQ Inc.+One stopSF +5.50%(k)10.92%07/2025922 920 —922 
Inhabit IQ Inc.+One stopSF +5.50%(k)10.92%07/2025486 487 —486 
Inhabit IQ Inc.+One stopSF +5.50%(k)10.92%07/2025130 130 —130 
MRI Software LLC*+One stopSF +5.50%(l)10.99%02/202614,211 14,156 0.513,927 
MRI Software LLC+One stopSF +5.50%(l)10.99%02/20265,350 5,317 0.25,243 
MRI Software LLC+(5)One stopSF +5.50%N/A(6)02/2026— (1)—(5)
RPL Bidco Limited+(8)(9)(10)One stopSN +5.50%(i)10.69%08/202817,820 20,075 0.717,152 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.50%(f)9.63%08/20281,920 2,177 0.11,848 
RPL Bidco Limited+(5)(8)(9)(10)One stopSN +5.50%N/A(6)02/2028— — —(2)
RPL Bidco Limited+(8)(9)(10)One stopA + 6.75%(f)10.93%08/20287,910 8,138 0.37,949 
128,305 130,780 5.0 127,206 
Road & Rail
Channelside Acquisitona Co, Inc.+One stopSF +6.38%(k)11.79%07/20284,229 4,158 0.24,229 
Channelside Acquisitona Co, Inc.+(5)One stopSF +6.75%N/A(6)07/2026— (2)—— 
Channelside Acquisitona Co, Inc.+One stopSF +6.75%(k)12.08%07/20283,948 3,847 0.23,968 
Channelside Acquisitona Co, Inc.+(5)One stopSF +6.75%N/A(6)07/2028— (2)—— 
Internet Truckstop Group LLC*#One stopSF +5.00%(l)10.54%04/202521,118 21,278 0.821,118 
Internet Truckstop Group LLC+One stopSF +5.00%(l)10.54%04/20259,248 9,196 0.39,248 
Internet Truckstop Group LLC+(5)One stopSF +5.00%N/A(6)04/2025— (1)—— 
38,543 38,474 1.538,563 


See Notes to Consolidated Financial Statements.
75
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Anaplan, Inc.+One stopSF +6.50%(k)11.82%06/2029$9,840 $9,760 0.4%$9,840 
Anaplan, Inc.+(5)One stopSF +6.50%N/A(6)06/2028— (1)—— 
Appfire Technologies, LLC#+One stopSF +5.50%(l)11.06%03/202739,442 39,102 1.538,653 
Appfire Technologies, LLC+(5)One stopSF +5.50%N/A(6)03/2027— (2)—(5)
Appfire Technologies, LLC+(5)One stopSF +5.50%N/A(6)03/2027— (30)—(68)
Aras Corporation+(23)One stopSF +6.75%(l)8.95% cash/3.25%PIK04/202714,687 14,605 0.614,541 
Aras Corporation+One stopSF +6.50%(b)(l)12.14%04/202767 67 —66 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.00%(i)10.19%06/20293,496 3,420 0.13,321 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.00%(i)10.19%06/20291,824 1,734 0.11,733 
Arrow Buyer, Inc.+One stopSF +6.50%(l)11.89%06/203016,360 15,943 0.616,155 
Arrow Buyer, Inc.+(5)One stopSF +6.50%N/A(6)06/2030— (23)—(47)
Auvik Networks Inc.+(8)(12)(23)One stopSF +5.75%(l)8.52% cash/2.75%PIK07/20277,232 7,189 0.37,124 
Auvik Networks Inc.+(8)(12)(23)One stopSF +6.25%(l)8.52% cash/3.25%PIK07/20271,293 1,283 0.11,293 
Auvik Networks Inc.+(5)(8)(12)One stopSF +3.00%N/A(6)07/2027— — —(1)
Axiom Merger Sub Inc.+One stopL + 5.25%(a)10.60%04/20265,677 5,695 0.25,677 
Axiom Merger Sub Inc.+(8)(9)One stopE + 5.50%(d)(e)8.90%04/20262,215 2,347 0.12,215 
Axiom Merger Sub Inc.+One stopL + 5.25%(a)10.60%04/2026269 267 —269 
Axiom Merger Sub Inc.+One stopSF +5.25%(m)10.86%04/202639 38 —39 
Axiom Merger Sub Inc.+One stopSF +5.25%N/A(6)10/2025— — —— 
Bayshore Intermediate #2, L.P.+(23)One stopSF +7.50%(l)13.00%10/202873,822 72,859 2.973,822 
Bayshore Intermediate #2, L.P.+One stopSF +6.50%(l)11.87%10/202733 31 —33 
Bonterra LLC+One stopSF +7.25%(l)12.64%09/202765,427 64,789 2.563,465 
Bonterra LLC+(5)One stopSF +7.25%N/A(6)09/2027— (2)—(6)
Bonterra LLC+One stopSF +8.00%(l)13.39%09/20272,855 2,812 0.12,769 
Bottomline Technologies, Inc.+One stopSF +5.25%(k)10.57%05/202927,881 27,434 1.126,696 
Bottomline Technologies, Inc.+(5)One stopSF +5.00%N/A(6)05/2028— (3)—(7)
Bullhorn, Inc.*#+One stopSF +5.75%(l)11.24%09/202665,269 64,735 2.564,616 
Bullhorn, Inc.+(8)(9)One stopSN +6.00%(i)11.19%09/202611,553 11,556 0.411,438 
Bullhorn, Inc.+(8)(9)One stopE + 5.75%(d)9.69%09/20264,523 4,640 0.24,478 
Bullhorn, Inc.+One stopSF +5.75%(l)11.24%09/2026212 210 —209 
Bullhorn, Inc.+One stopSF +5.75%(l)11.24%09/202695 94 —94 
Bullhorn, Inc.+One stopSF +5.75%(l)11.24%09/202676 75 —75 
Bullhorn, Inc.+(5)One stopSF +5.75%N/A(6)09/2026— (2)—(2)
Burning Glass Intermediate Holdings Company, Inc.#+One stopSF +5.00%(k)10.42%06/20289,720 9,588 0.49,720 
Burning Glass Intermediate Holdings Company, Inc.+One stopSF +5.00%(k)10.42%06/202621 20 —21 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +7.25%(l)12.60%01/20295,437 5,291 0.25,437 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +7.25%(l)12.60%01/20291,438 1,399 0.11,438 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +7.25%N/A(6)01/2029— — —— 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)One stopSF +7.25%N/A(6)01/2029— (1)—— 
Calabrio, Inc.+One stopSF +7.13%(k)12.44%04/202753,683 53,207 2.153,683 
Calabrio, Inc.+One stopSF +7.13%(k)12.45%04/2027135 132 —135 
Camelia Bidco Limited+(8)(9)(10)One stopSN +6.25%(i)11.44%08/20303,125 3,193 0.13,078 
Camelia Bidco Limited+(8)(9)(10)One stopA + 6.25%(f)10.39%08/2030204 201 —201 
Camelia Bidco Limited+(5)(8)(9)(10)One stopSN +6.25%N/A(6)08/2030— (20)—(20)
Community Brands Parentco LLC+One stopSF +5.50%(l)11.02%02/202814,052 13,846 0.613,771 
Community Brands Parentco LLC+(5)One stopSF +5.50%N/A(6)02/2028— (1)—(1)

See Notes to Consolidated Financial Statements.
76
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Community Brands Parentco LLC+(5)One stopSF +5.50%N/A(6)02/2028$— $(1)—%$(2)
Coupa Holdings, LLC+One stopSF +7.50%(k)12.82%02/203022,905 22,382 0.922,332 
Coupa Holdings, LLC+(5)One stopSF +7.50%N/A(6)02/2029— (1)—(1)
Coupa Holdings, LLC+(5)One stopSF +7.50%N/A(6)02/2030— (23)—(51)
Daxko Acquisition Corporation+One stopSF +5.50%(k)10.92%10/202827,431 27,233 1.026,334 
Daxko Acquisition Corporation+One stopSF +5.50%(k)10.92%10/20282,313 2,289 0.12,221 
Daxko Acquisition Corporation+One stopP + 4.50%(b)13.00%10/202722 21 —17 
Daxko Acquisition Corporation+(5)One stopSF +5.50%N/A(6)10/2028— (8)—(44)
Denali Bidco Limited+(8)(9)(10)One stopSN +6.00%(i)11.19%08/20302,917 2,948 0.12,844 
Denali Bidco Limited+(8)(9)(10)One stopE + 6.00%(c)9.86%08/2030732 735 —714 
Denali Bidco Limited+(5)(8)(9)(10)One stopSN +6.00%N/A(6)08/2030— (13)—(13)
Diligent Corporation*#+One stopSF +6.25%(l)11.77%08/202585,408 85,363 3.384,553 
Diligent Corporation+One stopSF +5.75%(l)11.27%08/20255,904 5,879 0.25,800 
Diligent Corporation+One stopSF +6.25%(l)11.77%08/2025133 133 —130 
Dragon UK Bidco Limited+(8)(9)(10)One stopSN +5.75%(i)10.94%02/202914,139 15,100 0.613,715 
Dragon UK Bidco Limited+(8)(9)(10)One stopC + 5.75%(h)11.26%02/2029282 294 —274 
Dragon UK Bidco Limited+(5)(8)(9)(10)One stopSN +5.75%N/A(6)02/2029— — —(3)
Evergreen IX Borrower 2023, LLC+One stopSF +6.00%(l)11.39%09/20304,506 4,393 0.24,393 
Evergreen IX Borrower 2023, LLC+(5)One stopSF +6.00%N/A(6)10/2029— (12)—(12)
FirstUp, Inc.+(23)One stopSF +6.75%(l)8.64% cash/3.50%PIK07/20279,236 9,160 0.49,120 
FirstUp, Inc.+(5)(23)One stopSF +7.50%N/A(6)07/2027— (1)—(1)
FirstUp, Inc.+(23)One stopSF +7.50%(l)8.64% cash/4.25%PIK07/2027876 863 —865 
Gainsight, Inc.+(23)One stopSF +6.75%(l)12.27%PIK07/202711,106 11,001 0.410,995 
Gainsight, Inc.+(23)One stopSF +6.75%(l)12.27%PIK07/202756 55 —55 
GS Acquisitionco, Inc.*#+One stopSF +5.75%(l)11.29%05/202683,759 83,809 3.382,920 
GS Acquisitionco, Inc.+(5)One stopSF +5.75%N/A(6)05/2026— — —(2)
GTIV, LLC+One stopSF +5.25%(k)10.67%02/202973,471 72,908 2.973,471 
GTIV, LLC+(5)One stopSF +5.25%N/A(6)02/2029— (2)—— 
GTY Technology Holdings, Inc.+(23)One stopSF +6.87%(l)7.97% cash/4.30%PIK07/20293,237 3,187 0.13,205 
GTY Technology Holdings, Inc.+(5)One stopSF +6.25%N/A(6)07/2029— (2)—(1)
GTY Technology Holdings, Inc.+(23)One stopSF +6.88%(l)7.97% cash/4.30%PIK07/20292,114 2,076 0.12,093 
GTY Technology Holdings, Inc.+(23)One stopSF +6.88%(l)7.97% cash/4.30%PIK07/2029387 384 —384 
Hyland Software, Inc.+One stopSF +6.00%(k)11.32%09/20304,950 4,876 0.24,876 
Hyland Software, Inc.+(5)One stopSF +6.00%N/A(6)09/2029— (1)—(1)
ICIMS, Inc.+(23)One stopSF +7.25%(l)8.76% cash/3.88%PIK08/20288,009 7,899 0.37,849 
ICIMS, Inc.+One stopSF +6.75%(l)12.14%08/202827 26 —24 
ICIMS, Inc.+(5)One stopSF +7.25%N/A(6)08/2028— — —(37)
IQN Holding Corp. #+One stopSF +5.25%(l)10.67%05/202914,613 14,497 0.614,321 
IQN Holding Corp. +(5)One stopSF +5.25%N/A(6)05/2028— (1)—(2)
IQN Holding Corp. +(5)One stopSF +5.25%N/A(6)05/2029— (25)—(3)
Island Bidco AB+(8)(9)(17)(23)One stopE + 7.25%(e)3.93% cash/7.25%PIK07/20286,275 6,149 0.26,275 
Island Bidco AB+(8)(17)(23)One stopSF +7.00%(m)8.84% cash/3.50%PIK07/20283,051 3,028 0.13,051 
Island Bidco AB+(8)(17)One stopSF +6.50%N/A(6)07/2028— — —— 
Island Bidco AB+(5)(8)(9)(17)One stopE + 6.50%N/A(6)07/2028— (1)—— 
Juvare, LLC*One stopSF +6.25%(l)11.82%10/20267,526 7,478 0.37,150 
Juvare, LLC+One stopSF +6.25%(l)11.82%10/20261,737 1,726 0.11,650 
Juvare, LLC+One stopSF +6.25%(l)11.82%10/2026548 540 —541 
Juvare, LLC+One stopSF +6.25%(b)(l)12.01%04/202650 50 —48 
Kaseya Inc.+(23)One stopSF +6.25%(l)9.12% cash/2.50%PIK06/20299,197 9,084 0.49,105 

See Notes to Consolidated Financial Statements.
77
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Kaseya Inc.+(23)One stopSF +6.25%(k)9.07% cash/2.50%PIK06/2029$68 $65 —%$65 
Kaseya Inc.+(23)One stopSF +6.25%(l)9.12% cash/2.50%PIK06/202934 29 —28 
LeadsOnline, LLC+One stopSF +6.25%(k)11.58%02/20284,208 4,104 0.24,102 
LeadsOnline, LLC+One stopSF +6.25%(k)11.58%02/2028743 724 —724 
LeadsOnline, LLC+(5)One stopSF +6.25%N/A(6)02/2028— (1)—(1)
Mindbody, Inc.+One stopSF +7.00%(l)12.52%02/202549,911 50,159 2.049,911 
Mindbody, Inc.+One stopSF +7.00%(l)12.52%02/20253,929 3,906 0.23,929 
Mindbody, Inc.+One stopSF +7.00%N/A(6)02/2025— — —— 
Ministry Brands Holdings LLC+One stopSF +5.50%(k)10.92%12/202821,760 21,597 0.820,890 
Ministry Brands Holdings LLC+One stopSF +5.50%(k)10.92%12/202781 80 —75 
Ministry Brands Holdings LLC+One stopSF +5.50%(k)(l)10.99%12/202896 91 —72 
Neo Bidco GMBH+(8)(9)(13)(23)One stopE + 6.00%(e)9.95%07/20286,913 7,640 0.36,913 
Neo Bidco GMBH+(8)(13)One stopSF +6.00%N/A(6)01/2028— — —— 
Neo Bidco GMBH+(8)(9)(13)One stopE + 6.00%(d)(e)9.95%01/202863 66 —63 
Naviga Inc.+Senior securedSF +7.00%(l)12.49%12/2023109 108 —109 
Panzura, LLC+(23)One stopN/A2.00% cash/13.00%PIK08/202750 44 —44 
PDI TA Holdings, Inc.+One stopSF +4.50%(l)9.98%10/20248,323 8,282 0.38,323 
PDI TA Holdings, Inc.+Second lienSF +8.50%(l)14.03%10/20253,424 3,391 0.13,424 
PDI TA Holdings, Inc.+One stopSF +4.50%(l)9.98%10/20241,107 1,105 —1,107 
PDI TA Holdings, Inc.+One stopSF +4.50%(l)9.98%10/2024683 680 —683 
PDI TA Holdings, Inc.+Second lienSF +8.71%(l)14.24%10/2025640 638 —640 
PDI TA Holdings, Inc.+Second lienSF +8.53%(l)14.06%10/2025377 375 —377 
PDI TA Holdings, Inc.+(8)(9)One stopSN +4.50%(i)9.81%10/202484 93 —84 
PDI TA Holdings, Inc.+One stopSF +4.50%(l)9.98%10/2024148 148 —148 
PDI TA Holdings, Inc.+Second lienSF +8.50%(l)14.03%10/20253,333 3,270 0.13,333 
Personify, Inc.*#+One stopSF +5.25%(l)10.64%09/202413,084 13,146 0.513,084 
Personify, Inc.#One stopSF +5.25%(l)10.64%09/20248,083 8,060 0.38,083 
Personify, Inc.+One stopSF +5.25%N/A(6)09/2024— — —— 
PING Identity Holding Corp.+One stopSF +7.00%(k)12.32%10/20299,953 9,824 0.49,953 
PING Identity Holding Corp.+(5)One stopSF +7.00%N/A(6)10/2028— (1)—— 
Pluralsight, LLC+One stopSF +8.00%(l)13.45%04/202723,748 23,582 0.923,511 
Pluralsight, LLC+One stopSF +8.00%(l)13.47%04/202763 62 —62 
ProcessUnity Holdings, LLC+One stopSF +6.75%(k)12.07%09/20284,221 4,190 0.24,221 
ProcessUnity Holdings, LLC+(5)One stopSF +6.75%N/A(6)09/2028— (1)—— 
ProcessUnity Holdings, LLC+One stopSF +6.75%(l)12.14%09/2028844 838 —844 
ProcessUnity Holdings, LLC+One stopSF +6.75%(l)12.14%09/20281,996 1,968 0.11,996 
Pyramid Healthcare Acquisition Corp.#+One stopSF +4.75%(l)10.27%05/202718,186 18,077 0.718,186 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.32%05/2027864 859 —864 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.27%05/2027534 531 —534 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.27%05/2027178 176 —178 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.27%05/2027156 155 —156 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.27%05/2027146 145 —146 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.32%05/2027146 145 —146 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.27%05/20271,880 1,857 0.11,880 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.27%05/202758 57 —58 
Pyramid Healthcare Acquisition Corp.+(5)One stopSF +4.75%N/A(6)05/2027— (1)—— 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.30%05/20271,571 1,562 0.11,571 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(l)10.28%05/2027791 786 —791 
QAD, Inc.+One stopSF +5.38%(k)10.69%11/20279,393 9,329 0.49,393 
QAD, Inc.+(5)One stopSF +5.38%N/A(6)11/2027— (3)—— 
Quant Buyer, Inc.+One stopSF +6.00%(m)11.30%06/20292,466 2,446 0.12,411 

See Notes to Consolidated Financial Statements.
78
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Quant Buyer, Inc.+One stopSF +6.00%(m)11.30%06/2029$2,928 $2,904 0.1%$2,862 
Quant Buyer, Inc.+(5)One stopSF +6.00%N/A(6)06/2029— (1)—(3)
Quant Buyer, Inc.+One stopSF +6.00%(m)11.30%06/20292,006 1,990 0.11,961 
Quant Buyer, Inc.+(5)One stopSF +6.50%N/A(6)06/2029— (74)—— 
Rainforest Bidco Limited+(8)(9)(10)(23)One stopSN +5.50%(i)8.69% cash/2.00%PIK07/20297,352 7,015 0.37,022 
Rainforest Bidco Limited+(8)(9)(10)(23)One stopSN +5.50%(i)8.69% cash/2.00%PIK07/2029540 516 —516 
Rainforest Bidco Limited+(8)(10)(23)One stopSF +5.50%(j)8.80% cash/2.00%PIK07/20291,423 1,407 0.11,356 
Rainforest Bidco Limited+(5)(8)(9)(10)One stopSN +6.50%N/A(6)07/2029— (64)—(64)
RegEd Aquireco, LLC+Senior securedSF +4.25%(k)(m)9.86%12/202411,067 11,071 0.410,514 
RegEd Aquireco, LLC+Senior securedSF +4.25%(l)(m)9.94%12/2024236 236 —224 
Riskonnect Parent, LLC*+One stopSF +5.50%(l)11.04%12/202810,102 10,027 0.49,900 
Riskonnect Parent, LLC+One stopSF +5.50%(l)11.04%12/2028140 138 —133 
Riskonnect Parent, LLC+(5)One stopSF +5.50%N/A(6)12/2028— (5)—(13)
Rodeo Buyer Company & Absorb Software Inc.+One stopSF +6.25%(k)11.67%05/20274,541 4,514 0.24,541 
Rodeo Buyer Company & Absorb Software Inc.+One stopSF +6.25%(k)11.67%05/202727 26 —27 
SailPoint Technologies Holdings, Inc.+One stopSF +6.25%(k)11.58%08/20299,827 9,661 0.49,729 
SailPoint Technologies Holdings, Inc.+(5)One stopSF +6.25%N/A(6)08/2028— (1)—(2)
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.75%(d)9.41%07/202932,488 30,455 1.332,488 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.75%N/A(6)07/2029— — —— 
Sonatype, Inc.+One stopSF +6.75%(k)12.18%12/202540,459 40,288 1.640,459 
Sonatype, Inc.+One stopSF +6.75%(k)12.18%12/2025851 847 —851 
Sonatype, Inc.+(5)One stopSF +6.75%N/A(6)12/2025— (1)—— 
Spartan Buyer Acquisition Co.*#+(23)One stopSF +8.50%(k)11.82% cash/2.00%PIK12/202631,705 31,376 1.230,754 
Spartan Buyer Acquisition Co.+(23)One stopSF +8.50%(k)11.82% cash/2.00%PIK12/20262,015 1,983 0.11,955 
Spartan Buyer Acquisition Co.+(5)(23)One stopP + 7.50%(b)14.00% cash/2.00%PIK12/20261 (1)—(1)
Tahoe Bidco B.V. +(8)(14)One stopSF +6.00%(k)11.42%09/202812,058 11,972 0.511,696 
Tahoe Bidco B.V. +(5)(8)(14)One stopSF +6.00%N/A(6)10/2027— (1)—(2)
Telesoft Holdings LLC+One stopSF +5.75%(k)11.17%12/2025877 870 —864 
Telesoft Holdings LLC+One stopSF +5.75%(k)11.17%12/20258 8 —7 
Telesoft Holdings LLC+One stopSF +6.25%(k)11.67%08/202864 64 —64 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%(m)11.68%07/20283,171 3,103 0.13,171 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%N/A(6)07/2028— — —— 
Templafy APS and Templafy, LLC+(5)(8)(18)One stopSF +6.00%N/A(6)07/2028— (14)—— 
TI Intermediate Holdings, LLC+Senior securedL + 4.50%(a)9.87%12/20243,409 3,423 0.13,341 
TI Intermediate Holdings, LLC+Senior securedL + 4.25%(a)9.62%12/2024901 894 —883 
TI Intermediate Holdings, LLC+Senior securedL + 4.25%(a)(b)9.63%12/2024425 422 —416 
TI Intermediate Holdings, LLC+Senior securedL + 4.50%(a)(m)9.91%12/2024565 562 —554 
TI Intermediate Holdings, LLC+Senior securedL + 4.50%(a)9.87%12/2024156 155 —153 
TI Intermediate Holdings, LLC+(5)Senior securedSF +4.50%N/A(6)12/2024— — —(2)
Togetherwork Holdings, LLC*#One stopSF +6.00%(k)11.42%03/202515,085 15,118 0.615,085 
Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/20256,823 6,774 0.36,823 
Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/20254,139 4,121 0.24,139 
Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/20251,748 1,767 0.11,748 
Togetherwork Holdings, LLC#+One stopSF +6.00%(k)11.42%03/20251,697 1,714 0.11,697 
Togetherwork Holdings, LLC*#One stopSF +6.00%(k)11.42%03/20251,654 1,671 0.11,654 
Togetherwork Holdings, LLC#+One stopSF +6.00%(k)11.42%03/20251,598 1,608 0.11,598 
Togetherwork Holdings, LLC*+One stopSF +6.00%(k)11.42%03/20251,539 1,556 0.11,539 
Togetherwork Holdings, LLC#+One stopSF +6.00%(k)11.42%03/20251,436 1,450 0.11,436 
Togetherwork Holdings, LLC*#One stopSF +6.00%(k)11.42%03/20251,175 1,181 —1,175 
Togetherwork Holdings, LLC#+One stopSF +6.00%(k)11.42%03/2025647 654 —647 

See Notes to Consolidated Financial Statements.
79
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/2025$448 $446 —%$448 
Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/2025434 432 —434 
Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/2025250 249 —250 
Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/202562 63 —62 
Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/202557 58 —57 
Togetherwork Holdings, LLC+(5)One stopSF +6.00%N/A(6)03/2025— (2)—— 
Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/20251,326 1,318 0.11,326 
Togetherwork Holdings, LLC+One stopSF +6.00%(k)11.42%03/20255,954 5,880 0.25,954 
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)One stopN/A4.50% cash/8.38%PIK05/20248,587 8,980 0.37,986 
Vector CS Midco Limited & Cloudsense Ltd.+(8)(9)(10)(23)One stopN/A4.50% cash/8.38%PIK05/2024140 150 —130 
Vendavo, Inc.*#+One stopSF +5.75%(l)11.25%09/202719,413 19,300 0.718,442 
Vendavo, Inc.+One stopP + 4.75%(b)13.25%09/202785 84 —78 
WebPT, Inc.+One stopSF +6.75%(l)12.27%01/2028626 619 —620 
Workforce Software, LLC+(23)One stopSF +7.25%(l)9.82% cash/3.00%PIK07/202529,044 29,280 1.128,754 
Workforce Software, LLC+(23)One stopSF +7.25%(l)9.82% cash/3.00%PIK07/20255,140 5,119 0.25,088 
Workforce Software, LLC+(23)One stopSF +7.25%(l)9.82% cash/3.00%PIK07/20253,640 3,605 0.13,604 
Workforce Software, LLC+(5)One stopSF +6.50%N/A(6)07/2025— (1)—(2)
Workforce Software, LLC+(23)One stopSF +7.25%(l)9.82% cash/3.00%PIK07/2025107 106 —106 
Zendesk, Inc.+(23)One stopSF +6.75%(l)8.90% cash/3.25%PIK11/202820,311 19,969 0.820,311 
Zendesk, Inc.+(5)One stopSF +6.50%N/A(6)11/2028— (1)—— 
Zendesk, Inc.+(5)One stopSF +6.50%N/A(6)11/2028— (43)—— 
1,365,871 1,356,325 52.91,347,754 


See Notes to Consolidated Financial Statements.
80
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
Ave Holdings III, Corp*+One stopSF +5.50%(l)11.04%02/2028$25,635 $25,256 1.0%$24,866 
Ave Holdings III, Corp+(5)One stopSF +5.50%N/A(6)02/2028— (2)—(4)
Ave Holdings III, Corp+One stopSF +5.50%(l)11.04%02/202857 49 —36 
Ave Holdings III, Corp+One stopSF +5.50%(l)11.04%02/2028460 456 —446 
Consilio Midco Limited+(8)(10)One stopSF +5.75%(l)11.29%05/202811,421 11,268 0.511,307 
Consilio Midco Limited#(8)(10)One stopSF +5.75%(l)11.29%05/20289,875 9,799 0.49,776 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(d)10.20%05/20288,908 9,416 0.38,819 
Consilio Midco Limited#(8)(10)One stopSF +5.75%(l)11.29%05/20282,136 2,108 0.12,115 
Consilio Midco Limited#(8)(10)One stopSF +5.75%(l)11.29%05/20281,421 1,409 0.11,406 
Consilio Midco Limited+(8)(10)One stopSF +5.75%(l)11.29%05/2028726 712 —719 
Consilio Midco Limited+(8)(10)One stopSF +5.75%(l)11.29%05/2028100 99 —99 
Consilio Midco Limited+(5)(8)(9)(10)One stopE + 6.25%N/A(6)05/2028— (2)—(1)
Consilio Midco Limited+(8)(10)One stopSF +5.75%(l)11.29%05/20288 8 —8 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(d)10.20%05/20287 7 —7 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(d)10.20%05/202864 64 —64 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(d)10.20%05/202815 15 —15 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(d)10.20%05/202828 28 —28 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(d)10.20%05/202817 18 —17 
Cycle Gear, Inc.*#+One stopSF +5.50%(l)11.04%01/202646,953 46,848 1.744,135 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/202421,847 21,796 0.820,827 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20243,796 3,786 0.23,618 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20242,889 2,950 0.12,754 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20243,156 3,149 0.13,009 
Imperial Optical Midco Inc.+(23)One stopSF +13.00%(l)8.02% cash/10.50%PIK05/20243,851 3,796 0.23,845 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20245,593 5,699 0.25,332 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/202437,604 37,739 1.435,849 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20245,079 5,067 0.24,842 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/2024134 133 —128 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/202479 79 —76 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20242,539 2,533 0.12,420 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/202442 41 —40 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/2024524 523 —500 
Imperial Optical Midco Inc.+(23)One stopSF +8.75%(l)6.52% cash/7.75%PIK05/20241,256 1,253 0.11,198 
Imperial Optical Midco Inc.+One stopSF +13.00%N/A(6)05/2024— — —231 
PPV Intermediate Holdings, LLC#+One stopSF +5.75%(l)11.17%08/20299,613 9,470 0.49,469 
PPV Intermediate Holdings, LLC+(23)One stopN/A13.50%PIK08/20301,046 1,026 —983 
PPV Intermediate Holdings, LLC+(5)One stopSF +5.75%N/A(6)08/2029— (7)—(6)
PPV Intermediate Holdings, LLC+(23)One stopN/A13.50%PIK08/203044 40 —41 
PPV Intermediate Holdings, LLC+(23)One stopN/A13.50%PIK08/2030242 239 —227 
PPV Intermediate Holdings, LLC+(23)One stopN/A13.50%PIK08/203044 44 —42 
PPV Intermediate Holdings, LLC+(23)One stopN/A14.25%PIK08/20302,743 2,663 0.12,660 
Salon Lofts Group, LLC+Senior securedSF +6.25%(m)11.59%08/20283,540 3,511 0.23,505 
Salon Lofts Group, LLC+Senior securedSF +6.25%(m)11.60%08/202875 73 —73 
Salon Lofts Group, LLC+(5)Senior securedSF +6.25%N/A(6)08/2028— (8)—(10)
Salon Lofts Group, LLC+Senior securedSF +6.25%(l)11.64%08/202858 57 —57 
Salon Lofts Group, LLC+Senior securedSF +6.25%(m)11.59%08/2028231 229 —229 

See Notes to Consolidated Financial Statements.
81
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Salon Lofts Group, LLC+Senior securedSF +6.25%(l)11.64%08/2028$183 $182 —%$181 
Salon Lofts Group, LLC+Senior securedSF +6.25%(l)11.64%08/202876 76 —76 
Salon Lofts Group, LLC+Second lienSF +9.00%(m)14.45%09/2029902 830 —848 
Salon Lofts Group, LLC+Senior securedSF +6.25%(m)11.68%08/2028239 237 —236 
Salon Lofts Group, LLC+Senior securedSF +6.25%(m)11.63%08/202854 53 —53 
Salon Lofts Group, LLC+(5)Senior securedSF +6.25%N/A(6)08/2028— (6)—(6)
SureWerx Purchaser III, Inc.+(8)One stopSF +6.75%(l)12.14%12/202920,594 20,134 0.820,594 
SureWerx Purchaser III, Inc.+(8)One stopSF +6.75%(k)(l)12.07%12/202829 28 —29 
SureWerx Purchaser III, Inc.+(5)(8)One stopSF +6.75%N/A(6)12/2029— (57)—— 
Titan Fitness, LLC*#+(23)One stopSF +6.75%(k)(l)(m)10.45% cash/2.00%PIK02/202531,131 31,236 1.128,639 
Titan Fitness, LLC+(23)One stopL + 6.75%(a)10.00% cash/2.00%PIK02/20251,939 1,932 0.11,784 
Titan Fitness, LLC+(23)One stopL + 6.75%(a)10.00% cash/2.00%PIK02/2025500 499 —458 
Vermont Aus Pty Ltd+(8)(11)One stopSF +5.50%(l)11.04%03/20288,258 8,165 0.38,258 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(f)9.94%03/20287,244 8,312 0.37,244 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.50%(m)11.40%04/20288,225 8,132 0.37,896 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.50%(b)(l)11.34%04/202810 9 —6 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.50%(m)11.31%04/2028106 102 —101 
293,346 293,301 11.1 282,194 

See Notes to Consolidated Financial Statements.
82
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+(23)One stopSF +6.75%(l)11.54% cash/0.75%PIK12/2024$22,200 $22,200 0.9%$22,375 
Agility Recovery Solutions Inc.+(23)One stopP + 5.50%(b)(l)12.47% cash/0.75%PIK12/2024742 742 —752 
22,942 22,942 0.923,127 
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)One stopL + 6.00%(a)11.90%03/20281,954 1,936 0.11,856 
Dollfus Mieg Company, Inc.+(8)(10)One stopL + 6.00%(a)11.90%03/2028974 965 —925 
Dollfus Mieg Company, Inc.+(8)(10)One stopL + 6.00%(a)11.90%03/2028855 848 —813 
Dollfus Mieg Company, Inc.+(8)(9)(10)One stopE + 6.00%N/A(6)03/2028— — —— 
Elite Sportswear, L.P.+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/20259,976 9,898 0.49,577 
Elite Sportswear, L.P.+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/20254,009 3,978 0.23,848 
Elite Sportswear, L.P.+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/20252,063 2,047 0.11,981 
Elite Sportswear, L.P.+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/2025113 105 —70 
Elite Sportswear, L.P.*+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/2025684 680 —657 
Elite Sportswear, L.P.+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/2025314 311 —301 
Elite Sportswear, L.P.*+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/2025300 297 —288 
Elite Sportswear, L.P.+(23)Senior securedSF +7.75%(l)11.90% cash/1.50%PIK09/20254 4 —2 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(l)11.04%11/20239,512 9,504 0.49,538 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(l)11.04%11/20236,440 6,434 0.36,458 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(l)11.04%11/2023997 996 —999 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(l)11.04%11/2023895 895 —898 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(l)11.04%11/2023628 628 —630 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(l)11.04%11/20232 2 —2 
SHO Holding I Corporation+Senior securedSF +5.25%(l)10.88%04/20243,918 3,920 0.23,644 
SHO Holding I Corporation+Senior securedSF +5.23%(l)10.86%04/202456 56 —52 
SHO Holding I Corporation+Senior securedSF +5.00%(l)10.61%04/202484 84 —78 
SHO Holding I Corporation+Senior securedSF +4.00%(l)9.63%04/202450 50 —50 
SHO Holding I Corporation+Senior securedSF +4.00%(l)9.65%04/2024— — —— 
SHO Holding I Corporation+Senior securedSF +5.23%(l)10.83%04/2024— — —— 
43,828 43,638 1.742,667 
Trading Companies and Distributors
Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(l)11.79%06/202818,924 18,668 0.717,789 
Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(l)11.79%06/202815,093 14,871 0.614,187 
Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(l)11.81%06/2028451 444 —424 
Marcone Yellowstone Buyer Inc.+One stopSF +6.25%(l)11.79%06/2028453 447 —426 
Marcone Yellowstone Buyer Inc.+One stopSF +6.50%(l)12.04%06/20284,113 4,009 0.23,908 
Marcone Yellowstone Buyer Inc.+(5)One stopSF +6.50%N/A(6)06/2028— (36)—— 
39,034 38,403 1.536,734 
Water Utilities
S.J. Electro Systems, LLC+Senior securedSF +4.75%(l)10.27%06/202716,836 16,732 0.615,995 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(l)10.27%06/202758 57 —51 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(l)10.27%06/202779 79 —75 
Vessco Midco Holdings, LLC+Senior securedSF +4.50%(a)(m)10.04%11/20262,101 2,082 0.12,101 
Vessco Midco Holdings, LLC+(5)Senior securedSF +4.00%N/A(6)11/2026— (6)—— 
Vessco Midco Holdings, LLC+Senior securedSF +4.50%(k)9.92%11/2026206 204 —206 
Vessco Midco Holdings, LLC+Senior securedSF +4.50%N/A(6)10/2026— — —— 
19,280 19,148 0.7 18,428 
Total non-controlled/non-affiliate company debt investments5,236,123 5,214,755 201.45,132,167 



See Notes to Consolidated Financial Statements.
83
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments (19)(20)
Aerospace and Defense
PPW Aero Buyer, Inc.+LP unitsN/AN/AN/A66 $664 —%$694 
Tronair Parent, Inc.+LLC unitsN/AN/AN/A— 40 —38 
704 —732 
Auto Components
Polk Acquisition Corp.+LP interestN/AN/AN/A5 314 —— 
Automobiles
CG Group Holdings, LLC+LP unitsN/AN/AN/A1 730 —487 
Go Car Wash Parent, Corp.+(21)Preferred stockN/A17.00%Non-CashN/A— 88 —92 
Go Car Wash Parent, Corp.+Common stockN/AN/AN/A— 50 —40 
MOP GM Holding, LLC+LP unitsN/AN/AN/A— 330 —357 
National Express Wash Parent Holdco, LLC+LP unitsN/AN/AN/A1 61 —70 
POY Holdings, LLC+LLC unitsN/AN/AN/A141 141 —354 
Quick Quack Car Wash Holdings, LLCLLC interestN/AN/AN/A— 508 0.1728 
1,908 0.12,128 
Biotechnology
Cobepa BlueSky Aggregator, SCSp+LP interestN/AN/AN/A177 1,769 0.11,315 
Building Products
BECO Holding Company, Inc.+(21)Preferred stockN/A11.75%Non-CashN/A10 1,086 0.11,163 
BECO Holding Company, Inc.+LP interestN/AN/AN/A2 196 —201 
1,282 0.1 1,364 
Chemicals
Inhance Technologies Holdings LLC+Preferred stockN/AN/AN/A2 1,960 0.11,785 
Inhance Technologies Holdings LLC+LLC unitsN/AN/AN/A— 124 —40 
2,084 0.1 1,825 
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+LP interestN/AN/AN/A540 540 —625 
EGD Security Systems, LLC +Common stockN/AN/AN/A855 578 0.11,224 
Franchise Brands plc+(8)(9)(10)(22)Common stockN/AN/AN/A51 113 —100 
North Haven Stack Buyer, LLCLLC unitsN/AN/AN/A359 360 —515 
PT Intermediate Holdings III, LLC+(21)LLC unitsN/AN/AN/A8 767 —898 
Radwell Parent, LLC+(21)LP unitsN/AN/AN/A2 233 —293 
2,591 0.1 3,655 
Containers and Packaging
Chase Intermediate+LP unitsN/AN/AN/A49 25 — 56 

See Notes to Consolidated Financial Statements.
84
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Consumer Services
CHHJ Midco, LLC+(21)LLC unitsN/AN/AN/A19 $193 —%$302 
DP Flores Holdings, LLC+LLC unitsN/AN/AN/A70 70 —79 
EMS LINQ, LLC+LP interestN/AN/AN/A525 525 —408 
EWC Growth Partners LLC+LLC interestN/AN/AN/A— 12 —2 
HS Spa Holdings, Inc.+Common stockN/AN/AN/A479 479 —496 
Liminex, Inc.+Common stockN/AN/AN/A12 434 0.1699 
NSG Buyer, Inc. +(8)LP unitsN/AN/AN/A2 1,860 0.11,812 
PADI Holdco, Inc.+LLC interestN/AN/AN/A1 987 —755 
4,560 0.2 4,553 
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+Preferred stockN/AN/AN/A— 372 —97 
Inventus Power, Inc.+LLC unitsN/AN/AN/A— 88 —276 
Inventus Power, Inc.+LP interestN/AN/AN/A— 20 —61 
Inventus Power, Inc.+Common stockN/AN/AN/A— — —— 
480 —434 


See Notes to Consolidated Financial Statements.
85
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Benihana, Inc.+LLC unitsN/AN/AN/A43 $699 —%$896 
Cafe Rio Holding, Inc.+Common stockN/AN/AN/A5 604 —987 
Hopdoddy Holdings, LLC+LLC unitsN/AN/AN/A44 217 —5 
Hopdoddy Holdings, LLC+LLC unitsN/AN/AN/A20 61 —1 
Mendocino Farms, LLC+Common stockN/AN/AN/A168 770 0.11,535 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/AN/A32 389 —183 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/AN/A2 20 —33 
2,760 0.13,640 
Food Products
Borrower R365 Holdings, LLC+Preferred stockN/AN/AN/A77 102 —173 
Borrower R365 Holdings, LLC+LLC unitsN/AN/AN/A3 5 —7 
Borrower R365 Holdings, LLC+Common stockN/AN/AN/A1 2 —2 
Borrower R365 Holdings, LLC+Preferred stockN/AN/AN/A1 2 —3 
Borrower R365 Holdings, LLC+Preferred stockN/AN/AN/A4 9 —9 
Borrower R365 Holdings, LLC+Preferred stockN/AN/AN/A1 2 —2 
Borrower R365 Holdings, LLC+LP unitsN/AN/AN/A— 1 —1 
C. J. Foods, Inc.+Preferred stockN/AN/AN/A— 75 0.11,285 
Kodiak Cakes, LLC+Common stockN/AN/AN/A— 472 —299 
Louisiana Fish Fry Products, Ltd.+Common stockN/AN/AN/A— 483 —346 
Louisiana Fish Fry Products, Ltd.+Preferred stockN/AN/AN/A— 13 —25 
P&P Food Safety Holdings, Inc.+Common stockN/AN/AN/A4 356 —220 
Purfoods, LLC+LLC interestN/AN/AN/A— 945 0.24,430 
2,467 0.36,802 
Health Care Equipment & Supplies
Aspen Medical Products, LLC+LP interestN/AN/AN/A— 77 —88 
Blue River Pet Care, LLC+Common stockN/AN/AN/A— 76 —211 
CCSL Holdings, LLC+(8)LP interestN/AN/AN/A— 337 —315 
CMI Parent Inc.+Common stockN/AN/AN/A— 132 —186 
CMI Parent Inc.+Common stockN/AN/AN/A3 3 —275 
G & H Wire Company, Inc.+LLC interestN/AN/AN/A335 269 —54 
894 —1,129 


See Notes to Consolidated Financial Statements.
86
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Providers & Services
Active Day, Inc.+LLC interestN/AN/AN/A2 $1,099 —%$156 
Acuity Eyecare Holdings, LLC+(21)LLC interestN/AN/AN/A1,632 2,235 0.24,917 
Acuity Eyecare Holdings, LLC+LLC unitsN/AN/AN/A889 1,023 0.12,950 
ADCS Clinics Intermediate Holdings, LLC+Preferred stockN/AN/AN/A2 1,119 0.11,562 
ADCS Clinics Intermediate Holdings, LLC+Common stockN/AN/AN/A— 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+LLC unitsN/AN/AN/A129 132 —202 
CRH Healthcare Purchaser, Inc.+LP interestN/AN/AN/A429 327 —631 
DCA Investment Holding, LLC(21)Preferred stockN/A8.00%Non-CashN/A1,142 558 0.11,214 
DCA Investment Holding, LLCCommon stockN/AN/AN/A12 5 —22 
Emerge Intermediate, Inc.+LLC unitsN/AN/AN/A— 648 —507 
Emerge Intermediate, Inc.+LLC unitsN/AN/AN/A— 61 —76 
Emerge Intermediate, Inc.+LLC unitsN/AN/AN/A9 4 —— 
Encore GC Acquisition, LLC+LLC interestN/AN/AN/A26 272 —— 
Encore GC Acquisition, LLC+LLC unitsN/AN/AN/A26 52 —— 
Encorevet Group LLC+Common stockN/AN/AN/A— 15 —16 
Encorevet Group LLC+LLC unitsN/AN/AN/A— 11 —9 
Krueger-Gilbert Health Physics, LLC+Common stockN/AN/AN/A185 212 —267 
Midwest Veterinary Partners, LLC+(21)Preferred stockN/A12.00%Non-CashN/A1 1,165 0.11,222 
Midwest Veterinary Partners, LLC+WarrantN/AN/AN/A6 — —342 
Midwest Veterinary Partners, LLC+(21)Preferred stockN/A10.00%Non-CashN/A— 30 —43 
MWD Management, LLC & MWD Services, Inc.+LLC interestN/AN/AN/A412 335 —617 
NDX Parent, LLC+Common stockN/AN/AN/A— 272 —39 
NDX Parent, LLC+Preferred stockN/AN/AN/A40 40 —45 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)Common stockN/AN/AN/A— 321 —311 
Oliver Street Dermatology Holdings, LLC+LLC interestN/AN/AN/A452 234 —— 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/AN/A— 528 0.1799 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/AN/A4 74 —407 
Radiology Partners, Inc.+LLC unitsN/AN/AN/A11 68 —85 
Radiology Partners, Inc.+LLC interestN/AN/AN/A43 55 —338 
Sage Dental Management, LLC+LLC unitsN/AN/AN/A— 249 —448 
Sage Dental Management, LLC+LLC unitsN/AN/AN/A3 3 —— 
Suveto Buyer, LLC+Common stockN/AN/AN/A6 562 —378 
11,715 0.717,603 


See Notes to Consolidated Financial Statements.
87
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Care Technology
Connexin Software, Inc.+LLC interestN/AN/AN/A154 $193 —%$222 
HSI Halo Acquisition, Inc.+(21)Preferred stockN/A10.00%Non-CashN/A— 303 —435 
HSI Halo Acquisition, Inc.+LP interestN/AN/AN/A— 5 —130 
Symplr Software, Inc.+(21)Preferred stockN/A11.00%Non-CashN/A12 13,373 0.513,369 
Symplr Software, Inc.+(21)Preferred stockSF +10.50%(l)15.74%Non-CashN/A2 3,391 0.24,605 
Symplr Software, Inc.+(21)Preferred stockN/A11.00%Non-CashN/A2 1,635 0.11,774 
Symplr Software, Inc.+(21)Preferred stockN/A11.00%Non-CashN/A1 1,002 0.11,037 
Symplr Software, Inc.+LLC unitsN/AN/AN/A— 161 —173 
Symplr Software, Inc.+Common stockN/AN/AN/A177 — —801 
Tebra Technologies, Inc.+WarrantN/AN/AN/A169 871 —681 
Tebra Technologies, Inc.+WarrantN/AN/AN/A53 162 —179 
Tebra Technologies, Inc.+LLC interestN/AN/AN/A348 2,824 0.13,113 
Tebra Technologies, Inc.+Preferred stockN/AN/AN/A1 8 —12 
23,928 1.026,531 
Hotels, Restaurants & Leisure
Freddy's Frozen Custard LLC+(21)LP interestN/AN/AN/A206 188 —369 
Harri US LLC+LLC unitsN/AN/AN/A83 658 —609 
Harri US LLC+Preferred stockN/AN/AN/A71 455 —512 
Harri US LLC+WarrantN/AN/AN/A24 106 —162 
LMP TR Holdings, LLC(21)LLC unitsN/AN/AN/A712 712 0.12,437 
SSRG Holdings, LLC+LP interestN/AN/AN/A6 61 —86 
Tropical Smoothie Cafe Holdings, LLC+LP interestN/AN/AN/A5 246 0.11,074 
2,426 0.25,249 
Insurance
Accession Risk Management Group, Inc.+(21)Preferred stockN/A13.25%Non-CashN/A3 2,667 0.12,619 
Majesco+(21)Preferred stockN/A9.00%Non-CashN/A— 316 —398 
Majesco+LP interestN/AN/AN/A69 — —203 
2,983 0.13,220 
Internet and Catalog Retail
Revalize, Inc.+Preferred stockN/AN/AN/A17 17,025 0.819,463 
Revalize, Inc.+Preferred stockN/AN/AN/A10 10,219 0.511,682 
Revalize, Inc.+Preferred stockN/AN/AN/A1 1,104 —1,218 
Revalize, Inc.+Preferred stockN/AN/AN/A7 7,034 0.37,225 
35,382 1.639,588 
IT Services
Appriss Health Intermediate Holdings, Inc+(21)Preferred stockN/A11.00%Non-CashN/A2 2,272 0.12,285 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/AN/A587 462 0.24,260 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/AN/A154 423 0.11,117 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/AN/A35 291 —256 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+WarrantN/AN/AN/A202 159 0.11,361 
Critical Start, Inc.+Common stockN/AN/AN/A225 225 —269 
Optimizely North America, Inc.+Common stockN/AN/AN/A75 807 —683 
Kentik Technologies, Inc.+Preferred stockN/AN/AN/A192 1,103 —1,103 
Netwrix Corporation+(21)LLC unitsN/AN/AN/A5 10 —16 

See Notes to Consolidated Financial Statements.
88
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
PCS Intermediate II Holdings, LLC+LLC interestN/AN/AN/A37 $367 —%$574 
Red Dawn SEI Buyer, Inc.+LP interestN/AN/AN/A13 13 —22 
Saturn Borrower Inc.+LP unitsN/AN/AN/A346 346 —114 
6,478 0.512,060 
Leisure Products
Massage Envy, LLC+LLC interestN/AN/AN/A749 210 0.11,783 
WBZ Investment LLC+LLC interestN/AN/AN/A67 117 —137 
WBZ Investment LLC+LLC interestN/AN/AN/A46 80 —93 
WBZ Investment LLC+LLC interestN/AN/AN/A38 65 —77 
WBZ Investment LLC+LLC interestN/AN/AN/A33 58 —67 
WBZ Investment LLC+LLC interestN/AN/AN/A15 24 —28 
WBZ Investment LLC+LLC interestN/AN/AN/A2 2 —2 
556 0.12,187 
Life Sciences Tools & Services
Celerion Buyer, Inc.+LP unitsN/AN/AN/A930 930 0.1930 
Celerion Buyer, Inc.+LP unitsN/AN/AN/A930 — —287 
PAS Parent Inc.+LP interestN/AN/AN/A9 933 —879 
PAS Parent Inc.+Preferred stockN/AN/AN/A1 139 —162 
Reaction Biology Corporation+LLC unitsN/AN/AN/A— 265 —273 
2,267 0.12,531 
Oil, Gas and Consumable Fuels
W3 Co.+LLC interestN/AN/AN/A3 1,633 0.12,002 
W3 Co.+Preferred stockN/AN/AN/A— 224 —254 
1,857 0.12,256 
Paper and Forest Products
Messenger, LLC+LLC unitsN/AN/AN/A3 312 —160 
Messenger, LLC+LLC unitsN/AN/AN/A— — —— 
312 —160 
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)LP interestN/AN/AN/A502 502 —432 
Cobalt Buyer Sub, Inc.+(21)Preferred stockSF +10.00%(l)15.24%Non-CashN/A8 9,066 0.410,241 
Cobalt Buyer Sub, Inc.+Preferred stockN/AN/AN/A— 168 —167 
Cobalt Buyer Sub, Inc.+Common stockN/AN/AN/A2 2 —— 
9,738 0.410,840 


See Notes to Consolidated Financial Statements.
89
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Professional Services
Brandmuscle, Inc.+LLC interestN/AN/AN/A— $216 —%$233 
Enboarder, Inc.+(8)(11)Preferred stockN/AN/AN/A56 573 —573 
Filevine, Inc.+Preferred stockN/AN/AN/A221 1,402 0.11,598 
Filevine, Inc.+WarrantN/AN/AN/A33 49 —171 
Filevine, Inc.+WarrantN/AN/AN/A90 90 —92 
Net Health Acquisition Corp.+LP interestN/AN/AN/A13 1,509 0.11,636 
Procure Acquireco, Inc.+LP interestN/AN/AN/A— 486 —611 
4,325 0.24,914 
Real Estate Management & Development
Inhabit IQ Inc.+Common stockN/AN/AN/A62 434 0.11,023 
SC Landco Parent, LLC+Common stockN/AN/AN/A2 274 —254 
708 0.11,277 
Road & Rail
Internet Truckstop Group LLC+LP interestN/AN/AN/A408 447 —484 
Software
Anaplan, Inc.+LP interestN/AN/AN/A385 385 —547
Aras Corporation+(21)Preferred stockN/A12.00%Non-CashN/A1 1,155 0.11,238
Aras Corporation+LP interestN/AN/AN/A306 306—409
Astute Holdings, Inc.+LP interestN/AN/AN/A— 304—731
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/AN/A26 256—316
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/AN/A3 29—36
Bayshore Intermediate #2, L.P.+Common stockN/AN/AN/A4,095 4,0950.23,596
Calabrio, Inc.+LP interestN/AN/AN/A1 769—711
Calabrio, Inc.+LP interestN/AN/AN/A96 0—0
Cloudbees, Inc.+Preferred stockN/AN/AN/A149 1,6630.11,665
Cloudbees, Inc.+WarrantN/AN/AN/A131 2470.1986
Cloudbees, Inc.+Preferred stockN/AN/AN/A71 466—688
Cynet Security Ltd.+(8)(15)Preferred stockN/AN/AN/A145 508—612
Denali Bidco Limited+(8)(10)LP interestN/AN/AN/A258 335—335
Diligent Corporation+(21)Preferred stockN/A10.50%Non-CashN/A17 18,7820.819,404
Diligent Corporation+Preferred stockN/AN/AN/A415 9120.12,024
FirstUp, Inc.+Common stockN/AN/AN/A221 541—317
GS Acquisitionco, Inc.+(21)Preferred stockN/A11.00%Non-CashN/A26 28,6861.128,365
GS Acquisitionco, Inc.+(21)Preferred stockN/A11.00%Non-CashN/A2 1,7270.11,660
GS Acquisitionco, Inc.+LP interestN/AN/AN/A1 1700.11,044
GS Acquisitionco, Inc.+(21)Preferred stockSF +10.50%(l)15.88%Non-CashN/A— 49—49
GTY Technology Holdings, Inc.+LP unitsN/AN/AN/A48 48—62
Impartner, Inc.+Preferred stockN/AN/AN/A28 226—215
Kaseya Inc.+(21)Preferred stockN/A11.75%Non-CashN/A2 1,8770.11,912
Kaseya Inc.+LP interestN/AN/AN/A100 100—110
MetricStream, Inc.+WarrantN/AN/AN/A168 263—163
Ministry Brands Holdings LLC+LP interestN/AN/AN/A438 439—386
mParticle, Inc.+Preferred stockN/AN/AN/A162 1,060—911
mParticle, Inc.+WarrantN/AN/AN/A75 16—286

See Notes to Consolidated Financial Statements.
90
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+WarrantN/AN/AN/A4 $9 —%$20 
Panzura, LLC+LLC unitsN/AN/AN/A1 4—4
PDI TA Holdings, Inc.+Preferred stockN/AN/AN/A92 2,8460.13,224
Personify, Inc.+LP interestN/AN/AN/A716 942 0.11,779 
Project Alpha Intermediate Holding, Inc.+(21)Preferred stockN/A9.00%Non-CashN/A— 9990.11,515
Project Alpha Intermediate Holding, Inc.+Common stockN/AN/AN/A202 329 —396 
Pyramid Healthcare Acquisition Corp.+Common stockN/AN/AN/A184 184—315
QAD, Inc.+(21)Preferred stockN/A9.00%Non-CashN/A— 227—251
QAD, Inc.+Common stockN/AN/AN/A15 0—20
Onit, Inc.+(21)Preferred stockN/A15.00%Non-CashN/A— 46—50
Onit, Inc.+WarrantN/AN/AN/A— 6—7
RegEd Aquireco, LLC+LP interestN/AN/AN/A— 331—58
RegEd Aquireco, LLC+LP interestN/AN/AN/A3 21—0
RegEd Aquireco, LLC+Preferred stockN/AN/AN/A— 20—21 
Riskonnect Parent, LLC+(21)Preferred stockN/A11.00%Non-CashN/A18 20,2540.819,444 
Riskonnect Parent, LLC+LP interestN/AN/AN/A857 859 —1,125 
Riskonnect Parent, LLC+(21)Preferred stockSF +10.50%(l)15.92%Non-CashN/A— 378 —394 
SnapLogic, Inc.+Preferred stockN/AN/AN/A278 695 0.11,349 
SnapLogic, Inc.+WarrantN/AN/AN/A106 75—345
Spartan Buyer Acquisition Co.+Common stockN/AN/AN/A1 623—328
Spartan Buyer Acquisition Co.+Preferred stockN/AN/AN/A— 38—44
Telesoft Holdings LLC+LP interestN/AN/AN/A6 6—5
Templafy APS and Templafy, LLC+(8)(18)WarrantN/AN/AN/A— 62—45
Workforce Software, LLC+Common stockN/AN/AN/A— 973—668
Workforce Software, LLC+Common stockN/AN/AN/A— 36—41
Zendesk, Inc.+LP unitsN/AN/AN/A45 454—629
95,831 4.0100,855 


See Notes to Consolidated Financial Statements.
91
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
Ave Holdings III, Corp+(21)Preferred stockN/A11.50%Non-CashN/A9 $9,639 0.4%$9,288 
Ave Holdings III, Corp+LP unitsN/AN/AN/A1 1,129 —1,077 
Batteries Plus Holding Corporation+LP interestN/AN/AN/A10 1,287 0.11,415 
Cycle Gear, Inc.+LLC unitsN/AN/AN/A2,002 481 —— 
Cycle Gear, Inc.+Preferred stockN/AN/AN/A50 50 —79 
Imperial Optical Midco Inc.+Preferred stockN/AN/AN/A— 122 —50 
Imperial Optical Midco Inc.+Preferred stockN/AN/AN/A— 46 —18 
Imperial Optical Midco Inc.+Common stockN/AN/AN/A— — —80 
Pet Holdings ULC+(8)(12)(21)LP interestN/AN/AN/A677 450 —1,035 
Salon Lofts Group, LLC+LP unitsN/AN/AN/A— 87 —69 
Southern Veterinary Partners, LLC+(21)Preferred stockN/A12.00%Non-CashN/A5 5,629 0.26,002 
Southern Veterinary Partners, LLC+(21)Preferred stockN/A10.00%Non-CashN/A— 751 0.11,237 
Southern Veterinary Partners, LLC+LLC interestN/AN/AN/A148 188 0.25,558 
VSG Acquisition Corp. and Sherrill, Inc.+LP unitsN/AN/AN/A— 37 —24 
19,896 1.025,932 
Technology Hardware, Storage & Peripherals
Agility Recovery Solutions Inc.+LLC interestN/AN/AN/A97604—223
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(21)LLC interestN/AN/AN/A20 239 —525 
Georgica Pine Clothiers, LLC+Common stockN/AN/AN/A— — —2 
MakerSights, Inc.+Preferred stockN/AN/AN/A40 218 —218 
R.G. Barry Corporation+Preferred stockN/AN/AN/A— 161 —284 
618 —1,029 
Total non-controlled/non-affiliate company equity investments241,909 11.2 284,572 
Total non-controlled/non-affiliate company investments5,456,664 212.65,416,739 


See Notes to Consolidated Financial Statements.
92
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments(25)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(23)One stopSF +8.00%(m)13.03%04/2024$6,410 $6,397 0.2%$5,128 
Abita Brewing Co., L.L.C.+(7)(23)Second lienSF +8.00%(m)13.37%04/20244,229 3,725 0.11,396 
Abita Brewing Co., L.L.C.+One stopSF +8.00%N/A(6)04/2024— — —— 
10,639 10,122 0.36,524 
Energy, Equipment & Services
Benetech, Inc.+(7)(23)One stopSF +6.00%(l)11.54%08/20244,138 3,623 —1,242 
Benetech, Inc.+(7)(23)One stopSF +6.00%(l)11.54%08/20241,147 982 —111 
5,285 4,605 —1,353 
Food and Staples Retailing
Rubio's Restaurants, Inc.+(23)Senior securedSF +8.00%(l)13.55%12/202413,600 13,494 0.510,880 
Rubio's Restaurants, Inc.+(7)(23)Senior securedSF +14.00%(l)19.56%12/20241,630 1,553 —391 
Rubio's Restaurants, Inc.+(23)Senior securedSF +8.00%(k)13.42%12/2024930 923 —649 
16,160 15,970 0.511,920 
Healthcare Providers and Services
Bayside Opco, LLC+(23)One stopSF +7.25%(l)12.79%06/202612,108 12,005 0.511,866 
Bayside Opco, LLC+(7)(23)Subordinated debtSF +10.00%(l)15.54%06/20264,322 3,328 0.13,457 
Bayside Opco, LLC+(23)One stopSF +7.25%(l)12.79%06/20264,283 4,064 0.24,026 
Bayside Opco, LLC+(23)One stopSF +7.00%(l)6.54% cash/6.00%PIK06/2026350 350 —350 
Elite Dental Partners LLC+(7)(23)One stopSF +5.25%(l)10.79%PIK09/202412,988 12,337 0.37,533 
Elite Dental Partners LLC+(7)(23)One stopSF +12.00%(l)17.54%PIK09/20245,950 5,483 0.24,463 
Elite Dental Partners LLC+(23)One stopSF +5.25%(l)10.79%PIK09/20241,400 1,400 —1,400 
Opening Day Borrower 111 LLC+(7)(23)One stopSF +6.25%(l)11.79%05/202713,492 12,217 0.512,143 
Opening Day Borrower 111 LLC+(7)(23)One stopSF +6.25%(l)11.79%05/20275,156 4,783 0.24,640 
Opening Day Borrower 111 LLC+(5)(7)One stopSF +6.25%N/A(6)05/2027— — —(163)
60,049 55,967 2.049,715 
Software
Switchfly LLC+(23)One stopN/A1.00%PIK10/20246,593 6,590 0.14,351 
Switchfly LLC+(23)One stopN/A1.00%PIK10/2024550 550 —363 
Switchfly LLC+(23)One stopN/A1.00%PIK10/202442 42 —28 
Switchfly LLC+(5)One stopL + 8.50%(a)14.05%10/20242 2 —(28)
7,187 7,184 0.14,714 
Total non-controlled/affiliate company debt investments99,320 93,848 2.974,226 
Equity investments(19)(20)
Beverages
Abita Brewing Co., L.L.C.+WarrantN/AN/AN/A210$— —%$12 
Food and Staples Retailing
Rubio's Restaurants, Inc.+Preferred stockN/AN/AN/A2,779 2,276 —143 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A27,241 278 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A6,321 131 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A1,056 9 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A1,829 10 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A246 1 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A246 1 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A492 2 —— 

See Notes to Consolidated Financial Statements.
93
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A568 $2 —%$— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A543 2 —— 
Rubio's Restaurants, Inc.+Common stockN/AN/AN/A1,490 5 —— 
2,717 —143 
Healthcare Providers and Services
Bayside Opco, LLC+LLC unitsN/AN/AN/A6 2,592 0.12,345 
Elite Dental Partners LLCLLC interestN/AN/AN/A— 2,902 —— 
Elite Dental Partners LLCLLC interestN/AN/AN/A— 1,250 —— 
Elite Dental Partners LLCLLC unitsN/AN/AN/A— — —— 
Opening Day Borrower 111 LLC+LLC unitsN/AN/AN/A163 7,238 0.37,818 
13,982 0.410,163 
Software
Switchfly LLC+LLC interestN/AN/AN/A98,370 2,321 0.12,088 
Switchfly LLC+LLC unitsN/AN/AN/A950 950 —452 
3,271 0.12,540 
Total non-controlled/affiliate company equity investments19,970 0.512,858 
Total non-controlled/affiliate company investments113,818 3.487,084 
Controlled affiliate company investments(26)
Debt investments
IT Services
MMan Acquisition Co.+(7)(23)One stopN/A10.00%PIK08/2024$33,449 $19,458 0.4%$9,031 
MMan Acquisition Co.+(23)One stopN/A8.00%PIK08/20241,716 1,716 0.11,579 
MMan Acquisition Co.+(23)One stopN/A12.00%PIK08/2024952 952 —952 
MMan Acquisition Co.+(23)One stopN/A12.00%PIK08/2024275 275 —275 
MMan Acquisition Co.+(23)One stopN/A12.00%PIK08/2024953 953 —953 
Total controlled affiliate company debt investments37,345 23,354 0.512,790 
Total controlled affiliate company investments23,354 0.512,790 
Total investments5,593,836 216.55,516,613 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)5.23%
(27)
$28,774 1.1%$28,774 
Allspring Treasury Plus Money Market Fund (CUSIP 94975H296)5.22%
(27)
6,670 0.36,670 
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (CUSIP 61747C525)5.21%
(27)
37,378 1.537,378 
Total money market funds72,822 2.972,822 
Total investments and money market funds$5,666,658 219.4%$5,589,435 


See Notes to Consolidated Financial Statements.
94
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
*
Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
+
Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”), Canadian Bankers Acceptance Rate (”CDOR” or "C”) or London Interbank Offered Rate (“LIBOR” or “L”) denominated in U.S. dollars which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2023, as the loan may have priced or repriced based on an index rate prior to September 30, 2023.
(a) Denotes that all or a portion of the contract was indexed to the 180-day LIBOR, which was last quoted on June 30, 2023 at 5.76%.
(b) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.50% as of September 30, 2023.
(c) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.85% as of September 30, 2023.
(d) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.95% as of September 30, 2023.
(e) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 4.13% as of September 30, 2023.
(f) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.14% as of September 30, 2023.
(g) Denotes that all or a portion of the contract was indexed to the 60-day CDOR, which was 5.45% as of September 30, 2023.
(h) Denotes that all or a portion of the contract was indexed to the 90-day CDOR, which was 5.51% as of September 30, 2023.
(i) Denotes that all or a portion of the contract was indexed to SONIA, which was 5.19% as of September 30, 2023.
(j) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 5.31% as of September 30, 2023.
(k) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 5.32% as of September 30, 2023.
(l) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 5.40% as of September 30, 2023.
(m) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 5.47% as of September 30, 2023.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2023.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See “Note 6. Fair Value Measurements”.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of September 30, 2023. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
(7)Loan was on non-accrual status as of September 30, 2023, meaning that the Company has ceased recognizing interest income on the loan.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, total non-qualifying assets at fair value represented 15.2% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See “Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Translation”.
(10)The headquarters of this portfolio company is located in the United Kingdom.
(11)The headquarters of this portfolio company is located in Australia.
(12)The headquarters of this portfolio company is located in Canada.
(13)The headquarters of this portfolio company is located in Luxembourg.
(14) The headquarters of this portfolio company is located in Netherlands.
(15)The headquarters of this portfolio company is located in Israel.
(16)The headquarters of this portfolio company is located in Finland.
(17)The headquarters of this portfolio company is located in Sweden.
(18)The headquarters of this portfolio company is located in Denmark.
(19) Equity investments are non-income producing securities unless otherwise noted.
(20) Ownership of certain equity investments occurs through a holding company or partnership.

See Notes to Consolidated Financial Statements.
95
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2023
(Dollar and share amounts in thousands)
(21) The Company holds an equity investment that is income producing.
(22) The fair value of this investment was valued using Level 1 inputs. See “Note 6. Fair Value Measurements”.
(23)All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the year ended September 30, 2023.
(24)The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.
(25)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended September 30, 2023 were as follows:
Portfolio CompanyFair value as of September 30, 2022
Gross Additions(a)
Gross Reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of September 30, 2023Interest, dividend and fee income
Abita Brewing Co. LLC$8,071 $1,334 $(728)$(2,141)$— $6,536 $805 
Bayside Opco, LLC— 22,958 (619)(295)— 22,044 749 
Benetech, Inc.1,740 618 (710)(295)— 1,353 9 
Elite Dental Partners LLC20,689 4,308 (1,147)(10,454)— 13,396 1,005 
Opening Day Borrower 111 LLC— 25,387 (1,149)200 — 24,438 — 
Rubio's Restaurants, Inc.13,174 4,943 (1,460)(4,594)— 12,063 1,922 
Sloan Company, Inc.6,318 38 (6,329)(347)320 — 344 
Switchfly LLC7,697 209 — (652)— 7,254 142 
Total Non-Controlled Affiliates$57,689 $59,795 $(12,142)$(18,578)$320 $87,084 $4,976 
(a)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(26)As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the year ended September 30, 2023 were as follows:
Portfolio CompanyFair value as of September 30, 2022
Gross Additions(a)
Gross Reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of September 30, 2023Interest, dividend and fee income
MMan Acquisition Co.$14,073 $3,527 $(3,264)$(619)$(927)$12,790 $307 
Total Controlled Affiliates$14,073 $3,527 $(3,264)$(619)$(927)$12,790 $307 
(a)
Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(27)The rate shown is the annualized seven-day yield as of September 30, 2023.


See Notes to Consolidated Financial Statements.
96
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 Fourth Amended and Restated Investment Advisory Agreement effective as of July 1, 2023 (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.

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 “GCIC Merger Agreement”), dated as of November 27, 2018, by and among the Company, GCIC, Fifth Ave Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company, the Investment Adviser, and, for certain limited purposes, the Administrator.

Note 2. Significant Accounting Policies and Recent Accounting Updates

Basis of presentation:  The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).
The accompanying unaudited interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2023, 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.

97
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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.

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”); GBDC Holdings Coinvest, Inc.; GBDC Holdings ED Coinvest, Inc.; GCIC North Haven Stack Buyer Coinvest, Inc.; GCIC Quick Quack Coinvest LLC; GBDC Quick Quack Coinvest LLC, in its consolidated financial statements.

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

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

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

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



98
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Foreign security and currency transactions involve certain considerations and risks not typically associated with investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Derivative Instruments:

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

Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the 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.

Interest rate swaps: The Company designated an interest rate swap as the hedging instrument in a qualifying fair value hedge accounting relationship, and as a result, the change in fair value of the hedging instrument and hedged item are recorded in interest expense and recognized as components of “interest expense” in the Company’s Consolidated Statement of Operations. The fair value of the interest rate swap is included as a component of “other assets” on the Company's Consolidated Statements of Financial Condition. Refer to Note 5 for more information regarding the interest rate swap.

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, 2023 and 2022, interest income included $5,301 and $6,028, respectively, of accretion of discounts. For the three months ended December 31, 2023 and 2022, the Company received loan origination fees of $2,878 and $6,624, 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, 2023 and 2022, investment income included $11,799 and $8,519, respectively, of PIK interest and the Company capitalized PIK interest of $13,715 and $7,777, respectively, into the principal balance of certain debt investments.



99
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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. For the three months ended December 31, 2023 and 2022, fee income included $35 and $79 from non-recurring prepayment premiums, respectively. All other income is recorded into income when earned.

For the three months ended December 31, 2023 and 2022, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $148,481 and $113,533, 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, 2023 and 2022, the Company recognized PIK and non-cash dividend income of $4,251 and $3,449, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three months ended December 31, 2023 and 2022, the Company received no cash payments of accrued and capitalized preferred dividends.
Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

For the three months ended December 31, 2023, the Company recorded dividend income received in cash of $124 and return of capital distributions received in cash of $693. For three months ended December 31, 2022 the Company recorded dividend income received in cash of $684 and no return of capital distributions received in cash.

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

Non-accrual 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 $56,485 and $62,937 as of December 31, 2023 and September 30, 2023, respectively.

Purchase accounting: Pursuant to the GCIC 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 “GCIC Merger”). The GCIC 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,
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s books.

The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill. To the extent that the consideration paid to GCIC’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, 2023 and 2022 was $1,628 and $2,135, respectively. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC 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, 2023 and 2022, $500 and $2,200, respectively, was recorded for U.S. federal excise tax.
The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through December 31, 2023. The Company's tax returns for the 2020 through 2022 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.

101
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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.

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 reapproved the Program in August 2023 and the Program is implemented at the discretion of management. Shares can be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. The Program permits repurchases up to $150,000 of the Company's common stock. Refer to Note 11 for more information on the share repurchases under the Program.

Equity Distribution Agreement: On October 6, 2023, the Company entered into a new equity distribution agreement (the “2023 Equity Distribution Agreement”), by and among the Company, the Investment Adviser, Golub Capital LLC and Keefe, Bruyette & Woods, Inc. and Regions Securities LLC (the “Placement Agents”), in connection with the sale by the Company of shares of its common stock, having an aggregate offering price of up to $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 2023 Equity Distribution Agreement provides that the Company may offer and sell shares from time to time through, or to, the Placement Agents, 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 2023 Equity Distribution Agreement, the Placement Agents will receive a commission from the Company of up to 1.50% of the gross sales price of any shares sold through the Placement Agents under the 2023 Equity Distribution Agreement. Offering costs for the 2023 Equity Distribution Agreement are charged against the proceeds from equity offerings when proceeds are received. During the three months ended December 31, 2023, the Company terminated the equity distribution agreement entered into on May 28, 2021 by and among the Company, the Investment Adviser, Golub Capital LLC and SMBC Nikko Securities America, Inc. (the “2021 Equity Distribution Agreement”). During the three months ended December 31, 2023 and 2022, the Company did not issue any shares of common stock under the 2021 or 2023 Equity Distribution Agreements.

Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of December 31, 2023 and September 30, 2023, the Company had deferred debt issuance costs of $18,818 and $15,613, respectively.
102
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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, 2023 and 2022 was $2,109 and $1,748, 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 approved the amended and restated Investment Advisory Agreement on August 3, 2023, effective as of July 1, 2023, pursuant to which the base management fee rate was reduced from 1.375% to 1.0%. The Investment Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

The base management fee is calculated at an annual rate equal to 1.0% (or 1.375% for periods ending on or before June 30, 2023) of the fair value of the average adjusted gross assets of the Company at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds and securitization-related assets, leverage, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit for such derivative instruments with custodian but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial 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 base management fee incurred for the three months ended December 31, 2023 and 2022 was $13,956 and $19,062, respectively.

The Company has structured the calculation of the Incentive Fee to include a fee limitation such that an Incentive Fee for any quarter can only be paid to the Investment Adviser if, after such payment, the cumulative Incentive Fees paid to the Investment Adviser, calculated on a per share basis, since April 13, 2010, the effective date of the Company’s election to become a BDC, would be less than or equal to 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
103
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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.

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, 2023 and 2022, the Income Incentive Fee incurred was $21,285 and $16,011, respectively.

The Investment Advisory Agreement excludes the impact of purchase accounting resulting from a merger, including the GCIC 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 GCIC 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.
104
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 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:

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

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.

•The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
•The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
•The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.

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


105
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three months ended December 31, 2023 and 2022, the Company did not accrue a Capital Gain Incentive Fee. As of December 31, 2023 and September 30, 2023, 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.

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, 2023 and 2022, the Company did not accrue a capital gain incentive fee under GAAP. Changes in the accrual for the capital gain incentive fee under GAAP are included in incentive fee in the Consolidated Statements of Operations. As of both December 31, 2023 and September 30, 2023, 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.

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

Included in accounts payable and other liabilities is $2,245 and $2,118 as of December 31, 2023 and September 30, 2023, 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, 2023 and 2022 were $2,018 and $2,050, respectively.

As of December 31, 2023 and September 30, 2023, included in accounts payable and other liabilities were $2,018 and $2,017, 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, 2023 and September 30, 2023 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.

106
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, 2023 and September 30, 2023 consisted of the following:
As of December 31, 2023As of September 30, 2023
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$457,493 $461,296 $438,837 $518,721 $527,449 $503,985 
One stop4,804,977 4,738,462 4,662,636 4,812,987 4,763,128 4,678,099 
Second lien35,452 35,859 32,449 32,173 33,514 29,154 
Subordinated debt9,246 8,035 8,444 8,907 7,866 7,945 
EquityN/A266,800 301,061 N/A261,879 297,430 
Total$5,307,168 $5,510,452 $5,443,427 $5,372,788 $5,593,836 $5,516,613 


107
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, 2023As of September 30, 2023
Amortized Cost:        
United States        
Mid-Atlantic$1,003,348 18.2 %$936,563 16.7 %
Midwest1,051,450 19.1 1,061,739 19.0 
West905,146 16.4 895,353 16.0 
Southeast1,047,339 19.0 1,092,833 19.6 
Southwest441,088 8.0 487,270 8.7 
Northeast465,594 8.5 461,711 8.3 
Canada112,786 2.1 170,492 3.1 
United Kingdom313,364 5.7 308,977 5.5 
Australia17,019 0.3 17,050 0.3 
Luxembourg30,105 0.5 29,523 0.5 
Netherlands68,197 1.2 80,112 1.4 
Finland33,089 0.6 30,455 0.5 
Sweden18,282 0.3 18,099 0.3 
Israel508 0.0 *508 0.0 *
Denmark3,137 0.1 3,151 0.1 
Total$5,510,452 100.0 %$5,593,836 100.0 %
Fair Value:        
United States        
Mid-Atlantic$1,005,000 18.5 %$937,002 17.0 %
Midwest1,026,424 18.9 1,046,284 19.0 
West894,996 16.4 887,364 16.1 
Southeast1,051,813 19.3 1,094,393 19.8 
Southwest433,444 8.0 484,949 8.8 
Northeast453,796 8.3 448,383 8.1 
Canada109,470 2.0 161,668 2.9 
United Kingdom302,872 5.5 287,313 5.2 
Australia16,461 0.3 16,075 0.3 
Luxembourg29,365 0.5 28,486 0.5 
Netherlands 59,741 1.1 69,730 1.3 
Finland36,681 0.7 32,488 0.6 
Sweden19,508 0.4 18,650 0.3 
Israel627 0.0 *612 0.0 *
Denmark3,229 0.1 3,216 0.1 
Total$5,443,427 100.0 %$5,516,613 100.0 %
* Represents an amount less than 0.1%
108
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, 2023 and September 30, 2023 were as follows:
As of December 31, 2023As of September 30, 2023
Amortized Cost:        
Aerospace and Defense$24,833 0.5 %$24,860 0.4 %
Airlines968 0.0 *955 0.0 *
Auto Components41,381 0.8 41,234 0.7 
Automobiles274,893 5.0 273,381 4.9 
Banks235 0.0 *— — 
Beverages54,562 1.0 53,386 1.0 
Biotechnology1,801 0.0 *1,769 0.0 *
Building Products18,576 0.3 18,282 0.3 
Chemicals87,717 1.6 87,729 1.6 
Commercial Services and Supplies163,731 3.0 156,336 2.8 
Communications Equipment11,456 0.2 11,448 0.2 
Containers and Packaging46,529 0.8 46,372 0.8 
Diversified Consumer Services278,664 5.1 271,430 4.9 
Diversified Financial Services43,556 0.8 44,183 0.8 
Diversified Telecommunication Services1,588 0.0 *1,601 0.0 *
Electrical Equipment401 0.0 *— — 
Electronic Equipment, Instruments and Components24,364 0.4 24,389 0.4 
Energy Equipment and Services4,501 0.1 4,605 0.1 
Food and Staples Retailing65,492 1.2 62,592 1.1 
Food Products159,555 2.9 154,596 2.8 
Healthcare Equipment and Supplies137,388 2.5 136,283 2.4 
Healthcare Providers and Services471,518 8.6 468,748 8.4 
Health Care Technology220,871 4.0 220,862 4.0 
Hotels, Restaurants and Leisure135,283 2.5 130,946 2.3 
Household Durables7,181 0.1 6,688 0.1 
Household Products5,388 0.1 5,410 0.1 
Industrial Conglomerates43,566 0.8 39,570 0.7 
Insurance252,574 4.6 247,825 4.4 
Internet and Catalog Retail67,754 1.2 67,793 1.2 
IT Services232,074 4.2 270,772 4.8 
Leisure Products11,551 0.2 11,557 0.2 
Life Sciences Tools & Services66,217 1.2 72,065 1.3 
Machinery13,526 0.2 34,336 0.6 
Marine19,874 0.4 19,490 0.4 
Media6,339 0.1 6,351 0.1 
Multiline Retail43,353 0.8 45,113 0.8 
Oil, Gas and Consumable Fuels62,111 1.1 117,176 2.1 
Paper and Forest Products10,446 0.2 10,481 0.2 
Personal Products36,511 0.7 36,551 0.7 
Pharmaceuticals167,804 3.0 171,783 3.1 
Professional Services125,033 2.3 123,318 2.2 
Real Estate Management and Development131,745 2.4 131,488 2.4 
Road and Rail38,929 0.7 38,921 0.7 
Software1,469,229 26.7 1,462,611 26.2 
Specialty Retail320,813 5.8 313,197 5.6 
Technology Hardware, Storage and Peripherals6,776 0.1 23,546 0.4 
Textiles, Apparel and Luxury Goods44,232 0.8 44,256 0.8 
Trading Companies and Distributors38,339 0.7 38,403 0.7 
Water Utilities19,224 0.3 19,148 0.3 
Total$5,510,452 100.0 %$5,593,836 100.0 %
* Represents an amount less than 0.1%.
109
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of December 31, 2023As of September 30, 2023
Fair Value:        
Aerospace and Defense$25,512 0.5 %$25,557 0.5 %
Airlines928 0.0 *917 0.0 *
Auto Components39,943 0.7 39,648 0.7 
Automobiles273,366 5.0 270,598 4.9 
Banks235 0.0 *— — 
Beverages51,627 1.0 49,787 0.9 
Biotechnology956 0.0 *1,315 0.0 *
Building Products18,599 0.4 18,278 0.3 
Chemicals74,153 1.4 75,851 1.4 
Commercial Services and Supplies167,028 3.1 159,232 2.9 
Communications Equipment11,521 0.2 11,358 0.2 
Containers and Packaging45,835 0.9 45,597 0.8 
Diversified Consumer Services279,975 5.2 271,351 4.9 
Diversified Financial Services43,496 0.8 44,147 0.8 
Diversified Telecommunication Services1,608 0.0 *1,612 0.0 *
Electrical Equipment401 0.0 *— — 
Electronic Equipment, Instruments and Components24,847 0.5 24,967 0.5 
Energy Equipment and Services1,294 0.0 *1,353 0.0 *
Food and Staples Retailing51,340 0.9 56,675 1.0 
Food Products162,964 3.0 158,312 2.9 
Healthcare Equipment and Supplies133,755 2.5 132,677 2.4 
Healthcare Providers and Services453,756 8.3 451,795 8.2 
Health Care Technology223,495 4.1 222,984 4.1 
Hotels, Restaurants and Leisure137,206 2.5 132,972 2.4 
Household Durables7,383 0.1 6,891 0.1 
Household Products5,198 0.1 5,217 0.1 
Industrial Conglomerates43,551 0.8 39,056 0.7 
Insurance252,489 4.6 246,424 4.5 
Internet and Catalog Retail72,287 1.3 70,228 1.3 
IT Services225,957 4.2 260,877 4.7 
Leisure Products13,015 0.2 13,162 0.3 
Life Sciences Tools & Services65,884 1.2 72,077 1.3 
Machinery12,857 0.2 33,082 0.6 
Marine19,422 0.4 19,053 0.4 
Media6,163 0.1 6,179 0.1 
Multiline Retail43,652 0.8 45,138 0.8 
Oil, Gas and Consumable Fuels62,981 1.2 117,897 2.2 
Paper and Forest Products10,072 0.2 9,991 0.2 
Personal Products35,227 0.7 34,489 0.6 
Pharmaceuticals159,963 2.9 162,335 2.9 
Professional Services125,991 2.3 123,807 2.2 
Real Estate Management and Development130,423 2.4 128,483 2.3 
Road and Rail39,078 0.7 39,047 0.7 
Software1,470,942 27.0 1,455,863 26.4 
Specialty Retail311,153 5.7 308,126 5.6 
Technology Hardware, Storage and Peripherals6,522 0.1 23,350 0.4 
Textiles, Apparel and Luxury Goods43,902 0.8 43,696 0.8 
Trading Companies and Distributors36,727 0.7 36,734 0.7 
Water Utilities18,748 0.3 18,428 0.3 
Total$5,443,427 100.0 %$5,516,613 100.0 %
* Represents an amount less than 0.1%.


110
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 5. Derivatives

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

Forward Currency Contracts

The outstanding forward currency contracts as of December 31, 2023 and September 30, 2023 were as follows:
As of December 31, 2023
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation ($)Unrealized depreciation ($)
Macquarie Bank Limited$15,600 CAD$12,236 USD8/27/2024$405 $— 
Macquarie Bank Limited$30,000 CAD$23,399 USD8/27/2024651 — 
Macquarie Bank Limited£25,000 GBP$34,298 USD8/27/20242,328 — 
Macquarie Bank Limited$22,600 CAD$17,739 USD8/30/2024598 — 
Macquarie Bank Limited£20,550 GBP$28,297 USD9/3/20242,013 — 
Macquarie Bank Limited€26,000 EUR$31,803 USD2/27/20252,394 — 
Macquarie Bank Limited£13,945 GBP$19,149 USD3/31/20251,265 — 
Macquarie Bank Limited$7,000 CAD$5,386 USD7/18/202566 — 
Macquarie Bank Limited€10,100 EUR$10,918 USD7/21/2025— (494)
$9,720 $(494)
As of September 30, 2023
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation ($)Unrealized depreciation ($)
Macquarie Bank Limited$15,600 CAD$12,236 USD8/27/2024$676 $— 
Macquarie Bank Limited$30,000 CAD$23,399 USD8/27/20241,174 — 
Macquarie Bank Limited£25,000 GBP$34,298 USD8/27/20243,570 — 
Macquarie Bank Limited$22,600 CAD$17,739 USD8/30/2024991 — 
Macquarie Bank Limited£20,550 GBP$28,297 USD9/3/20243,032 — 
Macquarie Bank Limited€26,000 EUR$31,803 USD2/27/20253,397 — 
Macquarie Bank Limited£13,945 GBP$19,149 USD3/31/20251,968 — 
Macquarie Bank Limited$7,000 CAD$5,386 USD7/18/2025203 — 
Macquarie Bank Limited€10,100 EUR$10,918 USD7/21/2025— (70)
$15,011 $(70)

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.




111
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
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 consolidated 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, 2023 and September 30, 2023.

As of December 31, 2023
CounterpartyRisk exposure categoryUnrealized appreciation on forward currency contracts Unrealized depreciation on forward currency contracts Net amounts presented in the Consolidated Statement of Financial Condition
Collateral (Received) Pledged (1)
Net Amount (2)
Macquarie Bank LimitedForeign exchange$9,720 $(494)$9,226 $— $9,226 

As of September 30, 2023
CounterpartyRisk exposure categoryUnrealized appreciation on forward currency contracts Unrealized depreciation on forward currency contracts Net amounts presented in the Consolidated Statement of Financial Condition
Collateral (Received) Pledged (1)
Net Amount (2)
Macquarie Bank LimitedForeign exchange$15,011 $(70)$14,941 $— $14,941 

(1) The actual collateral pledged may be more than the amount shown due to over collateralization.
(2)Represents the net amount due from/(to) counterparties in the event of default.
The impact of derivative transactions not designated as an effective hedge accounting relationship for the three months ended December 31, 2023 and 2022 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:

Realized gain (loss) on forward currency contracts recognized in income
Risk exposure categoryThree months ended December 31,
20232022
Foreign exchange $— $463 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure categoryThree months ended December 31,
20232022
Foreign exchange $(5,715)$(14,448)

The following table is a summary of the average outstanding daily volume for forward currency contracts for the three months ended December 31, 2023 and 2022:

Average U.S. Dollar notional outstandingThree months ended December 31,
20232022
Forward currency contracts$183,226 $260,333 

112
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Interest Rate Swap

In connection with the 2028 Notes (as defined in Note 7), the Company entered into an interest rate swap agreement to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 7.310% and pays a floating interest rate of one-month SOFR plus 3.327% on the first $225,000 of the 2028 Notes. The Company designated this interest rate swap and the 2028 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2028 Notes.

As of December 31, 2023, the counterparty to the Company’s interest rate swap agreement was SMBC Capital Markets, Inc. (“SMBC”).

As a result of the Company’s designation as a hedging instrument in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instrument and the related hedged item, with the changes in the fair value of each being recorded in interest expense. The net gain related to the fair value hedge was $25 for the three months ended December 31, 2023, which is included in “interest expense” in the Company’s Consolidated Statement of Operations. The Statement of Financial Condition impact of fair valuing the interest rate swap as of December 31, 2023 is presented below:
Derivative InstrumentNotional AmountMaturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesStatement of Financial Condition Location of Amounts
Interest rate swap$225,000 11/5/2028$3,266 $— Other assets

The table below presents the carrying value of the portion of the 2028 Notes as of December 31, 2023 that is designated in a qualifying hedging relationship and the related hedging adjustment (increase/(decrease)) from the current hedging relationship included in such carrying value:
DescriptionCarrying ValueHedging Adjustment
2028 Notes$225,586 $2,965 

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

113
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Level 2:     Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.

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

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The 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, 2023 and 2022. 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.

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 December 31, 2023 and September 30, 2023, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. As of December 31, 2023 and September 30, 2023, all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs and all forward currency contracts and the interest rate swap were valued using Level 2 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.


114
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

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.

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, 2023 and September 30, 2023:
As of December 31, 2023Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $5,142,366 $5,142,366 
Equity investments(1)
105 — 300,956 301,061 
Money market funds(1)(2)
119,983 — — 119,983 
Forward currency contracts— 9,720 — 9,720 
Interest rate swap— 3,266 — 3,266 
Total assets, at fair value:$120,088 $12,986 $5,443,322 $5,576,396 
Liabilities, at fair value:
Forward currency contracts $— $(494)$— $(494)
Total liabilities, at fair value:$— $(494)$— $(494)

As of September 30, 2023Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $5,219,183 $5,219,183 
Equity investments(1)
100 — 297,330 297,430 
Money market funds(1)(2)
72,822 — — 72,822 
Forward currency contracts— 15,011 15,011 
Total assets, at fair value:$72,922 $15,011 $5,516,513 $5,604,446 
Liabilities at fair value:
Forward currency contracts $— $(70)$— $(70)
Total liabilities, at fair value:$— $(70)$— $(70)
(1)Refer to the Consolidated Schedules of Investments for further details.
(2)Included in cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Financial Condition.
The net change in unrealized appreciation (depreciation) for the three months ended December 31, 2023 and 2022, 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, 2023 and 2022 was $11,373 and $(13,420), respectively.







115
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, 2023 and 2022:
For the three months ended December 31, 2023
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$5,219,183 $297,330 $5,516,513 
Net change in unrealized appreciation (depreciation) on investments(8,002)(1,302)(9,304)
Net translation of investments in foreign currencies19,491 7 19,498 
Realized gain (loss) on investments58 851 909 
Realized gain (loss) on translation of investments in foreign currencies1 — 1 
Fundings of (proceeds from) revolving loans, net235 — 235 
Fundings of investments70,461 2,781 73,242 
PIK interest and non-cash dividends13,715 4,251 17,966 
Proceeds from principal payments and sales of portfolio investments(176,449)(2,962)(179,411)
Accretion of discounts and amortization of premiums3,673 — 3,673 
Fair value, end of period$5,142,366 $300,956 $5,443,322 

For the three months ended December 31, 2022
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$5,168,537 $277,819 $5,446,356 
Net change in unrealized appreciation (depreciation) on investments(26,226)(14,845)(41,071)
Net translation of investments in foreign currencies32,770 80 32,850 
Realized gain (loss) on investments408 3,609 4,017 
Realized gain (loss) on translation of investments in foreign currencies(1,242)— (1,242)
Funding of (proceeds from) revolving loans, net868 — 868 
Fundings of investments237,616 11,266 248,882 
PIK interest and non-cash dividends7,777 3,449 11,226 
Proceeds from principal payments and sales of portfolio investments(246,719)(7,114)(253,833)
Accretion of discounts and amortization of premiums3,893 — 3,893 
Fair value, end of period$5,177,682 $274,264 $5,451,946 


116
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, 2023 and September 30, 2023.
    
Quantitative information about Level 3 Fair Value Measurements
Fair value as of December 31, 2023Valuation TechniquesUnobservable Input
Range (Weighted Average) (1)
Assets:        
Senior secured loans(2)
$438,837 Yield analysisMarket interest rate
8.5% - 16.3% (10.7%)
    Market comparable companiesEBITDA multiples
6.0x - 24.0x (13.9x)
One stop loans(3)(4)
$4,662,636 Yield analysisMarket interest rate
7.8% - 20.3% (10.9%)
  Market comparable companiesEBITDA multiples
4.0x - 34.0x (16.2x)
      Revenue multiples
1.2x - 27.0x (7.6x)
Subordinated debt and second lien loans$40,893 Yield analysisMarket interest rate
11.0% - 24.5% (13.6%)
    Market comparable companiesEBITDA multiples
9.2x - 23.8x (19.3x)
Equity(5)
$300,956 Market comparable companiesEBITDA multiples
4.3x - 32.0x (17.1x)
      Revenue multiples
1.2x - 18.0x (9.8x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$40,377 of loans at fair value were valued using the market comparable companies approach only.
(3) $210,162 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $3,877,103 and $785,533 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)The Company valued $260,458 and $40,498 of equity investments using EBITDA and revenue multiples, respectively.
117
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Quantitative information about Level 3 Fair Value Measurements
Fair value as of September 30, 2023Valuation TechniquesUnobservable Input
Range
(Weighted Average)(1)
Assets:        
Senior secured loans(2)
$503,985 Yield analysisMarket interest rate
8.0% - 17.8% (10.6%)
    Market comparable companiesEBITDA multiples
5.2x - 24.0x (14.7x)
One stop loans(3)(4)
$4,678,099 Yield analysisMarket interest rate
7.3% - 26.3% (10.9%)
  Market comparable companiesEBITDA multiples
4.0x - 34.0x (16.3x)
      Revenue multiples
1.5x - 27.0x (7.7x)
Subordinated debt and second lien loans(5)
$37,099 Yield analysisMarket interest rate
10.3% - 24.5% (14.6%)
    Market comparable companiesEBITDA multiples
8.3x - 22.0x (19.5x)
Equity(5)
$297,330 Market comparable companiesEBITDA multiples
5.2x - 35.0x (16.9x)
      Revenue multiples
1.5x - 18.0x (9.6x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$44,510 of loans at fair value were valued using the market comparable companies approach only.
(3)$123,841 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $3,895,527 and $782,572 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)The Company valued $258,046 and $39,284 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, 2027 Notes and 2028 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.

The following are the carrying values and fair values of the Company’s debt as of December 31, 2023 and September 30, 2023.
As of December 31, 2023As of September 30, 2023
  Carrying ValueFair ValueCarrying ValueFair Value
Debt$3,084,102 $3,007,788 $3,133,332 $2,990,685 




118
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 7. Borrowings

In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. As of December 31, 2023, the Company’s asset coverage for borrowed amounts was 182.4%.

2018 Debt Securitization: On November 16, 2018, the Company completed a $602,400 term debt securitization (the “2018 Debt Securitization”). The notes offered in the 2018 Debt Securitization (the “2018 Notes”) were issued by the 2018 Issuer, a subsidiary of 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 was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization. For the three months ended December 31, 2023, the Company had repayments on the 2018 Notes of $10,994. For the three months ended December 31, 2022 the Company had no repayments on the 2018 Notes. 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, 2023 and September 30, 2023 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2023 and September 30, 2023, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.

As of December 31, 2023 and September 30, 2023, there were 62 and 65 portfolio companies, respectively, with a total fair value of $528,116 and $555,699, 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 SOFR plus a spread adjustment of 0.26161%. The three-month SOFR in effect as of December 31, 2023 based on the last interest rate reset was 5.4%.

For the three months ended December 31, 2023 and 2022, 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,
  20232022
Stated interest expense$7,096 $5,804 
Amortization of debt issuance costs2 113 
Total interest and other debt financing expenses$7,098 $5,917 
Cash paid for interest expense$7,185 $4,535 
Annualized average stated interest rate7.4 %5.6 %
Average outstanding balance$379,974 $408,200 

119
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of December 31, 2023, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A, B and C-1 2018 Notes are as follows:

DescriptionClass A 2018 NotesClass B 2018 NotesClass C-1 2018 Notes
TypeSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$296,503$61,200$20,000
Fitch Rating“AAA”“NR”“NR”
S&P Rating“AAA”“AA”“A”
Interest Rate(1)
SOFR + 1.48%
SOFR + 2.10%
SOFR + 2.80%

(1)Interest rate for securitizations represents the weighted average spread over 3-month SOFR for the various tranches of issued notes, excluding tranches retained by the Company. SOFR borrowings under the securitizations are subject to an additional spread adjustment of 0.26161%.
GCIC 2018 Debt Securitization: Effective September 16, 2019, the Company assumed, as a result of the GCIC Merger, a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). The GCIC 2018 Debt Securitization was originally completed on December 13, 2018. The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and 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, 2023 and September 30, 2023 Consolidated Statements of Financial Condition as debt of the Company. As of December 31, 2023 and September 30, 2023, the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation.

Through January 20, 2023, the GCIC 2018 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the GCIC 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GCIC 2018 Debt Securitization. For the three months ended December 31, 2023, the Company had repayments on the GCIC 2018 Notes of $21,714. For the three months ended December 31, 2022, the Company had no repayments on the GCIC 2018 Notes. 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 December 31, 2023 and September 30, 2023, there were 85 and 87 portfolio companies, respectively, with a total fair value of $815,766 and $841,241, 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.

120
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 SOFR plus a spread adjustment of 0.26161%. The three-month SOFR in effect as of December 31, 2023 based on the last interest rate reset was 5.4%.

For the three months ended December 31, 2023 and 2022, 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,
  20232022
Stated interest expense$8,627 $7,295 
Accretion of discounts on notes issued— 451 
Amortization of debt issuance costs— 17 
Total interest and other debt financing expenses$8,627 $7,763 
Cash paid for interest expense$8,855 $5,715 
Annualized average stated interest rate6.9 %5.3 %
Average outstanding balance$496,297 $546,500 

As of December 31, 2023, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR, 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:
DescriptionClass A-1 GCIC 2018 NotesClass A-2-R GCIC 2018 NotesClass B-1 GCIC 2018 Notes
TypeSenior Secured Floating RateSenior Secured Fixed RateSenior Secured Floating Rate
Amount Outstanding$435,313$38,500$18,000
Fitch’s Rating"AAA""NR""NR"
S&P Rating"AAA""AAA""AA"
Interest Rate(1)
SOFR + 1.48%
2.50%
SOFR + 2.25%

(1)Interest rate for securitizations represents the weighted average spread over 3-month SOFR for the various tranches of issued notes, excluding tranches retained by the Company. SOFR borrowings under the securitizations are subject to an additional spread adjustment of 0.26161%.

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 each of the 2018 Debt Securitization and the GCIC 2018 Debt Securitization, GBDC entered into, or assumed in the GCIC 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 and 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, 2023, 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.

JPM Credit Facility: On February 11, 2021, the Company entered into a senior secured revolving credit facility (as amended, the “JPM Credit Facility”) with the Company, as borrower, JPMorgan Chase Bank N.A., as administrative agent and as collateral agent, and the lenders from time to time party thereto which, as of December 31, 2023, allowed the Company to borrow up to $1,487,500 in U.S. dollars and certain agreed upon foreign currencies, subject to

121
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
leverage and borrowing base restrictions. Through a series of amendments, most recently on March 17, 2023, the Company amended the JPM Credit Facility, to, among other things, extend the maturity date to March 17, 2028, decrease the adjustment to term SOFR for loans using such rate to 0.10% and increase the accordion feature to allow the Company to request, at one or more times, that existing and/or new lenders, at their election provide up to $512,500 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 bear interest at the applicable base rate plus a margin of either 1.75% or 1.875%, subject to compliance with a borrowing base test. The applicable base rate under the JPM Credit Facility is (i) one-month SOFR with respect to any advances denominated in U.S. dollars, (ii) SONIA with respect to any advances denominated in U.K. pound sterling, (iii) one-month EURIBOR with respect to any advances denominated in euros, and (iv) the relevant rate as defined in the JPM Credit Facility for borrowings in other currencies. Effective September 13, 2022, interest under the JPM Facility for loans denominated in SOFR 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). Effective March 17, 2023, the adjustment to term SOFR was reduced to 0.10%.
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 March 17, 2028, with the exception of a $37,500 commitment from one non-extending lender that 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, 2023 and September 30, 2023, the Company had outstanding debt of $319,674 and $784,374, respectively, and no letters of credit outstanding under the JPM Credit Facility.
122
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three months ended December 31, 2023 and 2022, 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,
  20232022
Stated interest expense$10,836 $8,487 
Facility fees822 727 
Amortization of debt issuance costs822 536 
Total interest and other debt financing expenses$12,480 $9,750 
Cash paid for interest expense and facility fees$13,098 $8,830 
Annualized average stated interest rate7.0 %5.0 %
Average outstanding balance$619,850 $676,566 

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, 2023 and September 30, 2023, 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, 2023 and 2022, 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,
  20232022
Stated interest expense$4,219 $4,219 
Accretion of discounts and amortization of premiums on notes issued(349)(349)
Amortization of debt issuance costs534 500 
Total interest and other debt financing expenses$4,404 $4,370 
Cash paid for interest expense$8,438 $8,438 
Annualized average stated interest rate3.4 %3.4 %
Average outstanding balance$500,000 $500,000 
123
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

2026 Notes: On February 24, 2021, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2026 Notes”) and on October 13, 2021, the Company issued an additional $200,000 aggregate principal amount of 2026 Notes under the same terms as the original issuance. As of both December 31, 2023 and September 30, 2023, outstanding aggregate principal amount of the 2026 Notes was $600,000. The 2026 Notes bear interest at a rate of 2.500% per year payable semiannually in arrears on February 24 and August 24 of each year, commencing on August 24, 2021. The 2026 Notes mature on August 24, 2026.

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

At any time or from time to time, the Company 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, 2023 and 2022, 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,
  20232022
Stated interest expense$3,750 $3,750 
Accretion of discounts on notes issued134 134 
Amortization of debt issuance costs416 377 
Total interest and other debt financing expenses$4,300 $4,261 
Cash paid for interest expense$— $— 
Annualized average stated interest rate2.5 %2.5 %
Average outstanding balance$600,000 $600,000 

2027 Notes: On August 3, 2021, the Company issued $350,000 in aggregate principal amount of unsecured notes (the “2027 Notes”). As of both December 31, 2023 and September 30, 2023, 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.
124
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 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, 2023 and 2022, 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:
Three months ended December 31,
  20232022
Stated interest expense$1,794 $1,794 
Accretion of discounts on notes issued185 185 
Amortization of debt issuance costs229 205 
Total interest and other debt financing expenses$2,208 $2,184 
Cash paid for interest expense$— $— 
Average stated interest rate2.1 %2.1 %
Average outstanding balance$350,000 $350,000 


2028 Notes: On December 5, 2023, the Company issued $450,000 in aggregate principal amount of unsecured notes (the “2028 Notes”). As of December 31, 2023, the outstanding aggregate principal amount of the 2028 Notes was $450,000. The 2028 Notes bear interest at a rate of 7.050% per year payable semi-annually in arrears on June 5 and December 5 of each year, commencing on June 5, 2024. The 2028 Notes mature on December 5, 2028.

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

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

On December 5, 2023, the Company entered into an interest rate swap on the 2028 Notes with SMBC as the counterparty. Under the terms of the agreement, the Company agreed to receive a fixed rate of 7.310% and pay SMBC a rate of one-month Term SOFR + 3.327%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225,000 and terminates on November 5, 2028. The
125
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

For the three months ended December 31, 2023, the components of interest expense, cash paid for interest and facility fees, annualized average interest rates and average outstanding balances for the 2028 Notes were as follows:
Three months ended December 31,
2023
Stated interest expense(1)
$2,266 
Accretion of discounts on notes issued71 
Amortization of debt issuance costs106 
Total interest and other debt financing expenses$2,443 
Cash paid for interest expense$— 
Average stated interest rate(1)
6.8 %
Average outstanding balance$132,065 
(1) Includes the net interest expense related to the interest rate swap for the three months ended December 31, 2023.

Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of each of December 31, 2023 and September 30, 2023, 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, 2023 was 5.2%. 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, 2023 and September 30, 2023, the Company had no outstanding debt under the Adviser Revolver.

For the three months ended December 31, 2023 and 2022, 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,
  20232022
Stated interest expense$— $— 
Cash paid for interest expense— — 
Annualized average stated interest rateN/AN/A
Average outstanding balance$— $— 

For the three months ended December 31, 2023 and 2022, the average total debt outstanding was $3,078,186 and $3,081,266, respectively.

For the three months ended December 31, 2023 and 2022, the effective average interest rate, which includes amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued, non-usage facility fees and the impact of the associated interest rate swap on the 2028 Notes, on the Company's total debt was 5.4% and 4.4%, respectively.

126
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
A summary of the Company’s maturity requirements for borrowings as of December 31, 2023 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
2018 Debt Securitization$377,703 $— $— $— $377,703 
2018 GCIC Debt Securitization491,813 — — — 491,813 
JPM Credit Facility319,674 — 7,264 
(1)
312,410 — 
2024 Notes(2)
500,398 500,398 — — — 
2026 Notes(2)
598,595 — 598,595 — — 
2027 Notes(2)
347,711 — — 347,711 — 
2028 Notes(2)(3)
448,208 — — 448,208 — 
Total borrowings$3,084,102 $500,398 $605,859 $1,108,329 $869,516 

(1) Represents principal outstanding on $37,500 commitment from one non-extending lender that matures on February 11, 2026.
(2) Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.
(3) Carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.


Note 8. Commitments and Contingencies

Commitments: As of December 31, 2023, the Company had outstanding commitments to fund investments totaling $163,915, including $35,971 of commitments on undrawn revolvers. As of September 30, 2023, the Company had outstanding commitments to fund investments totaling $189,378, including $39,650 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, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 for outstanding forward currency contracts and interest rate swap agreements as of December 31, 2023 and September 30, 2023. 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.

127
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

128
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,
Per share data:(1)
20232022
Net asset value at beginning of period$15.02 $14.89 
Net increase in net assets as a result of issuance of DRIP shares— 
(2)
— 
(2)
Distributions declared:
From net investment income - after tax(0.44)(0.33)
Net investment income - after tax0.49 0.36 
Net realized gain (loss) on investment transactions0.01 0.02 
Net change in unrealized appreciation (depreciation) on investment transactions(3)
(0.05)(0.23)
Net asset value at end of period$15.03 $14.71 
Per share market value at end of period$15.10 $13.49 
Total return based on market value(4)
5.90 %8.90 %

Number of common shares outstanding170,585,795 170,895,670 

Three months ended December 31,
Listed below are supplemental data and ratios to the financial highlights:20232022
Ratio of net investment income - after tax to average net assets*
13.00%9.61%
Ratio of total expenses to average net assets*(5)
10.10%9.52%
Ratio of incentive fees to average net assets(5)
0.83%0.63%
Ratio of excise tax to average net assets(5)
0.02%0.09%
Ratio of net expenses (without incentive fees) to average net assets*(5)
9.27%8.89%
Total return based on average net asset value(6)
2.96%1.01%
Total return based on average net asset value - annualized(6)
11.80%3.99%
Net assets at end of period$2,563,918$2,513,685
Average debt outstanding$3,078,186$3,081,266
Average debt outstanding per share$18.04$18.03
Portfolio Turnover5.31%17.97%
Asset coverage ratio(7)
182.44%180.44%
Asset coverage ratio per unit(8)
$1,825$1,804
Average market value per unit:(9)
2018 Debt SecuritizationN/AN/A
GCIC 2018 Debt SecuritizationN/AN/A
JPM Credit FacilityN/AN/A
2024 Notes$989$959
2026 Notes$892$853
2027 Notes$864$819
2028 Notes$819N/A
Adviser RevolverN/AN/A
* Annualized for periods less than one year, unless otherwise noted.
(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)Represents an amount less than $0.01
(3)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.
(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
(5)Incentive fees and excise taxes are not annualized in the calculation.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
(6)Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(7)Effective February 6, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC). Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).
(8)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.
(9)Not applicable since such senior securities are not registered for public trading, with the exception of the 2024 Notes, 2026 Notes, 2027 Notes and 2028 Notes. The average market value per unit calculated for the 2024 Notes, 2026 Notes, 2027 Notes and 2028 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, 2023 and 2022:
Three months ended December 31,
  20232022
Earnings available to stockholders$75,776 $25,581 
Basic and diluted weighted average shares outstanding169,650,233 170,895,670 
Basic and diluted earnings per share$0.45 $0.15 


Note 11. Common Stock Transactions

On August 3, 2023, the Board reapproved the Program to repurchase up to $150,000 of the Company’s common stock pursuant to the Program, exclusive of shares repurchased prior to the date of such authorization. Under the Program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. As of December 31, 2023, the repurchased shares have been retired and returned to the status of authorized but unissued shares of GBDC Common Stock.

As of December 31, 2023, Wells Fargo Securities, LLC, as broker, repurchased 1,300,928 shares of the Company’s common stock pursuant to the Program at an average price of $12.96 per share for an aggregate purchase price of approximately $16,861. There were no repurchases under the Program for the three months ended December 31, 2023 and 2022, respectively.



Note 12. Dividends and Distributions

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the three months ended December 31, 2023 and 2022:
Date DeclaredRecord DatePayment DateAmount
Per Share		Cash
Distribution		DRIP Shares
Issued		DRIP Shares
Value
For the three months ended December 31, 2023
11/17/202312/01/202312/15/2023$0.07 $9,584 152,288 $2,287 
11/17/202312/08/202312/29/2023$0.37 $50,152 838,765 $12,599 
For the three months ended December 31, 2022
    
11/18/202212/09/202212/29/2022$0.33 $47,245 — $9,151 
(1)
(1)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.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Note 13. Subsequent Events

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

Merger Agreement with Golub Capital BDC 3, Inc. (the “Proposed Merger”)

On January 16, 2024, the Company entered into an Agreement and Plan of Merger (the “GBDC 3 Merger Agreement”) with Golub Capital BDC 3, Inc., a Maryland corporation (“GBDC 3”), Park Avenue Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“Merger Sub”), the Investment Advisor, and, for certain limited purposes, the Administrator. The GBDC 3 Merger Agreement provides that, subject to the conditions set forth in the GBDC 3 Merger Agreement, Merger Sub will merge with and into GBDC 3, with GBDC 3 continuing as the surviving company and as a wholly-owned subsidiary of the Company, and, immediately thereafter, GBDC 3 will merge with and into the Company, with the Company continuing as the surviving company. The parties to the GBDC 3 Merger Agreement intend the Merger to be treated as a “reorganization” within the meaning of Section 368(a) of the Code.

In the Proposed Merger, each share of GBDC 3 common stock issued and outstanding immediately prior to the effective time of the Merger, except for shares, if any, owned by the Company or any of its consolidated subsidiaries (the “Cancelled Shares), will be converted into the right to receive a number of the Company’s common stock equal to the Exchange Ratio (as defined below) in connection with the closing of the Merger.

Under the terms of the GBDC 3 Merger Agreement, the “Exchange Ratio” will be determined as of a mutually agreed date (such date, the “Determination Date”) no earlier than 48 hours (excluding Sundays and holidays) prior to the effective date of the merger and based on (i) the net asset value (“NAV”) per share of GBDC and GBDC 3 (the “GBDC Per Share NAV” and the “GBDC 3 Per Share NAV,” respectively) and (ii) the closing price per share of GBDC’s common stock on the Nasdaq on either the Determination Date or, if the Nasdaq is closed on the Determination Date, the most recent trading day prior to the Determination Date (the “GBDC Common Stock Price”). The Exchange Ratio will be calculated as follows:

(i) if the GBDC Common Stock Price is greater than the GBDC Per Share NAV, then the Exchange Ratio shall be the quotient (rounded to the fourth nearest decimal) of: (A) the amount equal to (x) GBDC 3 Per Share NAV multiplied by (y) the sum of (a) one (1) and (b) the GBDC 3 Share of GBDC Premium (as defined below); divided by (B) the GBDC Common Stock Price; provided, that, the amount set forth in sub-clause (y) for the purposes of the calculation shall not be greater than, and shall be subject to a cap of, 1.03. “GBDC 3 Share of GBDC Premium” means fifty percent (50%) multiplied by the difference between (A) the quotient of (x) GBDC Common Stock Price; divided by (y) GBDC Per Share NAV and (B) one (1); or

(ii) if the GBDC Common Stock Price is equal to or lesser than GBDC Per Share NAV, then the Exchange Ratio will be the quotient (rounded to the fourth nearest decimal) of: (A) the GBDC 3 Per Share NAV, divided by (B) the GBDC Per Share NAV.

Consummation of the Merger, which is currently anticipated to occur during the first half of calendar year 2024, is subject to certain closing conditions, including (1) requisite approvals of the Company’s stockholders and GBDC 3’s stockholders, (2) the absence of certain legal impediments to the consummation of the Merger, (3) effectiveness of the registration statement for the Company’s common stock to be issued as consideration in the Merger, (4) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the GBDC 3 Merger Agreement, and (5) required regulatory approvals (including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended).



131
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)

Waiver Letter and Post-Merger Investment Advisory Agreement

In connection with the closing of the Merger, GC Advisors has agreed to amend and restate the Company’s investment advisory agreement with GC Advisors to reduce the rates for the Company’s income incentive fee and capital gain incentive fee from 20% to 15% and make a corresponding reduction to the incentive fee cap (the “Post-Merger Advisory Agreement”).

In addition, on January 16, 2024, GC Advisors agreed to irrevocably waive any incentive fees in excess of 15% and waive incentive fees in excess of an incentive fee cap that is also reduced to 15%, in each case effective as of January 1, 2024 for periods ending on or prior to the earlier of (i) the closing of the acquisition of GBDC 3 pursuant to the GBDC 3 Merger Agreement or (ii) the termination of the GBDC 3 Merger Agreement (the “Waiver Period”), in accordance with the terms of a waiver letter agreement (the “Waiver”) to the Investment Advisory Agreement. During the Waiver Period, as a result of the Waiver, fees payable to the Investment Adviser under the Investment Advisory Agreement, net of the Waiver, will equal those that would be payable under the Post-Merger Advisory Agreement.

Unsecured Bond Issuance

On February 1, 2024, the Company issued $600,000 of 2029 Unsecured Notes (the “2029 Notes”), which bear a fixed interest rate of 6.000% and mature on July 15, 2029. In connection with the 2029 Notes, the Company entered into an interest rate swap agreement on the full principal amount of the 2029 Notes where the Company receives a fixed interest rate of 6.248% and pays a floating interest rate of one-month SOFR plus 2.444%

Distributions

On January 16, 2024 the Company’s Board declared a quarterly distribution of $0.39 per share payable on March 29, 2024 to holders of record as of March 1, 2024.

On February 2, 2024, the Company’s Board declared a supplemental distribution of $0.07 per share payable on March 15, 2024 to holders of record as of February 15, 2024.






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

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

Forward-Looking Statements

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

•our future operating results;
•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;
•the effect of investments that we expect to make and the competition for those investments;
•our contractual arrangements and relationships with third parties;
•actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;
•the dependence of our future success on the general economy and its effect on the industries in which we invest;
•the ability of our portfolio companies to achieve their objectives;
•the use of borrowed money to finance a portion of our investments;
•the adequacy of our financing sources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•general economic and political trends and other external factors, including the COVID-19 pandemic;
•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;
•elevating levels of inflation, and its impact on us, on our portfolio companies and on the industries in which we invest;
•the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;
•the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;
•the ability of GC Advisors to continue to effectively manage our business due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events;
•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;
•our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;
•the impact of information technology systems and systems failures, including data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;
•general price and volume fluctuations in the stock markets;
•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, and the rules and regulations issued thereunder and any actions toward repeal thereof; and
•the effect of changes to tax legislation and our tax position.

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,”
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“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, 2023.

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

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

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

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $65.0 billion in capital under management as of January 1, 2024, (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 August 2023. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

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

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

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As of December 31, 2023 and September 30, 2023, our portfolio at fair value was comprised of the following:
As of December 31, 2023As of September 30, 2023
Investment TypeInvestments at
 Fair Value
(In thousands)		Percentage of
Total
Investments		Investments at
 Fair Value
(In thousands)		Percentage of
Total
Investments
Senior secured$438,837 8.1 %$503,985 9.1 %
One stop4,662,636 85.7 4,678,099 84.8 
Second lien32,449 0.6 29,154 0.5 
Subordinated debt8,444 0.2 7,945 0.2 
Equity301,061 5.4 297,430 5.4 
Total$5,443,427 100.0 %$5,516,613 100.0 %

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, 2023 and September 30, 2023, one stop loans included $785.5 million and $782.6 million, respectively, of recurring revenue loans at fair value.

As of December 31, 2023 and September 30, 2023, we had debt and equity investments in 357 and 342 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, 2023, September 30, 2023 and December 31, 2022:        
For the three months ended
  December 31, 2023September 30, 2023December 31, 2022
Weighted average income yield (1)(2)
12.2%11.9%10.0%
Weighted average investment income yield (3)
12.6%12.5%10.5%
Total return based on average net asset value (4)
11.8%16.0%4.0%
Total return based on market value (5)
5.9%11.7%8.9%
(1)Represents income from interest, fees, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the 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 ended September 30, 2023 excludes the one-time recognition of $3.7 million of previously deferred interest income resulting from a former non-accrual loan returning to accrual status, which is included in the calculation of the investment income yield for the quarter ended September 30, 2023. The income yield was 12.2% for the quarter ended September 30, 2023 when including the $3.7 million of interest income.
(3)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.
(4)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.
(5)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven 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
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debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities.
In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date.

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

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

•calculating our net asset value, or NAV (including the cost and expenses of any independent valuation firm);
•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses;
•expenses related to unsuccessful portfolio acquisition efforts;
•offerings of our common stock and other securities;
•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);
•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;
•transfer agent, dividend agent and custodial fees and expenses;
•U.S. federal and state registration and franchise fees;
•all costs of registration and listing our shares on any securities exchange;
•U.S. federal, state and local taxes;
•independent directors’ fees and expenses;
•costs of preparing and filing reports or other documents required by the SEC or other regulators;
•costs of any reports, proxy statements or other notices to stockholders, including printing costs;
•costs associated with individual or group stockholders;
•costs associated with compliance under the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;
•our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;
•proxy voting expenses; and
•all other expenses incurred by us or the Administrator in connection with administering our business.

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

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.
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Recent Developments

Merger Agreement with Golub Capital BDC 3, Inc. (the “Proposed Merger”)

On January 16, 2024, we entered into an Agreement and Plan of Merger, or the GBDC 3 Merger Agreement, with Golub Capital BDC 3, Inc., a Maryland corporation, or GBDC 3, Park Avenue Subsidiary Inc., a Maryland corporation and our wholly owned subsidiary, or the Merger Sub, GC Advisors LLC, or GC Advisors, and, for certain limited purposes, Golub Capital LLC, or the Administrator. The GBDC 3 Merger Agreement provides that, subject to the conditions set forth in the GBDC 3 Merger Agreement, Merger Sub will merge with and into GBDC 3, with GBDC 3 continuing as the surviving company and as a wholly-owned subsidiary of us and, immediately thereafter, GBDC 3 will merge with and into us, with us continuing as the surviving company. See “Note 13. Subsequent Events—Merger Agreement with Golub Capital BDC 3, Inc.” for a description of the terms of the GBDC 3 Merger Agreement and the transactions contemplated by the GBDC 3 Merger Agreement.

Waiver Letter Agreement

On January 16, 2024, GC Advisors agreed to irrevocably waive any incentive fees in excess of 15% and waive incentive fees in excess of an incentive fee cap that is also reduced to 15%, in each case effective as of January 1, 2024 for periods for periods ending on or prior to the earlier of (i) the closing of the acquisition of GBDC 3 pursuant to the GBDC 3 Merger Agreement or (ii) the termination of the GBDC 3 Merger Agreement. See “Note 13. Subsequent Events—Merger Agreement with Golub Capital BDC 3, Inc.” for a description of the terms of the Waiver.

Unsecured Bond Issuance

On February 1, 2024, we issued $600 million of 2029 Unsecured Notes (the “2029 Notes”), which bear a fixed interest rate of 6.000% and mature on July 15, 2029. In connection with the 2029 Notes, we entered into an interest rate swap agreement on the full principal amount of the 2029 Notes where we receive a fixed interest rate of 6.248% and pay a floating interest rate of one-month SOFR plus 2.444%

Distributions

On January 16, 2024, our Board declared a quarterly distribution of $0.39 per share payable on March 29, 2024 to holders of record as of March 1, 2024.

On February 2, 2024, our Board declared a supplemental distribution of $0.07 per share payable on March 15, 2024 to holders of record as of February 15, 2024.


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 three months ended December 31, 2023, September 30, 2023 and December 31, 2022 are as follows:
Three months endedVariancesVariances
  December 31, 2023September 30, 2023December 31, 2022
December 31, 2023 vs September 30, 2023
December 31, 2023 vs December 31, 2022
  (In thousands)
Interest income$144,506 $143,837 $119,803 $669 $24,703 
Payment-in-kind interest income11,799 13,320 8,519 (1,521)3,280 
Accretion of discounts and amortization of premiums5,301 4,600 6,028 701 (727)
GCIC acquisition purchase premium amortization(1,628)(1,716)(2,135)88 507 
Non-cash dividend income4,251 4,134 3,449 117 802 
Dividend income124 10 684 114 (560)
Fee income417 355 529 62 (112)
Total investment income164,770 164,540 136,877 230 27,893 
Total expenses80,735 79,849 73,014 886 7,721 
Net investment income before taxes84,035 84,691 63,863 (656)20,172 
Income and excise taxes500 1,250 2,200 (750)(1,700)
Net investment income after taxes83,535 83,441 61,663 94 21,872 
Net realized gain (loss) on investment transactions excluding purchase premium1,102 (716)3,390 1,818 (2,288)
Net realized gain (loss) on investment transactions due to purchase premium(6)(6)(96)— 90 
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium(10,466)17,391 (41,853)(27,857)31,387 
Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium 1,634 1,722 2,231 (88)(597)
Net gain (loss) on investment transactions (7,736)18,391 (36,328)(26,127)28,592 
(Provision) benefit for taxes on realized gain on investments— — (207)— 207 
(Provision) benefit for taxes on unrealized appreciation on investments (23)(268)453 245 (476)
Net increase (decrease) in net assets resulting from operations$75,776 $101,564 $25,581 $(25,788)$50,195 
Average earning debt investments, at fair value$5,135,210 $5,143,106 $5,123,458 $(7,896)$11,752 
Average earning preferred equity investments, at fair value$131,305 $125,068 $115,545 $6,237 $15,760 
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.

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:
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•“Adjusted Net Investment Income” - excludes the amortization of the purchase price premium from net investment income calculated in accordance with GAAP;
•“Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee” - Adjusted Net Investment Income excluding the accrual or reversal for the capital gain incentive fee under GAAP;
•“Adjusted Net Realized and Unrealized Gain/(Loss)” - excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss resulting from the amortization of the premium on loans or from the sale of equity investments from the determination of realized and unrealized gain/(loss) determined in accordance with GAAP; and
•“Adjusted Net Income” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).
Three months ended
December 31, 2023September 30, 2023December 31, 2022
  (In thousands)
Net investment income after taxes$83,535 $83,441 $61,663 
Add: GCIC acquisition purchase premium amortization1,628 1,716 2,135 
Adjusted Net Investment Income $85,163 $85,157 $63,798 
Net gain (loss) on investment transactions $(7,736)$18,391 $(36,328)
Add: Realized loss on investment transactions due to purchase premium6 6 96 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (1,634)(1,722)(2,231)
Adjusted Net Realized and Unrealized Gain/(Loss)$(9,364)$16,675 $(38,463)
Net increase (decrease) in net assets resulting from operations$75,776 $101,564 $25,581 
Add: GCIC acquisition purchase premium amortization1,628 1,716 2,135 
Add: Realized loss on investment transactions due to purchase premium6 6 96 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (1,634)(1,722)(2,231)
Adjusted Net Income$75,776 $101,564 $25,581 
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, 2023 to the three months ended December 31, 2023 by $0.2 million primarily due to an increase in accretion income resulting from increased payoffs of portfolio company investments coupled with an increase in cash and non-cash dividend income, partially offset by a decrease in PIK interest income that was the result of a one-time recognition of previously deferred interest income resulting from a former non-accrual loan returning to accrual status during the three months ended September 30, 2023.

Investment income increased from the three months ended December 31, 2022 to the three months ended December 31, 2023 by $27.9 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 $11.8 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 three months ended December 31, 2023, September 30, 2023 and December 31, 2022 are as follows:
Three months ended
  December 31, 2023September 30, 2023December 31, 2022
Senior secured11.5%10.7%9.2%
One stop12.1%11.9%10.0%
Second lien13.6%13.0%11.6%
Subordinated debt14.5%15.3%14.1%

Income yields on senior secured and one stop loans increased for the three months ended December 31, 2023 as compared to the three months ended September 30, 2023, primarily due to rising SOFR rates. Income yields on senior secured and one stop loans increased for the three months ended December 31, 2023 as compared to the three months ended December 31, 2022, primarily due to rising LIBOR and SOFR rates. Our loan portfolio is partially insulated from a drop in floating interest rates, as 97.9% of the loan portfolio at fair value is subject to an interest rate floor. As of December 31, 2023 and September 30, 2023, the weighted average base rate floor of our loans was 0.82% and 0.80%, respectively.

As of December 31, 2023, we have second lien investments in five portfolio companies and subordinated debt investments in five 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, 2023, September 30, 2023 and December 31, 2022:
Three months endedVariancesVariances
  December 31, 2023September 30, 2023December 31, 2022
December 31, 2023 vs September 30, 2023
December 31, 2023 vs.
December 31, 2022
  (In thousands)
Interest and other debt financing expenses$39,451 $38,604 $32,497 $847 $6,954 
Amortization of debt issuance costs2,109 2,018 1,748 91 361 
Base management fee13,956 14,055 19,062 (99)(5,106)
Income incentive fee21,285 21,222 16,011 63 5,274 
Professional fees1,308 1,288 1,208 20 100 
Administrative service fee2,245 2,118 2,175 127 70 
General and administrative expenses381 544 313 (163)68 
Total expenses$80,735 $79,849 $73,014 $886 $7,721 
Average debt outstanding$3,078,186 $3,087,257 $3,081,266 $(9,071)$(3,080)

Interest Expense

Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the three months ended September 30, 2023 to the three months ended December 31, 2023 by $0.9 million, primarily due to the December 2023 issuance of the 2028 Notes with a yield to maturity of 7.310% and additional debt issuance costs recognized in connection with the 2028 Notes, that were partially offset by a decrease in average debt outstanding of $9.1 million. Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the three months ended December 31, 2022 to the three months ended December 31, 2023 by $7.3 million, primarily due to rising LIBOR and SOFR rates on borrowings from our floating rate debt facilities, partially offset by a decrease in average debt outstanding of $3.1 million. For more information about our outstanding borrowings for the three months ended December 31, 2023 and 2022, 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, 2023, September 30, 2023 and December 31, 2022, 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 5.4%, 5.2% and 4.4%, respectively.

The effective annualized average interest rate increased for the three months ended December 31, 2023 compared to the three months ended September 30, 2023 due to the 2028 Notes issuance and rising interest rates on our borrowings from floating rate debt facilities. The effective annualized average interest rate increased for the three months ended December 31, 2023 compared to the three months ended December 31, 2022 primarily due to rising interest rates on our borrowings from floating rate debt facilities.

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Management Fee

The base management fee decreased from the three months ended September 30, 2023 to the three months ended December 31, 2023 primarily due to a decrease in average adjusted gross assets from the three months ended September 30, 2023 to the three months ended December 31, 2023.

The base management fee decreased from the three months ended December 31, 2022 to the three months ended December 31, 2023 primarily due to the base management fee rate reduction to 1.0% from 1.375% effective July 1, 2023 under the Investment Advisory Agreement, as compared to the Prior Investment Advisory Agreement that was partially offset by increased base management fees incurred due to an increase in average adjusted gross assets from the three months ended December 31, 2022 to the three months ended December 31, 2023.

Incentive Fees

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

The Income Incentive Fee increased by $0.1 million from the three months ended September 30, 2023 to the three months ended December 31, 2023 as a result of an increase in Pre-Incentive Fee Net Investment Income primarily due to an accrual for excise tax expense $0.8 million lower for the three months ended December 31, 2023 as compared to the three months ended September 30, 2023. The Income Incentive Fee increased by $5.3 million from the three months ended December 31, 2022 to the three months ended December 31, 2023 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 the first fiscal quarter of fiscal year 2024. For each of the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, we were fully through the Income Incentive Fee “catch-up” provision and the Income Incentive Fee was equal to 20% of Pre-Incentive Fee Net Investment Income.

As of December 31, 2023 and September 30, 2023, 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, 2023 and September 30, 2023, 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 remained relatively flat from the three months ended September 30, 2023 to the three months ended December 31, 2023.

In total, professional fees, the administrative service fee, and general and administrative expenses increased by $0.2 million from the three months ended December 31, 2022 to the three months ended December 31, 2023 primarily due to an increase in the administrative service fee and professional fees.

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash.
Total expenses reimbursed to the Administrator during the three months ended December 31, 2023, September 30, 2023 and December 31, 2022 were $2.0 million, $1.0 million and $2.1 million, respectively.

As of both December 31, 2023 and September 30, 2023, included in accounts payable and other liabilities were $2.0 million 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, 2023, September 30, 2023 and December 31, 2022:

Three months endedVariancesVariances
  December 31, 2023September 30, 2023December 31, 2022
December 31, 2023 vs September 30, 2023
December 31, 2023 vs December 31, 2022
  (in thousands)
Net realized gain (loss) from investments
$909 $59 $4,017 $850 $(3,108)
Net realized gain (loss) from foreign currency transactions
187 (300)(1,186)487 1,373 
Net realized gain (loss) from forward currency contracts
— (481)463 481 (463)
Net realized gain (loss) on investment transactions $1,096 $(722)$3,294 $1,818 $(2,198)
Unrealized appreciation from investments
$32,793 $38,522 $25,440 $(5,729)$7,353 
Unrealized (depreciation) from investments
(42,097)(19,166)(66,511)(22,931)24,414 
Unrealized appreciation (depreciation) from forward currency contracts
(5,715)4,934 (14,448)(10,649)8,733 
Unrealized appreciation (depreciation) on foreign currency translation
6,187 (5,177)15,897 11,364 (9,710)
Net change in unrealized appreciation (depreciation) on investment transactions $(8,832)$19,113 $(39,622)$(27,945)$30,790 

During the three months ended December 31, 2023, we had a net realized gain of $1.1 million primarily attributable to the realized gain recognized on the sale of an equity investment and the translation of foreign currency amounts and transactions into U.S. dollars that were partially offset by realized losses on the disposition of an equity investment of a portfolio company. During the three months ended September 30, 2023, we had a net realized loss of $0.7 million primarily attributable to the realized loss on foreign currency transactions and the loss on the settlement of forward currency contracts. 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.

For the three months ended December 31, 2023, we had $32.8 million in unrealized appreciation on 153 portfolio company investments, which was offset by $42.1 million in unrealized depreciation on 213 portfolio company investments. For the three months ended September 30, 2023, we had $38.5 million in unrealized appreciation on 187 portfolio company investments, which was offset by $19.2 million in unrealized depreciation on 183 portfolio company investments. 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.

Unrealized appreciation for the three months ended December 31, 2023 and September 30, 2023 primarily resulted from improved performance of certain portfolio companies and the reversal of unrealized depreciation due to spread tightening in the market during the second half of calendar year 2023. Unrealized appreciation for the three months ended December 31, 2022 primarily resulted from loan repayments and improved performance of certain portfolio companies.

Unrealized depreciation for the three months ended December 31, 2023 and September 30, 2023 primarily resulted from isolated deterioration in the credit performance of a small number of 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.

Liquidity and Capital Resources

For the three months ended December 31, 2023, we experienced a net increase in cash and cash equivalents, foreign currencies and restricted cash and cash equivalents of $32.8 million. During the period, cash provided by operating activities was $163.6 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $179.4 million and net investment income after tax of $83.5 million, offset by fundings of portfolio investments of $73.2 million. Lastly, cash used in financing activities was $130.8 million, primarily driven by repayments of debt of $629.5 million and distributions paid of $59.7 million, offset by borrowings on debt of $563.7 million.
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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 by 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.

As of December 31, 2023 and September 30, 2023, we had cash and cash equivalents of $70.7 million and $65.6 million, respectively. In addition, we had foreign currencies of $6.0 million and $4.2 million as of December 31, 2023 and September 30, 2023, respectively, restricted cash and cash equivalents of $96.8 million and $70.4 million as of December 31, 2023 and September 30, 2023, respectively, and no restricted foreign currencies as of both December 31, 2023 and September 30, 2023. 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, 2023, allowed us to borrow up to $1.49 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of December 31, 2023 and September 30, 2023, we had outstanding debt under the JPM Credit Facility of $319.7 million and $784.4 million, respectively. As of December 31, 2023 and September 30, 2023, subject to leverage and borrowing base restrictions, we had $1,167.8 million and $703.1 million, respectively, of remaining commitments and availability on the JPM Credit Facility.

Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $100.0 million at any one time outstanding as of December 31, 2023. 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, 2023 and September 30, 2023, 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, 2023 and September 30, 2023 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 December 31, 2023 and September 30, 2023, we had outstanding debt under the 2018 Debt Securitization of $377.7 million and $388.7 million, respectively.

GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the GCIC 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, 2023 and September 30, 2023 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 December 31, 2023 and September 30, 2023, we had outstanding debt under the GCIC 2018 Debt Securitization of $491.8 million and $513.5 million, respectively.

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.



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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, 2023 and September 30, 2023, 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, 2023 and September 30, 2023, 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, 2023 and September 30, 2023.

2028 Notes

On December 5, 2023, we issued $450.0 million in aggregate principal amount of the 2028 Notes, all of which remained outstanding as our debt as of December 31, 2023.

On December 5, 2023, we entered into an interest rate swap on the 2028 Notes with SMBC as the counterparty. Under the terms of the agreement, we agreed to receive a fixed rate of 7.310% and pay SMBC a rate of one-month Term SOFR + 3.327%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.

Equity Distribution Agreement

On October 6, 2023, we entered into a new equity distribution agreement, or the 2023 Equity Distribution Agreement, in connection with 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. During the three months ended December 31, 2023, we terminated the equity distribution agreement entered into on May 28, 2021, or the 2021 Equity Distribution Agreement. As of both December 31, 2023 and September 30, 2023, there have been no common stock issuances under the 2021 or 2023 Equity Distribution Agreements.

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

As of December 31, 2023, 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, 2023, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 182.4% and 1.21x, respectively, and our effective GAAP debt-to-equity ratio, which reduces total debt by cash and cash equivalents and foreign currencies, was 1.18x as of December 31, 2023.

On August 3, 2023, our board of directors reapproved the Program (as defined in Note 2 of our consolidated financial statements), which allows us to repurchase up to $150 million of our outstanding common stock, exclusive of shares repurchased prior to the date of such authorization, on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market prices, through open market transactions, including block transactions, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the three months ended December 31, 2023 and 2022, we did not make any repurchases of our common stock.

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As of December 31, 2023 and September 30, 2023, we had outstanding commitments to fund investments totaling $163.9 million and $189.4 million, respectively. As of December 31, 2023, total commitments of $163.9 million included $36.0 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, 2023 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of December 31, 2023. As of December 31, 2023, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under the Adviser Revolver and JPM Credit Facility, as well as ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.

In addition, we have entered and, in the future, 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 and interest rate swap agreements as of December 31, 2023 and September 30, 2023. 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 could not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing capital generated from repayments into new investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to raise capital and are at or near our targeted leverage ratios, we expect to receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy and have, in the past, received such smaller allocations under similar circumstances.

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Portfolio Composition, Investment Activity and Yield

As of December 31, 2023 and September 30, 2023, we had investments in 357 and 342 portfolio companies, respectively, with a total fair value of $5.4 billion and $5.5 billion, respectively.

The following table shows the asset mix of our new investment commitments for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022:

Three months ended
  December 31, 2023September 30, 2023December 31, 2022
  (In thousands)Percentage(In thousands)Percentage(In thousands)Percentage
Senior secured$7,500 12.8 %$12,452 9.6 %$7,059 2.9 %
One stop49,317 84.1 104,187 80.4 229,161 92.8 
Second lien— — 9,774 7.6 — — 
Subordinated debt50 0.1 — — 50 0.0 *
Equity1,777 3.0 3,137 2.4 10,697 4.3 
Total new investment commitments$58,644 100.0 %$129,550 100.0 %$246,967 100.0 %

* Represents an amount less than 0.1%.

For the three months ended December 31, 2023, we had approximately $179.4 million in proceeds from principal payments and sales of portfolio investments.

For the three months ended December 31, 2022, we had approximately $253.8 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:
As of December 31, 2023(1)
As of September 30, 2023(2)
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
  (In thousands)(In thousands)
Senior secured:            
Performing$455,087 $459,048 $438,837 $517,091 $525,896 $503,594 
Non-accrual(3)
2,406 2,248 — 1,630 1,553 391 
One stop:            
Performing4,696,230 4,660,531 4,611,501 4,708,376 4,685,989 4,620,406 
Non-accrual(3)
108,747 77,931 51,135 104,611 77,139 57,693 
Second lien:            
Performing31,080 32,135 31,007 27,944 29,789 27,758 
Non-accrual(3)
4,372 3,724 1,442 4,229 3,725 1,396 
Subordinated debt:            
Performing4,754 4,707 4,536 4,585 4,538 4,488 
Non-accrual(3)
4,492 3,328 3,908 4,322 3,328 3,457 
EquityN/A266,800 301,061 N/A261,879 297,430 
Total$5,307,168 $5,510,452 $5,443,427 $5,372,788 $5,593,836 $5,516,613 
(1)As of December 31, 2023, $901.7 million and $834.5 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, 2023, $87.2 million and $56.6 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.
(2)As of September 30, 2023, $934.2 million and $887.2 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, 2023, $85.7 million and $63.1 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.
(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal 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, 2023, 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 1.7% and 1.1%, respectively. As of September 30, 2023, we had loans in nine portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 1.6% and 1.2%, respectively.

As of December 31, 2023 and September 30, 2023, the fair value of our debt investments as a percentage of the outstanding principal value was 96.9% and 97.1%, 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, 2023, September 30, 2023 and December 31, 2022:
Three months ended,
  December 31, 2023September 30, 2023December 31, 2022
Weighted average rate of new investment fundings11.0%11.8%11.1%
Weighted average spread over the applicable base rate of new floating rate investment fundings5.7%6.1%6.7%
Weighted average fees of new investment fundings1.1%1.6%1.8%
Weighted average rate of sales and payoffs of portfolio investments10.4%10.7%9.0%

As of December 31, 2023, 97.6% and 97.9% 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, 2023, 97.2% and 97.6% 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, 2023 and September 30, 2023, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $61.3 million and $58.8 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:
 
Internal Performance Ratings
Rating Definition
5 Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4 Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3 Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2 Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1 Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

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

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

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











1 The portfolio median EBITDA is based on our portfolio of debt investments and excludes (i) portfolio companies with negative or de minimis EBITDA, (ii) investments designated as recurring revenue loans and (iii) portfolio companies with any loans on non-accrual status.
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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, 2023 and September 30, 2023:
As of December 31, 2023As of September 30, 2023
Internal
Performance
Rating		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments
5$139,758 2.6%$50,279 0.9%
44,537,009 83.34,647,644 84.2
3744,508 13.7803,724 14.6
222,152 0.414,966 0.3
1— —— —
Total$5,443,427 100.0%$5,516,613 100.0%

The table below details the weighted average price of our debt investments by internal performance rating held as of December 31, 2023 and September 30, 2023.
Weighted Average Price1
Category
As of December 31, 2023
As of September 30, 2023
Internal Performance Ratings 4 and 5
(Performing At or Above Expectations)		99.2%98.9%
Internal Performance Rating 3
(Performing Below Expectations)		89.691.3
Internal Performance Ratings 1 and 2
(Performing Materially Below Expectations)		29.427.6
Total96.9%97.1%

(1)Includes only debt investments held as of December 31, 2023 and September 30, 2023. Value reflects weighted average fair value of debt investments as a percentage of principal by Internal Performance Rating category.


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Distributions

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

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

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

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

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

Related Party Transactions

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

•We entered into the Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, our chairman, is a manager of GC Advisors, and Mr. David Golub, our chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors. The Board approved the Investment Advisory Agreement on August 3, 2023, pursuant to which the base management fee rate is reduced from 1.375% to 1.0%.

•GC Advisors has agreed to irrevocably waive any incentive fees in excess of 15% and waive incentive fees in excess of an incentive fee cap that is also reduced to 15%, in each case effective as of January 1, 2024 for periods ending on or prior to the earlier of (i) the closing of the acquisition of GBDC 3 pursuant to the GBDC 3 Merger Agreement or (ii) the termination of the GBDC 3 Merger Agreement (the “Waiver Period”), in accordance with the terms of a waiver letter agreement (the “Waiver”) to the Investment Advisory Agreement. During the Waiver Period, as a result of the Waiver, fees payable to the Investment Adviser under the Investment Advisory Agreement, net of the Waiver, will equal those that would be payable under the Post-Merger Advisory Agreement.

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

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

•GC Advisors serves as collateral manager to the 2018 Issuer 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.

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

•During the fourth calendar quarter of 2023, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $2.8 million, or 191,547 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year 2023, the Trust purchased approximately $18.0 million, or 1,306,855 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.

•On September 16, 2019, we completed our acquisition of GCIC pursuant to the GCIC 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, Golub Capital BDC 4, Inc., or GBDC 4, and Golub Capital Private Credit Fund, or GCRED, all of which are unlisted business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar capacities for GBDC 3, GDLC, GDLCU, GBDC 4 and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us, GBDC 3, GDLC, GDLCU, GBDC 4, GCRED and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts. We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.

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

Critical Accounting Policies

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

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Fair Value Measurements

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

Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
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Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and 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, 2023 and 2022. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by 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 December 31, 2023 and September 30, 2023, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. As of December 31, 2023 and September 30, 2023, all money market funds included in cash and cash equivalents and restricted cash and restricted cash equivalents were valued using Level 1 inputs and all forward currency contracts and the interest rate swap were valued using Level 2 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.

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

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, 2027 Notes and 2028 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: 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 $56.5 million and $62.9 million as of December 31, 2023 and September 30, 2023, 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, 2023 and 2022, $0.5 million and $2.2 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, 2023, we recorded a net tax expense of an amount less than $0.1 million for taxable subsidiaries. For the three months ended December 31, 2022, we recorded a net tax expense of $0.2 million for taxable subsidiaries. As of December 31, 2023 and September 30, 2023, 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 and $1.1 million, respectively, for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations 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 SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual, or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of December 31, 2023 and September 30, 2023, the weighted average floor on loans subject to floating interest rates was 0.82% and 0.80%, respectively. 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 SOFR 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 December 31, 2023, 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 of 0.10% on SOFR borrowings. We entered into an interest rate swap on the 2028 Notes that has a floating rate provision based on one-month SOFR plus a spread of 3.327%. We expect that other credit facilities into which we enter in the future could have floating interest rate provisions.

Assuming that the unaudited interim Consolidated Statement of Financial Condition as of December 31, 2023 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.
Change in interest rates
Increase (decrease) in
interest income(1)
Increase (decrease) in
interest expense		Net increase
(decrease) in
 investment income
(In thousands)
Down 200 basis points$(104,351)$(27,514)$(76,837)
Down 150 basis points(78,263)(20,635)(57,628)
Down 100 basis points(52,176)(13,757)(38,419)
Down 50 basis points(26,088)(6,878)(19,210)
Up 50 basis points26,088 6,878 19,210 
Up 100 basis points52,176 13,757 38,419 
Up 150 basis points78,263 20,635 57,628 
Up 200 basis points104,351 27,514 76,837 

(1) Assumes applicable three-month base rate as of December 31, 2023, with the exception of SONIA and Prime that utilize the December 31, 2023 rate.
Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of December 31, 2023, 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 have and, in the future, could hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swaps, futures, options and forward contracts to the limited extent permitted under the 1940 Act and applicable commodities laws. While hedging activities 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, 2023 (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.

Except as set forth below, there have been no material changes during the three months ended December 31, 2023 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2023.

You should carefully consider these risk factors, together with all of the other information included in this Quarterly Report on Form 10-Q and the other reports and documents filed by us with the SEC. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, our NAV and the trading price of our common stock could decline, and you may lose all or part of your investment. The risk factors described below and in our Annual Report on Form 10-K for the year ended September 30, 2023 are the principal risk factors associated with an investment in us as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours.

Risks Relating to the Proposed Merger

Sales of shares of our common stock after the completion of the Proposed Merger may cause the market price of our common stock to decline.

At the effective time of the Proposed Merger, each share of GBDC 3 common stock issued and outstanding immediately prior to such time (other than shares owned by us or any of our consolidated subsidiaries, which are referred to as the Cancelled Shares), will be converted into the right to receive a number of shares of our common stock equal to the Exchange Ratio, plus any cash (without interest) in lieu of fractional shares. For illustrative purposes, based on (a) September 30, 2023 net asset values and excluding transaction costs and other tax-related distributions but adjusted, in the case of GBDC 3 for the $0.30 per share special distribution declared on November 17, 2023 and paid on December 8, 2023, and (b) an assumed trading price for our common stock that is below our net asset value, we would issue approximately 93.1 million shares of our common stock in the aggregate pursuant to the GBDC 3 Merger Agreement based on the GBDC 3 shares of common stock outstanding as of November 30, 2023, resulting in pro forma ownership of 64.5% for our current stockholders and 35.5% for current GBDC 3 stockholders. Former GBDC 3 stockholders may decide not to hold the shares of our common stock that they will receive pursuant to the GBDC 3 Merger Agreement. Certain of GBDC 3’s stockholders, such as funds with limitations on their permitted holdings of stock in individual issuers, may be required to sell the shares of our common stock that they receive pursuant to the GBDC 3 Merger Agreement. In addition, our stockholders may decide not to hold their shares of our common stock after completion of the Proposed Merger. In each case, such sales of our common stock could have the effect of depressing the market price for our common stock and may take place promptly following the completion of the Proposed Merger.

GBDC 3’s stockholders and our stockholders will experience a reduction in percentage ownership and voting power in the combined company as a result of the Proposed Merger.

Our stockholders will experience a substantial reduction in their respective percentage ownership interests and effective voting power in respect of the combined company relative to their respective ownership interests in us prior to the Proposed Merger. Consequently, our stockholders should expect to exercise less influence over the management and policies of the combined company following the Proposed Merger than they currently exercise over the management and policies of us. GBDC 3’s stockholders will experience a substantial reduction in their respective percentage ownership interests and effective voting power in respect of the combined company relative to their respective percentage ownership interests in GBDC 3 prior to the Proposed Merger. Consequently, GBDC 3’s stockholders should expect to exercise less influence over the management and policies of the combined company following the Proposed Merger than they currently exercise over the management and policies of GBDC 3.

For illustrative purposes, based on (a) September 30, 2023 net asset values and excluding transaction costs and other tax-related distributions but adjusted, in the case of GBDC 3 for the $0.30 per share special distribution declared on November 17, 2023 and paid
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on December 8, 2023, and (b) an assumed trading price for our common stock that is below our net asset value, we would issue approximately 93.1 million shares of our common stock in the aggregate pursuant to the GBDC 3 Merger Agreement based on the GBDC 3 shares of common stock outstanding as of November 30, 2023, resulting in pro forma ownership of 64.5% for our current stockholders and 35.5% for current GBDC 3 stockholders. Prior to completion of the Proposed Merger, subject to certain restrictions in the GBDC 3 Merger Agreement, we and GBDC 3 may each issue additional shares of common stock, which would further reduce the percentage ownership of the combined company held by our current stockholders or to be held by GBDC 3’s stockholders, as applicable. After completion of the Proposed Merger, we may issue additional shares of our common stock, including, subject to certain restrictions under the 1940 Act, including stockholder approval of such issuance, at prices below the then-current NAV per share of our common stock. The issuance or sale by us of shares of our common stock at a discount to NAV poses a risk of dilution to our stockholders and former GBDC 3 stockholders.

We may be unable to realize the benefits anticipated by the Proposed Merger, including estimated cost savings, or it may take longer than anticipated to achieve such benefits.

The realization of certain benefits anticipated as a result of the Proposed Merger will depend in part on the integration of GBDC 3’s investment portfolio with ours and the integration of GBDC 3’s business with our business. There can be no assurance that GBDC 3’s investment portfolio or business can be operated profitably or integrated successfully into our operations in a timely fashion or at all. The dedication of management resources to such integration may detract attention from the day-to-day business of the combined company, and there can be no assurance that there will not be substantial costs associated with the transition process or that there will not be other material adverse effects as a result of these integration efforts. Such effects, including incurring unexpected costs or delays in connection with such integration and failure of GBDC 3’s investment portfolio to perform as expected, could have a material adverse effect on the financial results of the combined company.

We also expect to achieve certain cost savings from the Proposed Merger when the two companies have fully integrated their portfolios. It is possible that the estimates of the potential cost savings could ultimately be incorrect. The cost savings estimates also assume we will be able to combine the operations of us and GBDC 3 in a manner that permits those cost savings to be fully realized. If the estimates turn out to be incorrect or if we are not able to combine GBDC 3’s investment portfolio or business with our operations successfully, the anticipated cost savings may not be fully realized or realized at all or may take longer to realize than expected.

The Proposed Merger may trigger certain “change of control” provisions and other restrictions in contracts of ours, GBDC 3 or their affiliates and the failure to obtain any required consents or waivers could adversely impact the combined company.

Certain agreements of ours and GBDC 3 or their affiliates, which may include agreements governing indebtedness of us or GBDC 3, will or may require the consent or waiver of one or more counterparties in connection with the Proposed Merger. The failure to obtain any such consent or waiver may permit such counterparties to terminate, or otherwise increase their rights or our or GBDC 3’s obligations under, any such agreement because the Proposed Merger or other transactions contemplated by the GBDC 3 Merger Agreement may violate an anti-assignment, change of control or other similar provision relating to any of such transactions. If this occurs, we may have to seek to replace that agreement with a new agreement or seek an amendment to such agreement. We cannot assure you that we will be able to replace or amend any such agreement on comparable terms or at all. If these types of provisions are triggered in agreements governing indebtedness of us or GBDC 3, the lender or holder of the debt instrument could accelerate repayment under such indebtedness and negatively affect our business, financial condition, results of operations and cash flows. See “Risks Relating to Our Business and Structure – We finance our investments with borrowed money, which will accelerate and increase the potential for gain or loss on amounts invested and could increase the risk of investing in us” in our Annual Report on Form 10-K for the year ended September 30, 2023.

If any such agreement is material, the failure to obtain consents, amendments or waivers under, or to replace on similar terms or at all, any of these agreements could adversely affect the financial performance or results of operations of the combined company following the Proposed Merger, including preventing us from operating a material part of GBDC 3’s business.

In addition, the consummation of the Proposed Merger may violate, conflict with, result in a breach of provisions of, or the loss of any benefit under, constitute a default (or an event that, with or without notice or lapse of time or both, would constitute a default) under, or result in the termination, cancellation, acceleration or other change of any right or obligation (including any payment obligation) under, certain agreements of us or GBDC 3. Any such violation, conflict, breach, loss, default or other effect could, either individually or in the aggregate, have a material adverse effect on the financial condition, results of operations, assets or business of the combined company following completion of the Proposed Merger.


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If the Proposed Merger does not close, we will not benefit from the expenses incurred in its pursuit.

The Proposed Merger may not be completed. If the Proposed Merger is not completed, we will have incurred substantial expenses for which no ultimate benefit will have been received. We have incurred out-of-pocket expenses in connection with the Proposed Merger for investment banking, legal and accounting fees and financial printing and other related charges, much of which will be incurred even if the Proposed Merger is not completed.

The termination of the GBDC 3 Merger Agreement could negatively impact us.

If the GBDC 3 Merger Agreement is terminated, there may be various consequences, including:

•our businesses may have been adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Proposed Merger, without realizing any of the anticipated benefits of completing the Proposed Merger;
•the market price of our common stock might decline to the extent that the market price prior to termination reflects a market assumption that the Proposed Merger will be completed; and

The GBDC 3 Merger Agreement limits the ability of the Company to pursue alternatives to the Proposed Merger.

The GBDC 3 Merger Agreement contains provisions that limit our ability to discuss, facilitate or commit to competing third-party proposals to acquire all or a significant part of us. These provisions, which are typical for transactions of this type, and include a $76.0 million termination fee payable by a third-party acquiror of us under certain circumstances, might discourage a potential competing acquiror that might have an interest in acquiring all or a significant part of us from considering or proposing that acquisition or might result in a potential competing acquiror proposing to pay a lower per share price to acquire us than it might otherwise have proposed to pay.

The Proposed Merger is subject to closing conditions, including stockholder approvals, that, if not satisfied or waived, will result in the Proposed Merger not being completed, which may result in material adverse consequences to our business and operations.

The Proposed Merger is subject to closing conditions, including certain approvals of GBDC 3’s and our respective stockholders that, if not satisfied, will prevent the Proposed Merger from being completed. The closing condition that GBDC 3’s stockholders approve the Proposed Merger may not be waived under applicable law and must be satisfied for the Proposed Merger to be completed. GBDC 3 currently expects that all directors and executive officers of GBDC 3 will vote their shares of GBDC 3 common stock in favor of the proposals presented at the GBDC 3 special meeting of stockholders. If GBDC 3’s stockholders do not approve the Proposed Merger and the Proposed Merger is not completed, the resulting failure of the Proposed Merger could have a material adverse impact on GBDC 3’s business and operations. The closing condition that our stockholders approve the issuance of the shares of the Company’s common stock pursuant to the GBDC 3 Merger Agreement, which proposal is referred to as the Merger Stock Issuance Proposal, may not be waived under applicable law and must be satisfied for the Proposed Merger to be completed. The Company currently expects that all directors and executive officers of the Company will vote their shares of the Company’s common stock in favor of the proposal to be presented at the Company’s special meeting of stockholders. If the Company’s stockholders do not approve the Merger Stock Issuance Proposal and the Proposed Merger is not completed, the resulting failure of the Proposed Merger could have a material adverse impact on our business and operations. In addition to the required approvals of GBDC 3’s and our stockholders, the Proposed Merger is subject to a number of other conditions beyond GBDC 3’s and our control that may prevent, delay or otherwise materially adversely affect its completion. Neither GBDC 3 nor we can predict whether and when these other conditions will be satisfied.

We and GBDC 3 are subject to operational uncertainties and contractual restrictions while the Proposed Merger is pending.

Uncertainty about the effect of the Proposed Merger may have an adverse effect on us and GBDC 3 and, consequently, on the combined company following completion of the Proposed Merger. These uncertainties may cause those that deal with us and GBDC 3 to seek to change their existing business relationships with us and GBDC 3, respectively. In addition, the GBDC 3 Merger Agreement restricts us and GBDC 3 from taking actions that they might otherwise consider to be in their best interests. These restrictions may prevent us and GBDC 3 from pursuing certain business opportunities that may arise prior to the completion of the Proposed Merger.




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We and GBDC 3 may waive one or more conditions to the Proposed Merger without resoliciting stockholder approval.

Certain conditions to our and GBDC 3’s obligations to complete the Proposed Merger may be waived, in whole or in part, to the extent legally allowed, either unilaterally or by agreement of us and GBDC 3. In the event that any such waiver does not require re-solicitation of stockholders, the parties to the GBDC 3 Merger Agreement will have the discretion to complete the Proposed Merger without seeking further stockholder approval. The conditions requiring the approval of each of the Merger Stock Issuance Proposal by our stockholders and the Proposed Merger by GBDC 3’s stockholders, however, cannot be waived.

The market price of our common stock after the Proposed Merger may be affected by factors different from those affecting our common stock currently.

The businesses of us and GBDC 3 differ in some respects and, accordingly, the results of operations of the combined company and the market price of our common stock after the Proposed Merger may be affected by factors different from those currently affecting the independent results of operations of each of us and GBDC 3. These factors include a larger stockholder base and a different capital structure.

Accordingly, the historical trading prices and financial results of us may not be indicative of these matters for the combined company following the Proposed Merger.


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.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended December 31, 2023, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6: Exhibits.

EXHIBIT INDEX
   
Number Description
Agreement and Plan of Merger, by and among Golub Capital BDC, Inc., Golub Capital BDC 3, Inc., Park Avenue Subsidiary Inc., GC Advisors, LLC, and solely for purposes of Section 1.9, Golub Capital LLC, dated as of January 16, 2024. (Incorporated by reference to Exhibit 2.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on January 17, 2024).
Equity Distribution Agreement, dated October 6, 2023, by and among Golub Capital BDC, Inc., GC Advisors LLC, Golub Capital LLC, Keefe, Bruyette & Woods, Inc. and Regions Securities LLC. (Incorporated by reference to Exhibit 1.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on October 10, 2023).
Indenture, dated as of October 2, 2020, by and between Golub Capital BDC, Inc. and U.S. Bank
National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Registrant's
Current Report on Form 8-K (File No. 814-00794), filed on October 5, 2020).
Fourth Supplemental Indenture, dated as of December 5, 2023, relating to the 7.050% Notes due 2028, by and between Golub Capital BDC, Inc. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee. (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on December 5, 2023).
Form of Global Note with respect to 7.050% Notes due 2028 (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on December 5, 2023).
Waiver Agreement to the Fourth Amended and Restated Investment Advisory Agreement by and between Golub Capital BDC, Inc. and GC Advisors LLC. (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on January 17, 2024).
Fifth Supplemental Indenture, dated as of February 1, 2024, relating to the 6.000% Notes due 2029, by and between Golub Capital BDC, Inc. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee. (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00794), filed on February 1, 2024).
 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
  Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document.*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.*
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)*

_________________
* Filed herewith
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SIGNATURES

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

Golub Capital BDC, Inc.
Date: February 5, 2024By/s/ David B. Golub
David B. Golub
Chief Executive Officer
(Principal Executive Officer)
Date: February 5, 2024By/s/ Christopher C. Ericson
 Christopher C. Ericson
Chief Financial Officer
(Principal Accounting and Financial Officer)

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