Golub Capital BDC

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Form 10-K
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 2024
or
□
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission file number: 814-00794
GOLUB CAPITAL BDC, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
27-2326940
(State or Other Jurisdiction of Incorporation
or Organization)
(I.R.S. Employer Identification No.)
200 Park Avenue, 25th Floor, New York, NY
10166
(Address of Principal Executive Offices)
(Zip Code)
(212) 750-6060
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.001 per share
GBDC
The Nasdaq Global Select Market
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes □No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes □No ☒
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes ☒No □
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files). Yes ☒No □
Auditor Firm ID: 42
Auditor Name: Ernst & Young LLP
Auditor Location: Chicago
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.
See definitions of ‘‘large accelerated filer’’, ‘‘accelerated filer’’ and ‘‘smaller reporting company’’ in Rule 12b-2 of the Exchange Act. (Check one):
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. □
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that
prepared or issued its audit report. Yes ☒No □
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant in the filing
reflect the correction of an error to previously issued financial statements. □
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). □
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).Yes □No ☒
The aggregate market value of common stock held by non-affiliates of the registrant on March 31, 2024 was approximately $2,774 million. For the
purposes of calculating this amount only, all directors and executive officers of the registrant have been treated as affiliates. There were 264,277,128
shares of the registrant’s common stock outstanding as of November 19, 2024.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with
the registrant’s 2025 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of
this Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the
registrant’s fiscal year ended September 30, 2024.

Part I.
Item 1.
Business. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Item 1A.
Risk Factors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40
Item 1B.
Unresolved Staff Comments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
86
Item 1C.
Cybersecurity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
86
Item 2.
Properties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
87
Item 3.
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
87
Item 4.
Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
87
Part II.
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
88
Item 6.
Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
95
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations . . .
96
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . .
120
Item 8.
Consolidated Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . .
122
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . .
276
Item 9A.
Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
276
Item 9B.
Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
276
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. . . . . . . . . . . . . . . . . . . . . .
276
Part III.
Item 10.
Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
277
Item 11.
Executive Compensation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
277
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
277
Item 13.
Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . . . . .
277
Item 14.
Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
277
Part IV.
Item 15.
Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
278
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
284
i

PART I
In this Annual Report on Form 10-K, except as otherwise indicated, the terms:
•
‘‘we,’’ ‘‘us,’’ ‘‘our’’ and ‘‘Golub Capital BDC’’ refer to Golub Capital BDC, Inc., a Delaware
corporation, and its consolidated subsidiaries;
•
‘‘BDC Holdings’’ refers to Golub Capital BDC Holdings LLC, a Delaware limited liability company, or
LLC, our direct subsidiary;
•
‘‘GCIC Holdings’’ refers to GCIC Holdings LLC, a Delaware LLC, our direct subsidiary;
•
‘‘2018 Issuer’’ refers to Golub Capital BDC CLO III LLC, a Delaware LLC, our indirect subsidiary;
•
‘‘GCIC 2018 Issuer’’ refers to GCIC CLO II LLC, a Delaware LLC, our indirect subsidiary;
•
‘‘2018 CLO Depositor’’ refers to Golub Capital BDC CLO III Depositor LLC, a Delaware LLC, our
direct subsidiary;
•
‘‘GCIC 2018 CLO Depositor’’ refers to GCIC CLO II Depositor LLC, a Delaware LLC, our direct
subsidiary;
•
‘‘GBDC 3 Holdings’’ refers to GBDC 3 Holdings LLC, a Delaware limited liability company, or LLC,
our direct subsidiary;
•
‘‘GBDC 3 2021 CLO Depositor’’ refers to Golub Capital BDC 3 CLO 1 Depositor LLC, a Delaware
LLC, our direct subsidiary;
•
‘‘GBDC 3 2021 Issuer’’ refers to Golub Capital BDC 3 CLO 1 LLC, a Delaware LLC, our indirect
subsidiary;
•
‘‘GBDC 3 2022 ABS 2022-1 Depositor’’ refers to Golub Capital BDC 3 ABS 2022-1 Depositor LLC, a
Delaware LLC, our direct subsidiary;
•
‘‘GBDC 3 2022 Issuer’’ refers to Golub Capital BDC 3 ABS 2022-1 LLC, a Delaware LLC, our
indirect subsidiary;
•
‘‘GBDC 3 2022 CLO 2 Depositor’’ refers to Golub Capital BDC 3 CLO 2 Depositor LLC, a Delaware
LLC, our direct subsidiary;
•
‘‘GBDC 3 2022-2 Issuer’’ refers to Golub Capital BDC 3 CLO 2 LLC, a Delaware LLC, our indirect
subsidiary;
•
‘‘Funding II’’ refers to Golub Capital BDC Funding II LLC, a Delaware LLC, our direct subsidiary;
•
‘‘Funding Subsidiaries’’ refers, collectively, to Funding II, prior to its termination on September 16,
2022, GBDC 3 Funding LLC, or GBDC 3 Funding, a Delaware LLC and our direct subsidiary, and
each, a ‘‘Funding Subsidiary’’;
•
‘‘2024 Notes’’ refers to the $400.0 million in aggregate principal amount of unsecured notes issued by
Golub Capital BDC on October 2, 2020. The 2024 Notes bore interest at a rate of 3.375% per year
payable semiannually in arrears on April 15 and October 15 of each year. The 2024 Notes matured on
April 15, 2024. On October 15, 2021, Golub Capital BDC issued an additional $100.0 million in
aggregate principal amount of 2024 Notes, which have the same terms as the original issuance of
2024 Notes. On April 8, 2024, the Company redeemed $500.0 million in aggregate principal amount of
2024 Notes under the same terms of the original issuance;
•
‘‘2026 Notes’’ refers to the $400.0 million in aggregate principal amount of unsecured notes issued by
Golub Capital BDC on February 24, 2021. 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. The 2026 Notes mature
on August 24, 2026. On October 13, 2021, Golub Capital BDC issued an additional $200.0 million in
aggregate principal amount of 2026 Notes, which have the same terms as the original issuance of
2026 Notes;
1

•
‘‘2027 Notes’’ refers to the $350.0 million in aggregate principal amount of unsecured notes issued by
Golub Capital BDC on August 3, 2021. The 2027 Notes bear interest at a rate of 2.050% per year
payable semiannually in arrears on February 15 and August 15 of each year. The 2027 Notes mature
on February 15, 2027;
•
‘‘2028 Notes’’ refers to the $450.0 million in aggregate principal amount of unsecured notes issued by
Golub Capital BDC on December 5, 2023. The 2028 Notes bear interest at a rate of 7.050% per year
payable semiannually in arrears on June 5 and December 5 of each year. The 2028 Notes mature on
December 5, 2028;
•
‘‘2029 Notes’’ refers to the $600.0 million in aggregate principal amount of unsecured notes issued by
Golub Capital BDC on February 1, 2024. The 2029 Notes bear interest at a rate of 6.000% per year
payable semiannually in arrears on January 15 and July 15 of each year. The 2029 Notes mature on
July 15, 2029;
•
‘‘Unsecured Notes’’ refers, collectively, to the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and
2029 Notes;
•
‘‘GCIC’’ refers to Golub Capital Investment Corporation, a Maryland corporation that we acquired on
September 16, 2019 pursuant to an agreement and plan of merger by and among us, GCIC, GC
Advisors, and for certain limited purposes our Administrator (as defined below), or, as amended, the
GCIC Merger Agreement; prior to such acquisition, which we refer to as the GCIC Merger, GCIC was
an externally managed, closed-end, non-diversified management investment company that elected to be
regulated as a business development company under the Investment Company Act of 1940, as amended,
or the 1940 Act, and whose investment adviser was GC Advisors. GCIC’s common stock was converted
into the right to receive 0.865 shares of our common stock (with GCIC’s stockholders receiving cash in
lieu of fractional shares of our common stock), and we issued an aggregate 71,779,964 shares of our
common stock to former stockholders of GCIC;
•
‘‘GBDC 3’’ refers to Golub Capital BDC 3, a Maryland corporation that we acquired on June 3, 2024
pursuant to an agreement and plan of merger by and among us, GBDC 3, GC Advisors, and for
certain limited purposes our Administrator, or, as amended, the GBDC 3 Merger Agreement; prior to
such acquisition, which we refer to as the GBDC 3 Merger, GBDC 3 was an externally managed,
closed-end, non-diversified management investment company that elected to be regulated as a business
development company under the Investment Company Act of 1940, as amended, or the 1940 Act, and
whose investment adviser was GC Advisors. GBDC 3’s common stock was converted into the right to
receive 0.914 shares of our common stock (with GBDC 3’s stockholders receiving cash in lieu of
fractional shares of our common stock), and we issued an aggregate 92,115,308 shares of our common
stock to former stockholders of GBDC 3;
•
‘‘2018 Debt Securitization’’ refers to the $602.4 million term debt securitization that we completed on
November 16, 2018, in which the 2018 Issuer issued an aggregate of $602.4 million of notes, or the
‘‘2018 Notes,’’ including $327.0 million of Class A 2018 Notes, which bear interest at a rate of
three-month Term SOFR, plus 0.26161%, plus 1.48%, $61.2 million of Class B 2018 Notes, which bear
interest at a rate of three-month Term SOFR, plus 0.26161%, plus 2.10%, $20.0 million of Class C-1
2018 Notes, which bear interest at a rate of three-month Term SOFR, plus 0.26161%, plus 2.80%,
$38.8 million of Class C-2 2018 Notes, which bear interest at a rate of three-month Term SOFR, plus
0.26161%, plus 2.65%, $42.0 million of Class D 2018 Notes, which bear interest at a rate of
three-month Term SOFR, plus 0.26161%, plus 2.95%, and $113.4 million of Subordinated 2018 Notes
that do not bear interest;
•
‘‘GCIC 2018 Debt Securitization’’ refers to the $908.2 million term debt securitization initially
completed on December 13, 2018 and that we acquired as part of the GCIC Merger in which the
GCIC 2018 Issuer issued an aggregate of $908.2 million of notes, or the ‘‘GCIC 2018 Notes’’,
including $490.0 million of AAA/AAA Class A-1 GCIC 2018 Notes, which bear interest at a rate of
three-month Term SOFR, plus 0.26161%, plus 1.48%, $38.5 million of AAA Class A-2 GCIC
2018 Notes, which bore interest at a fixed rate of 4.67%, $18.0 million of AA Class B-1 GCIC
2018 Notes, which bear interest at a rate of three-month Term SOFR, plus 0.26161%, plus 2.25%,
$27.0 million of the Class B-2 GCIC 2018 Notes, which bear interest at a rate of three-month Term
2

SOFR, plus 0.26161%, plus 1.75%, $95.0 million of Class C GCIC 2018 Notes, which bear interest at
a rate of three-month Term SOFR, plus 0.26161%, plus 2.30%, $60.0 million of Class D GCIC
2018 Notes, which bear interest at a rate of three-month Term SOFR, plus 0.26161%, plus 2.75% and
$179.7 million of Subordinated GCIC 2018 Notes that do not bear interest;
•
‘‘GBDC 3 2021 Debt Securitization’’ refers to the $398.9 million term debt securitization initially
completed on March 11, 2021 and that we acquired as part of the GBDC 3 Merger in which the
GBDC 3 2021 Issuer issued an aggregate of $398.9 million of notes, or the ‘‘GBDC 3 2021 Notes’’,
including $224.0 million of AAA Class A GBDC 3 2021 Notes, which bear interest at a rate of
three-month Term SOFR, plus 0.26161%, plus 1.60%, $28.0 million of AA Class B GBDC 3
2021 Notes, which bear interest at a rate of three-month Term SOFR, plus 0.26161%, plus 1.85%,
$36.0 million of A Class C-1 GBDC 3 2021 Notes, which bear interest at a rate of three-month Term
SOFR, plus 0.26161%, plus 2.80%, $10.0 million of the A Class C-2 GBDC 3 2021 Notes, which bear
interest at a fixed rate of 3.91% and $100.9 million of Subordinated GBDC 3 2021 Notes that do not
bear interest;
•
‘‘GBDC 3 2022 Debt Securitization’’ refers to the $401.8 million term debt securitization initially
completed on January 25, 2022 and that we acquired as part of the GBDC 3 Merger in which the
GBDC 3 2022 Issuer issued an aggregate of $401.8 million of notes, or the ‘‘GBDC 3 2022 Notes’’,
including $252.0 million of Class A Senior Secured Floating Rate Notes, which bear interest at a rate
of three-month Term SOFR, plus 0.26161%, plus 2.00% and $149.8 million of Subordinated Notes that
do not bear interest;
•
‘‘GBDC 3 2022-2 Debt Securitization’’ refers to the $386.6 million term debt securitization initially
completed on December 14, 2022 and that we acquired as part of the GBDC 3 Merger in which the
GBDC 3 2022-2 Issuer issued an aggregate of $386.6 million of notes, or the ‘‘GBDC 3
2022-2 Notes’’, including $140.0 million of AAA Class A GBDC 3 Senior Secured Floating Rates
Notes, which bear interest at a rate of three-month Term SOFR, plus 0.26161%, plus 2.60%,
$38.8 million of AA Class B GBDC 3 Senior Secured Floating Rates Notes, which bear interest at a
rate of three-month Term SOFR, plus 0.26161%, plus 3.09%, $85.0 million of AAA Class A GBDC 3
Senior Secured Floating Rates Notes, which bear interest at a rate of three-month Term SOFR, plus
0.26161%, plus 2.60% and $122.8 million of Subordinated Notes that do not bear interest;
•
‘‘Debt Securitizations’’ refers collectively to the 2018 Debt Securitization, the GCIC 2018 Debt
Securitization, the GBDC 3 2021 Debt Securitization, the GBDC 3 2022 Debt Securitization, and the
GBDC 3 2022-2 Debt Securitization, and each, a ‘‘Debt Securitization;’’
•
‘‘GBDC 3 DB Credit Facility’’ refers to the senior secured revolving credit facility that GBDC 3
Funding entered into on September 10, 2019, with GBDC 3, as equity holder and as servicer, Deutsche
Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from
time to time party thereto as securitization subsidiaries and Deutsche Bank Trust Company Americas,
as collateral agent and as collateral custodian, that, as of September 30, 2024, permits borrowings of
up to $625.0 million in U.S. dollars and certain agreed upon foreign currencies and bears interest at a
rate of the applicable base rate plus 2.30% per annum through the reinvestment period, which
continues through April 10, 2025 and the applicable base rate plus 2.80% per annum after the
reinvestment period and is scheduled to mature on the earliest of (i) three years from the last day of
the drawdown period, (ii) the date on which we cease to exist or (iii) the occurrence of an event of
default. The base rate under the GBDC 3 DB Credit Facility is (i) the three-month Canadian Dollar
Offered Rate with respect to any advances denominated in Canadian dollars, (ii) the three-month Euro
Interbank Offered Rate or ‘‘EURIBOR,’’ with respect to any advances denominated in Euros, (iii) the
three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars,
(iv) the daily simple Sterling Overnight Index Average with respect to any advances denominated
U.K. pound sterling and (v) the three-month Secured Overnight Financing Rate or ‘‘SOFR’’, with
respect to any other advances;
•
‘‘JPM Credit Facility’’ refers to the senior secured revolving credit facility that we initially entered into
on February 11, 2021 with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent,
and the bank participants acting as lenders, as amended, that, as of September 30, 2024, permits
3

borrowings of up to $1,823 million in U.S. dollars and certain agreed upon foreign currencies. As of
September 30, 2024, the interest rate on the borrowings under the facility ranged from the applicable
benchmark plus 1.75% to 1.875%, depending on the gross borrowing base, through the maturity date
of August 6, 2029. The applicable benchmark rate as of September 30, 2024 for loans denominated in
U.S. dollars is one-month SOFR plus an adjustment of 0.10% and certain other benchmark rates for
loans denominated in other foreign currencies;
•
‘‘MS Credit Facility II’’ refers to our senior secured revolving credit facility that Golub Capital BDC
Funding II, LLC, a Delaware LLC and our direct subsidiary, entered into on February 1, 2019 and
terminated on September 16, 2022, with Morgan Stanley Senior Funding, Inc., as the administrative
agent, each of the lenders from time to time party thereto, each of the securitization subsidiaries from
time to time party thereto, and Wells Fargo Bank, N.A., as collateral agent, account bank and
collateral custodian, as most recently amended on July 30, 2021, that allowed for borrowing up to
$75.0 million as of the date of its termination, September 16, 2022, and bore interest at the applicable
base rate plus 2.45% per annum through the revolving period, which would have ended April 21, 2024,
and that had a stated maturity date of April 12, 2026;
•
‘‘Revolving Credit Facilities’’ refers collectively to, the GBDC 3 DB Credit Facility, the JPM Credit
Facility, and prior to its termination on September 16, 2022, the MS Credit Facility II, and each a
‘‘Revolving Credit Facility’’;
•
‘‘Adviser Revolver’’ refers to the line of credit with GC Advisors, which allowed for borrowing up to
$200.0 million as of September 30, 2024 and bears interest at the short-term applicable federal rate;
•
‘‘GC Advisors’’ refers to GC Advisors LLC, a Delaware LLC, our investment adviser;
•
‘‘Administrator’’ refers to Golub Capital LLC, a Delaware LLC, an affiliate of GC Advisors and our
administrator;
•
‘‘Investment Advisory Agreement’’ or ‘‘Post-GBDC 3 Merger Advisory Agreement’’ refers to the
Fifth Amended and Restated Investment Advisory Agreement by and between us and GC Advisors,
dated and effective as of June 3, 2024;
•
‘‘Prior Investment Advisory Agreement’’ refers to the Fourth Amended and Restated Investment
Advisory Agreement by and between us and GC Advisors, dated as of August 3, 2023 and effective as
of July 1, 2023; and
•
‘‘Golub Capital’’ refers, collectively, to the activities and operations of Golub Capital LLC (formerly
Golub Capital Management LLC), which entity employs all of Golub Capital’s investment professionals,
GC Advisors and associated investment funds and their respective affiliates.
4

Item 1.
Business
GENERAL
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 1940 Act. In addition, for U.S. federal income tax
purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the
Internal Revenue Code of 1986, as amended, or the Code. We were formed in November 2009 to continue and
expand the business of our predecessor, Golub Capital Master Funding LLC, which commenced operations in
July 2007. We make investments primarily in one stop loans (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. GC Advisors structures these one stop loans as senior
secured loans, and we obtain security interests in the assets of the portfolio company that serve as collateral in
support of the repayment of these loans. This collateral often takes the form of first-priority liens on the assets of
the portfolio company. In many cases, we are the sole lender or we, together with our affiliates, are the sole
lenders of one stop loans, which can afford us additional influence over the borrower in terms of monitoring and,
if necessary, remediating any underperformance.
In this Annual Report on Form 10-K, the term ‘‘middle-market’’ generally refers to companies having earnings
before interest, taxes, depreciation and amortization, or EBITDA, of less than $100.0 million annually.
Our investment objective is to generate current income and capital appreciation by investing primarily in senior
secured and one stop loans of U.S. middle-market companies. We also selectively invest 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,
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 middle-market companies that had over
$70.0 billion of capital under management as of October 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.
We seek to create a portfolio that includes primarily senior secured and one stop loans by primarily investing
approximately $10.0 million to $80.0 million of capital, on average, in the securities of middle-market
companies. We expect to selectively invest more than $80.0 million in some of our portfolio companies and
generally expect that the size of our individual investments will vary proportionately with the size of our capital
base.
We generally invest in securities that have been rated below investment grade by independent rating agencies or
that would be rated below investment grade if they were rated. These securities, which are often referred to as
‘‘junk,’’ have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and
repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic
basis and typically do not fully pay down principal prior to maturity, which could increase our risk of losing part
or all of our investment.
Information Available
Our address is 200 Park Avenue, 25th Floor, New York, NY 10166. Our phone number is (212) 750-6060, and
our internet address is www.golubcapitalbdc.com. We make available, free of charge, on our website our proxy
statement, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, current reports on Form 8-K and
amendments to those reports as soon as reasonably practicable after we electronically file such material with, or
furnish it to, the U.S. Securities and Exchange Commission, or SEC. Information contained on our website is not
incorporated by reference into this annual report on Form 10-K and you should not consider information
contained on our website to be part of this annual report on Form 10-K or any other report we file with the SEC.
The SEC also maintains a website that contains reports, proxy and information statements and other information
we file with the SEC at www.sec.gov. Copies of these reports, proxy and information statements and other
information may also be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov.
5

Our Adviser
Our investment activities are managed by our investment adviser, GC Advisors. GC Advisors is responsible for
sourcing potential investments, conducting research and due diligence on prospective investments and equity
sponsors, analyzing investment opportunities, structuring our investments and monitoring our investments and
portfolio companies on an ongoing basis. GC Advisors was organized in September 2008 and is a registered
investment adviser under the Investment Advisers Act of 1940, as amended, or the Advisers Act. Under our
amended and restated investment advisory agreement, or the Investment Advisory Agreement, with GC Advisors,
we pay GC Advisors a base management fee and an incentive fee for its services. See ‘‘Business — Management
Agreements — Management Fee’’ for a discussion of the base management fee and incentive fee, including the
cumulative income incentive fee and the income and capital gains incentive fee, payable by us to GC Advisors.
Unlike most closed-end funds whose fees are based on assets net of leverage, our base management fee is based
on our average-adjusted gross assets (including leverage but adjusted to exclude cash and cash equivalents so
that investors do not pay the base management fee on such assets) and, therefore, GC Advisors benefits when we
incur debt or use leverage. For purposes of the Investment Advisory Agreement, cash equivalents means
U.S. government securities and commercial paper instruments maturing within 270 days of purchase.
Additionally, under the incentive fee structure, GC Advisors benefits when capital gains are recognized and,
because it determines when a holding is sold, GC Advisors controls the timing of the recognition of capital
gains. Our board of directors is charged with protecting our interests by monitoring how GC Advisors addresses
these and other conflicts of interest associated with its management services and compensation. While not
expected to review or approve each borrowing, our independent directors periodically review GC Advisors’
services and fees as well as its portfolio management decisions and portfolio performance. In connection with
these reviews, our independent directors consider whether our fees and expenses (including those related to
leverage) remain appropriate. See ‘‘Business — Management Agreements — Board Approval of the Investment
Advisory Agreement.’’
GC Advisors is an affiliate of Golub Capital and pursuant to a staffing agreement, or the Staffing Agreement,
Golub Capital LLC makes experienced investment professionals available to GC Advisors and provides access to
the senior investment personnel of Golub Capital LLC and its affiliates. The Staffing Agreement provides
GC Advisors with access to deal flow generated by Golub Capital LLC and its affiliates in the ordinary course of
their businesses and commits the members of GC Advisors’ investment committee to serve in that capacity. As
our investment adviser, GC Advisors is obligated to allocate investment opportunities among us and its other
clients fairly and equitably over time in accordance with its allocation policy. See ‘‘Management’s Discussion
and Analysis of Financial Condition and Results of Operations — Related Party Transactions.’’ However, there
can be no assurance that such opportunities will be allocated to us fairly or equitably in the short-term or over
time. GC Advisors seeks to capitalize on the significant deal origination, credit underwriting, due diligence,
investment structuring, execution, portfolio management and monitoring experience of Golub Capital LLC’s
investment professionals.
Our Administrator
Golub Capital LLC, our Administrator and an affiliate of GC Advisors, provides the administrative services
necessary for us to operate. See ‘‘Business — Management Agreements — Administration Agreement’’ for a
discussion of the fees and expenses (subject to the review and approval of our independent directors) we are
required to reimburse to the Administrator.
About Golub Capital
Golub Capital, founded in 1994, is a leading lender to middle-market companies, with a long track record of
investing in senior secured, one stop, second lien and subordinated loans. As of October 1, 2024, Golub Capital
had over $70.0 billion of capital under management. Since its inception, Golub Capital has closed deals with
over 390 middle-market sponsors and repeat transactions with over 270 sponsors.
Golub Capital’s middle-market lending group is managed by an eight-member senior management team
consisting of Lawrence E. Golub, David B. Golub, Andrew H. Steuerman, Gregory W. Cashman, Spyro
G. Alexopoulos, Marc C. Robinson, Robert G. Tuchscherer and Jason J. Van Dussen. As of September 30, 2024,
Golub Capital had more than 220 investment professionals supported by more than 775 administrative and back
office personnel that focus on operations, finance, legal and compliance, accounting and reporting, marketing,
information technology and office management.
6

Market Trends
We have identified the following trends that could affect our business:
Target Market. We believe that small and middle market companies in the United States with annual revenues
between $10 million and $2.5 billion represent a significant growth segment of the U.S. economy and often
require substantial capital investments to grow. Middle market companies have generated a significant number of
investment opportunities for investment funds managed or advised by Golub Capital, and we believe that this
market segment will continue to produce significant investment opportunities for us. We continue to focus our
portfolio on borrowers in what we believe are recession resistant industries that are insulated from the effects of
economic disruptions, such as the COVID-19 pandemic.
Specialized Lending Requirements. We believe that several factors render many U.S. financial institutions
ill-suited to lend to U.S. middle market companies. For example, based on the experience of our management
team, lending to U.S. middle market companies (1) is generally more labor intensive than lending to larger
companies due to the smaller size of each investment and the fragmented nature of information for such
companies, (2) requires due diligence and underwriting practices consistent with the demands and economic
limitations of the middle market and (3) also requires more extensive ongoing monitoring by the lender.
Demand for Debt Capital. We believe there is a large pool of committed but uninvested private equity capital for
middle market companies. We expect private equity firms will seek to leverage their investments by combining
equity capital with senior secured loans and subordinated debt from other sources, such as us.
Competition from Bank Lenders. We believe that many traditional bank lenders to middle market businesses have
either exited or de-emphasized their service and product offerings in the middle market. These traditional lenders
have instead focused on lending and providing other services to large corporate clients. We believe this has
resulted in fewer key players and the reduced availability of debt capital to the companies we target.
Market Environment: We believe middle market investments are likely to excel in uncertain market environments
and that these investments have historically generated premium yields with more desirable structures for lenders
as compared to large corporate loans.(1) In addition, we believe the recent credit market dislocation will
accelerate the market share shift toward well-positioned larger platforms. On the other hand, we believe that
there has been increased competition for direct lending to middle market businesses, which would be expected to
result in less favorable pricing terms for our potential investments. If we match our competitors’ pricing, terms
and structure, we would expect to experience decreased net interest income, lower yields and increased risk of
credit loss. However, we believe that Golub Capital’s scale, product suite, entrenched relationships and strong
market position will continue to allow us to find investment opportunities with attractive risk-adjusted returns.
Competitive Strengths
Deep, Experienced Management Team. We are managed by GC Advisors, which has access through the Staffing
Agreement to the resources and expertise of Golub Capital’s more than 1,000 employees, led by our chairman,
Lawrence E. Golub, and our chief executive officer, David B. Golub. As of September 30, 2024, Golub Capital’s
more than 220 investment professionals had an average of approximately 14 years of investment experience and
were supported by more than 775 administrative and back office personnel that focus on operations, finance,
legal and compliance, accounting and reporting, marketing, information technology and office management.
GC Advisors also manages (i) Golub Capital Direct Lending Corporation, a Maryland corporation, or GDLC;
(ii) Golub Capital BDC 4, Inc., a Maryland corporation, or GBDC4; (iii) Golub Capital Direct Lending
Unlevered Corporation, a Maryland corporation, or GDLCU; and (iv) Golub Capital Private Credit Fund, a
Delaware statutory trust, or GCRED, each of which has elected to be regulated as a business development
company, have investment mandates similar to ours, and primarily focus on investing in one stop and other
senior secured loans. Golub Capital seeks to hire and retain high-quality investment professionals and reward
those personnel based on investor returns.
Leading U.S. Debt Platform Provides Access to Proprietary Relationship-Based Deal Flow. GC Advisors gives
us access to the deal flow of Golub Capital, one of the leading middle-market lenders in the United States.
Golub Capital has been a top 3 Traditional Middle-Market Bookrunner each year from 2008 through Q2 2024 for
(1)
Standard & Poor’s “High-End Middle-Market Lending Review 4Q 2023” – New-issue first-lien
yield-to-maturity. Middle-Market loans have, on average, generated higher yields in comparison to large
corporate loans based on data starting in January 2000.
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senior secured loans of up to $500.0 million for leveraged buyouts based on number of deals completed
according to Thomson Reuters LPC and internal data. We believe this market position makes Golub Capital the
first choice lender to many sponsors. Since its inception, Golub Capital has closed deals with over
390 middle-market sponsors and repeat transactions with over 270 sponsors. We believe that Golub Capital
receives relationship-based ‘‘early looks’’ and ‘‘last looks’’ at many investment opportunities in the
U.S. middle-market market, allowing it to be highly selective in the transactions it pursues.
Disciplined Investment and Underwriting Process. GC Advisors utilizes the established investment process of
Golub Capital for reviewing lending opportunities, structuring transactions and monitoring investments. Using its
disciplined approach to lending, GC Advisors seeks to minimize credit losses through effective underwriting,
comprehensive due diligence investigations, structuring and the implementation of restrictive debt covenants. We
expect that GC Advisors will continue to select borrowers whose businesses will retain significant value, even in
a depressed market or a distressed sale. GC Advisors intends to reduce risk further by focusing on repeat
transactions with proven, successful sponsors. While emphasizing thorough credit analysis, GC Advisors intends
to maintain strong relationships with sponsors by offering rapid initial feedback from senior investment
professionals on each investment opportunity.
Regimented Credit Monitoring. Following each investment, GC Advisors implements a regimented credit
monitoring system. This careful approach, which involves ongoing review and analysis by teams of professionals,
has enabled GC Advisors to identify problems early and to assist borrowers before they face difficult liquidity
constraints. If necessary, GC Advisors can assume the role of deal sponsor in a work-out situation and has
extensive restructuring experience, both in and out of bankruptcy. GC Advisors believes in the need to prepare
for possible negative contingencies in order to address them promptly should they arise.
Concentrated Middle-Market Focus. Because of our focus on the middle-market, we understand the following
general characteristics of middle-market lending:
•
middle-market companies are generally less leveraged than large companies and, we believe, offer more
attractive investment returns in the form of upfront fees, prepayment penalties and higher interest rates;
•
middle-market issuers are more likely to have simple capital structures;
•
carefully structured covenant packages enable middle-market lenders to take early action to remediate
poor financial performance; and
•
middle-market lenders can undertake thorough due diligence investigations prior to investment.
Investment Criteria/Guidelines
Our investment objective is to generate current income and capital appreciation by investing primarily in senior
secured and one stop loans to U.S. middle-market companies in industries we believe are resistant to recessions.
We seek to generate strong risk-adjusted net returns by assembling a portfolio of investments across a broad
range of industries and private equity investors.
We primarily target U.S. middle-market companies controlled by private equity investors that require capital for
growth, acquisitions, recapitalizations, refinancings and leveraged buyouts. We seek to have a portfolio of
first-lien, senior secured loans to borrowers focused on a number of sectors and industries that we believe have
shown resilience during economic disruptions and are likely to show resilience in future recessionary periods,
including, for example, software and technology companies as well as business, financial and healthcare services
among others. We also make opportunistic loans to independently owned and publicly held middle market
companies. We seek to partner with strong management teams executing long-term growth strategies. Target
businesses will typically exhibit some or all of the following characteristics:
•
annual EBITDA of less than $100.0 million;
•
sustainable leading positions in their respective markets;
•
scalable revenues and operating cash flow;
•
experienced management teams with successful track records;
•
insulation from the effects of economic disruptions, such as the COVID-19 pandemic;
•
stable, predictable cash flows with low technology and market risks;
8

•
a substantial equity cushion in the form of capital ranking junior to our investment provided by a
middle market private equity sponsor;
•
low capital expenditures requirements;
•
a North American base of operations;
•
strong customer relationships;
•
products, services or distribution channels having distinctive competitive advantages;
•
defensible niche strategy or other barriers to entry; and
•
demonstrated growth strategies.
While we believe that the criteria listed above are important in identifying and investing in prospective portfolio
companies, not all of these criteria will be met by each prospective portfolio company.
Investment Process Overview
We view our investment process as consisting of four distinct phases described below:
Origination. GC Advisors sources investment opportunities through access to a network of over
10,000 individual contacts developed in the financial services and related industries by Golub Capital and
managed through a proprietary customer relationship database. Among these contacts is an extensive network of
private equity firms and relationships with leading middle-market senior lenders. The senior deal professionals of
Golub Capital supplement these leads through personal visits and marketing campaigns. It is their responsibility
to identify specific opportunities, to refine opportunities through candid exploration of the underlying facts and
circumstances and to apply creative and flexible thinking to solve clients’ financing needs. The investment
professionals of Golub Capital have a long and successful track record investing in companies across many
industry sectors. Collectively, these investment professionals have closed investments in over 2,600 loans at
Golub Capital. Golub Capital’s investments have been made in the following industries, among others:
healthcare, restaurant and retail, software, digital and technology services, specialty manufacturing, business
services, consumer products and services, food and beverages, aerospace and defense and value-added
distribution.
Golub Capital has principal lending offices in North America, Europe and Asia. Each of Golub Capital’s
originators maintains long-standing customer relationships and is responsible for covering a specified target
market. We believe those originators’ strength and breadth of relationships across a wide range of markets
generate numerous financing opportunities, which we believe enables GC Advisors to be highly selective in
recommending investments to us.
Underwriting. We utilize the systematic, consistent approach to underwriting developed by Golub Capital, with a
particular focus on determining the value of a business in a downside scenario. The key criteria that we consider
include (1) strong and resilient underlying business fundamentals, (2) a substantial equity cushion in the form of
capital ranking junior in right of payment to our investment and (3) a conclusion that overall ‘‘downside’’ risk is
manageable. While the size of this equity cushion will vary over time and across industries, the equity cushion
generally sought by GC Advisors today is between 35% and 45% of total portfolio capitalization. We generally
focus on the criteria developed by Golub Capital for evaluating prospective portfolio companies, which uses a
combination of analyses, including (1) fundamental analysis of a business’s financial statements, health,
management, competitive advantages, competitors and markets; (2) analysis of opportunities in a given market
based upon fluctuations due to seasonal, financial and economic factors; (3) quantitative analysis of the relative
risk-return characteristics of investments and a comparison of yields between asset classes and other indicators;
and (4) analysis of proprietary and secondary models. In evaluating a particular company, we put more emphasis
on credit considerations (such as (1) loan-to-value ratio (which is the amount of our loan divided by the
enterprise value of the company in which we are investing), (2) the ability of the company to maintain a liquidity
cushion through economic cycles and in downside scenarios, (3) the ability of the company to service its fixed
charge obligation under a variety of scenarios and (4) its anticipated strategic value in a downturn) than on profit
potential and loan pricing. Based upon a combination of bottom-up analysis of the individual investment and
GC Advisors’ expectations of future market conditions, GC Advisors seeks to assess the relative risk and reward
for each investment. GC Advisors seeks to mitigate the risks of a single company or single industry through
9

portfolio diversification. GC Advisors also considers environmental, social and governance considerations in the
investment decision-making process, in accordance with its ESG policy, including analysis of the likelihood of
material ESG-related risk based on the industry and industry subsector of the potential portfolio company, with
further diligence and analysis based on this categorization as well as other factors identified during diligence.
ESG related risks can include, among others, issues related to environmental impact and climate change,
anti-discrimination and anti-harassment, data privacy and security, social and labor conditions and ethics and
compliance. Although GC Advisors typically avoids investing in portfolio companies in industries that tend to
raise ESG related risks, GC Advisors would not necessarily pass on such investment opportunities solely for ESG
reasons. Golub Capital’s due diligence process for middle-market credits will typically entail:
•
a thorough review of historical and pro forma financial information;
•
on-site visits;
•
interviews with management and employees;
•
a review of loan documents and material contracts;
•
third-party ‘‘quality of earnings’’ accounting due diligence;
•
when appropriate, background checks on key managers and research relating to the company’s
business, industry, markets, customers, suppliers, products and services and competitors; and
•
the commission of third-party market studies when appropriate.
The following chart illustrates the stages of Golub Capital’s evaluation and underwriting process:
ILLUSTRATIVE DEAL EVALUATION PROCESS
Indication of interest or preliminary term sheet
Initial Review
Primary Investment Committee
Confirmatory Due Diligence
Final Investment Committee
Funding
Final term sheet or conditional commitment
Final commitment or proceed directly to funding
Execution. In executing transactions for us, GC Advisors utilizes the due diligence process developed by Golub
Capital. Through a consistent approach to underwriting and careful attention to the details of execution, Golub
Capital seeks to maintain discipline with respect to credit, pricing, and structure to ensure the ultimate success of
the financing. Upon completion of due diligence, the investment team working on an investment delivers a final
memorandum to GC Advisors’ investment committee. Once an investment has been approved by the investment
committee, it moves through a series of steps generally, including initial documentation using standard document
templates, final documentation, including resolution of business points and the execution of original documents
held in escrow. Upon completion of final documentation, a loan is funded upon the execution of an investment
committee memorandum by members of GC Advisors’ investment committee.
Monitoring. We view active portfolio monitoring as a vital part of our investment process. We consider board
observation rights, where appropriate, regular dialogue with company management and sponsors and detailed,
internally generated monitoring reports to be critical to our performance. Golub Capital has developed a
monitoring template that is designed to reasonably ensure compliance with these standards. This template is used
by GC Advisors as a tool to assess investment performance relative to our plan. In addition, our portfolio
companies often rely on GC Advisors to provide them with financial and capital markets expertise.
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As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and
rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not
generally accepted in our industry or used by our competitors. It is based on the following categories, which we
refer to as GC Advisors’ internal performance ratings:
Internal Performance Ratings
Rating
Definition
5
Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and
the trends and risk factors are generally favorable.
4
Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower
is generally performing as expected, and the risk factors are neutral to favorable.
3
Involves a borrower performing below expectations and indicates that the loan’s risk has increased
somewhat since origination. The borrower could be out of compliance with debt covenants; however,
loan payments are generally not past due.
2
Involves a borrower performing materially below expectations and indicates that the loan’s risk has
increased materially since origination. In addition to the borrower being generally out of compliance
with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1
Involves a borrower performing substantially below expectations and indicates that the loan’s risk has
substantially increased since origination. Most or all of the debt covenants are out of compliance and
payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we
will reduce the fair market value of the loan to the amount we anticipate will be recovered.
Our internal performance ratings do not constitute any rating of investments by a nationally recognized
statistical rating organization or represent or reflect any third-party assessment of any of our investments.
For any investment rated 1, 2 or 3, GC Advisors increases its monitoring intensity and prepares 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.
The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at
fair value as of September 30, 2024 and 2023:
September 30, 2024
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 158,656
1.9
$
50,279
0.9
4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,013,631
85.2
4,647,644
84.2
3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
955,079
11.6
803,724
14.6
2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108,045
1.3
14,966
0.3
1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$8,235,411
100.0
$5,516,613
100.0
Investment Committee
The purpose of GC Advisors’ investment committee, which is comprised of officers of GC Advisors, is to
evaluate and approve all of our investments, subject to the oversight of our board of directors. The investment
committee process is intended to bring the diverse experience and perspectives of the committee’s members to
the analysis and consideration of each investment. The investment committee currently consists of
Lawrence E. Golub, David B. Golub, Andrew H. Steuerman, Gregory W. Cashman, Spyro G. Alexopoulos,
Marc C. Robinson, Robert G. Tuchscherer and Jason J. Van Dussen. The investment committee serves to provide
investment consistency and adherence to our core investment philosophy and policies. The investment committee
also determines appropriate investment sizing and suggests ongoing monitoring requirements.
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In addition to reviewing investments, investment committee meetings serve as a forum to discuss credit views
and outlooks. Potential transactions and deal flow are reviewed on a regular basis. Members of the investment
team are encouraged to share information and credit views with the investment committee early in their analysis.
We believe this process improves the quality of the analysis and assists the deal team members to work more
efficiently.
Each transaction is presented to the investment committee in a formal written report. Each investment
opportunity generally receives the unanimous approval of the investment committee. Each member of the
investment committee performs a similar role for other investment funds, accounts or other investment vehicles,
collectively referred to as accounts, sponsored or managed by Golub Capital and its affiliates.
Investment Structure
Once GC Advisors determines that a prospective portfolio company is suitable for investment, GC Advisors
typically works with the private equity sponsor, if applicable, the management of that company and its other
capital providers to structure our investment. GC Advisors negotiates with these parties to agree on how our
investment should be structured relative to other capital in the portfolio company’s capital structure.
GC Advisors structures our investments, which typically have maturities of three to seven years, as follows:
Senior Secured Loans. GC Advisors structures investments in senior secured loans, where we obtain security
interests in the assets of the portfolio company that serve as collateral in support of the repayment of such loans.
This collateral often takes the form of first-priority liens on the assets of the portfolio company. Our senior
secured loans often provide for moderate loan amortization in the early years of the loan, with the majority of
the amortization deferred until loan maturity. Our senior secured loans could include a payment in kind, or PIK,
feature.
One Stop Loans. GC Advisors structures our one stop loans as senior secured loans. A one stop loan is a single
loan that blends the characteristics of traditional senior debt and traditional junior debt. The structure generally
combines the stronger lender protections associated with first lien senior secured debt with the superior
economics of junior capital. We obtain security interests in the assets of the portfolio company that serve as
collateral in support of the repayment of these loans. This collateral often takes the form of first-priority liens on
the assets of the portfolio company. In some cases, one stop loans are provided to borrowers experiencing high
revenue growth supported by a high level of discretionary expenditures. 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. One stop loans typically provide for
moderate loan amortization in the initial years of the facility, with the majority of the amortization deferred until
loan maturity. Our one stop loans could include a PIK feature. One stop loans generally allow the borrower to
make a large lump sum payment of principal at the end of the loan term and there is a risk of loss if the
borrower is unable to pay the lump sum or refinance the amount owed at maturity. In many cases, we are the
sole lender or we, together with our affiliates, are the sole lenders of a one stop loan, which can afford us
additional influence over the borrower in terms of monitoring and, if necessary, remediating any
underperformance.
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.
Second Lien Loans. GC Advisors structures these investments as subordinated, secured loans for which our
claims on the related collateral are subordinated. We obtain security interests in the assets of the portfolio
company that serve as collateral in support of the repayment of such loans. This collateral typically takes the
form of second priority liens on the assets of a portfolio company. Second lien loans typically provide for
minimal loan amortization in the initial years of the facility, with the majority of the amortization deferred until
loan maturity.
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Subordinated Loans. GC Advisors structures these investments as unsecured, subordinated loans that provide for
relatively high, fixed interest rates and provide us with significant current interest income. These loans typically
have interest-only payments (often representing a combination of cash pay and PIK interest) in the early years,
with all or the majority of amortization of principal deferred until loan maturity. Subordinated loans generally
allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a
risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity.
Second lien loans and subordinated loans are generally more volatile than first lien, senior secured loans and
involve a greater risk of loss of principal. In addition, the PIK feature of many subordinated loans, which
effectively operates as negative amortization of loan principal, increases credit risk exposure over the life of the
loan. Subordinated loans are more likely to include a PIK feature.
Equity Investments. GC Advisors structures these investments as direct or indirect minority equity co-investments
in a portfolio company, usually on terms similar to the controlling private equity sponsor and in connection with
our loan to such portfolio company. As a result, if a portfolio company appreciates in value, we can achieve
additional investment return from these equity co-investments. GC Advisors can structure these equity
co-investments to include provisions protecting our rights as a minority-interest holder, which could include a
‘‘put,’’ or right to sell such securities back to the issuer, upon the occurrence of specified events or demand and
‘‘piggyback’’ registration rights. However, because these equity co-investments will typically be in private
companies, there is no guarantee that we, as a minority-interest holder, will control the timing or value of our
realization of any gains on such investments.
Our equity co-investments will typically include customary ‘‘tag-along’’ and/or ‘‘drag-along’’ rights that will
permit or require us to participate in a sale of such equity co-investments at such time as the majority owners,
not GC Advisors, determine.
GC Advisors tailors the terms of each investment to the facts and circumstances of the transaction and the
prospective portfolio company, negotiating a structure that protects our rights and manages our risk while
creating incentives for the portfolio company to achieve its business plan and improve its operating results.
GC Advisors seeks to limit the downside potential of our investments by:
•
selecting investments that we believe have a very low probability of loss;
•
requiring a total return on our investments that we believe will compensate us appropriately for credit
risk; and
•
negotiating covenants in connection with our investments that afford our portfolio companies as much
flexibility in managing their businesses as possible, consistent with the preservation of our capital. Such
restrictions could include affirmative and negative covenants, default penalties, lien protection, change
of control provisions and board rights.
We expect to hold most of our investments to maturity or repayment, but we could sell some of our investments
earlier if a liquidity event occurs, such as a sale, recapitalization or worsening of the credit quality of the
portfolio company.
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Investments
We seek to create a portfolio that includes primarily one stop and other senior secured loans by investing
approximately $10.0 million to $80.0 million of capital, on average, in the securities of 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. Set
forth below is a list of our ten largest portfolio company investments as of September 30, 2024, as well as the
top ten industries in which we were invested as of September 30, 2024, calculated as a percentage of our total
investments at fair value as of such date.
Portfolio Company
Investments at
Fair Value
(In thousands)
Percentage of
Total
Investments
GS Acquisitionco, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 174,591
2.1%
Bayshore Intermediate #2, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
123,788
1.5
InhabitIQ Inc (PB VB Holdco IV INC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
116,330
1.4
TWAS Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113,019
1.4
Revalize, Inc. (fka AQ Holdco) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108,880
1.3
Bonterra LLC (fka Cybergrants Holdings) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
102,990
1.3
Liminex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
96,121
1.2
Imperial Optical Midco Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93,864
1.1
Blue River Pet Care, LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
88,673
1.1
Bullhorn, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
84,153
1.0
$1,102,409
13.4%
Industry
Investments at
Fair Value
(In thousands)
Percentage of
Total
Investments
Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,229,502
27.1%
Healthcare Providers & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
545,927
6.6
Specialty Retail. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
473,726
5.8
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
458,447
5.6
Automobiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
389,281
4.7
Diversified Consumer Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
385,797
4.7
Healthcare Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
317,594
3.9
IT Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
302,581
3.7
Hotels, Restaurants & Leisure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
271,656
3.3
Healthcare Equipment & Supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
264,737
3.2
$5,639,248
68.6%
Managerial Assistance
As a business development company, we offer, and must provide upon request, managerial assistance to our
portfolio companies. This assistance could involve monitoring the operations of our portfolio companies,
participating in board and management meetings, consulting with and advising officers of portfolio companies
and providing other organizational and financial guidance. The Administrator or an affiliate of the Administrator
provides such managerial assistance on our behalf to portfolio companies that request this assistance. We could
receive fees for these services and reimburse the Administrator or an affiliate of the Administrator, as applicable,
for its allocated costs in providing such assistance, subject to the review and approval by our board of directors,
including our independent directors.
Competition
Our primary competitors in providing financing to middle-market companies include public and private funds,
other business development companies, commercial and investment banks, commercial financing companies and,
to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our
14

competitors are substantially larger and have considerably greater financial, technical and marketing resources
than we do. For example, we believe some competitors have access to funding sources that are not available to
us. In addition, some of our competitors have higher risk tolerances or different risk assessments, which could
allow them to consider a wider variety of investments and establish more relationships than us. Furthermore,
many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a
business development company or to the source-of-income, asset diversification and distribution requirements we
must satisfy to maintain our qualification as a RIC.
We use the expertise of the investment professionals of Golub Capital and its affiliates to which we have access
to assess investment risks and determine appropriate pricing for our investments in portfolio companies. In
addition, the relationships of the senior members of Golub Capital and its affiliates enable us to learn about, and
compete effectively for, financing opportunities with attractive middle-market companies in the industries in
which we invest. See ‘‘Risk Factors — Risks Relating to our Business and Structure — We operate in a highly
competitive market for investment opportunities, which could reduce returns and result in losses.’’
Administration
We do not have any direct employees, and our day-to-day investment operations are managed by GC Advisors.
Our business and affairs are managed under the direction of our board of directors. We have a chief executive
officer, chief financial officer, chief compliance officer, managing director and director of corporate strategy, and
to the extent necessary, our board of directors can elect to appoint additional officers going forward. Our officers
are officers and/or employees of Golub Capital LLC, an affiliate of GC Advisors, and our allocable portion of
the cost of our chief financial officer and chief compliance officer and their respective staffs is paid by us
pursuant to the administration agreement, or the Administration Agreement, with the Administrator. See
‘‘Business - Management Agreements - Administration Agreement.’’
SUMMARY RISK FACTORS
The risk factors described below are a summary of the principal risk factors associated with an investment in us.
These are not the only risks we face. You should carefully consider these risk factors, together with the risk
factors set forth in Item 1A. of this Annual Report on Form 10-K and the other reports and documents filed by
us with the SEC.
We are subject to risks relating to our business and structure
•
We are subject to risks associated with the current interest rate environment and to the extent we use
debt to finance our investments, changes in interest rates will affect our cost of capital and net
investment income.
•
We operate in a highly competitive market for investment opportunities, which could reduce returns
and result in losses.
•
We are dependent upon GC Advisors for our success and upon its access to the investment
professionals and partners of Golub Capital and its affiliates.
•
Our business model depends to a significant extent upon strong referral relationships with sponsors and
investing in companies backed by private equity sponsors. Any inability of GC Advisors to maintain or
develop these relationships, or the failure of these relationships to generate investment opportunities,
could adversely affect our business.
•
There are significant potential conflicts of interest as a result of our arrangements with GC Advisors
and its affiliates and GC Advisors’ investment committee that could affect our investment returns.
•
GC Advisors could make certain investment decisions for the purpose of receiving transaction fees.
•
GC Advisors could prioritize its relationship with a borrower or private equity sponsor instead of
seeking the most advantageous terms for our investments.
•
GC Advisors operates in multiple business lines and could pursue additional business lines, which
could create a conflict of interest in the allocation of its time and focus.
•
Golub Capital could pursue strategic transactions, which could create a conflict of interest in the
allocation of GC Advisors’ time and focus.
15

•
We and GC Advisors could be the target of litigation or regulatory investigations.
•
We are subject to certain risks related to our ability to qualify as a RIC and to related regulations
governing our operation as a business development company.
•
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.
•
We are subject to risks associated with the Unsecured Notes, the Debt Securitizations and the
Revolving Credit Facilities.
•
The majority of our portfolio investments are recorded at fair value as determined in good faith by our
valuation designee and, as a result, there could be uncertainty as to the value of our portfolio
investments.
•
Our board of directors could change our investment objective, operating policies and strategies without
prior notice or stockholder approval.
•
Each of GC Advisors and the Administrator can resign on 60 days’ notice, and we can provide no
assurance that we would be able to find a suitable replacement within that time, resulting in a
disruption in our operations that could adversely affect our financial condition, business and results of
operations.
We are subject to risks relating to our investments
•
Economic recessions or downturns could impair our portfolio companies and defaults by our portfolio
companies will harm our operating results.
•
Inflation could adversely affect the business, results of operations and financial condition of our
portfolio companies.
•
Our investments in debt, leveraged portfolio companies, and private and middle-market portfolio
companies are risky and we could lose all or part of our investment.
•
The lack of liquidity in our investments could adversely affect our business.
•
Price declines and illiquidity in the corporate debt markets could adversely affect the fair value of our
portfolio investments, reducing our net asset value through increased net unrealized depreciation.
•
Our portfolio companies could prepay loans, which could reduce our yields if capital returned cannot
be invested in transactions with equal or greater expected yields.
•
We are subject to credit and default risk and our portfolio companies could be unable to repay or
refinance outstanding principal on their loans at or prior to maturity.
•
Our portfolio could be concentrated in a limited number of portfolio companies and industries, which
will subject us to a risk of significant loss if any of these companies defaults on its obligations under
any of its debt instruments or if there is a downturn in a particular industry.
•
We could hold the debt securities of leveraged companies that could, due to the significant volatility of
such companies, enter into bankruptcy proceedings.
•
Our failure to make follow-on investments in our portfolio companies could impair the value of our
portfolio.
•
Because we generally do not hold controlling equity interests in our portfolio companies, we generally
will not be able to exercise control over our portfolio companies or to prevent decisions by
management of our portfolio companies that could decrease the value of our investments.
•
Our portfolio companies could incur debt that ranks equally with, or senior to, our investments in such
companies and such portfolio companies could fail to generate sufficient cash flow to service their debt
obligations to us.
•
The disposition of our investments could result in contingent liabilities.
16

•
GC Advisors’ liability is limited, and we have agreed to indemnify GC Advisors against certain
liabilities, which could lead GC Advisors to act in a riskier manner on our behalf than it would when
acting for its own account.
•
We could be subject to risks if we engage in hedging transactions and could become subject to risks if
we invest in foreign securities.
•
We could suffer losses from our equity investments.
•
We could be subject to lender liability claims with respect to our portfolio company investments.
Investors are subject to risks relating to an investment in our securities
•
Investing in our securities could involve an above average degree of risk and the market price of our
securities could fluctuate significantly.
•
Shares of closed-end investment companies, including business development companies, often trade at
a discount to their net asset value.
•
There is a risk that investors in our equity securities will not receive distributions or that our
distributions will not grow over time and a portion of our distributions could be a return of capital.
•
The Unsecured Notes are unsecured and therefore are effectively subordinated to any secured
indebtedness and are structurally subordinated to the indebtedness and other liabilities of our
subsidiaries.
•
If we default on our obligations to pay our other indebtedness, we could not be able to make payments
on the Unsecured Notes.
•
Our stock repurchase program could affect the price of our common stock and increase volatility and
could be suspended or terminated at any time, which could result in a decrease in the trading price of
our common stock.
MANAGEMENT AGREEMENTS
GC Advisors is located at 200 Park Avenue, 25th Floor, New York, NY 10166. GC Advisors is registered as an
investment adviser under the Advisers Act. The beneficial interests in GC Advisors are majority owned,
indirectly, by two affiliated trusts. The trustees of those trusts are Stephen A. Kepniss and David L. Finegold.
Subject to the overall supervision of our board of directors and in accordance with the 1940 Act, GC Advisors
manages our day-to-day operations and provides investment advisory services to us. Under the terms of the
Investment Advisory Agreement, GC Advisors:
•
determines the composition of our portfolio, the nature and timing of the changes to our portfolio and
the manner of implementing such changes;
•
identifies, evaluates and negotiates the structure of the investments we make;
•
executes, closes, services and monitors the investments we make;
•
determines the securities and other assets that we purchase, retain or sell;
•
performs due diligence on prospective portfolio companies; and
•
provides us with such other investment advisory, research and related services as we, from time to
time, reasonably require for the investment of our funds.
GC Advisors’ services under the Investment Advisory Agreement are not exclusive. Subject to the requirements
of the 1940 Act, GC Advisors can enter into one or more sub-advisory agreements under which GC Advisors
would obtain assistance in fulfilling its responsibilities under the Investment Advisory Agreement.
Management Fee
Pursuant to the Investment Advisory Agreement, we pay GC Advisors a fee for investment advisory and
management services consisting of two components — a base management fee and an incentive fee. The cost of
both the base management fee and the incentive fee is ultimately borne by our stockholders.
17

In connection with the closing of the GBDC 3 Merger, our board of directors approved the Investment Advisory
Agreement on June 3, 2024. The Investment Advisory Agreement amended the Prior Investment Advisory
Agreement in order to incorporate changes to the calculation of incentive fee rates and the incentive fee cap.
Under the Investment Advisory Agreement, the incentive fee rates were reduced from 20.0% to 15.0% and the
incentive fee cap was reduced from 20.0% to 15.0%. None of the other material terms changed in the Investment
Advisory Agreement as compared to the Prior Investment Advisory Agreement, including the services to be
provided and the calculation of the base management fee. On August 3, 2023, effective as of July 1, 2024, our
board of directors approved the Prior Investment Advisory Agreement, pursuant to which the base management
fee rate was reduced from 1.375% to 1.0%.
Under the Investment Advisory Agreement, the base management fee is calculated at an annual rate equal to
1.0% of our average adjusted gross assets at the end of the two most recently completed calendar quarters
(excluding cash and cash equivalents but including assets purchased with borrowed funds and
securitization-related assets and cash collateral on deposit with custodian). Additionally, GC Advisors is
voluntarily excluding assets funded with secured borrowing proceeds from the management fee. For services
rendered under each of the Investment Advisory Agreement and Prior Investment Advisory Agreement, the base
management fee is payable quarterly in arrears. The base management fee is calculated based on the average
value of our gross assets at the end of the two most recently completed calendar quarters, and appropriately
adjusted for any share issuances or repurchases during a current calendar quarter. Base management fees for any
partial month or quarter are appropriately pro-rated. For purposes of the Investment Advisory Agreement, cash
equivalents means U.S. government securities and commercial paper instruments maturing within 270 days of
purchase. To the extent that GC Advisors or any of its affiliates provides investment advisory, collateral
management or other similar services to a subsidiary of ours, the base management fee shall be reduced by an
amount equal to the product of (1) the total fees paid to GC Advisors 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 us.
Incentive Fee
We pay GC Advisors an incentive fee. Incentive fees are calculated as described below and payable quarterly in
arrears or at the end of each calendar year (or, upon termination of the Investment Advisory Agreement, as of the
termination date).
Cap on Fees. We have structured the calculation of the incentive fee to include a fee limitation such that, under
the Investment Advisory Agreement and the Prior Investment Advisory Agreement, an incentive fee for any
quarter can only be paid to GC Advisors if, after such payment, the cumulative incentive fees paid to
GC Advisors, calculated on a per share basis as described below, since April 13, 2010, the effective date of our
election to become a business development company, would be less than or equal to 15.0% of our Cumulative
Pre-Incentive Fee Net Income (as defined below). Under the Prior Investment Advisory Agreement, the incentive
fee cap was equal to 20.0% of GBDC’s Cumulative Pre-Incentive Fee Net Income.
We accomplish this limitation by subjecting each quarterly incentive fee payable under the Income and Capital
Gains Incentive Fee Calculation (as defined below) to a cap, or the Incentive Fee Cap. The Incentive Fee Cap in
any quarter is equal to the difference between (a) 15.0% of Cumulative Pre-Incentive Fee Net Income Per Share
(as defined below) and (b) Cumulative Incentive Fees Paid Per Share (as defined below). To the extent the
Incentive Fee Cap is zero or a negative value in any quarter, no incentive fee would be payable in that quarter.
‘‘Cumulative Pre-Incentive Fee Net Income Per Share’’ is equal to the sum of Pre-Incentive Fee Net Income Per
Share (as defined below) for each quarter since April 13, 2010. ‘‘Pre-Incentive Fee Net Income Per Share’’ for
any quarter is equal to (a) the sum of (i) Pre-Incentive Fee Net Investment Income (as defined below) and
(ii) Adjusted Capital Returns (as defined below) for the quarter divided by (b) the weighted average number of
shares of our common stock outstanding during such quarter. ‘‘Adjusted Capital Returns’’ for any quarter shall be
the sum of the realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital
depreciation and aggregate unrealized capital appreciation for such quarter; provided that the calculation of
realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and
aggregate unrealized capital appreciation shall not include any realized capital gains, realized capital losses or
unrealized capital appreciation or depreciation resulting solely from the asset acquisition for any premium or
discount paid for the acquisition of assets in a merger. ‘‘Cumulative Incentive Fees Paid Per Share’’ is equal to
the sum of Incentive Fees Paid Per Share for each quarter (or portion thereof) since April 13, 2010. ‘‘Incentive
18

Fees Paid Per Share’’ for any quarter is equal to the incentive fees accrued and/or payable by us for such period
divided by the weighted average number of shares of our common stock outstanding 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 we receive from portfolio companies but excluding fees for providing managerial assistance) accrued during
the period, 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
applicable incentive fees). 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 we have not yet received in cash. GC Advisors does
not return to us amounts paid to it on accrued income that we have not yet received in cash if such income is
not ultimately received by us in cash. If we do not ultimately receive income, a loss would be recognized,
reducing future fees. The Investment Advisory Agreement excludes the impact of asset acquisition resulting from
a merger, including the GBDC 3 Merger, from the calculation of income subject to the income incentive fee
payable 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
purchase discount to interest income resulting solely from the asset acquisition for any premium or discount paid
for the acquisition of assets in a merger, such as the premium to net asset value paid for the shares of
GBDC 3 common stock and GCIC common stock in the GBDC 3 Merger and the GCIC Merger, respectively.
Each of the Investment Advisory Agreement and Prior Investment Advisory Agreement converts the cumulative
incentive fee cap from an aggregate basis calculation to a per share calculation. If, for any relevant period, the
New Incentive Fee Cap calculation results in our paying less than the amount of the Incentive Fee calculated
above, then the difference between (a) the Incentive Fees accrued and/or payable by us for such relevant period
and (b) the Incentive Fee Cap multiplied by the weighted average number of shares of our common stock
outstanding during such relevant period will not be paid by us, and will not be received by GC Advisors, as an
incentive fee, either at the end of such relevant period or at the end of any future relevant period.
Income and Capital Gains Incentive Fee Calculation
The income and capital gains incentive fee calculation, or the Income and Capital Gains Incentive Fee
Calculation, has two parts: the income component and the capital gains component. The income component is
calculated quarterly in arrears based on our Pre-Incentive Fee Net Investment Income for the immediately
preceding calendar quarter.
Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our 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, which
is the same hurdle rate under the Prior Investment Advisory Agreement. If market interest rates rise, we could
have the ability to invest funds in debt instruments that provide for a higher return, which would increase our
Pre-Incentive Fee Net Investment Income and make it easier for GC Advisors to surpass the fixed hurdle rate
and receive an incentive fee based on such net investment income. Pre-Incentive Fee Net Investment Income
used to calculate this part of the incentive fee is also included in the amount of our total assets (excluding cash
and cash equivalents but including assets purchased with borrowed funds and securitization-related assets and
cash collateral on deposit with custodian) used to calculate the base management fee, which fee is payable on all
of our assets managed by GC Advisors.
We calculate the income component of the Income and Capital Gains Incentive Fee Calculation with respect to
our 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 (as defined in the
Investment Advisory Agreement) does not exceed the ‘‘hurdle rate’’ of 2.0% quarterly
(8.0% annualized);
19

•
100.0% of the Pre-Incentive Fee Net Investment Income of GBDC with respect to that portion of such
Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate until amounts payable to
GC Advisors pursuant to the Income Incentive Fee equal 15.0% of Pre-Incentive Fee Net Investment
Income as if a hurdle rate did not apply. This portion of the Pre-Incentive Fee Net Investment Income
is referred to as the ‘‘catch-up’’ provision; and
•
15.0% of the amount of the Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up
provision in any Performance Period (as defined in the Investment Advisory Agreement).
The sum of these calculations yields the ‘‘Income Incentive Fee’’. This amount is appropriately adjusted for any
share issuances or repurchases during the quarter.
The following is a graphical representation of the Income Incentive Fee calculation:
Quarterly Income Component of Income and Capital Gains Incentive Fee Calculation Based on Net Income
Pre-Incentive Fee Net Investment Income
(Expressed as a Percentage of the Value of Net Assets)
0
100%
15%
2.00%
2.353%
0
Percentage of Pre-Incentive Fee Net Investment Income Allocated to Income Component of Income and Capital
Gains Incentive Fee Calculation
The second part of the Income and Capital Gains Incentive Fee Calculation, or the Capital Gain Incentive Fee, equals
(a) 15.0% of our 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), commencing
with the calendar year ending December 31, 2010, less (b) the aggregate amount of any previously paid Capital Gain
Incentive Fees. Our ‘‘Capital Gain Incentive Fee Base’’ equals (1) the sum of (i) our realized capital gains, if any, on a
cumulative positive basis from April 13, 2010 through the end of each calendar year, (ii) all realized capital losses on a
cumulative basis and (iii) all unrealized capital depreciation on a cumulative basis less (2) all unamortized deferred
financing 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 our 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 our 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 our 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. There was no Capital Gain Incentive Fee payable as calculated under both
the Investment Advisory Agreement and the Prior Investment Advisory Agreement, as applicable (as described
above) for each of the years ended September 30, 2024, 2023 and 2022. However, in accordance with
U.S. generally accepted accounting principles, or GAAP, we are required to accrue for the Capital Gain Incentive
Fee on a quarterly basis and are further required to include the aggregate unrealized capital appreciation on
investments when calculating the capital gain incentive fee accrual, 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 either the Investment Advisory Agreement or Prior Investment Advisory
Agreement. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized appreciation,
20

is positive at the end of a period, then GAAP requires us to accrue a capital gain incentive fee equal to 15% of such
amount, less the aggregate amount of the actual capital gain incentive fees paid or 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 for any capital gain incentive fee payable in a given period could result 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. Any payment due under the terms of the Investment Advisory Agreement is calculated in
arrears at the end of each calendar year. For the years ended September 30, 2024, 2023 and 2022, we did not accrue a
Capital Gain Incentive Fee under GAAP.
The sum of the Income Incentive Fee and the Capital Gain Incentive Fee is the ‘‘Incentive Fee’’.
Examples of Quarterly Incentive Fee Calculation
Example 1 — Income Related Portion of Incentive Fee(1):
Assumptions
Hurdle rate(2) = 2.00%
Management fee(3) = 0.50%
Other expenses (legal, accounting, custodian, transfer agent, etc.)(4) = 0.35%
(1)
The hypothetical amount of Pre-Incentive Fee Net Investment Income shown is based on a percentage of total net
assets. In addition, the example assumes that during the most recent four full calendar quarter period ending on or
prior to the date the payment set forth in the example is to be made, the sum of (a) our aggregate distributions to
our stockholders and (b) our change in net assets (defined as total assets less indebtedness and before taking into
account any incentive fees payable during the period) is at least 8.0% of our net assets at the beginning of such
period (as adjusted for any share issuances or repurchases).
(2)
Represents a quarter of the 8.0% annualized hurdle rate.
(3)
Represents a quarter of the 1.000% annualized management fee on gross assets, assuming 1.0x
debt-to-equity.
(4)
Excludes offering expenses.
Alternative 1
Additional Assumptions
Investment income (including interest, dividends, fees, etc.) = 1.25%
Pre-Incentive Fee Net Investment Income (investment income adjusted to exclude amortization of purchase
premium – (management fee + other expenses)) = 0.40%
Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate, therefore there is no Incentive Fee.
Alternative 2
Additional Assumptions
Investment income (including interest, dividends, fees, etc.) = 3.00%
Pre-Incentive Fee Net Investment Income (investment income adjusted to exclude amortization of purchase
premium – (management fee + other expenses)) = 2.15%
Pre-Incentive Fee Net Investment Income exceeds hurdle rate, therefore there is an Incentive Fee.
Incentive
Fee
=
100% × ‘‘catch-up’’ + the greater of 0% AND (15% × (Pre-Incentive Fee Net Investment
Income – 2.35%))
=
(100% × (2.15% – 2.00%)) + 0%
=
100% × 0.15%
=
0.15%
21

Alternative 3
Additional Assumptions
Investment income (including interest, dividends, fees, etc.) = 4.00%
Pre-Incentive Fee Net Investment Income (investment income – (management fee + other expenses)) = 3.15%
Pre-Incentive Fee Net Investment Income exceeds hurdle rate, therefore there is an Incentive Fee.
Incentive Fee
= 100% × ‘‘catch-up’’ + the greater of 0% AND (15% × (Pre-Incentive Fee Net
Investment Income – 2.35%))
= (100% × (2.35% – 2.00%)) + (15% × (3.15% – 2.35%))
= 0.35% + (15% × 0.80%)
= 0.35% + 0.12%
= 0.47%
Example 2 — Capital Gain Incentive Fee:
Alternative 1
Assumptions
Year 1:
$20 million investment made in Company A (‘‘Investment A’’) and an investment in Company
B acquired in a merger (‘‘Investment B’’); Investment B is allocated consideration paid, or a
cost basis in accordance with GAAP, of $31.5 million.
Year 2:
Investment A is sold for $15 million and fair market value (‘‘FMV’’) of Investment
B determined to be $29 million
Year 3:
FMV of Investment B determined to be $27 million
Year 4:
Investment B sold for $25 million
The Capital Gain Incentive Fee, if any, would be:
Year 1:
None (No sales transactions)
Year 2:
None (Sales transaction resulted in a realized capital loss on Investment A)
Year 3:
None (No sales transactions)
Year 4:
None (Sales transaction resulted in a realized capital loss on Investment B)
Each quarterly incentive fee payable on the Income and Capital Gains Incentive Fee Calculation is subject to the
Incentive Fee Cap. Below are the necessary adjustments to the Incentive Fee payable to adhere to the Incentive
Fee Cap.
Additional Assumptions
Year 1:
Investment B has a FMV of $30.0 million at the time of the closing of the merger, resulting in
a cost basis for purposes of calculating the Incentive Fee Cap of $30 million (excluding the
$1.5 million purchase premium paid for the acquisition of Investment B in a merger and
corresponding $1.5 million unrealized loss); we have 10,000,000 shares of common stock
issued and outstanding
Year 2:
We have 10,000,000 shares of common stock issued and outstanding
Year 3:
We issued 1,000,000 shares of common stock and has 11,000,000 shares of common stock
issued and outstanding
Year 4:
We have 11,000,000 shares of common stock issued and outstanding
Year 1:
No adjustment; no realized capital losses or unrealized capital depreciation
Year 2:
Investment A sold at a $5 million loss. Investment B has unrealized capital depreciation of
$1 million for purposes of calculating the Incentive Fee Cap. Therefore, GC Advisors would
not be paid on the $0.60 per share realized/unrealized loss which would result in a lower
Incentive Fee by $0.09 per share.
22

Year 3:
Investment B has unrealized capital depreciation of $2 million for purposes of calculating the
Incentive Fee Cap. Therefore, GC Advisors would not be paid on the $0.18 per share
unrealized capital depreciation, which would result in a lower Incentive Fee by $0.03 per share.
Year 4:
Investment B sold resulting in a $5 million realized loss for purposes of calculating the
Incentive Fee Cap. Investment B was previously marked down by $3 million for purposes of
calculating the New Incentive Fee Cap; therefore, for purposes of calculating the New Incentive
Fee Cap we would realize a $5 million loss on Investment B and reverse the previous
$3 million in unrealized capital depreciation. The net effect would be a loss for purposes of
calculating the Incentive Fee Cap of $2 million. GC Advisors would not be paid on the
$0.18 per share loss which would result in a lower Incentive Fee by $0.03 per share.
Alternative 2
Assumption
Year 1:
$20 million investment made in Company A (‘‘Investment A’’), an investment in Company B
acquired in a merger (‘‘Investment B’’); Investment B is allocated consideration paid, or a cost
basis in accordance with GAAP, of $31.5 million, and $25 million investment made in
Company C (‘‘Investment C’’)
Year 2:
FMV of Investment A determined to be $18 million, FMV of Investment B determined to be
$25 million and FMV of Investment C determined to be $25 million
Year 3:
Investment A sold for $18 million. FMV of Investment B determined to be $24 million and
FMV of Investment C determined to be $25 million.
Year 4:
FMV of Investment B determined to be $22 million. Investment C sold for $24 million.
Year 5:
Investment B sold for $20 million
The Capital Gain Incentive Fee, if any, would be:
Year 1:
None (No sales transactions)
Year 2:
None (No sales transactions)
Year 3:
None (Sales transaction resulted in a realized capital loss on Investment A)
Year 4:
None (Sales transaction resulted in a realized capital loss on Investment C)
Year 5:
None (Sales transaction resulted in a realized capital loss on Investment B)
Each quarterly Incentive Fee payable on the Income and Capital Gains Incentive Fee Calculation is subject to the
Incentive Fee Cap. Below are the necessary adjustments to the Incentive Fee payable to adhere to the Incentive
Fee Cap.
Additional Assumptions
Year 1:
Investment B has an FMV of $30.0 million at the time of the closing of the merger, resulting in
a cost basis for purposes of calculating the Incentive Fee Cap of $30 million (excluding the
$1.5 million purchase premium paid for the acquisition of Investment B in a merger and
corresponding $1.5 million unrealized loss); we have 10,000,000 shares of common stock
issued and outstanding
Year 2:
We have 10,000,000 shares of common stock issued and outstanding
Year 3:
We issue 1,000,000 shares of common stock and have 11,000,000 shares of common stock
issued and outstanding
Year 4:
We have 11,000,000 shares of common stock issued and outstanding
Year 5:
We have 11,000,000 shares of common stock issued and outstanding
Year 1:
No adjustment; no realized capital losses or unrealized capital depreciation.
Year 2:
Investment A has unrealized capital depreciation of $2 million. Investment B has unrealized
capital depreciation of $5 million for purposes of calculating the Incentive Fee Cap. Therefore,
GC Advisors would not be paid on the $0.70 per share unrealized capital depreciation which
would result in a lower Incentive Fee by $0.11 per share.
23

Year 3:
Investment A sold at a $2 million loss. Investment A was previously marked down by
$2 million; therefore, we would realize a $2 million loss on Investment A and reverse the
previous $2 million in unrealized capital depreciation. Investment B has additional unrealized
capital depreciation of $1 million for purposes of calculating the Incentive Fee Cap. The net
effect would be a loss of $1 million for purposes of calculating the Incentive Fee Cap.
GC Advisors would not be paid on the $0.09 per share loss, which would result in a lower
Incentive Fee by $0.01 per share.
Year 4:
Investment B has additional unrealized capital depreciation of $2 million for purposes of calculating
the Incentive Fee Cap. Investment C sold at a $1 million realized loss. The net effect would be a
loss of $3 million for purposes of calculating the Incentive Fee Cap. GC Advisors would not be paid
on the $0.27 per share loss, which would result in a lower Incentive Fee by $0.04 per share.
Year 5:
Investment B sold resulting in a $10 million realized loss for purposes of calculating the Incentive
Fee Cap. Investment B was previously marked down by $8 million; therefore, we would realize a
$10 million loss on Investment B and reverse the previous $8 million in unrealized capital
depreciation. The net effect would be a loss for purposes of calculating the Incentive Fee Cap of
$2 million. GC Advisors would not be paid on the $0.18 per share loss, which would result in a
lower Incentive Fee by $0.03 per share.
Alternative 3
Assumptions
Year 1:
$20 million investment made in Company A (‘‘Investment A’’) and an investment in
Company B acquired in a merger (‘‘Investment B’’); Investment B is allocated consideration
paid, or a cost basis in accordance with GAAP, of $31.5 million
Year 2:
Investment A is sold for $25 million, FMV of Investment B determined to be $32.5 million and
$2 million of unamortized deferred financing costs
Year 3:
FMV of Investment B determined to be $32.5 million and $1 million of unamortized deferred
financing costs
Year 4:
Investment B sold for $34.5 million and $0 of unamortized deferred financing costs
The Capital Gain Incentive Fee, if any, would be:
Year 1:
None (No sales transactions)
Year 2:
$600,000 (15% multiplied by (i) $5 million realized capital gain on sale of Investment A less
(ii) $1 million of net unamortized deferred financing costs in excess of unrealized gains on
Investment B).
Year 3:
$150,000 (15% multiplied by $5 million realized capital gains on sale of Investment A less
$600,000 Capital Gain Incentive Fee paid in year 2).
Year 4:
$450,000 (15% multiplied by $8 million realized capital gains on sale of Investment A and
Investment B less Capital Gain Incentive Fee paid in years 2 and 3).
Each quarterly Incentive Fee payable on the Income and Capital Gains Incentive Fee Calculation is subject to the
GBDC Incentive Fee Cap. Below are the necessary adjustments to the Incentive Fee payable to adhere to the
Incentive Fee Cap.
Additional Assumptions
Year 1:
Investment B has a FMV of $30.0 million at the time of the closing of the merger, resulting in
a cost basis for purposes of calculating the Incentive Fee Cap of $30 million (excluding the
$1.5 million purchase premium paid for the acquisition of Investment B in a merger and
corresponding $1.5 million unrealized loss); we have 10,000,000 shares of common stock
issued and outstanding
Year 2:
We have 10,000,000 shares of common stock issued and outstanding
Year 3:
We issue 1,000,000 shares of common stock and have 11,000,000 shares of common stock
issued and outstanding
Year 4:
We have 11,000,000 shares of common stock issued and outstanding
24

Year 1:
No adjustment necessary
Year 2:
No adjustment necessary. GC Advisors would not be paid on the $1 million unrealized gain on
Investment B.
Year 3:
No adjustment necessary. GC Advisors would not be paid on the $3 million unrealized gain on
Investment B.
Year 4:
No adjustment necessary
Payment of Our Expenses
All investment professionals of GC Advisors and/or its affiliates, when and to the extent engaged in providing
investment advisory and management services to us, and the compensation and routine overhead expenses of
personnel allocable to these services to us, are provided and paid for by GC Advisors and/or its affiliates and not
by us. We bear all other out-of-pocket costs and expenses of our operations and transactions. See ‘‘Management’s
Discussion and Analysis of Financial Condition and Results of Operations — Overview — Expenses.’’
Duration and Termination
Unless terminated earlier as described below, the Investment Advisory Agreement will continue in effect for an
initial two-year term and thereafter shall continue in effect from year to year if approved annually by our board
of directors or by the affirmative vote of the holders of a majority of our outstanding voting securities, and, in
either case, if also approved by a majority of our directors who are not ‘‘interested persons,’’ as that term is
defined in the 1940 Act, of us or GC Advisors. The Investment Advisory Agreement automatically terminates in
the event of its assignment, as defined in the 1940 Act, by GC Advisors and could be terminated by either party
without penalty upon not less than 60 days’ written notice to the other. The holders of a majority of our
outstanding voting securities, by vote, can also terminate the Investment Advisory Agreement without penalty.
See ‘‘Risk Factors — Risks Relating to our Business and Structure — We are dependent upon GC Advisors for
our future success and upon their access to the investment professionals and partners of Golub Capital and its
affiliates.’’
Indemnification
The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in
the performance of its duties or by reason of the reckless disregard of its duties and obligations, GC Advisors
and its officers, managers, partners, agents, employees, controlling persons, members and any other person or
entity affiliated with it are entitled to indemnification from us for any damages, liabilities, costs and expenses
(including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of
GC Advisors’ services under the Investment Advisory Agreement or otherwise as our investment adviser.
Approval of the Investment Advisory Agreement
At a meeting of our board of directors held on January 16, 2024, our board of directors, including all of our
independent directors, approved the Investment Advisory Agreement to take effect upon the closing of the
GBDC 3 Merger. The Investment Advisory Agreement was entered into and effective as of June 3, 2024, the
closing of the GBDC 3 Merger.
In reaching a decision to approve the Investment Advisory Agreement, our board of directors reviewed a
significant amount of information and considered, among other things:
•
the nature, extent and quality of services provided to us by GC Advisors;
•
the relative investment performance of us since inception;
•
the relative investment performance of GDLC, GDLCU, GBDC 4 and GCRED;
•
the fee structure, including the reduced incentive fee rates and the reduced incentive fee cap;
•
the fees paid by other comparable business development companies; and
•
various other matters.
25

Our board of directors noted that the terms of the Investment Advisory Agreement did not change the calculation
of the base management fee, and that the only change, as compared to the Prior Investment Advisory Agreement
was to reduce the incentive fee rates from 20.0% to 15.0% and to reduce the incentive fee cap from 20.0% to
15.0%.
Administration Agreement
Pursuant to the Administration Agreement, the Administrator furnishes us with office facilities and equipment and
provides clerical, bookkeeping, recordkeeping and other administrative services at such facilities. Under the
Administration Agreement, the Administrator performs, or oversees the performance of, our required
administrative services, which include being responsible for the financial records that we are required to maintain
and preparing reports to our stockholders and reports filed with the SEC. In addition, the Administrator assists us
in determining and publishing our net asset value, oversees the preparation and filing of our tax returns and the
printing and dissemination of reports to our stockholders, and generally oversees the payment of our expenses
and the performance of administrative and professional services rendered to us by others. The Administrator can
retain third parties to assist in providing administrative services to us. To the extent that the Administrator
outsources any of its functions, we pay the fees associated with such functions on a direct basis without profit to
the Administrator. We reimburse the Administrator for the allocable portion (subject to review and approval of
our board of directors) of the Administrator’s overhead and other expenses incurred by it in performing its
obligations under the Administration Agreement, including rent, the fees and expenses associated with performing
compliance functions and our allocable portion of the cost of our chief financial officer and chief compliance
officer and their respective staffs. Our board of directors reviews the expenses reimbursed to the Administrator,
including any allocation of expenses among us and other entities for which the Administrator provides similar
services, to determine that these expenses are reasonable and comparable to administrative services charged by
unaffiliated third-party asset managers. In addition, if requested to provide managerial assistance to our portfolio
companies, the Administrator is paid an additional amount based on the cost of the services provided, which
shall not exceed the amount we receive from such portfolio companies for providing this assistance. In
May 2024, the Administration Agreement was renewed for a one-year term with the unanimous approval of our
board of directors. The Administration Agreement can be terminated by either party without penalty upon
60 days’ written notice to the other party.
Indemnification
The Administration Agreement provides that, absent willful misfeasance, bad faith or negligence in the
performance of its duties or by reason of the reckless disregard of its duties and obligations, the Administrator
and its officers, managers, partners, agents, employees, controlling persons, members and any other person or
entity affiliated with it are entitled to indemnification from us for any damages, liabilities, costs and expenses
(including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of the
Administrator’s services under the Administration Agreement or otherwise as our administrator.
License Agreement
We have entered into a license agreement with Golub Capital LLC under which Golub Capital LLC has granted
us a non-exclusive, royalty-free license to use the name ‘‘Golub Capital’’. Under this agreement, we will have a
right to use the ‘‘Golub Capital’’ name and the agreement will remain in effect for so long as GC Advisors or
one of its affiliates remains our investment adviser. Other than with respect to this limited license, we will have
no legal right to the ‘‘Golub Capital’’ name.
Staffing Agreement
We do not have any internal management capacity or employees. We depend on the diligence, skill and network
of business contacts of the senior investment professionals of GC Advisors to achieve our investment objective.
GC Advisors is an affiliate of Golub Capital LLC and depends upon access to the investment professionals and
other resources of Golub Capital LLC and its affiliates to fulfill its obligations to us under the Investment
Advisory Agreement. GC Advisors also depends upon Golub Capital LLC to obtain access to deal flow generated
by the professionals of Golub Capital LLC and its affiliates. Under the Staffing Agreement, Golub Capital LLC
provides GC Advisors with the resources necessary to fulfill these obligations. The Staffing Agreement provides
that Golub Capital LLC will make available to GC Advisors experienced investment professionals and access to
26

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 serve in such capacity. The Staffing Agreement remains in effect until
terminated and could be terminated by either party without penalty upon 60 days’ written notice to the other
party. Services under the Staffing Agreement are provided to GC Advisors on a direct cost reimbursement basis,
and such fees are not our obligation.
REGULATION
General
We are a business development company under the 1940 Act and have elected to be treated as a RIC under the
Code. The 1940 Act contains prohibitions and restrictions relating to transactions between business development
companies and their affiliates (including any investment advisers), principal underwriters and affiliates of those
affiliates or underwriters and requires that a majority of the directors of a business development company be
persons other than ‘‘interested persons,’’ as that term is defined in the 1940 Act. In addition, the 1940 Act
provides that we cannot change the nature of our business so as to cease to be, or withdraw our election as, a
business development company without the approval of a majority of our outstanding voting securities.
We can invest up to 100% of our assets in securities acquired directly from issuers in privately negotiated
transactions. With respect to such securities, we could, for the purpose of public resale, be deemed an
‘‘underwriter,’’ as that term is defined in the Securities Act of 1933, as amended, or the Securities Act. Our
intention is to not write (sell) or buy put or call options to manage risks associated with the publicly traded
securities of our portfolio companies, except that we could enter into hedging transactions to manage the risks
associated with interest rate or foreign currency fluctuations. However, we could purchase or otherwise receive
warrants to purchase the common stock of our portfolio companies in connection with acquisition financing or
other investments. Similarly, in connection with an acquisition, we could acquire rights to require the issuers of
acquired securities or their affiliates to repurchase them under certain circumstances. We also do not intend to
acquire securities issued by any investment company in excess of the limits imposed by the 1940 Act. With
regard to that portion of our portfolio invested in securities issued by investment companies, it should be noted
that such investments could subject our stockholders to additional expenses. None of these policies, or any of our
other policies, is fundamental and each could be changed without stockholder approval. To the extent we adopt
any fundamental policies; no person from whom we borrow will have, in such person’s capacity as lender or
debt holder, either a veto power or a vote in approving or changing any of our fundamental policies.
Qualifying Assets
Under the 1940 Act, a business development company is restricted from acquiring any asset other than assets of
the type listed in Section 55(a) of the 1940 Act, which are referred to as ‘‘qualifying assets,’’ unless, at the time
the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. The principal
categories of qualifying assets relevant to our business are the following:
(1)
Securities purchased in transactions not involving any public offering from the issuer of such securities,
which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person
who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio
company, or from any other person, subject to such rules as could be prescribed by the SEC. An
eligible portfolio company is defined in the 1940 Act as any issuer that:
a
is organized under the laws of, and has its principal place of business in, the United States;
b
is not an investment company (other than a small business investment company, or SBIC, wholly
owned by the business development company) or a company that would be an investment
company but for certain exclusions under the 1940 Act; and
c
satisfies either of the following:
i
does not have any class of securities listed on a national securities exchange or has any class
of securities listed on a national securities exchange subject to a $250.0 million market
capitalization maximum; or
27

ii
is controlled by a business development company or a group of companies including a
business development company, the business development company actually exercises a
controlling influence over the management or policies of the eligible portfolio company, and,
as a result, the business development company has an affiliated person who is a director of
the eligible portfolio company.
(2)
Securities of any eligible portfolio company which we control.
(3)
Securities purchased in a private transaction from a U.S. issuer that is not an investment company or
from an affiliated person of the issuer, or in transactions incident to such a private transaction, if the
issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase
of its securities, was unable to meet its obligations as they came due without material assistance other
than conventional lending or financing arrangements.
(4)
Securities of an eligible portfolio company purchased from any person in a private transaction if there
is no ready market for such securities and we already own 60% of the outstanding equity of the
eligible portfolio company.
(5)
Securities received in exchange for or distributed on or with respect to securities described above, or
pursuant to the exercise of warrants or rights relating to such securities.
(6)
Cash, cash equivalents, U.S. government securities or high-quality debt securities that mature in one
year or less from the date of investment.
The regulations defining and interpreting qualifying assets can change over time. We could adjust our investment
focus as needed to comply with and/or take advantage of any regulatory, legislative, administrative or judicial
actions in this area.
We look through our consolidated subsidiaries to the underlying holdings (considered together with portfolio
assets held outside of our consolidated subsidiaries) for purposes of determining compliance with the
70% qualifying assets requirement of the 1940 Act. At least 70% of our assets will be eligible assets.
Managerial Assistance to Portfolio Companies
A business development company must have been organized and have its principal place of business in the
United States and must be operated for the purpose of making investments in the types of securities described in
(1), (2) or (3) above. However, in order to count portfolio securities as qualifying assets for the purpose of the
70% test, the business development company must either control the issuer of the securities or must offer to
make available to the issuer of the securities significant managerial assistance; except that, when the business
development company purchases such securities in conjunction with one or more other persons acting together,
one of the other persons in the group could make available such managerial assistance. Making available
significant managerial assistance means any arrangement whereby the business development company, through its
directors, officers or employees, offers to provide, and, if accepted, does so provide, significant guidance and
counsel concerning the management, operations or business objectives and policies of a portfolio company. The
Administrator or an affiliate of the Administrator provides such managerial assistance on our behalf to portfolio
companies that request this assistance.
Temporary Investments
Pending investment in other types of qualifying assets, as described above, our investments could consist of cash,
cash equivalents, U.S. government securities, repurchase agreements and high-quality debt investments that
mature in one year or less from the date of investment, which we refer to, collectively, as temporary investments,
so that 70% of our assets are qualifying assets or temporary investments. Typically, we will invest in
U.S. Treasury bills or in repurchase agreements, so long as the agreements are fully collateralized by cash or
securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an
investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an
agreed-upon future date and at a price that is greater than the purchase price by an amount that reflects an
agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that could be invested
in such repurchase agreements. However, if more than 25% of our total assets constitute repurchase agreements
from a single counterparty, we would generally not meet the diversification tests described in Section 851(b)(3)
28

of the Code in order to qualify as a RIC for U.S. federal income tax purposes. Accordingly, we do not intend to
enter into repurchase agreements with a single counterparty in excess of this limit. GC Advisors will monitor the
creditworthiness of the counterparties with which we enter into repurchase agreement transactions.
Senior Securities
We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to
our common stock if our asset coverage, as that term is defined in the 1940 Act, is at least equal to 200% (or 150%
upon receipt of certain approvals and subject to the requirement that we make an offer to repurchase the shares of our
stockholders) immediately after each such issuance (or such other percentage as could be prescribed by law from time
to time). Prior to the enactment of the Small Business Credit Availability Act, or SBCAA, in March 2018, the asset
coverage requirement applicable to business development companies was 200%. The SBCAA permits a business
development company to be subject to an asset coverage requirement of 150% so long as it meets certain disclosure
requirements and obtains certain approvals. The reduced asset coverage requirement permits a business development
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. On February 5, 2019, our stockholders voted to approve the
application of the reduced asset coverage requirements in Section 61(a)(2) to us effective as of February 6, 2019. As a
result of the stockholder approval, effective February 6, 2019, the asset coverage ratio under the 1940 Act applicable
to us decreased to 150% from 200%. In other words, under the 1940 Act, we are now able to borrow $2 for
investment purposes for every $1 of investor equity, as opposed to borrowing $1 for investment purposes for every
$1 of investor equity. In addition, while any senior securities remain outstanding, we must make provisions to prohibit
any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset
coverage ratios at the time of the distribution or repurchase. We can also borrow amounts up to 5% of the value of our
total assets for temporary or emergency purposes without regard to asset coverage, provided that any such borrowings
in excess of 5% of the value of our total assets would be subject to the asset coverage ratio requirements of the
1940 Act, even if for temporary or emergency purposes. We consolidate our financial results with all of our
wholly-owned subsidiaries for financial reporting purposes and measure our compliance with the leverage test
applicable to business development companies under the 1940 Act on a consolidated basis, which are listed in the
table below:
Entity Name
Abbreviation
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
Golub Capital 3 Holdings LLC
(‘‘GBDC 3 Holdings’’)
GBDC 3 Funding LLC
(‘‘GBDC 3 Funding’’)
Golub Capital BDC 3 CLO 1 Depositor LLC
(‘‘GBDC 3 2021 CLO Depositor’’)
Golub Capital BDC 3 CLO 1 LLC
(‘‘GBDC 3 2021 Issuer’’)
Golub Capital BDC 3 ABS 2022-1 Depositor LLC
(‘‘GBDC 3 2022 ABS 2022-1 Depositor’’)
Golub Capital BDC 3 ABS 2022-1 LLC
(‘‘GBDC 3 2022 Issuer’’)
Golub Capital BDC 3 CLO 2 Depositor LLC
(‘‘GBDC 3 2022 CLO 2 Depositor’’)
Golub Capital BDC 3 CLO 2 LLC
(‘‘GBDC 3 2022-2 Issuer’’)
GBDC 3 Holdings Coinvest, Inc.
GBDC 3 Quick Quack Coinvest LLC
For a discussion of the risks associated with leverage, see ‘‘Risk Factors — Risks Relating to our Business and
Structure — Regulations governing our operation as a business development company affect our ability to, and
the way in which we, raise additional capital. As a business development company, the necessity of raising
additional capital exposes us to risks, including the typical risks associated with leverage.’’
29

Codes of Ethics
We and GC Advisors have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that
establishes procedures for personal investments and restricts certain personal securities transactions. Personnel
subject to each code can invest in securities for their personal investment accounts, including securities that can
be purchased or held by us, so long as such investments are made in accordance with the code’s requirements.
You can read and copy the code of ethics from our website at www.golubcapitalbdc.com, or from the SEC’s
website at www.sec.gov. See ‘‘Business — General — Information Available.’’ In addition, each code of ethics is
attached as an exhibit to this Annual Report on Form 10-K.
Proxy Voting Policies and Procedures
We have delegated our proxy voting responsibility to GC Advisors. The proxy voting policies and procedures of
GC Advisors are set out below. The guidelines are reviewed periodically by GC Advisors and our directors who
are not ‘‘interested persons’’ and, accordingly, are subject to change.
Introduction
As an investment adviser registered under the Advisers Act, GC Advisors has a fiduciary duty to act solely in our
best interests. As part of this duty, GC Advisors recognizes that it must vote our securities in a timely manner
free of conflicts of interest and in our best interests.
GC Advisors’ policies and procedures for voting proxies for its investment advisory clients are intended to
comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.
Proxy Policies
GC Advisors votes proxies relating to our portfolio securities in what it perceives to be the best interest of our
stockholders. GC Advisors reviews on a case-by-case basis each proposal submitted to a stockholder vote to
determine its effect on the portfolio securities we hold. In most cases GC Advisors will vote in favor of
proposals that GC Advisors believes are likely to increase the value of the portfolio securities we hold. Although
GC Advisors will generally vote against proposals that could have a negative effect on our portfolio securities,
GC Advisors could vote for such a proposal if there exist compelling long-term reasons to do so.
Our proxy voting decisions are made by GC Advisors’ chief executive officer and president. To ensure that
GC Advisors’ vote is not the product of a conflict of interest, GC Advisors requires that (1) anyone involved in
the decision-making process disclose to its chief compliance officer any potential conflict that he or she is aware
of and any contact that he or she has had with any interested party regarding a proxy vote and (2) employees
involved in the decision-making process or vote administration are prohibited from revealing how GC Advisors
intends to vote on a proposal in order to reduce any attempted influence from interested parties. Where conflicts
of interest could be present, GC Advisors will disclose such conflicts to us, including our independent directors,
and could request guidance from us on how to vote such proxies.
Proxy Voting Records
You can obtain information without charge about how GC Advisors voted proxies during the most recent
12-month period ended September 30, 2024 by making a written request for proxy voting information to: Golub
Capital BDC, Inc., Attention: Investor Relations, 200 Park Avenue, 25th Floor, New York, NY 10166, or by
calling Golub Capital BDC, Inc. collect at (212) 750-6060.
Privacy Principles
We are committed to maintaining the privacy of our stockholders and to safeguarding their nonpublic personal
information.
We restrict access to nonpublic personal information about our stockholders to employees of GC Advisors and its
affiliates with a legitimate business need for the information. We will maintain physical, electronic and
procedural safeguards designed to protect the nonpublic personal information of our stockholders.
Other
Under the 1940 Act, we are required to provide and maintain a bond issued by a reputable fidelity insurance
company to protect us against larceny and embezzlement. Furthermore, as a business development company, we
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are prohibited from protecting any director or officer against any liability to us or our stockholders arising from
willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of
such person’s office.
We and GC Advisors are required to adopt and implement written policies and procedures reasonably designed to
prevent violation of relevant federal securities laws, review these policies and procedures annually for their
adequacy and the effectiveness of their implementation, and designate a chief compliance officer to be
responsible for administering these policies and procedures.
We could also be prohibited under the 1940 Act from knowingly participating in certain transactions with our
affiliates without the prior approval of our board of directors who are not interested persons and, in some cases,
prior approval by the SEC. The SEC has interpreted the business development company prohibition on
transactions with affiliates to prohibit ‘‘joint transactions’’ among entities that share a common investment
adviser. The staff of the SEC has granted no-action relief pursuant to which purchases by us and other accounts
sponsored or managed by GC Advisors or its affiliates of a single class of privately placed securities are
permitted provided that the adviser negotiates no term other than price and certain other conditions are met. Any
co-investment would be made subject to compliance with existing regulatory guidance, applicable regulations and
our allocation procedures. If opportunities arise that would otherwise be appropriate for us and for another
account sponsored or managed by GC Advisors to make different investments in the same issuer, GC Advisors
will need to decide which account will proceed with the investment. Moreover, in certain circumstances, we
could be unable to invest in an issuer in which another account sponsored or managed by GC Advisors has
previously invested.
On February 27, 2017, GC Advisors and certain other funds and accounts sponsored or managed by GC Advisors
and its affiliates, received exemptive relief from the SEC that permits us greater flexibility to negotiate the terms
of co-investments if our board of directors determines that it would be advantageous for us to co-invest with
other accounts sponsored or managed by GC Advisors or its affiliates in a manner consistent with our investment
objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent
factors. We believe that co-investment by us and accounts sponsored or managed by GC Advisors and its
affiliates could afford us additional investment opportunities and the ability to achieve greater diversification.
Under the terms of this exemptive relief, a ‘‘required majority’’ (as defined in Section 57(o) of the 1940 Act) of
our independent directors is required to make certain conclusions in connection with a co-investment transaction,
including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do
not involve overreaching of us or our stockholders on the part of any person concerned and (2) the transaction is
consistent with the interests of our stockholders and is consistent with our investment strategies and policies. On
January 13, 2023, the SEC issued an order amending the existing co-investment exemptive relief order to
incorporate the terms of the temporary, conditional exemptive relief announced by the SEC on April 8, 2020 in
order to permit those entities permitted to rely on the order to participate in certain follow-on co-investment
transactions. Effective on February 21, 2024, a further amendment to the 2017 exemptive relief was granted by
the SEC.
Sarbanes-Oxley Act
The Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act, imposes a variety of regulatory
requirements on companies with a class of securities registered under the Securities Exchange Act of 1934, as
amended, or the Exchange Act, and their insiders. Many of these requirements affect us. For example:
•
pursuant to Rule 13a-14 under the Exchange Act our principal executive officer and principal financial
officer must certify the accuracy of the financial statements contained in our periodic reports;
•
pursuant to Item 307 under Regulation S-K under the Securities Act our periodic reports must disclose
our conclusions about the effectiveness of our disclosure controls and procedures;
•
pursuant to Rule 13a-15 under the Exchange Act, our management must prepare an annual report
regarding its assessment of our internal control over financial reporting, which must be audited by our
independent registered public accounting firm; and
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•
pursuant to Item 308 of Regulation S-K under the Securities Act and Rule 13a-15 under the Exchange
Act, our periodic reports must disclose whether there were significant changes in our internal controls
over financial reporting or in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to significant deficiencies and
material weaknesses.
The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we
comply with the Sarbanes-Oxley Act and the regulations promulgated under such act. We will continue to
monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions
necessary to ensure that we comply with that act.
Material U.S. Federal Income Tax Considerations
The following discussion is a general summary of the material U.S. federal income tax considerations applicable
to us and to an investment in our shares of common stock. This summary does not purport to be a complete
description of the income tax considerations applicable to such an investment. For example, we have not
described certain considerations that could be relevant to certain types of holders subject to special treatment
under U.S. federal income tax laws, including stockholders subject to the alternative minimum tax, tax-exempt
organizations, insurance companies, dealers in securities, traders in securities that elect to mark-to-market their
securities holdings, pension plans and trusts, persons that have a functional currency (as defined in
Section 985 of the Code) other than the U.S. dollar and financial institutions. This summary assumes that
investors hold our common stock as capital assets (within the meaning of Section 1221 of the Code). The
discussion is based upon the Code, Treasury regulations, and administrative and judicial interpretations, each as
of the date of the filing of this Annual Report on Form 10-K and all of which are subject to change, possibly
retroactively, which could affect the continuing validity of this discussion. We have not sought and will not seek
any ruling from the Internal Revenue Service, or the IRS, regarding any offering of our securities. This summary
does not discuss any aspects of U.S. estate or gift tax or foreign, state or local tax. It does not discuss the special
treatment under U.S. federal income tax laws that could result if we invested in tax-exempt securities or certain
other investment assets. For purposes of this discussion, references to ‘‘dividends’’ are to dividends within the
meaning of the U.S. federal income tax laws and associated regulations and can include amounts subject to
treatment as a return of capital under section 19(a) of the 1940 Act.
A ‘‘U.S. stockholder’’ is a beneficial owner of shares of our common stock that is for U.S. federal income tax
purposes:
•
a citizen or individual resident of the United States;
•
a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or
organized in or under the laws of the United States or any state thereof or the District of Columbia;
•
an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or
•
a trust if either a U.S. court can exercise primary supervision over its administration and one or more
U.S. persons have the authority to control all of its substantial decisions or the trust was in existence
on August 20, 1996, was treated as a U.S. person prior to that date, and has made a valid election to be
treated as a U.S. person.
A ‘‘Non-U.S. stockholder’’ is a beneficial owner of shares of our common stock that is not a U.S. stockholder.
If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds shares of
our common stock, the tax treatment of a partner in the partnership will generally depend upon the status of the
partner and the activities of the partnership. A prospective investor that is a partner in a partnership that will hold
shares of our common stock should consult its tax advisors with respect to the purchase, ownership and
disposition of shares of our common stock.
Tax matters are very complicated and the tax consequences to an investor of an investment in our shares of
common stock will depend on the facts of his, her or its particular situation. We encourage investors to consult
their own tax advisors regarding the specific consequences of such an investment, including tax reporting
requirements, the applicability of U.S. federal, state, local and foreign tax laws, eligibility for the benefits of any
applicable tax treaty, and the effect of any possible changes in the tax laws.
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Election to Be Taxed as a RIC
As a business development company, we have elected to be treated as a RIC under Subchapter M of the Code.
As a RIC, we generally will not be subject to corporate-level U.S. federal income taxes on any net ordinary
income or capital gains that we timely distribute as dividends for U.S. federal income tax purposes to our
stockholders. To qualify as a RIC, we must, among other things, meet certain source-of-income and asset
diversification requirements (as described below). In addition, we must distribute to our stockholders, for each
taxable year, dividends for U.S. federal income tax purposes of an amount at least equal to 90% of our
‘‘investment company taxable income,’’ which is generally our net ordinary income plus the excess of realized
net short-term capital gains over realized net long-term capital losses and determined without regard to any
deduction for dividends paid, or the Annual Distribution Requirement. Although not required for us to maintain
our RIC tax status, in order to preclude the imposition of a 4% nondeductible federal excise tax imposed on
RICs, we must timely distribute dividends for U.S. federal income tax purposes to our stockholders in respect of
each calendar year of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into
account certain deferrals and elections) for the calendar year, (2) 98.2% of the excess (if any) of our realized
capital gains over our realized capital losses, or capital gain net income (adjusted for certain ordinary losses),
generally for the one-year period ending on October 31 of the calendar year and (3) the sum of any net ordinary
income plus capital gains net income for preceding years that were recognized but not distributed during such
years and on which we did not incur any liability to pay federal income tax, or the Excise Tax Avoidance
Requirement.
Taxation as a RIC
If we:
•
qualify as a RIC; and
•
satisfy the Annual Distribution Requirement;
then we will not be subject to U.S. federal income tax on the portion of our investment company taxable income
and net capital gain, defined as net long-term capital gains in excess of net short-term capital losses, we timely
distribute as dividends for U.S. federal income tax purposes to our stockholders. We will be subject to
U.S. federal income tax at regular corporate rates on any net income or net capital gain not distributed as
dividends to our stockholders.
In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things:
•
qualify and have in effect an election to be treated as a business development company under the
1940 Act at all times during each taxable year;
•
derive in each taxable year at least 90% of our gross income from dividends, interest, payments with
respect to certain securities loans, gains from the sale of stock or other securities, or other income
derived with respect to our business of investing in such stock or securities, and net income derived
from interests in ‘‘qualified publicly traded partnerships’’ (partnerships that are traded on an established
securities market or tradable on a secondary market, other than partnerships that derive 90% of their
income from interest, dividends and other permitted RIC income), or the 90% Income Test; and
•
diversify our holdings, so that at the end of each quarter of the taxable year:
○
at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government
securities, securities of other RICs, and other securities if such other securities of any one issuer
do not represent more than 5% of the value of our assets or more than 10% of the outstanding
voting securities of the issuer; and
○
no more than 25% of the value of our assets is invested in the securities, other than
U.S. government securities or securities of other RICs, of one issuer or of two or more issuers that
are controlled, as determined under applicable tax rules, by us and that are engaged in the same or
similar or related trades or businesses or in the securities of one or more qualified publicly traded
partnerships (the ‘‘Diversification Tests’’).
We can invest in partnerships, including qualified publicly traded partnerships, which could result in our being
subject to state, local or foreign income, franchise or other tax liabilities.
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In addition, we are subject to ordinary income and capital gain distribution requirements under U.S. federal
excise tax rules for each calendar year. If we do not meet the required distributions, we will be subject to a
4% nondeductible federal excise tax on the undistributed amount. The failure to meet U.S. federal excise tax
distribution requirements will not cause us to lose our RIC status, and we could choose to retain taxable income
or capital gains in excess of current year distributions into the next tax year in an amount less than what would
trigger payments of federal income tax under Subchapter M of the Code. We could then be required to pay a
4% excise tax on such income or capital gains.
A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If our
deductible expenses in a given taxable year exceed our investment company taxable income, we could incur a
net operating loss for that taxable year. However, a RIC is not permitted to carry forward net operating losses to
subsequent taxable years and such net operating losses do not pass through to its stockholders. In addition,
deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC
cannot use any net capital losses (that is, the excess of realized capital losses over realized capital gains) to offset
its investment company taxable income, but may carry forward such net capital losses, and use them to offset
future capital gains, indefinitely. Due to these limits on deductibility of expenses and net capital losses, we could
for tax purposes have aggregate taxable income for several taxable years that we are required to distribute and
that is taxable to our stockholders even if such taxable income is greater than the net income we actually earn
during those taxable years.
Any underwriting fees paid by us are not deductible. We could be required to recognize taxable income in
circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under
applicable tax rules as having original issue discount (such as debt instruments with PIK interest or, in certain
cases, with increasing interest rates or issued with warrants), we must include in income each year a portion of
the original issue discount that accrues over the life of the obligation, regardless of whether cash representing
such income is received by us in the same taxable year. Because any original issue discount accrued will be
included in our investment company taxable income for the taxable year of accrual, we could be required to
make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we
will not have received any corresponding cash amount. Furthermore, a portfolio company in which we hold
equity or debt instruments could face financial difficulty that requires us to work out, modify, or otherwise
restructure such equity or debt instruments. Any such restructuring could, depending upon the terms of the
restructuring, cause us to incur unusable or nondeductible losses or recognize future non-cash taxable income.
Certain of our investment practices could be subject to special and complex U.S. federal income tax provisions
that could, among other things, (1) treat dividends that would otherwise constitute qualified dividend income as
non-qualified dividend income, (2) treat dividends that would otherwise be eligible for the corporate dividends
received deduction as ineligible for such treatment, (3) disallow, suspend or otherwise limit the allowance of
certain losses or deductions, (4) convert lower-taxed long-term capital gain into higher-taxed short-term capital
gain or ordinary income, (5) convert an ordinary loss or a deduction into a capital loss (the deductibility of
which is more limited), (6) cause us to recognize income or gain without a corresponding receipt of cash,
(7) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur,
(8) adversely alter the characterization of certain complex financial transactions and (9) produce income that will
not be qualifying income for purposes of the 90% Income Test. We intend to monitor our transactions and could
make certain tax elections to mitigate the effect of these provisions and prevent our ability to be subject to tax as
a RIC. There can be no assurance that we will be eligible for any such tax elections or that any adverse effects
of these provisions will be mitigated.
Certain distributions reported by us as Section 163(j) interest dividends may be treated as interest income by
stockholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the
Code. Such treatment by the stockholder is generally subject to holding period requirements and other potential
limitations, although the holding period requirements are generally not applicable to dividends declared by
money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or
more frequent basis. The amount that we are eligible to report as a Section 163(j) dividend for a tax year is
generally limited to the excess of our business interest income over the sum of our (i) business interest expense
and (ii) other deductions properly allocable to our business interest income.
We can invest a portion of our net assets in below investment grade instruments. Investments in these types of
instruments can present special tax issues for us. U.S. federal income tax rules are not entirely clear about issues
34

such as when we can cease to accrue interest, original issue discount or market discount, when and to what
extent deductions can be taken for bad debts or worthless instruments, how payments received on obligations in
default should be allocated between principal and income and whether exchanges of debt obligations in a
bankruptcy or workout context are taxable. We intend to address these and other issues to the extent necessary in
order to seek to ensure that we distribute sufficient income to avoid any material U.S. federal income tax or the
4% nondeductible U.S. federal excise tax.
Gain or loss realized by us from warrants acquired by us as well as any loss attributable to the lapse of such
warrants generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or
short-term, depending on how long we held a particular warrant.
Our investment in non-U.S. securities could be subject to non-U.S. income, withholding and other taxes. In that
case, our yield on those securities would be decreased. U.S. stockholders generally will not be entitled to claim a
U.S. foreign tax credit or deduction with respect to non-U.S. taxes paid by us.
If we acquire shares in a passive foreign investment company (‘‘PFIC’’), we could be subject to U.S. federal
income tax on a portion of any ‘‘excess distribution’’ received on, or any gain from the disposition of, such
shares even if we distribute such income as a taxable dividend to stockholders. Additional charges in the nature
of interest generally will be imposed on us in respect of deferred taxes arising from any such excess distribution
or gain. If we invest in the shares of a PFIC and elect to treat the PFIC as a ‘‘qualified electing fund’’ under the
Code (a ‘‘QEF’’), in lieu of the foregoing requirements, we will be required to include in income each year our
proportionate share of the ordinary earnings and net capital gain of the QEF, even if such income is not
distributed by the QEF. Alternatively, we could elect to mark our shares in a PFIC at the end of each taxable
year to market; in this case, we will recognize as ordinary income any increase in the value of such shares, and
as ordinary loss any decrease in such value to the extent that any such decrease does not exceed prior increases
in such value included in our income. Our ability to make either election will depend on factors beyond our
control and is subject to restrictions which could limit the availability of the benefit of these elections. Under
either election, we could be required to recognize in a taxable year income in excess of any distributions we
receive from PFICs and any proceeds from dispositions of PFIC stock during that taxable year, and such income
will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes
of determining whether we satisfy the distribution requirements under U.S. federal excise tax rules.
Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time we
accrue income, expenses or other liabilities denominated in a foreign currency and the time we actually collect
such income or pay such expenses or liabilities are generally treated as ordinary income or loss. Similarly, gains
or losses on foreign currency-denominated forward, futures and option contracts, as well as certain other
financial instruments, and the disposition of debt obligations denominated in a foreign currency, to the extent
attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as
ordinary income or loss.
Although we do not presently expect to do so, we are authorized to borrow funds and to sell assets in order to
satisfy distribution requirements. However, under the 1940 Act, we are not permitted to make distributions to our
stockholders while our debt obligations and other senior securities are outstanding unless certain ‘‘asset
coverage’’ tests are met. See ‘‘Business — Regulation — Senior Securities.’’ Moreover, our ability to dispose of
assets to meet our distribution requirements could be limited by (1) the illiquid nature of our portfolio and/or
(2) other requirements relating to our qualification as a RIC, including the Diversification Tests. If we dispose of
assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, we could
make such dispositions at times that, from an investment standpoint, are not advantageous.
Some of the income and fees that we could recognize, such as fees for providing managerial assistance, certain
fees earned with respect to our investments, income recognized in a work-out or restructuring of a portfolio
investment, or income recognized from an equity investment in an operating partnership, will not satisfy the
90% Income Test. In order to manage the risk that such income and fees might disqualify us as a RIC for a
failure to satisfy the 90% Income Test, we could be required to recognize such income and fees indirectly
through one or more entities treated as corporations for U.S. federal income tax purposes. Such corporations will
be subject to U.S. corporate income tax as well as state and local tax on their earnings, which ultimately will
reduce our return on such income and fees.
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Failure to Qualify as a RIC
If we were unable to qualify for treatment as a RIC and are unable to cure the failure, for example, by disposing
of certain investments quickly or raising additional capital to prevent the loss of RIC status, we generally would
be subject to tax on all of our taxable income at regular corporate rates. The Code provides some relief from
RIC disqualification due to failures to comply with the 90% Income Test and the Diversification Tests, although
there could be additional taxes due in such cases. We cannot assure you that we would qualify for any such relief
should we fail the 90% Income Test or the Diversification Tests.
Should failure occur, not only would all our taxable income be subject to tax at regular corporate rates, we
would not be able to deduct dividend distributions to stockholders, nor would they be required to be made.
Distributions, including distributions of net long-term capital gain, would generally be taxable to our stockholders
as ordinary dividend income to the extent of our current and accumulated earnings and profits. Subject to certain
limitations under the Code, certain corporate stockholders would be eligible to claim dividends received
deduction with respect to such dividends and non-corporate stockholders would generally be able to treat such
dividends as ‘‘qualified dividend income,’’ which is subject to reduced rates of U.S. federal income tax.
Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of
capital to the extent of the stockholder’s tax basis, and any remaining distributions would be treated as a capital
gain. If we fail to qualify as a RIC, we could be subject to regular corporate tax on any net built-in gains with
respect to certain of our assets (i.e., the excess of the aggregate gains, including items of income, over aggregate
losses that would have been realized with respect to such assets if we had been liquidated) that we elect to
recognize on requalification or when recognized over the next five taxable years.
The remainder of this discussion assumes that we qualify as a RIC and have satisfied the Annual Distribution
Requirement.
Taxation of U.S. Stockholders
Distributions by us generally are taxable to U.S. stockholders as ordinary income or capital gains. Distributions
of our ‘‘investment company taxable income’’ (which is, generally, our net ordinary income plus net short-term
capital gains in excess of net long-term capital losses) will be taxable as ordinary income to U.S. stockholders to
the extent of our current or accumulated earnings and profits, whether paid in cash or reinvested in additional
shares of our common stock. To the extent such distributions paid by us to non-corporate stockholders (including
individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations and if
certain holding period requirements are met, such distributions generally will be treated as qualified dividend
income and generally eligible for a maximum U.S. federal tax rate of either 15% or 20%, depending on whether
the individual shareholder’s income exceeds certain threshold amounts, and if other applicable requirements are
met, such distributions generally will be eligible for the corporate dividends received deduction to the extent such
dividends have been paid by a U.S. corporation. In this regard, it is anticipated that distributions paid by us will
generally not be attributable to dividends and, therefore, generally will not qualify for the preferential maximum
U.S. federal tax rate applicable to non-corporate stockholders as well as will not be eligible for the corporate
dividends received deduction.
Distributions of our net capital gains (which is generally our realized net long-term capital gains in excess of
realized net short-term capital losses) properly designated by us as ‘‘capital gain dividends’’ will be taxable to a
U.S. stockholder as long-term capital gains (currently generally at a maximum rate of either 15% or 20%,
depending on whether the individual shareholder’s income exceeds certain threshold amounts) in the case of
individuals, trusts or estates, regardless of the U.S. stockholder’s holding period for his, her or its common stock
and regardless of whether paid in cash or reinvested in additional common stock. Distributions in excess of our
earnings and profits first will reduce a U.S. stockholder’s adjusted tax basis in such stockholder’s common stock
and, after the adjusted basis is reduced to zero, will constitute capital gains to such U.S. stockholder.
Stockholders receiving dividends or distributions in the form of additional shares of our common stock purchased
in the market should be treated for U.S. federal income tax purposes as receiving a distribution in an amount
equal to the amount of money that the stockholders receiving cash dividends or distributions will receive, and
should have a cost basis in the shares received equal to such amount. Stockholders receiving dividends in newly
issued shares of our common stock will be treated as receiving a distribution equal to the value of the shares
received, and should have a cost basis of such amount.
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Although we currently intend to distribute any net capital gains at least annually, we can in the future decide to
retain some or all of our net capital gains but designate the retained amount as a ‘‘deemed distribution.’’ In that
case, among other consequences, we will pay tax on the retained amount, each U.S. stockholder will be required
to include their share of the deemed distribution in income as if it had been distributed to the U.S. stockholder,
and the U.S. stockholder will be entitled to claim a credit equal to their allocable share of the tax paid on the
deemed distribution by us. The amount of the deemed distribution net of such tax will be added to the
U.S. stockholder’s tax basis for their common stock. Since we expect to pay tax on any retained net capital gains
at our regular corporate tax rate, and since that rate is in excess of the maximum rate currently payable by
individuals on long-term capital gains, the amount of tax that individual stockholders will be treated as having
paid and for which they will receive a credit will exceed the tax they owe on the retained net capital gain. Such
excess generally could be claimed as a credit against the U.S. stockholder’s other U.S. federal income tax
obligations or could be refunded to the extent it exceeds a stockholder’s liability for U.S. federal income tax.
A stockholder that is not subject to U.S. federal income tax or otherwise required to file a U.S. federal income
tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a
refund for the taxes we paid. In order to utilize the deemed distribution approach, we must provide written notice
to our stockholders prior to the expiration of 60 days after the close of the relevant taxable year. We cannot treat
any of our investment company taxable income as a ‘‘deemed distribution.’’
For purposes of determining (1) whether the Annual Distribution Requirement is satisfied for any tax year and
(2) the amount of capital gain dividends paid for that tax year, we could, under certain circumstances, elect to
treat a dividend that is paid during the following tax year as if it had been paid during the tax year in question.
If we make such an election, the U.S. stockholder will still be treated as receiving the dividend in the tax year in
which the distribution is made. However, any dividend declared by us in October, November or December of any
calendar year, payable to stockholders of record on a specified date in such a month and actually paid during
January of the following calendar year, will be treated as if it had been received by our U.S. stockholders on
December 31 of the calendar year in which the dividend was declared.
If an investor purchases shares of our common stock shortly before the record date of a distribution, the price of
the shares of our common stock will include the value of the distribution and the investor will be subject to tax
on the distribution even though it represents a return of their investment.
A U.S. stockholder generally will recognize taxable gain or loss if the stockholder sells or otherwise disposes of
their shares of our common stock. Any gain or loss arising from such sale or disposition generally will be treated
as long-term capital gain or loss if the stockholder has held their shares of common stock for more than one
year. Otherwise, it would be classified as short-term capital gain or loss. However, any capital loss arising from
the sale or disposition of shares of our common stock held for six months or less will be treated as long-term
capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed
received, with respect to such shares. In addition, all or a portion of any loss recognized upon a disposition of
shares of our common stock could be disallowed if other shares of our common stock are purchased (whether
through reinvestment of distributions or otherwise) within 30 days before or after the disposition. In such a case,
the basis of the common stock acquired will be increased to reflect the disallowed loss.
In general, individual U.S. stockholders are subject to a maximum U.S. federal income tax rate of either 15% or
20% (depending on whether the individual U.S. stockholder’s income exceeds certain threshold amounts) on their
net capital gain, i.e., the excess of realized net long-term capital gain over realized net short-term capital loss for
a taxable year, including a long-term capital gain derived from an investment in our shares of common stock.
Such rate is lower than the maximum federal income tax rate on ordinary taxable income currently payable by
individuals. Corporate U.S. stockholders currently are subject to U.S. federal income tax on net capital gain at
the maximum 21% rate also applied to ordinary income. Non-corporate stockholders incurring net capital losses
for a tax year (i.e., net capital losses in excess of net capital gains) generally can deduct up to $3,000 of such
losses against their ordinary income each tax year; any net capital losses of a non-corporate stockholder in excess
of $3,000 generally could be carried forward and used in subsequent tax years as provided in the Code.
Corporate stockholders generally cannot deduct any net capital losses for a tax year, but can carry back such
losses for three tax years or carry forward such losses for five tax years.
We will send to each of our U.S. stockholders, as promptly as possible after the end of each calendar year, a
notice detailing, on a per share and per distribution basis, the amounts includible in such U.S. stockholder’s
taxable income for such year as ordinary income and as long-term capital gain. In addition, the U.S. federal tax
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status of each calendar year’s distributions generally will be reported to the IRS. Distributions can also be subject
to additional state, local and foreign taxes depending on a U.S. stockholder’s particular situation. Dividends
distributed by us generally will not be eligible for the dividends-received deduction or the lower tax rates
applicable to certain qualified dividends.
Until and unless we are treated as a ‘‘publicly offered regulated investment company’’ (within the meaning of
Section 67 of the Code) as a result of either (i) shares of our common stock and our preferred stock collectively
being held by at least 500 persons at all times during a taxable year or (ii) shares of our common stock being
treated as regularly traded on an established securities market for any taxable year, for purposes of computing the
taxable income of U.S. stockholders that are individuals, trusts or estates, (i) our earnings will be computed
without taking into account such U.S. stockholders’ allocable shares of the management and incentive fees paid
to our investment adviser and certain of our other expenses, (ii) each such U.S. stockholder will be treated as
having received or accrued a dividend from us in the amount of such U.S. stockholder’s allocable share of these
fees and expenses for such taxable year, (iii) each such U.S. stockholder will be treated as having paid or
incurred such U.S. stockholder’s allocable share of these fees and expenses for the calendar year and (iv) each
such U.S. stockholder’s allocable share of these fees and expenses will be treated as miscellaneous itemized
deductions by such U.S. stockholder. For taxable years beginning before 2026, miscellaneous itemized deductions
generally are not deductible by a U.S. stockholder that is an individual, trust or estate. For taxable years
beginning in 2026 or later, miscellaneous itemized deductions are deductible only to the extent that the aggregate
of such U.S. stockholder’s miscellaneous itemized deductions exceeds 2% of such U.S. stockholder’s adjusted
gross income for U.S. federal income tax purposes, are not deductible for purposes of determining a
U.S. stockholder’s liability for the U.S. federal alternative minimum tax and are subject to the overall limitation
on itemized deductions under Section 68 of the Code.
Backup withholding, currently at a rate of 24%, could be applicable to all taxable distributions to any
non-corporate U.S. stockholder (1) who fails to furnish us with a correct taxpayer identification number or a
certificate that such stockholder is exempt from backup withholding or (2) with respect to whom the IRS notifies
us that such stockholder has failed to properly report certain interest and dividend income to the IRS and to
respond to notices to that effect. An individual’s taxpayer identification number is his or her social security
number. Any amount withheld under backup withholding is not an additional tax and is generally allowed as a
credit against the U.S. stockholder’s U.S. federal income tax liability and could entitle such stockholder to a
refund, provided that proper information is timely provided to the IRS.
If a U.S. stockholder recognizes a loss with respect to shares of our common stock of $2 million or more for an
individual stockholder or $10 million or more for a corporate stockholder, the stockholder must file with the
IRS a disclosure statement on Form 8886. Direct stockholders of portfolio securities are in many cases exempted
from this reporting requirement, but under current guidance, stockholders of a RIC are not exempted. The fact
that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer’s
treatment of the loss is proper. U.S. stockholders should consult their tax advisors to determine the applicability
of these regulations in light of their specific circumstances.
An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and
capital gain distributions received from us and net gains from redemptions or other taxable dispositions of our
shares) of U.S. individuals, estates and trusts to the extent that such person’s ‘‘modified adjusted gross income’’
(in the case of an individual) or ‘‘adjusted gross income’’ (in the case of an estate or trust) exceeds certain
threshold amounts.
Taxation of Non-U.S. Stockholders
Whether an investment in the shares of our common stock is appropriate for a Non-U.S. stockholder will depend
upon that person’s particular circumstances. An investment in the shares of our common stock by a
Non-U.S. stockholder could have adverse tax consequences. Non-U.S. stockholders should consult their tax
advisors before investing in our common stock.
Subject to the discussion below, distributions of our ‘‘investment company taxable income’’ to
Non-U.S. stockholders (including interest income, net short-term capital gain or foreign-source dividend and
interest income, which generally would be free of withholding if paid to Non-U.S. stockholders directly) will be
subject to withholding of U.S. federal income tax at a 30% rate (or lower rate provided by an applicable treaty)
to the extent of our current and accumulated earnings and profits unless the distributions are effectively
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connected with a U.S. trade or business of the Non-U.S. stockholder, in which case the distributions will
generally be subject to U.S. federal income tax at the rates applicable to U.S. persons. In that case, we will not
be required to withhold U.S. federal income tax if the Non-U.S. stockholder complies with applicable
certification and disclosure requirements. Special certification requirements apply to a Non-U.S. stockholder that
is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisors.
Certain properly reported dividends received by a Non-U.S. stockholder generally are exempt from U.S. federal
withholding tax when they (1) are paid in respect of our ‘‘qualified net interest income’’ (generally, our
U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation
or partnership in which we or the non-U.S. stockholder are at least a 10% stockholder, reduced by expenses that
are allocable to such income), or (2) are paid in connection with our ‘‘qualified short-term capital gains’’
(generally, the excess of our net short-term capital gain over our long-term capital loss for a tax year) as well as
if certain other requirements are satisfied. Nevertheless, it should be noted that in the case of shares of our stock
held through an intermediary, the intermediary could have withheld U.S. federal income tax even if we reported
the payment as an interest-related dividend or short-term capital gain dividend. Moreover, depending on the
circumstances, we could report all, some or none of our potentially eligible dividends as derived from such
qualified net interest income or as qualified short-term capital gains, or treat such dividends, in whole or in part,
as ineligible for this exemption from withholding.
Actual or deemed distributions of our net capital gains to a Non-U.S. stockholder, and gains realized by a
Non-U.S. stockholder upon the sale of our common stock, will not be subject to federal withholding tax and
generally will not be subject to U.S. federal income tax unless the distributions or gains, as the case could be,
are effectively connected with a U.S. trade or business of the Non-U.S. stockholder and, if an income tax treaty
applies, are attributable to a permanent establishment maintained by the Non-U.S. stockholder in the United
States or, in the case of an individual Non-U.S. stockholder, the stockholder is present in the United States for
183 days or more during the year of the sale or capital gain dividend and certain other conditions are met.
If we distribute our net capital gains in the form of deemed rather than actual distributions (which we could do
in the future), a Non-U.S. stockholder will be entitled to a U.S. federal income tax credit or tax refund equal to
the stockholder’s allocable share of the tax we pay on the capital gains deemed to have been distributed. In order
to obtain the refund, the Non-U.S. stockholder must obtain a U.S. taxpayer identification number and file a
U.S. federal income tax return even if the Non-U.S. stockholder would not otherwise be required to obtain a
U.S. taxpayer identification number or file a U.S. federal income tax return. For a corporate
Non-U.S. stockholder, distributions (both actual and deemed), and gains realized upon the sale of our common
stock that are effectively connected with a U.S. trade or business could, under certain circumstances, be subject
to an additional ‘‘branch profits tax’’ at a 30% rate (or at a lower rate if provided for by an applicable treaty).
A Non-U.S. stockholder who is a non-resident alien individual, and who is otherwise subject to withholding of
U.S. federal income tax, could be subject to information reporting and backup withholding of U.S. federal
income tax on dividends unless the Non-U.S. stockholder provides us or the dividend paying agent with a
U.S. nonresident withholding tax certification (e.g., an IRS Form W-8BEN, IRS Form W-8BEN-E, or an
acceptable substitute form) or otherwise meets documentary evidence requirements for establishing that it is a
Non-U.S. stockholder or otherwise establishes an exemption from backup withholding.
Pursuant to the Foreign Account Tax Compliance Act, or FATCA, the applicable withholding agent is generally
required to withhold U.S. tax (at a 30% rate) with respect to payments of dividends made to certain
non-U.S. entities that fail to comply (or be deemed compliant) with extensive reporting and withholding
requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment
accounts. The information required to be reported include the identity and taxpayer identification number of each
account holder and transaction activity within the holder’s account. Stockholders could be requested to provide
additional information to enable the applicable withholding agent to determine whether withholding is required.
An investment in shares by a non-U.S. person could also be subject to U.S. federal estate tax. Non-U.S. persons
should consult their own tax advisors with respect to the U.S. federal income tax, U.S. federal estate tax, withholding
tax, and state, local and foreign tax consequences of acquiring, owning or disposing of our common stock.
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Item 1A.
Risk Factors
You should carefully consider these risk factors, together with all of the other information included in this
Annual Report on Form 10-K 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 could 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 net asset value and the trading price of our common stock could decline,
and you could lose all or part of your investment. The risk factors described below 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 Our Business and Structure
We are subject to risks associated with the current interest rate environment and to the extent we use debt to
finance our investments, changes in interest rates will affect our cost of capital and net investment income.
To the extent we borrow money or issue debt securities or preferred stock to make investments, our net
investment income will depend, in part, upon the difference between the rate at which we borrow funds or pay
interest or dividends on such debt securities or preferred stock and the rate at which we invest these funds. In
addition, many of our debt investments and borrowings have floating interest rates that reset on a periodic basis,
and many of our investments are subject to interest rate floors. As a result, a change in market interest rates
could have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of
funds will increase because the interest rates on the amounts borrowed under our credit facilities or certain other
financing arrangements are typically floating, which could reduce our net investment income to the extent any
debt investments have fixed interest rates, and the interest rate on investments with an interest rate floor above
current levels will not increase until interest rates exceed the applicable floor.
We can use interest rate risk management techniques in an effort to limit our exposure to interest rate
fluctuations. Such techniques could include various interest rate hedging activities to the extent permitted by the
1940 Act and applicable commodities laws. These activities could limit our ability to participate in the benefits
of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in
interest rates or hedging transactions could have a material adverse effect on our business, financial condition
and results of operations.
You should also be aware that a rise in the general level of interest rates typically will lead to higher interest
rates applicable to our debt investments, which could result in an increase of the amount of incentive fees
payable to GC Advisors. In addition, a decline in the prices of the debt we own could adversely affect our net
asset value. Also, an increase in interest rates available to investors could make an investment in our common
stock less attractive if we are not able to increase our distribution rate, which could reduce the value of our
common stock.
We operate in a highly competitive market for investment opportunities, which could reduce returns and result
in losses.
A number of entities compete with us to make the types of investments that we plan to make, and we believe
that recent market trends, including sustained periods of low interest rates, have increased the number of
competitors seeking to invest in loans to private, middle-market companies in the United States. We compete
with public and private funds, commercial and investment banks, commercial financing companies and, to the
extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors
are substantially larger and have considerably greater financial, technical and marketing resources than we do.
For example, we believe some of our competitors could have access to funding sources that are not available to
us. In addition, some of our competitors could have higher risk tolerances or different risk assessments, which
could allow them to consider a wider variety of investments and establish more relationships than us.
Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on
us as a business development company or the source of income, asset diversification and distribution
requirements we must satisfy to maintain our qualification as a RIC. The competitive pressures we face could
have a material adverse effect on our business, financial condition, results of operations and cash flows. As a
result of this competition, we can provide no assurance that we will be able to take advantage of attractive
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investment opportunities that arise from time to time, and we can provide no assurance that we will be able to
identify and make investments that are consistent with our investment objective.
An excess of the amount of capital in the private debt markets and overall competition for loans could result in
short term returns for us that are lower than our long-term targets. In the event these conditions continue for an
extended amount of time, they could have a material adverse effect on our business, financial condition and
results of operations.
Identifying, structuring and consummating investments involves competition among capital providers and market
and transaction uncertainty. GC Advisors can provide no assurance that it will be able to identify a sufficient
number of suitable investment opportunities or to avoid prepayment of existing investments to satisfy our
investment objectives, including as necessary to effectively structure credit facilities or other forms of leverage.
The loan origination market is very competitive, which can result in loan terms that are more favorable to
borrowers, and conversely less favorable to lenders, such as lower interest rates and fees, weaker borrower
financial and other covenants, borrower rights to cure defaults, and other terms more favorable to borrowers than
current or historical norms. Increased competition could cause us to make more loans that are ‘‘covenant-lite’’ in
nature and, in a distressed scenario, there can be no assurance that these loans will retain the same value as loans
with a full package of covenants. As a result of these conditions, the market for leveraged loans could become
less advantageous than expected for us, and this could increase default rates, decrease recovery rates or otherwise
harm our returns. The risk of prepayment is also higher in the current competitive environment if borrowers are
offered more favorable terms by other lenders. The financial markets have experienced substantial fluctuations in
prices and liquidity for leveraged loans. Any further disruption in the credit and other financial markets could
have substantial negative effects on general economic conditions, the availability of required capital for
companies and the operating performance of such companies. These conditions also could result in increased
default rates and credit downgrades, and affect the liquidity and pricing of the investments made by us.
Conversely, periods of economic stability and increased competition among capital providers could increase the
difficulty of locating investments that are desirable for us.
With respect to the investments we make, we do not seek to compete based primarily on the interest rates we
offer, and we believe that some of our competitors could make loans with interest rates that will be lower than
the rates we offer. In the secondary market for acquiring existing loans, we compete generally on the basis of
pricing terms. With respect to all investments, we could lose some investment opportunities if we do not match
our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure,
we could experience decreased net interest income, lower yields and increased risk of credit loss. We will also
compete for investment opportunities with accounts managed or sponsored by GC Advisors or its affiliates.
Although GC Advisors allocates opportunities in accordance with its allocation policy, allocations to such other
accounts will reduce the amount and frequency of opportunities available to us and thus not necessarily be in the
best interests of us and our securityholders. Moreover, the performance of investments will not be known at the
time of allocation.
Changing interest rates could affect the value of our investments and make it more difficult for portfolio
companies to make periodic payments on their loans.
Interest rate risk refers to the risk of market changes in interest rates. Interest rate changes affect the value of
debt. In general, rising interest rates will negatively impact the price of fixed rate debt, and falling interest rates
will have a positive effect on price. Adjustable rate debt also reacts to interest rate changes in a similar manner,
although generally to a lesser degree. Interest rate sensitivity is generally larger and less predictable in debt with
uncertain payment or prepayment schedules. Further, rising interest rates make it more difficult for borrowers to
repay debt, which could increase the risk of payment defaults. Any failure of one or more portfolio companies to
repay or refinance its debt at or prior to maturity or the inability of one or more portfolio companies to make
ongoing payments following an increase in contractual interest rates could have a material adverse effect on our
business, financial condition, results of operations and cash flows.
We are dependent upon GC Advisors for our success and upon its access to the investment professionals and
partners of Golub Capital and its affiliates.
We do not have any internal management capacity or employees. We rely on GC Advisors to manage and
conduct our affairs and make all investment decisions. Subject to the oversight of our board of directors,
GC Advisors has sole discretion in originating, structuring, negotiating, purchasing, financing and eventually
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divesting our investments, and our investors will not be able to evaluate for themselves the merits of particular
investments prior to us making such investments. We depend on the diligence, skill and network of business
contacts of the senior investment professionals of GC Advisors to achieve our investment objective.
GC Advisors’ investment committee, which consists of two members of our board of directors and additional
employees of Golub Capital LLC, provides oversight over our investment activities. We also cannot assure you
that we will replicate the historical results achieved by members of the investment committee, and we caution
you that our investment returns could be substantially lower than the returns achieved by them in prior periods.
We expect that GC Advisors will evaluate, negotiate, structure, close and monitor our investments in accordance
with the terms of the Investment Advisory Agreement. We can offer no assurance, however, that the senior
investment professionals of GC Advisors will continue to provide investment advice to us. If these individuals do
not maintain their existing relationships with Golub Capital LLC and its affiliates and do not develop new
relationships with other sources of investment opportunities, we can provide no assurance that GC Advisors or its
affiliates will be able to identify appropriate replacements or grow our investment portfolio. The loss of any
member of GC Advisors’ investment committee or of other senior investment professionals of GC Advisors and
its affiliates would limit our ability to achieve our investment objective and operate as we anticipate. This could
have a material adverse effect on our financial condition, results of operations and cash flows.
The Staffing Agreement provides that Golub Capital LLC makes available to GC Advisors experienced
investment professionals and provides access to the senior investment personnel of Golub Capital LLC for
purposes of evaluating, negotiating, structuring, closing and monitoring our investments. We are not a party to
the Staffing Agreement and cannot assure you that Golub Capital LLC will fulfill its obligations under the
agreement. If Golub Capital LLC fails to perform, we cannot assure you that GC Advisors will enforce the
Staffing Agreement, that such agreement will not be terminated by either party or that we will continue to have
access to the investment professionals of Golub Capital LLC and its affiliates or their information and deal flow.
Our business model depends to a significant extent upon strong referral relationships with sponsors and
investing in companies backed by private equity sponsors. Any inability of GC Advisors to maintain or develop
these relationships, or the failure of these relationships to generate investment opportunities, could adversely
affect our business.
GC Advisors is highly dependent on relationships with private equity sponsors in connection with the sourcing of
investments. If private equity sponsors find new sources of debt capital that are more advantageous to them, or if
GC Advisors suffers reputational harm such that it becomes a less attractive source of capital for private equity
sponsors, GC Advisors could have difficulty finding and sourcing new middle-market debt investments. Private
equity sponsors could experience financial distress, which could be related or unrelated to the portfolio
companies to which we have exposure. Once in financial distress, such sponsors likely would be unable to
provide the same level of managerial, operating or financial support to such portfolio companies, resulting in an
increased risk of default or inability to repay remaining principal at maturity.
From time to time, we expect to have direct or indirect exposure to companies controlled by private equity
sponsors in which the sponsors have completed one or more dividend recapitalizations, thereby allowing the
private equity sponsor to substantially reduce or eliminate its net investment in an underlying portfolio company.
These investments generally present different investment characteristics to us than investments where a private
equity sponsor retains a significant net contributed capital position in the company. These investments could
experience a higher rate of default. Even when a default does not occur, private equity sponsors could be less
willing to provide ongoing financial, managerial or operating support to a portfolio company after it has received
one or more capital distributions on its investment.
We believe that purchase price multiples of companies (as measured by the price paid by a private equity
sponsor to purchase a company divided by the company’s trailing twelve-month earnings) to which we have
direct or indirect exposure are close to all-time highs. When considering the appropriate amount of financing to
provide a prospective borrower, GC Advisors considers the value cushion as measured by the difference between
the enterprise value of the company and the total amount of financing. If market purchase price multiples decline
or if a portfolio company experiences financial distress, the value cushion supporting our investment could
deteriorate and the investment could become impaired, resulting in losses for us. The risk of such losses for us
are greater during periods when purchase price multiples are close to all-time highs.
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We can provide no assurance that we will be able to replicate the historical results achieved by other entities
managed or sponsored by members of GC Advisors’ investment committee, or by GC Advisors or its affiliates.
Investors are cautioned that past investment performance of similar portfolios and other investment vehicles
managed by GC Advisors or its affiliates is not indicative of how we will perform. Our investments could differ
from some existing accounts and funds that are or have been sponsored or managed by members of
GC Advisors’ investment committee, GC Advisors or affiliates of GC Advisors. Investors in our securities are not
acquiring an interest in any accounts that are or have been sponsored or managed by members of GC Advisors’
investment committee, GC Advisors or affiliates of GC Advisors. We often co-invest in portfolio investments
with other accounts sponsored or managed by members of GC Advisors’ investment committee, GC Advisors or
its affiliates. Such investments are subject to regulatory limitations and approvals by directors who are not
‘‘interested persons,’’ as defined in the 1940 Act. We can offer no assurance, however, that we will obtain such
approvals or develop opportunities that comply with such limitations. We also cannot assure you that we will
replicate the historical results achieved by us or by members of the investment committee, and we caution you
that our investment returns could be substantially lower than the returns achieved in prior periods. Additionally,
all or a portion of the prior results were achieved in particular market conditions that might never be repeated.
Moreover, current or future market volatility and regulatory uncertainty can have an adverse impact on our future
performance.
Our financial condition, results of operations and cash flows depend on our ability to manage our business
effectively.
Our ability to achieve our investment objective depends on our ability to manage our business and to grow. This
depends, in turn, on GC Advisors’ ability to identify, invest in and monitor companies that meet our investment
criteria. The achievement of our investment objectives on a cost-effective basis depends upon GC Advisors’
execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to
a lesser extent, our access to financing on acceptable terms. GC Advisors has substantial responsibilities under
the Investment Advisory Agreement, as well as responsibilities in connection with the management of other
accounts sponsored or managed by GC Advisors, members of GC Advisors’ investment committee or the
Administrator. The personnel of the Administrator and its affiliates could be called upon to provide managerial
assistance to our portfolio companies. These activities could distract them or slow our rate of investment. Any
failure to manage our business and our future growth effectively could have a material adverse effect on our
business, financial condition, results of operations and cash flows.
There are significant potential conflicts of interest as a result of our arrangements with GC Advisors and its
affiliates and GC Advisors’ investment committee that could affect our investment returns.
As a result of our arrangements with GC Advisors and its affiliates and GC Advisors’ investment committee,
there will be times when GC Advisors or such persons have interests that differ from those of our security
holders, giving rise to a conflict of interest, many of which are described in the following risk factors.
GC Advisors attempts to identify, monitor and mitigate conflicts of interest. Further, GC Advisors has
implemented policies and procedures reasonably designed to ensure its clients are treated fairly and equitably
over time. GC Advisors believes that these factors, together with Golub Capital’s commitment to put investors
first, effectively mitigate the risks associated with such conflicts of interest. However, it can be difficult to ensure
that conflicts of interest do not adversely affect us.
There are conflicts related to the obligations of GC Advisors’ investment committee, GC Advisors or its
affiliates have to other clients and conflicts related to fees and expenses of such other clients.
The members of GC Advisors’ investment committee serve as officers, directors or principals of entities that
operate in the same or a related line of business as we do or of accounts sponsored or managed by GC Advisors
or its affiliates. Currently, certain of our directors and certain of our officers also serve as directors and officers
of GDLC, GBDC 4, GDLCU and GCRED, each a closed-end, non-diversified management investment company
that has also elected to be regulated as a business development company under the 1940 Act. Similarly,
GC Advisors and its affiliates manage other clients with similar or competing investment objectives.
GC Advisors’ management team will share its time and attention between us and other investment vehicles and
accounts. Neither we nor any investor in us unaffiliated with GC Advisors will have any rights in or to
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independent ventures of GC Advisors or its affiliates or in the income or profits derived therefrom. GC Advisors
does not expect to have any dedicated personnel who spend all or substantially all of their time managing our
investing activities.
In serving in these multiple capacities, GC Advisors and its personnel have obligations to other clients or
investors in those entities, the fulfillment of which could conflict with the best interests of us or our
stockholders. Economic disruption and uncertainty precipitated by certain events, including for example public
health crises, such as the COVID-19 pandemic, could require GC Advisors and its affiliates to devote additional
time and focus to existing portfolio companies in which other funds and accounts managed by GC Advisors and
its affiliates hold investments. The allocation of time and focus by personnel of GC Advisors and its affiliates to
existing portfolio company investments held by other funds and accounts could reduce the time that such
individuals have to spend on our investing activities.
Our investment objective overlaps with the investment objectives of other affiliated accounts. For example,
GC Advisors and its affiliates currently manage GDLC, GBDC 4, GDLCU, GCRED and multiple private funds
and separate accounts that pursue an investment strategy similar to ours, some of which will seek additional
capital from time to time. We compete with these and other accounts sponsored or managed by GC Advisors and
its affiliates for capital and investment opportunities. As a result, GC Advisors and its affiliates face conflicts in
the allocation of investment opportunities among us and other accounts advised by or affiliated with GC Advisors
and, in certain circumstances, in the timing of the sale of an investment. Certain of these accounts provide for
higher management or incentive fees, allow GC Advisors to recover greater expense reimbursements or overhead
allocations, and/or permit GC Advisors and its affiliates to receive higher origination and other transaction fees,
all of which could contribute to this conflict of interest and create an incentive for GC Advisors to favor such
other accounts. For example, the 1940 Act restricts GC Advisors from receiving more than a 1% fee in
connection with loans that we acquire, or originate, a limitation that does not exist for certain other accounts.
GC Advisors seeks to allocate investment opportunities among eligible accounts in a manner that is fair and
equitable over time and consistent with its allocation policy. However, we can offer no assurance that such
opportunities will be allocated to us fairly or equitably in the short-term or over time, and there can be no
assurance that we will be able to participate in all investment opportunities that are suitable to us. Furthermore,
because allocations under GC Advisors’ allocation policy are based on total capital of the relevant investing
funds, including us, we expect to receive smaller allocations relative to larger accounts, which could have a
material adverse effect on our business, financial condition, results of operations and cash flows during such
ramp-up period. With respect to the sale of investments, the sale of an investment by one account advised by
GC Advisors or its affiliates could potentially adversely affect the market value of the interests in such
investment that continue to be held by other accounts, including us.
GC Advisors’ investment committee, GC Advisors or its affiliates could, from time to time, possess material
non-public information, limiting our investment discretion.
Principals of GC Advisors and its affiliates and members of GC Advisors’ investment committee could serve as
directors of, or in a similar capacity with, companies in which we invest, the securities of which are purchased or
sold on our behalf. In the event that material non-public information is obtained with respect to such companies,
or we become subject to trading restrictions under the internal trading policies of those companies or as a result
of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the
securities of such companies, and this prohibition could have an adverse effect on us.
Our management and incentive fee structure creates incentives for GC Advisors that are not fully aligned with
the interests of our stockholders and could induce GC Advisors to make certain investments, including
speculative investments.
In the course of our investing activities, we pay management and incentive fees to GC Advisors. The
management fee is based on our average adjusted gross assets and the incentive fee is computed and paid on
income and capital gains, both of which include leverage. As a result, investors in our common stock will invest
on a ‘‘gross’’ basis and receive distributions on a ‘‘net’’ basis after expenses, resulting in a lower rate of return
than one could achieve through direct investments. Because these fees are based on the fair value of our average
adjusted gross assets, GC Advisors benefits when we incur debt or use leverage. The use of leverage increases
the likelihood of default on our debt or other leverage, which would disfavor our securityholders.
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Additionally, the incentive fee payable by us to GC Advisors could create an incentive for GC Advisors to cause
us to realize capital gains or losses that are not in the best interests of us or our stockholders. Under the
incentive fee structure, GC Advisors benefits when we recognize capital gains and, because GC Advisors
determines when an investment is sold, GC Advisors controls the timing of the recognition of such capital gains.
Our board of directors is charged with protecting our stockholders’ interests by monitoring how GC Advisors
addresses these and other conflicts of interest associated with its management services and compensation.
The part of the management and incentive fees payable to GC Advisors that relates to our net investment income
is computed and paid on income that includes interest income that has been accrued but not yet received in cash,
such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends, zero coupon
securities, and other deferred interest instruments. This compensation arrangement creates an incentive for
GC Advisors to make investments on our behalf that are riskier or more speculative, including debt financings
that provide for deferred interest, rather than current cash payments of interest. Under these investments, we
accrue the interest over the life of the investment but do not receive the cash income from the investment until
the end of the term. Our net investment income used to calculate the income portion of our investment fee,
however, includes accrued interest. GC Advisors has an incentive to invest in deferred interest securities in
circumstances where it would not have done so but for the opportunity to continue to earn the fees even when
the issuers of the deferred interest securities would not be able to make actual cash payments to us on such
securities. This risk could be increased because GC Advisors is not obligated to reimburse us for any fees
received even if we subsequently incur losses or never receive in cash the deferred income that was previously
accrued.
Our securities could be purchased by GC Advisors or its affiliates.
Affiliates of GC Advisors have purchased, and GC Advisors and its affiliates in the future expect to purchase,
certain of our securities. The purchase of our securities, including shares of our common stock, by GC Advisors
and its affiliates could create certain risks. For example, GC Advisors and its affiliates could have an interest in
disposing of our securities at a date that differs from that of our other investors so as to recover their investment
in such securities.
The valuation process for certain of our portfolio holdings creates a conflict of interest.
The majority of our portfolio investments are in the form of securities that are not publicly traded. As a result,
GC Advisors, as valuation designee, subject to oversight by our board of directors, determines the fair value of
these securities in good faith.
Valuations of private investments and private companies require judgment, are inherently uncertain, often
fluctuate and are frequently based on estimates. It is possible that determinations of fair value will differ
materially from the values that would have been used if an active market for these investments existed. If
determinations regarding the fair value of investments were materially higher than the values that were ultimately
realized upon the sale of such investments, the returns to our investors would be adversely affected.
In connection with that determination, GC Advisors, as valuation designee, will provide our board of directors
with portfolio company valuations based upon the most recent portfolio company financial statements available
and projected financial results of each portfolio company. The participation of GC Advisors’ investment
professionals in our valuation process, and the indirect pecuniary interest in GC Advisors by Lawrence E. Golub
and David B. Golub, results in a conflict of interest as GC Advisors’ management fee is based, in part, on our
average adjusted gross assets and our capital gain and subordinated liquidation incentive fees are based, in part,
on unrealized gains and losses.
Conflicts related to other arrangements with GC Advisors or its affiliates.
We have entered into a license agreement with Golub Capital LLC, under which Golub Capital LLC has granted
us a non-exclusive, royalty-free license to use the name ‘‘Golub Capital.’’ See ‘‘Management
Agreements — License Agreement.’’ In addition, we pay to the Administrator our allocable portion of overhead
and other expenses incurred by the Administrator in performing its obligations under the Administration
Agreement, such as rent and our allocable portion of the cost of our chief financial officer and chief compliance
officer and their respective staffs. These arrangements create conflicts of interest, including in the allocation of
expenses and the enforcement of the respective agreements, that our board of directors must monitor.
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Our ability to enter into transactions with our affiliates is restricted, which could limit the scope of
investments available to us.
We are prohibited under the 1940 Act from participating in certain transactions with our affiliates without the
prior approval of our independent directors and, in some cases, the SEC. Any person that owns, directly or
indirectly, five percent or more of our outstanding voting securities is our affiliate for purposes of the 1940 Act,
and we are generally prohibited from buying or selling any security from or to such affiliate, absent the prior
approval of our independent directors. GC Advisors and its affiliates are considered our affiliates for such
purposes. The 1940 Act also prohibits certain ‘‘joint’’ transactions with certain of our affiliates, which could
include investments in the same portfolio company, without prior approval of our independent directors and, in
some cases, the SEC. We are prohibited from buying or selling any security from or to, among others, any
person who owns more than 25% of our voting securities or certain of that person’s affiliates, or entering into
prohibited joint transactions with such persons, absent the prior approval of the SEC.
We can, however, invest alongside GC Advisors’ and its affiliates’ other clients in certain circumstances where
doing so is consistent with applicable law, SEC staff, or Staff, interpretations, and any co-investment exemptive
relief order from the SEC. For example, we can invest alongside such accounts consistent with guidance
promulgated by the Staff permitting us and such other accounts to purchase interests in a single class of privately
placed securities so long as certain conditions are met, including that GC Advisors, acting on our behalf and on
behalf of its other clients, negotiates no term other than price. We can also invest alongside GC Advisors’ other
clients as otherwise permissible under regulatory guidance, applicable regulations and GC Advisors’ allocation
policy. Under this allocation policy, GC Advisors will determine the amount of any proposed investment to be
made by us and similar eligible accounts. We expect that these determinations will be made similarly for other
accounts sponsored or managed by GC Advisors and its affiliates. If sufficient securities or loan amounts are
available to satisfy our and each such account’s proposed investment, the opportunity will be allocated in
accordance with GC Advisors’ pre-transaction determination. Where there is an insufficient amount of an
investment opportunity to fully satisfy us and other accounts sponsored or managed by GC Advisors or its
affiliates, the allocation policy further provides that allocations among us and other accounts will generally be
made pro rata based on the relative capital available for investment of each of us and such other eligible
accounts, subject to minimum and maximum investment size limits. In situations in which co-investment with
other entities sponsored or managed by GC Advisors or its affiliates is not permitted or appropriate, GC Advisors
will need to decide whether we or such other entity or entities will proceed with the investment. GC Advisors
will make these determinations based on its policies and procedures, which generally require that such
opportunities be offered to eligible accounts on a basis that will be fair and equitable over time, including, for
example, through random or rotational methods. However, we can offer no assurance that investment
opportunities will be allocated to us fairly or equitably in the short-term or over time.
On occasion, an investment opportunity will be too large to satisfy our desired position size and that of other
investment funds and accounts managed by GC Advisors and its affiliates. GC Advisors can provide no
assurance that it will be able to identify counterparties to participate in such investment opportunities, and could
be required to decline to make investments where it does not believe that it can successfully sell some of the
investment opportunity to another market participant.
In situations in which co-investment with other accounts sponsored or managed by GC Advisors or its affiliates
is not permitted or appropriate, such as when, in the absence of the exemptive relief described below, we and
such other accounts cannot make investments in the same issuer or where the different investments could be
expected to result in a conflict between our interest and those of other accounts, GC Advisors needs to decide
whether we or such other accounts will proceed with such investments. GC Advisors makes these determinations
based on its policies and procedures, which generally require that such investment opportunities be offered to
eligible accounts on a basis that is fair and equitable over time, including, for example, through random or
rotational methods. Moreover, we generally will be unable to invest in an issuer in which an account sponsored
or managed by GC Advisors or its affiliates has previously invested. Similar restrictions limit our ability to
transact business with our officers or directors or their affiliates. These restrictions limit the scope of investment
opportunities that would otherwise be available to us.
We, GC Advisors and certain other funds and accounts sponsored or managed by GC Advisors and its affiliates,
have received exemptive relief from the SEC to permit us greater flexibility to negotiate the terms of
co-investments if our board of directors determines that it would be advantageous for us to co-invest with other
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accounts sponsored or managed by GC Advisors or its affiliates in a manner consistent with our investment
objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent
factors. Under the terms of this exemptive relief, a ‘‘required majority’’ (as defined in Section 57(o) of the
1940 Act) of our independent directors is required to make certain conclusions in connection with a
co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us
and our stockholders and do not involve overreaching of us or our stockholders on the part of any person
concerned and (2) the transaction is consistent with the interests of our stockholders and is consistent with our
investment strategies and policies. We believe that co-investment by us and accounts sponsored or managed by
GC Advisors and its affiliates will afford us additional investment opportunities and the ability to achieve greater
diversification. There could be many follow-on opportunities available to other entities advised by GC Advisors
and its affiliates that are unavailable to us due to the limitations of the exemptive relief granted to us,
GC Advisors and its affiliates.
Although the terms of the exemptive relief require that GC Advisors will be given the opportunity to cause us to
participate in certain transactions originated by affiliates of GC Advisors, GC Advisors could determine that we
not participate in those transactions and for certain other transactions (as set forth in certain criteria approved by
our board of directors) GC Advisors may not have the opportunity to cause us to participate. In addition, even if
we and any such other entities sponsored or managed by GC Advisors or its affiliates invest in the same
securities or loans, conflicts of interest could still arise. For example, it is possible that, as a result of legal, tax,
regulatory, accounting, political or other considerations, the terms of such investment (and divestment thereof)
(including with respect to price and timing) for us and such other entities advised by GC Advisors and its
affiliates could differ. Additionally, we and such other entities advised by GC Advisors and its affiliates will
generally have different investment periods and/or investment objectives (including return profiles) and, as a
result, have conflicting goals with respect to the price and timing of disposition opportunities. As such, to the
extent permissible under applicable law and any applicable order issued by the SEC, we and such other entities
could dispose of co-investments at different times and on different terms.
We have entered into the Adviser Revolver resulting in a conflict of interest between GC Advisors’ obligation
to act in its own best interest and in our best interest.
We have entered into the Adviser Revolver, an unsecured revolving loan agreement with GC Advisors.
GC Advisors has a conflict of interest between its obligation to act in our best interest and its own best interest.
Any such loans or advances made to us under the Adviser Revolver will be consistent with applicable law,
GC Advisors’ fiduciary obligations to act in our best interests, our investment objectives, and the asset coverage
ratio requirements under the 1940 Act. The terms associated with any such loans from GC Advisors or its
affiliates, including the interest charged, shall, in the aggregate, be no more favorable to GC Advisors or its
affiliates than could be obtained in an arm’s length transaction but will not necessarily be on the same terms or
at the same interest rate charged by GC Advisors to other funds that it manages. Neither GC Advisors nor any of
its affiliates is obligated to extend any such loans to us and such loans will not necessarily be made available to
us in the same amounts or on the same economic terms as are made available to other funds advised by
GC Advisors or its affiliates, or at all. In the event that we are required to find third-party financing in place of
or in addition to loans from GC Advisors and its affiliates, such third-party financing could be at less favorable
economic terms than the loans from GC Advisors and its affiliates, which could reduce our returns.
GC Advisors could make certain investment decisions for the purpose of receiving transaction fees.
In connection with investments made by us, GC Advisors and its affiliates often receive origination, commitment,
documentation, structuring, facility, monitoring, amendment, refinancing, administrative agent and/or other fees
from portfolio investments in which we invest or propose to invest. The potential for GC Advisors and its
affiliates to receive such economic benefits creates conflicts of interest as GC Advisors and its affiliates have an
incentive to invest in portfolio investments that provide such benefits. Similarly, GC Advisors and its affiliates
could be incentivized to waive certain fees in connection with a refinancing in order to receive certain fees in the
new transaction, including when we and/or other accounts advised by GC Advisors and its affiliates can
participate in the original or refinanced investment, or both.
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Reductions, waivers or absorptions of fees and costs can temporarily result in higher returns to investors than
they would otherwise receive if full fees and costs were charged.
GC Advisors and its affiliates are permitted to reduce, waive or absorb some of the fees or costs otherwise due
by us. While this activity can be seen as friendly to investors, reductions, waivers and absorptions of fees and
costs result in higher returns to investors than such investors would receive if full fees and costs were charged.
There is no guarantee that any reductions, waivers or absorptions will occur in the future, and any reductions,
waivers and absorptions are entirely at the discretion of GC Advisors or the Administrator, as applicable.
GC Advisors could prioritize its relationship with a borrower or private equity sponsor instead of seeking the
most advantageous terms for our investments.
GC Advisors will not make any investment on behalf of us that it does not believe to be in our best interest.
However, conflicts can arise in any particular transaction between obtaining the most advantageous terms for an
investment, which benefits us and other clients of GC Advisors participating in that investment, and maintaining
GC Advisors’ relationship with a borrower or private equity sponsor, which likely serves the long-term best
interests of GC Advisors’ clients overall, including us. For example, affiliates of GC Advisors hold relatively
small, minority investments in unaffiliated private equity funds, which arguably creates an incentive for
GC Advisors to cause us to invest in portfolio companies owned by such private equity funds and to treat such
portfolio companies more favorably in a workout situation. As another example of the conflicts that could arise,
GC Advisors is permitted to reduce or waive transaction or prepayment fees, offer loan terms that are more
favorable to the borrower (and conversely, less favorable to us), accept a below target position size, agree to
amend certain terms or waive existing terms or defaults or make other similar concessions to maintain or
improve a relationship with a private equity sponsor or borrower, which GC Advisors believes will increase the
likelihood of repeat business that will benefit us and GC Advisors’ other clients.
GC Advisors operates in multiple business lines and could pursue additional business lines, which could
create a conflict of interest in the allocation of its time and focus.
While Golub Capital maintains two major business lines, it has explored and will continue to explore
opportunities outside these business lines. Such activity could adversely affect us. These risks include
reputational damage, loss of management attention and time due to multiple constraints, regulatory sanctions,
adverse impact to business relationships, increased competition of capital allocations, and expansion of potential
risks to GC Advisors’ business as a whole outside those previously disclosed. New business lines could also
exacerbate existing conflicts of interest and raise new conflicts.
Investors should be aware that other lines of business at Golub Capital could indirectly affect their investment in
us, even if we are not directly exposed to those lines of business. While GC Advisors and its affiliates keep
each investment client as a legally distinct entity or account, there are risks that a separate business line suffering
a material adverse condition could affect other business lines to which we have direct exposure, and
consequently, our performance. These risks could materially affect GC Advisors’ business as a whole, and
include loss of reputation, loss of management time and focus, regulatory sanctions, and adverse impact to
business relationships.
Golub Capital could pursue strategic transactions, which could create a conflict of interest in the allocation of
GC Advisors’ time and focus.
Golub Capital could engage in any number of strategic transactions, including acquisitions, divestitures, joint
ventures, new business formations, restructurings, launches of new investment fund strategies and structures or
even a fund that pursues a strategy that is different than what Golub Capital has historically focused on, such as
a private equity fund of funds. Additionally, Golub Capital could sell stakes in itself or in its affiliates or acquire
stakes in other asset managers, service providers or investment vehicles, including to or from investors in
Golub Capital BDC. In August 2018 and September 2024, Golub Capital sold passive, non-voting minority
stakes in its management companies. While Golub Capital has not subsequently engaged in any material strategic
transactions, it could do so in the future.
Strategic transactions are subject to many risks, such as the risk that the transaction might not be successful in
meeting its strategic goals, or the risk that the transaction might divert the attention of GC Advisors from our
core investment activities, or the risk that the management team will not be successful in developing and
operating the underlying business involved in the strategic transaction.
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We and GC Advisors could be the target of litigation or regulatory investigations.
We as well as GC Advisors and its affiliates participate in a highly regulated industry and are each subject to
regulatory examinations in the ordinary course of business. There can be no assurance that we and GC Advisors
and/or any of its affiliates will avoid regulatory investigation and possible enforcement actions stemming
therefrom. GC Advisors is a registered investment adviser and, as such, is subject to the provisions of the
Investment Advisers Act. We and GC Advisors are each, from time to time, subject to formal and informal
examinations, investigations, inquiries, audits and reviews from numerous regulatory authorities both in response
to issues and questions raised in such examinations or investigations and in connection with the changing
priorities of the applicable regulatory authorities across the market in general.
There is also a material risk that applicable governmental authorities and regulators in the United States and
other jurisdictions will continue to adopt new laws or regulations (such as tax, privacy and anti-money
laundering laws or regulations), or change existing laws or regulations, or enhance the interpretation or
enforcement of existing laws and regulations, in each case in a manner that is burdensome for GC Advisors and
for us. Any such events or changes could occur during the term of Golub Capital BDC and could adversely
affect us or GC Advisors and GC Advisors’ ability to operate and/or pursue its management strategies on behalf
of us. Further, any such events or changes could adversely affect obligors’ ability to make payments on loans to
which we are directly or indirectly exposed or otherwise adversely affect the value of such investments. Such
risks are often difficult or impossible to predict, avoid or mitigate in advance. As a result, there can be no
assurance that any of the foregoing will not have an adverse impact on the business of GC Advisors and/or any
of its affiliates or our performance. From time to time, GC Advisors and its affiliates could take certain actions
that they determine are necessary, appropriate or in the best interests of us and our stockholders, taken as a
whole, to mitigate the application or impact of certain laws or regulations.
GC Advisors, its affiliates and/or any of their respective principals and employees could also be named as
defendants in, or otherwise become involved in, litigation. Litigation and regulatory actions can be
time-consuming and expensive and can lead to unexpected losses, which expenses and losses are often subject to
indemnification by us. Legal proceedings could continue without resolution for long periods of time and their
outcomes, which could materially and adversely affect the value of us or the ability of GC Advisors to manage
us, are often impossible to anticipate. GC Advisors would likely be required to expend significant resources
responding to any litigation or regulatory action related to it, and these actions could be a distraction to the
activities of GC Advisors.
Our investment activities are subject to the normal risks of becoming involved in litigation by third parties. This
risk would be somewhat greater if we were to exercise control or significant influence over a
portfolio company’s direction. The expense of defending against claims by third parties and paying any amounts
pursuant to settlements or judgments would, absent willful misfeasance, bad faith, gross negligence, or reckless
disregard of the duties involved by GC Advisors, the Administrator, or any of our officers, be borne by us and
would reduce our net assets. GC Advisors and others are indemnified by us in connection with such litigation,
subject to certain conditions.
We will be subject to corporate-level income tax if we are unable to qualify as a RIC.
In order to qualify as a RIC under the Code, we must meet certain source-of-income, asset diversification and
distribution requirements. The distribution requirement for a RIC is satisfied if we distribute to our stockholders
dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of our investment
company taxable income, which is generally our net ordinary income plus the excess of our net
short-term capital gains in excess of our net long-term capital losses, determined without regard to any deduction
for dividends paid, to our stockholders each taxable year. We are subject, to the extent we use debt financing, to
certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit
agreements that could, under certain circumstances, restrict us from making distributions necessary to qualify as
a RIC. If we are unable to obtain cash from other sources, we could fail to qualify as a RIC and, thus, could be
subject to corporate-level income tax irrespective of the level of distributions paid to our stockholders. To qualify
as a RIC, we must also meet certain asset diversification requirements at the end of each quarter of our taxable
year. Failure to meet these requirements could result in our having to dispose of certain investments quickly in
order to prevent the loss of our qualification as a RIC. Because most of our investments are in private or thinly
traded public companies, any such dispositions could be made at disadvantageous prices and could result in
substantial losses. If we fail to qualify as a RIC for any reason and become subject to corporate-level income
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tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for
distributions to stockholders and the amount of our distributions and the amount of funds available for new
investments. Such a failure would have a material adverse effect on us and our securityholders. See
‘‘Business — Taxation as a RIC.’’
We could need to raise additional capital to grow because we must distribute most of our income.
We could need additional capital to fund new investments and grow our portfolio of investments. We intend to
access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in
order to obtain such additional capital. Unfavorable economic conditions could increase our funding costs, limit
our access to the capital markets or result in a decision by lenders not to extend credit to us. A reduction in the
availability of new capital could limit our ability to grow. In addition, in order to qualify as a RIC, we are
required to distribute each taxable year an amount generally at least equal to 90% of the sum of our net ordinary
income and net short-term capital gains in excess of net long-term capital losses, or investment company taxable
income, determined without regard to any deduction for dividends paid as dividends for U.S. federal income tax
purposes, to our stockholders. As a result, these earnings are not available to fund new investments. An inability
to access the capital markets successfully could limit our ability to grow our business and execute our business
strategy fully and could decrease our earnings, if any, which could have an adverse effect on the value of our
securities. Furthermore, to the extent we are not able to raise capital and are at or near our targeted leverage
ratios, we could 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.
We could have difficulty paying our required distributions if we recognize income before, or without, receiving
cash representing such income.
For U.S. federal income tax purposes, we include in income certain amounts that we have not yet received in
cash, such as the accretion of original issue discount. This could arise if we receive warrants in connection with
the making of a loan and in other circumstances, or through contracted PIK interest, which represents contractual
interest added to the loan balance and due at the end of the loan term. Such original issue discount, which could
be significant relative to our overall investment activities, or increases in loan balances as a result of contractual
PIK arrangements, is included in income before we receive any corresponding cash payments. We also could be
required to include in income certain other amounts that we do not receive in cash.
That part of the incentive fee payable by us that relates to our net investment income is computed and paid on
income that includes income that has been accrued but not yet received in cash, such as market discount, debt
instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities. It is possible that
accrued interest or other income previously used in the calculation of the incentive fee will become uncollectible,
and GC Advisors has no obligation to refund any fees it received in respect of such accrued income.
Since in certain cases we could recognize income before or without receiving cash representing such income, we
could have difficulty meeting the requirement to distribute dividends for U.S. federal income tax purposes of an
amount generally at least equal to 90% of our investment company taxable income, determined without regard to
any deduction for dividends paid, to our stockholders in order to maintain our qualification as a RIC.
In such a case, we could have to sell some of our investments at times we would not consider advantageous,
raise additional debt or equity capital or reduce new investment originations to meet these distribution
requirements. If we are not able to obtain such cash from other sources, we could fail to qualify as a RIC and
thus be subject to corporate-level income tax. See ‘‘Business — Taxation as a RIC’’.
The tax treatment of a non-U.S. stockholder in its jurisdiction of tax residence will depend entirely on the
laws of such jurisdiction and could vary considerably from jurisdiction to jurisdiction.
Depending on (1) the laws of such non-U.S. stockholder’s jurisdiction of tax residence, (2) how we are treated in
such jurisdiction, and (3) our activities, an investment in us could result in such non-U.S. stockholder
recognizing adverse tax consequences in its jurisdiction of tax residence, including with respect to any generally
required or additional tax filings and/or additional disclosure required in such filings in relation to the treatment
for tax purposes in the relevant jurisdiction of an interest in us and/or of distributions from us and any
uncertainties arising in that respect (Golub Capital BDC not being established under the laws of the relevant
jurisdiction), the possibility of taxable income significantly in excess of cash distributed to a
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non-U.S. stockholder, and possibly in excess of our actual economic income, the possibilities of losing
deductions or the ability to utilize tax basis and of sums invested being returned in the form of taxable income or
gains, and the possibility of being subject to tax at unfavorable tax rates. A non-U.S. stockholder could also be
subject to restrictions on the use of its share of our deductions and losses in its jurisdiction of tax residence.
Each stockholder is urged to consult its own tax advisers with respect to the tax and tax filing consequences, if
any, in its jurisdiction of tax residence of an investment in us, as well as any other jurisdiction in which such
prospective investor is subject to taxation.
Regulations governing our operation as a business development company affect our ability to, and the way in
which we, raise additional capital. As a business development company, the necessity of raising additional
capital exposes us to risks, including the typical risks associated with leverage.
We could issue debt securities or preferred stock and/or borrow money from banks or other financial institutions,
which we refer to collectively as ‘‘senior securities,’’ up to the maximum amount permitted by the 1940 Act.
Under the current provisions of the 1940 Act, we are permitted as a business development company to issue
senior securities in amounts such that our asset coverage, as defined in the 1940 Act, equals the percentage of
gross assets less all liabilities and indebtedness not represented by senior securities after each issuance of senior
securities that is applicable to us under Section 61 of the 1940 Act. Following the approval of our stockholders
of the reduced asset coverage requirements in Section 61(a)(2) of the 1940 Act and subject to our compliance
with certain disclosure requirements, effective as of February 6, 2019, under the provisions of the 1940 Act, we
are permitted as a business development company to issue senior securities in amounts such that our asset
coverage, as defined in the 1940 Act, equals at least 150% of gross assets less all liabilities and indebtedness not
represented by senior securities, after each issuance of senior securities. Under the reduced 150% asset coverage
requirement, we are permitted under the 1940 Act 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 that would
otherwise apply to us as a business development company. If the value of our assets declines, we could be
unable to satisfy this ratio. If that happens, we could be required to sell a portion of our investments and,
depending on the nature of our leverage, repay a portion of our indebtedness at a time when such activities could
be disadvantageous. This could have a material adverse effect on our operations, and we may not be able to
make distributions in an amount sufficient to be subject to tax as a RIC, or at all. Also, any amounts that we use
to service our indebtedness would not be available for distributions to our common stockholders. If we issue
senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss.
As of September 30, 2024, we had $4.6 billion of outstanding borrowings, including $1.2 billion outstanding
under our Debt Securitizations.
In the absence of an event of default, no person or entity from which we borrow money has a veto right or
voting power over our ability to set policy, make investment decisions or adopt investment strategies. If we issue
preferred stock, which is another form of leverage, the preferred stock would rank ‘‘senior’’ to common stock in
our capital structure, preferred stockholders would have separate voting rights on certain matters and could have
other rights, preferences or privileges more favorable than those of our common stockholders, and the issuance
of preferred stock could have the effect of delaying, deferring or preventing a transaction or a change of control
that could involve a premium price for holders of our common stock or otherwise be in the best interest of our
common stockholders. Holders of our common stock will directly or indirectly bear all of the costs associated
with offering and servicing any preferred stock that we issue. In addition, any interests of preferred stockholders
would not necessarily align with the interests of holders of our common stock and the rights of holders of shares
of preferred stock to receive distributions would be senior to those of holders of shares of our common stock. We
do not, however, anticipate issuing preferred stock in the next 12 months.
We are not generally able to issue and sell our common stock at a price below net asset value per share. We
could, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price
below the then-current net asset value per share of our common stock if our board of directors determines that
such sale is in the best interests of us and our stockholders, and, in certain cases, if our stockholders approve
such sale. In any such case, the price at which our securities are to be issued and sold cannot be less than a
price that, in the determination of our board of directors, closely approximates the market value of such
securities (less any distributing commission or discount). If we raise additional funds by issuing common stock
or securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our
stockholders at that time would decrease, and holders of our common stock could experience dilution.
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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.
The use of leverage accelerates and increases the potential for gain or loss on amounts invested. The use of
leverage is generally considered a speculative investment technique and increases the risks associated with
investing in our securities. The amount of leverage that we employ will depend on GC Advisors’ and our
board of directors’ assessment of market and other factors at the time of any proposed borrowing. While we
intend to target a leverage ratio of 0.85x to 1.25x debt-to-equity, this limitation will not prevent us from
incurring additional leverage or otherwise exceeding such leverage ratio to the full extent permissible under the
1940 Act, including during periods when we are experiencing unusual market volatility or other unexpected
conditions.
We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us. While leverage
presents opportunities for increasing our total return, it also has the potential to increase losses. Accordingly, any
event that adversely affects the value of an investment would be magnified to the extent we use leverage. Such
events could result in a substantial loss to us, which would be greater than if leverage had not been used. In
addition, our investment objectives are dependent on the continued availability of leverage at attractive relative
interest rates.
We could issue senior debt securities to banks, insurance companies and other lenders. Lenders of these senior
securities will have fixed dollar claims on our assets that are superior to the claims of our common stockholders,
and we would expect such lenders to seek recovery against our assets in the event of a default. We have the
ability to pledge up to 100% of our assets and can grant a security interest in all of our assets under the terms of
any debt instruments we could enter into with lenders. The terms of our existing indebtedness require us to
comply with certain financial and operational covenants, and we expect similar covenants in future debt
instruments. Failure to comply with such covenants could result in a default under the applicable credit facility or
debt instrument if we are unable to obtain a waiver from the applicable lender or holder, and such lender or
holder could accelerate repayment under such indebtedness and negatively affect our business, financial
condition, results of operations and cash flows. In addition, under the terms of any credit facility or other debt
instrument we enter into, we are likely to be required by its terms to use the net proceeds of any investments that
we sell to repay a portion of the amount borrowed under such facility or instrument before applying such net
proceeds to any other uses. If the value of our assets decreases, leveraging would cause our net asset value to
decline more sharply than it otherwise would have had we not used leverage, thereby magnifying losses, or
eliminating our equity stake in a leveraged investment. Similarly, any decrease in our net investment income will
cause our net income to decline more sharply than it would have had we not borrowed. Such a decline would
also negatively affect our ability to make distributions on our common stock or any outstanding preferred stock.
Our ability to service our debt depends largely on our financial performance and is subject to prevailing
economic conditions and competitive pressures. Our common stockholders bear the burden of any increase in our
expenses as a result of our use of leverage, including interest expenses and any increase in the base management
fee payable to GC Advisors.
Following the approval of our stockholders of the reduced asset coverage requirements in Section 61(a)(2) of the
1940 Act and subject to our compliance with certain disclosure requirements, effective as of February 6, 2019,
the reduced asset coverage requirement permits us to double the maximum amount of leverage that we are
permitted to incur, which provides us with increased investment flexibility, but also increases our risks related to
leverage.
The following table illustrates the effect of leverage on returns from an investment in our common stock as of
September 30, 2024, assuming various annual returns, net of expenses. The calculations in the table below are
hypothetical and actual returns could be higher or lower than those appearing in the table below.
Assumed Return on Our Portfolio (Net of Expenses)
-10%
-5%
0%
5%
10%
Corresponding return to common stockholder(1) . . . . . . . . . . . . . .
-28.80%
-17.96%
-7.12%
3.72%
14.57%
(1)
Assumes $8.7 billion in total assets, $4.7 billion in debt and $4.0 billion in net assets as of September 30,
2024 and an effective annual interest rate of 6.21% as of September 30, 2024.
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Based on our outstanding indebtedness of $4.7 billion as of September 30, 2024 and the effective annual interest
rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and
non-usage facility fees, of 6.21% as of that date, our investment portfolio would have been required to
experience an annual return of at least 6.15% to cover annual interest payments on the outstanding debt.
If we are unable to obtain leverage or if the interest rates of such leverage are not attractive, we could experience
diminished returns. The number of leverage providers and the total amount of financing available could
decrease or remain static. We could, directly or through subsidiaries, have concentrated exposure to a small
number of commercial lenders or other financing providers, which could result in us being dependent on the
continued availability of capital from such financing providers. Consequently, available financing could be more
expensive or on terms that are less desirable than in an environment with a larger number of leverage providers.
We are subject to risks associated with the Debt Securitizations.
As a result of the 2018 Debt Securitization, the GCIC 2018 Debt Securitization, the GBDC 3 2021
Debt Securitization, the GBDC 3 2022 Debt Securitization and the GBDC 3 2022-2 Debt Securitization, we are
subject to a variety of risks, including those set forth below. We use the term ‘‘debt securitization’’ in this annual
report on Form 10-K to describe a form of secured borrowing under which an operating company (sometimes
referred to as an ‘‘originator’’ or ‘‘sponsor’’) acquires or originates mortgages, receivables, loans or other assets
that earn income, whether on a one-time or recurring basis (collectively, ‘‘income producing assets’’), and
borrows money on a non-recourse basis against a legally separate pool of loans or other income producing assets.
In a typical debt securitization, the originator transfers the loans or income producing assets to a single-purpose,
bankruptcy-remote subsidiary (also referred to as a ‘‘special purpose entity’’), which is established solely for the
purpose of holding loans and income producing assets and issuing debt secured by these income producing
assets. The special purpose entity completes the borrowing through the issuance of notes secured by the loans or
other assets. The special purpose entity could issue the notes in the capital markets to a variety of investors,
including banks, non-bank financial institutions and other investors. The special purpose entities that issued the
notes in the 2018 Debt Securitization, the GCIC 2018 Debt Securitization, the GBDC 3 2021 Debt Securitization,
the GBDC 3 2022 Debt Securitization and the GBDC 3 2022-2 Debt Securitization were the 2018 Issuer, the
GCIC 2018 Issuer, the GBDC 3 2021 Issuer, the GBDC 3 2022 Issuer and the GBDC 3 2022-2 Issuer,
respectively (each such special purpose entity, a ‘‘Securitization Issuer’’). The 2018 Issuer, the GCIC 2018 Issuer,
the GBDC 3 2021 Issuer, the GBDC 3 2022 Issuer and the GBDC 3 2022-2 Issuer are wholly-owned
subsidiaries of 2018 CLO Depositor, GCIC 2018 CLO Depositor, GBDC 3 2021 CLO Depositor, GBDC 3 2022
CLO 2 Depositor and GBDC 3 2022 ABS 2022-1 Depositor, respectively, each a wholly-owned subsidiary of
Golub Capital BDC, Inc. (each, a ‘‘CLO Depositor’’). In each of the Debt Securitizations, institutional investors
purchased certain notes issued by the applicable Securitization Issuer in private placements.
We are subject to certain risks as a result of our direct or indirect interests in the junior notes and
membership interests of each Securitization Issuer.
Under the terms of the respective loan sale agreement or loan sale agreements governing each
Debt Securitization, we sold and/or contributed to the applicable Securitization Issuer all of our ownership
interest in our portfolio loans and participations for the purchase price and other consideration set forth in such
loan sale agreement. Following this transfer, the applicable Securitization Issuer held all of the ownership interest
in such portfolio loans and participations.
Under the terms of the respective loan sale agreements entered into upon closing of each of the 2018 Debt
Securitization, the GCIC 2018 Debt Securitization, the GBDC 3 2021 Debt Securitization, the GBDC 3 2022
Debt Securitization and the GBDC 3 2022-2 Debt Securitization (each a ‘‘Closing Date Loan Sale Agreement’’),
which provided for the sale of assets on the applicable closing date to satisfy risk retention requirements, (1) we
transferred to GC Advisors a portion of our ownership interest in the portfolio company investments securing
such Debt Securitization for the purchase price and other consideration set forth in the applicable Closing Date
Loan Sale Agreement and (2) immediately thereafter, GC Advisors sold to the respective Securitization Issuer all
of its ownership interest in such portfolio loans for the purchase price and other consideration set forth in the
applicable Closing Date Loan Sale Agreement. Under the terms of the other loan sale agreement governing
each such Debt Securitization (each, a ‘‘Depositor Loan Sale Agreement’’), which provides for the sale of assets
on the applicable closing date as well as future sales from us to the applicable Securitization Issuer through the
applicable CLO Depositor, (1) we sold and/or contributed to the applicable CLO Depositor the remainder of our
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ownership interest in the portfolio company investments securing the applicable Debt Securitization and
participations for the purchase price and other consideration set forth in the applicable Depositor Loan Sale
Agreement and (2) the applicable CLO Depositor, in turn, sold to the applicable Securitization Issuer all of its
ownership interest in such portfolio loans and participations for the purchase price and other consideration
set forth in one of the loan sale agreements. Following these transfers, the applicable Securitization Issuer, and
not GC Advisors, the applicable CLO Depositor or us, held all of the ownership interest in such portfolio
company investments and participations.
As of September 30, 2024, we held indirectly through the applicable CLO Depositor, the Class C-2 2018 Notes,
the Class D 2018 Notes, the Subordinated 2018 Notes, and 100% of the membership interests in the 2018 Issuer,
the Class C GCIC 2018 Notes, the Class D GCIC 2018 Notes, the Subordinated GCIC 2018 Notes and 100% of
the membership interests in the GCIC 2018 Issuer, GBDC 3 Class D 2021 Notes, which were unfunded as of the
closing date, the GBDC 3 Subordinated 2021 Notes, the GBDC 3 Subordinated 2022 Notes, the GBDC 3
Class B 2022-2 Notes, the GBDC 3 Subordinated 2022-2 Notes and 100% of the membership interests in the
GBDC 3 2021, GBDC 3 2022 and GBDC 3 2022-2 Issuer. As a result, we consolidate the financial statements of
the 2018 Issuer, the GCIC 2018 Issuer, the GBDC 3 2021 Issuer, the GBDC 3 2022 Issuer and the GBDC 3
2022-2 Issuer, as well as our other subsidiaries, in our consolidated financial statements.
Because each of the Securitization Issuers and CLO Depositors is disregarded as an entity separate from its
owner for U.S. federal income tax purposes, the sale or contribution by us or a CLO Depositor to a
Securitization Issuer or by us to a CLO Depositor did not constitute a taxable event for U.S. federal income tax
purposes. If the U.S. Internal Revenue Service were to take a contrary position, there could be a material adverse
effect on our business, financial condition, results of operations or cash flows. We could, from time to time, hold
asset-backed securities, or the economic equivalent thereof, issued by a securitization vehicle sponsored by
another business development company to the extent permitted under the 1940 Act.
The notes and membership interests that we hold that are issued by the Securitization Issuers are
subordinated obligations of the applicable Securitization Issuer and we could be prevented from receiving cash
from such Securitization Issuer.
The notes issued by the Securitization Issuers and retained by us are the most junior class of notes issued by the
applicable Securitization Issuer, are subordinated in priority of payment to the other notes issued by such
Securitization Issuer and are subject to certain payment restrictions set forth in the indenture governing the notes
issued by such Securitization Issuer. Therefore, we only receive cash distributions on such Notes if the applicable
Securitization Issuer has made all cash interest payments to all other notes it has issued. Consequently, to the
extent that the value of the portfolio of loan investments held by a Securitization Issuer has been reduced as a
result of conditions in the credit markets, or as a result of defaulted loans or individual fund assets, the value of
any notes that we have retained at their redemption could be reduced. If a Securitization Issuer does not meet the
asset coverage tests or the interest coverage test set forth in the documents governing the applicable
Debt Securitization, cash would be diverted from the notes that we hold to first pay the more senior notes issued
by such Securitization Issuer in amounts sufficient to cause such tests to be satisfied.
Each Securitization Issuer is the residual claimant on funds, if any, remaining after holders of all classes of notes
issued by such Securitization Issuer have been paid in full on each payment date or upon maturity of such notes
under the applicable Debt Securitization documents. As the holder of the membership interests in each
Securitization Issuer, we could receive distributions, if any, only to the extent that the applicable Securitization
Issuer makes distributions out of funds remaining after holders of all classes of notes issued by such
Securitization Issuer have been paid in full on each payment date any amounts due and owing on such payment
date or upon maturity of such notes. In the event that we fail to receive cash directly from a Securitization
Issuer, we could be unable to make distributions in amounts sufficient to maintain our ability to be subject to
tax as a RIC, or at all.
The interests of holders of the senior classes of securities issued by the Securitization Issuers could not be
aligned with our interests.
The notes issued by each Securitization Issuer that are held by third parties (the ‘‘Senior Securitization Notes’’)
are debt obligations ranking senior in right of payment to other securities issued by the respective Securitization
Issuer in the applicable Debt Securitization. As such, there are circumstances in which the interests of holders of
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the Senior Securitization Notes may not be aligned with the interests of holders of the other classes of notes
issued by, and membership interests of, the applicable Securitization Issuer. For example, under the terms of the
Class A 2018 Notes, holders of the Class A 2018 Notes have the right to receive payments of principal and
interest prior to holders of the Class B 2018 Notes, the Class C-1 2018 Notes and the 2018 Issuer.
As used herein, ‘‘Controlling Class’’ refers to the most senior class of notes then outstanding with respect to a
Securitization Issuer. If the most senior class of outstanding notes are paid in full, then the next most senior
class of notes would comprise the Controlling Class under the documents governing the applicable Debt
Securitization. For example, as long as the Class A 2018 Notes and the Class A GCIC 2018 Notes are
outstanding, holders of such class of notes comprise the Controlling Class under the 2018 Debt Securitization
and the GCIC 2018 Debt Securitization, respectively. If such notes or loans are paid in full, then the
Class B 2018 Notes and the Class B GCIC 2018 Notes would comprise the Controlling Class under the
2018 Debt Securitization and the GCIC 2018 Debt Securitization, respectively. Holders of the Controlling
Class under the applicable Debt Securitization have the right to act in certain circumstances with respect to the
portfolio loans in ways that could benefit their interests but not the interests of holders of more junior classes of
notes and membership interests, including by exercising remedies under the indenture in the applicable
Debt Securitization.
If an event of default has occurred and acceleration occurs in accordance with the terms of the indenture for a
Debt Securitization, the Controlling Class of such Debt Securitization, as the most senior class of notes or loans
then outstanding in such Debt Securitization will be paid in full before any further payment or distribution on the
more junior classes of notes and membership interests. In addition, if an event of default under a Debt
Securitization, holders of a majority of the Controlling Class of the applicable Debt Securitization could be
entitled to determine the remedies to be exercised under the applicable indenture, subject to the terms of such
indenture. For example, upon the occurrence of an event of default with respect to the notes issued by the
2018 Issuer, the trustee or holders of a majority of the Controlling Class could declare the principal, together
with any accrued interest, of all the notes of such class and any junior classes to be immediately due and
payable. This would have the effect of accelerating the principal on such notes, triggering a repayment obligation
on the part of the 2018 Issuer. If at such time the portfolio loans were not performing well, the Securitization
Issuer could not have sufficient proceeds available to enable the trustee under the indenture to repay the
obligations of holders of the notes we hold, or to pay a dividend to holders of the membership interests.
Remedies pursued by the Controlling Class could be adverse to the interests of the holders of the notes that are
subordinated to the Controlling Class (which would include, for example, the Class C-2 2018 Notes,
Class D 2018 Notes and Subordinated 2018 Notes to the extent the Class A 2018 Notes, Class B 2018 Notes,
Class C-1 2018 Notes and Class C-2 2018 Notes, or Class D 2018 Notes constitute the Controlling Class, the
Class B-2 GCIC 2018 Notes, Class C GCIC 2018 Notes, Class D GCIC 2018 Notes and Subordinated
GCIC 2018 Notes to the extent the Class A-1 GCIC 2018 Notes, Class A-2 GCIC 2018 Notes,
Class B GCIC 2018 Notes, Class C GCIC 2018 Notes or Class D GCIC 2018 Notes constitute the Controlling
Class) and the Controlling Class will have no obligation to consider any possible adverse effect on such other
interests. Thus, we cannot assure you that any remedies pursued by the Controlling Class will be in the best
interests of the applicable CLO Depositor or us or that the applicable CLO Depositor or we will receive any
payments or distributions upon an acceleration of the notes. In a liquidation under any of the Debt
Securitizations, the notes that we have directly or indirectly retained will be subordinated to payment of the other
classes notes issued by the applicable Securitization Issuer and could not be paid in full to the extent funds
remaining after payment of more senior notes not held by us are insufficient. In addition, after certain
senior classes of notes are paid in full, the remaining noteholder could amend the applicable indenture to, among
other things, direct the assignment of any remaining assets to other wholly-owned subsidiaries for a price less
than the fair market value of such assets with the difference in price to be considered an equity contribution to
such subsidiaries. Any failure of a Securitization Issuer to make distributions on the notes we indirectly or
directly hold, whether as a result of an event of default, liquidation or otherwise, could have a material adverse
effect on our business, financial condition, results of operations and cash flows and could result in an inability of
us to make distributions sufficient to maintain our ability to be subject to tax as a RIC, or at all.
A Securitization Issuer could fail to meet certain asset coverage tests.
Under the documents governing each of the Debt Securitizations, there are two asset coverage tests applicable to
the Class A 2018 Notes, the Class B 2018 Notes, the Class C-1 2018 Notes, the Class C-2 2018 Notes and the
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Class D 2018 Notes, with respect to the 2018 Issuer; the Class A GCIC 2018 Notes, Class B GCIC 2018
Notes, Class C GCIC 2018 Notes and Class D GCIC 2018, with respect to the GCIC 2018 Issuer; the
Class A GBDC 3 2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3 2021 Notes, the
Class C-2 GBDC 3 2021 Notes and the Class D GBDC 3 2021 Notes, with respect to the GBDC 3 2021 Issuer;
and the Class A GBDC 3 2022-2 Notes, the Class A GBDC 3 2022-2 Loans and the Class B GBDC 3
2022-2 Notes, with respect to the 2022-2 Issuer.
The first such test compares the amount of interest received on the portfolio loans held by the applicable
Securitization Issuer to the amount of interest payable in respect of the applicable class of notes. To meet this
first test, in the case of the 2018 Debt Securitization, interest received on the portfolio loans must equal at least
120% of the interest payable in respect of the Class A 2018 Notes and Class B 2018 Notes, taken together, at
least 110% of the interest payable in respect of the Class C-1 2018 Notes and the Class C-2 2018 Notes, taken
together, and at least 105% of the interest payable in respect of the Class D 2018 Notes; and, in the case of the
GCIC 2018 Debt Securitization, interest received on the portfolio loans must equal at least 120% of the interest
payable in respect of the Class A GCIC 2018 Notes and Class B GCIC 2018 Notes, taken together, and at least
110% of the interest payable in respect of the Class C GCIC 2018 Notes and at least 105% of the interest
payable in respect of the Class D GCIC 2018 Notes. In the case of the GBDC 3 2021 Debt Securitization,
interest received on the portfolio loans must equal at least 120% of the interest payable in respect of the
Class A GBDC 3 2021 Notes and Class B GBDC 3 2021 Notes, taken together, at least 110% of the interest
payable in respect of the Class A GBDC 3 2021 Notes, Class B GBDC 3 2021 Notes, Class C-1 GBDC 3
2021 Notes and the Class C-2 GBDC 3 2021 Notes, taken together; and, in the case of the 2022-2 GBDC 3 Debt
Securitization, interest received on the portfolio loans must equal at least 120% of the interest payable in respect
of the Class A GBDC 3 2022-2 Notes, the Class A GBDC 3 2022-Loans and the Class B GBDC 3 2022-2 Notes,
taken together.
The second such test compares the principal amount of the portfolio loans of the applicable Debt Securitization
to the aggregate outstanding principal amount of the applicable class of notes. To meet this second test at any
time in the case of the 2018 Debt Securitization, the aggregate principal amount of the portfolio loans must equal
at least 145.6% of the Class A 2018 Notes and Class B 2018 Notes, taken together, at least 126.7% of the
Class C-1 2018 Notes and Class C-2 2018 Notes, taken together, and at least 116.7% of the Class D 2018 Notes.
To meet this second test at any time in the case of the GCIC 2018 Debt Securitization, the aggregate principal
amount of the portfolio loans must equal at least 147.9% of the Class A GCIC 2018 Notes and Class B GCIC
2018 Notes, taken together, at least 127.1% of the Class C GCIC 2018 Notes and at least 117.5% of the
Class D GCIC 2018 Notes. In the case of the GBDC 3 2021 Debt Securitization, the aggregate principal amount
of the portfolio loans must equal at least 148.7% of the Class A GBDC 3 2021 Notes and Class B GBDC 3 2021
Notes, taken together, at least 126.2% of the Class A GBDC 3 2021 Notes, Class B GBDC 3 2021 Notes,
Class C-1 GBDC 3 2021 Notes and Class C-2 GBDC 3 2021 Notes, taken together, and in the event that the
Class D GBDC 3 2021 Notes are funded, at least 116.7% of the Class A GBDC 3 2021 Notes, Class B GBDC 3
2021 Notes, Class C-1 GBDC 3 2021 Notes and Class C-2 GBDC 3 2021 Notes and Class D GBDC 3 2021
Notes, taken together; in the case of the GBDC 3 2022-2 Debt Securitization, the aggregate principal amount of
the portfolio loans must equal at least 137.1% of the Class A GBDC 3 2022-2 Notes, the Class A GBDC 3
2022-2 Loans and the Class B GBDC 3 2022-2 Notes, taken together.
If any asset coverage test with respect to a class of notes is not met, proceeds from the portfolio of loan
investments that otherwise would have been distributed to the holders of the notes and membership interests that
we hold will instead be used to redeem first the most senior class of notes in such Debt Securitization and then
each next most senior class of notes, to the extent necessary to satisfy the applicable asset coverage tests on a
pro forma basis after giving effect to all payments made in respect of the notes, which we refer to as a
mandatory redemption, or to obtain the necessary ratings confirmation.
The value of the Class C-2 2018 Notes, Class D 2018 Notes, Subordinated 2018 Notes, Class B-2 GCIC 2018
Notes, Class C GCIC 2018 Notes, Class D GCIC 2018 Notes or the Subordinated GCIC 2018 Notes,
Class D GBDC 3 2021 Notes, the Subordinated GBDC 3 2021 Notes, the Subordinated GBDC 3 2022 Notes,
Class B GBDC 3 2022-2 Notes and the Subordinated GBDC 3 2022-2 Notes could be adversely affected by a
mandatory redemption because such redemption could result in the applicable notes being redeemed at par at a
time when they are trading in the secondary market at a premium to their stated principal amount and when
other investments bearing the same rate of interest could be difficult or expensive to acquire. A mandatory
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redemption could also result in a shorter investment duration than a holder of such notes could have wanted or
anticipated, which could, in turn, result in such a holder incurring breakage costs on related hedging transactions.
In addition, the reinvestment period under the GBDC 3 2021 Securitization and the GBDC 3 2022-2 Debt
Securitization could extend through as late as April 15, 2025 and January 18, 2026, respectively.
We could be required to assume liabilities of a Securitization Issuer and are indirectly liable for certain
representations and warranties in connection with each Debt Securitization.
The structure of each Debt Securitization is intended to prevent, in the event of our bankruptcy or the bankruptcy
of a CLO Depositor, if applicable, the consolidation of the applicable Securitization Issuer with our operations or
with the applicable CLO Depositor. If the true sale of the assets in each Debt Securitization were not respected
in the event of our insolvency, a trustee or debtor-in-possession might reclaim the assets of the applicable
Securitization Issuer for our estate. However, in doing so, we would become directly liable for all of the
indebtedness then outstanding under the applicable Debt Securitization, which would equal the full amount of
debt of the applicable Securitization Issuer reflected on our consolidated balance sheet. In addition, we cannot
assure you that the recovery in the event we were consolidated with a Securitization Issuer for purposes of any
bankruptcy proceeding would exceed the amount to which we would otherwise be entitled as the holder of the
notes issued by such Securitization Issuer and retained by us had we not been consolidated with the applicable
Securitization Issuer.
In addition, in connection with each of the Debt Securitizations, we indirectly gave the lenders certain customary
representations with respect to the legal structure of the respective Securitization Issuer, and the quality of the
assets transferred to each entity. We remain indirectly liable for any breach of such representations for the life of
the applicable Debt Securitization.
Certain Securitization Issuers could issue additional Notes.
Under the terms of the documents governing the Debt Securitizations, the applicable Securitization Issuer could
issue additional notes and use the net proceeds of such issuance to purchase additional portfolio loans. Any such
additional issuance, however, would require the consent of the collateral manager to the applicable Debt
Securitization and, in the case of each of the 2018 Debt Securitization and the GCIC 2018 Debt Securitization,
the applicable GBDC 3 CLO Depositor and a supermajority of the Subordinated 2018 Notes, Subordinated GCIC
2018 Notes and the GBDC 3 Subordinated Notes, as applicable.
Among the other conditions that must be satisfied in connection with an additional issuance of notes, the
aggregate principal amount of all additional issuances of notes may not exceed 100% of the respective original
outstanding principal amount of such class of notes; the applicable Securitization Issuer must notify each rating
agency of such issuance prior to the issuance date; and the terms of the notes to be issued must be identical to
the terms of previously issued notes of the same class (except that all monies due on such additional notes will
accrue from the issue date of such notes and that the spread over LIBOR and prices of such notes do not have to
be identical to those of the initial notes, provided that the interest rate on such additional notes must not exceed
the interest rate applicable to the initial class of such notes). We do not expect to cause the 2018 Issuer or the
GCIC 2018 Issuer to issue any additional notes at this time. We could amend the documents governing each
Debt Securitization from time to time, and without amendment, the 2018 Debt Securitization documents do not
provide for additional issuances of Class A 2018 Notes and the GBDC 3 2021 Debt Securitization documents do
not provide for additional issuances of Class A GBDC 3 2021 Notes. The total purchase price for any additional
notes that could be issued may not always equal 100% of the par value of such notes, depending on several
factors, including fees and closing expenses.
We are subject to risks associated with any Revolving Credit Facility that utilizes a Funding Subsidiary as our
interests in any Funding Subsidiary are subordinated and we could be prevented from receiving cash on our
equity interests from a Funding Subsidiary.
We own directly or indirectly 100% of the equity interests in each of our Funding Subsidiaries. We consolidate
the financial statements of our Funding Subsidiaries in our consolidated financial statements and treat the
indebtedness under the Revolving Credit Facilities as our leverage. Our interests in our Funding Subsidiaries are
subordinated in priority of payment to every other obligation of such Funding Subsidiary and are subject to
certain payment restrictions set forth in each Revolving Credit Facility.
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We receive cash from a Funding Subsidiary only to the extent that we receive distributions on our equity interests in
such Funding Subsidiary. Each Funding Subsidiary could make distributions on its equity interests only to the extent
permitted by the payment priority provisions of the applicable Revolving Credit Facility. Each of the Revolving Credit
Facilities generally provides that payments on the respective interests could not be made on any payment date unless
all amounts owing to the lenders and other secured parties are paid in full. In addition, if a Funding Subsidiary does
not meet the asset coverage tests or the interest coverage test set forth in the documents of the applicable Revolving
Credit Facility, a default would occur. In the event of a default under a Revolving Credit Facility document, cash
would be diverted from us to pay the applicable lender and other secured parties in amounts sufficient to cause such
tests to be satisfied. In the event that we fail to receive cash from our Funding Subsidiaries, we could be unable to
make distributions to our stockholders in amounts sufficient to maintain our status as a RIC, or at all. We also could
be forced to sell investments in portfolio companies at less than their fair value in order to continue making such
distributions. We cannot assure you that distributions on the assets held by our Funding Subsidiaries will be sufficient
to make any distributions to us or that such distributions will meet our expectations.
Our equity interests in each Funding Subsidiary rank behind all of the secured and unsecured creditors, known or
unknown, of such Funding Subsidiary, including the lenders in the respective Revolving Credit Facility. Consequently,
to the extent that the value of a Funding Subsidiary’s portfolio of loan investments has been reduced as a result of
conditions in the credit markets, defaulted loans, capital gains and losses on the underlying assets, prepayment or
changes in interest rates, the returns on our investments in such Funding Subsidiary could be reduced. Accordingly, our
investments in each of our Funding Subsidiaries could be subject to up to 100% loss.
The ability to sell investments held by our Funding Subsidiaries is limited.
Each of the Revolving Credit Facilities place significant restrictions on our ability, as servicer, to sell
investments. As a result, there could be times or circumstances during which we would be unable to sell
investments or take other actions that could be in our best interests.
We can enter into repurchase agreements, which are another form of leverage.
We can enter, and have in the past entered, into repurchase agreements as part of our management of our
investment portfolio. Under a repurchase agreement, we will effectively pledge our assets as collateral to secure a
short-term loan where the counterparty acquires securities we hold as collateral subject to our obligation to
repurchase and its obligation to resell the securities at an agreed upon time and price. Generally, the other party
to the agreement makes the loan in an amount equal to a percentage of the fair value of the pledged collateral.
At the maturity of the repurchase agreement, we will be required to repay the loan and correspondingly receive
back our collateral. While used as collateral, the assets continue to pay principal and interest which are for our
benefit.
Our use of repurchase agreements, if any, involves many of the same risks involved in our use of leverage, as
the proceeds from repurchase agreements generally will be invested in additional securities. There is a risk that
the market value of the securities acquired in the repurchase agreement could decline below the price of the
securities that we have sold but remain obligated to purchase. In addition, there is a risk that the market value of
the securities retained by us could decline. If a buyer of securities under a repurchase agreement were to file for
bankruptcy or experience insolvency, we could be adversely affected. Also, in entering into repurchase
agreements, we would bear the risk of loss to the extent that the proceeds of such agreements at settlement are
less than the fair value of the underlying securities being pledged. In addition, due to the interest costs associated
with repurchase agreements, our net asset value would decline, and, in some cases, we could be worse off than if
we had not used such agreements.
Adverse developments in the credit markets can impair our ability to enter into new debt financing
arrangements.
During the economic downturn in the United States that began in mid-2007, many commercial banks and other
financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to
stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial
institutions limited routine refinancing and loan modification transactions and even reviewed the terms of
existing facilities to identify bases for accelerating the maturity of existing lending facilities. To the extent these
circumstances arise again in the future, it could be difficult for us to finance the growth of our investments on
acceptable economic terms, or at all and one or more of our leverage facilities could be accelerated by the
lenders.
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Adverse developments affecting the financial services industry, such as actual events or concerns involving
liquidity, defaults or non-performance by financial institutions or transactional counterparties could have a
material adverse effect on us, GC Advisors and our portfolio companies.
Cash not held in custody accounts and held by us, GC Advisors and by our portfolio companies in
non-interest-bearing and interest-bearing operating accounts could, at times, exceed the Federal Deposit Insurance
Corporation (‘‘FDIC’’) insurance limits. If such banking institutions were to fail, we, GC Advisors, or our
portfolio companies could lose all or a portion of those amounts held in excess of such insurance limits. In
addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that
affect financial institutions, transactional counterparties or other companies in the financial services industry or
the financial services industry generally, or concerns or rumors about any events of these kinds or other similar
risks, have in the past and could in the future lead to market-wide liquidity problems, which could adversely
affect our, GC Advisors’ and our portfolio companies’ business, financial condition, results of operations, or
prospects.
Although we and GC Advisors assess our and our portfolio companies’ banking and financing relationships as we
believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit
arrangements in amounts adequate to finance or capitalize current and projected future business operations could
be significantly impaired by factors that affect the financial institutions with which we, GC Advisors or our
portfolio companies have arrangements directly or the financial services industry or economy in general. These
factors could include, among others, events such as liquidity constraints or failures, the ability to perform
obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or
instability in the financial services industry or financial markets, or concerns or negative expectations about the
prospects for companies in the financial services industry. These factors could involve financial institutions or
financial services industry companies with which we, GC Advisors or our portfolio companies have financial or
business relationships, but could also include factors involving financial markets or the financial services industry
generally. In addition, investor concerns regarding the U.S. or international financial systems could result in less
favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating
covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for
us, GC Advisors, or our portfolio companies to acquire financing on acceptable terms or at all.
Our ability to invest in public companies is limited in certain circumstances. If we do not invest a sufficient
portion of our assets in qualifying assets, we could fail to qualify as a business development company or be
precluded from investing according to our current business strategy and decrease our operating flexibility.
To maintain our status as a business development company, we are not permitted to acquire any assets other than
‘‘qualifying assets’’ specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total
assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on
investments and investments in distressed companies, an investment in an issuer that has outstanding securities
listed on a national securities exchange could be treated as qualifying assets only if such issuer has a common
equity market capitalization that is less than $250.0 million at the time of such investment.
See ‘‘Business — Regulation — Qualifying Assets.’’
We could be precluded from investing in what we believe are attractive investments if such investments are not
qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying
assets, we could violate the 1940 Act provisions applicable to business development companies. As a result of
such violation, specific rules under the 1940 Act could prevent us, for example, from making follow-on
investments in existing portfolio companies (which could result in the dilution of our position) or could require
us to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we
need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable
terms. We can provide no assurance that we will be able to find a buyer for such investments and, even if we do
find a buyer, we could be forced to sell the investments at a substantial loss. Any such outcomes would have a
material adverse effect on our business, financial condition, results of operations and cash flows.
If we do not maintain our status as a business development company, we would be subject to regulation as a
registered closed-end investment company under the 1940 Act. As a registered closed-end investment company,
we would be subject to substantially more regulatory restrictions under the 1940 Act, which would significantly
decrease our operating flexibility.
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The majority of our portfolio investments are recorded at fair value as determined in good faith by our
valuation designee and, as a result, there could be uncertainty as to the value of our portfolio investments.
Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily
available market value, at fair value as determined pursuant to policies adopted by, and subject to the oversight
of, our board of directors. The majority of our portfolio investments take the form of securities that are not
publicly traded. The fair value of securities and other investments that are not publicly traded is often not readily
determinable, and we value these securities at fair value as determined in good faith by our valuation designee,
including to reflect significant events affecting the value of our securities. As discussed in more detail under
‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical
Accounting Policies,’’ most, if not all, of our investments (other than cash and cash equivalents) are classified as
Level 3 under Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurement, as amended, or
ASC Topic 820. This means that our portfolio valuations are based on unobservable inputs and our valuation
designee’s assumptions about how market participants would price the asset or liability in question. Inputs into
the determination of fair value of our portfolio investments require significant management judgment or
estimation, the level of which could increase or decrease during periods of volatility or uncertainty. See
‘‘— Risks Relating to Our Business and Structure — We are currently in a period of capital markets disruption
and economic uncertainty.’’ Even if observable market data are available, such information could be the result of
consensus pricing information or broker quotes, which could include a disclaimer that the broker would not be
held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes
accompanied by disclaimers materially reduces the reliability of such information.
Our valuation designee has retained the services of several independent service providers to review the valuation
of these securities. At least once annually, the valuation for each portfolio investment for which a market quote is
not readily available is reviewed by an independent valuation firm. The types of factors that our valuation
designee could take into account in determining the fair value of our investments generally include, as
appropriate, comparison to publicly traded securities, including such factors as yield, maturity and measures of
credit quality, 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 flow, the markets in which
the portfolio company does business and other relevant factors. Because such valuations, and particularly
valuations of private securities and private companies, are inherently uncertain, could fluctuate over short periods
of time and could be based on estimates, our valuation designee’s determinations of fair value could differ
materially from the values that would have been used if a ready market for these securities existed. Our net asset
value could be adversely affected if our valuation designee’s determinations regarding the fair value of our
investments were materially higher than the values that we ultimately realize upon the disposal of such securities.
We adjust quarterly the valuation of our portfolio to reflect our valuation designee’s determination of the
fair value of each investment in our portfolio. Any changes in fair value are recorded in our consolidated
statements of operations as net change in unrealized appreciation or depreciation.
Government intervention in the credit markets could adversely affect our business.
The central banks and, in particular, the U.S. Federal Reserve, have taken unprecedented steps in response to the
financial crises of 2008-2009, the global COVID-19 pandemic and, more recently, to inflationary pressures. It is
impossible to predict if, how, and to what extent the United States and other governments would further
intervene in the credit markets. Such intervention is often prompted by politically sensitive issues involving
family homes, student loans, real estate speculation, credit card receivables, pandemics, etc., and could, as a
result, be contrary to what we would predict from an ‘‘economically rational’’ perspective.
On the other hand, recent governmental intervention could mean that the willingness of governmental bodies to
take additional extraordinary action is diminished. As a result, in the event of near-term major market
disruptions, like those caused by a global health crisis, such as the COVID-19 pandemic, there might be only
limited additional government intervention, resulting in correspondingly greater market dislocation and materially
greater market risk.
Our board of directors could change our investment objective, operating policies and strategies without prior
notice or stockholder approval.
Our board of directors has the authority, except as otherwise provided in the 1940 Act, to modify or waive our
investment objective and certain of our operating policies and strategies without prior notice and without
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stockholder approval. However, absent stockholder approval, we cannot change the nature of our business so as
to cease to be, or withdraw our election as, a business development company. Under Delaware law, we also
cannot be dissolved without prior stockholder approval. We cannot predict the effect any changes to our current
investment objective, operating policies and strategies would have on our business, operating results and the
price of our common stock. Nevertheless, any such changes could adversely affect our business and impair our
ability to make distributions.
Provisions of the General Corporation Law of the State of Delaware and our certificate of incorporation and
bylaws could deter takeover attempts, which could have an adverse effect on the price of our common stock.
The General Corporation Law of the State of Delaware, or the DGCL, contains provisions that are intended to
discourage, delay or make more difficult a change in control of us or the removal of our directors. Our certificate
of incorporation and bylaws contain provisions that limit liability and provide for indemnification of our directors
and officers. These provisions and others also could have the effect of deterring hostile takeovers or delaying
changes in control or management. We are subject to Section 203 of the DGCL, the application of which is
subject to any applicable requirements of the 1940 Act. This section generally prohibits us from engaging in
mergers and other business combinations with stockholders that beneficially own 15% or more of our voting
stock, or with their affiliates, unless our directors or stockholders approve the business combination in the
prescribed manner. If our board of directors does not approve a business combination, Section 203 of the
DGCL could discourage third parties from trying to acquire control of us and increase the difficulty of
consummating such an offer.
We have also adopted measures that could make it difficult for a third party to obtain control of us, including
provisions of our certificate of incorporation classifying our board of directors in three classes serving staggered
three-year terms, and provisions of our certificate of incorporation authorizing our board of directors to classify
or reclassify shares of our preferred stock in one or more classes or series, to cause the issuance of additional
shares of our stock, and to amend our certificate of incorporation, without stockholder approval, in certain
instances. These provisions, as well as other provisions of our certificate of incorporation and bylaws, could
delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our
securityholders.
GC Advisors can resign on 60 days’ notice, and we can provide no assurance that we would be able to find a
suitable replacement within that time, resulting in a disruption in our operations that could adversely affect
our financial condition, business and results of operations.
GC Advisors has the right to resign under the Investment Advisory Agreement at any time upon not less than
60 days’ written notice, whether we have found a replacement or not. If GC Advisors resigns, we can provide no
assurance that we would be able to find a new investment adviser or hire internal management with similar
expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If
we are unable to do so quickly, our operations are likely to experience a disruption, our business, financial
condition and results of operations and cash flows as well as our ability to pay distributions are likely to be
adversely affected and the market price of our common stock could decline. In addition, the coordination of our
internal management and investment activities is likely to suffer if we are unable to identify and reach an
agreement with a single institution or group of executives having the expertise possessed by GC Advisors and its
affiliates. Even if we are able to retain comparable management, whether internal or external, the integration of
such management and their lack of familiarity with our investment objective and portfolio could result in
additional costs and time delays that could adversely affect our business, financial condition, results of operations
and cash flows.
The Administrator can resign on 60 days’ notice, and we can provide no assurance that we would be able to
find a suitable replacement, resulting in a disruption in our operations that could adversely affect our
financial condition, business and results of operations.
The Administrator has the right to resign under the Administration Agreement at any time upon not less than
60 days’ written notice, whether we have found a replacement or not. If the Administrator resigns, we can
provide no assurance that we would be able to find a new administrator or hire internal management with similar
expertise and ability to provide the same or equivalent services on acceptable terms, or at all. If we are unable to
do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of
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operations as well as our ability to pay distributions are likely to be adversely affected and the market price of
our common stock could decline. In addition, the coordination of our internal management and administrative
activities is likely to suffer if we are unable to identify and reach an agreement with a service provider or
individuals with the expertise possessed by the Administrator. Even if we are able to retain a comparable service
provider or individuals to perform such services, whether internal or external, their integration into our business
and lack of familiarity with our investment objective and portfolio could result in additional costs and time
delays that could adversely affect our business, financial condition, results of operations and cash flows.
Our business could be unable to realize the benefits anticipated by the GBDC 3 Merger, including estimated
cost savings, or it could take longer than anticipated to achieve such benefits.
The realization of certain benefits anticipated as a result of the GBDC 3 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 can be integrated successfully into our
operations in a timely fashion or at all. The dedication of management resources to such integration could 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 GBDC 3 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 that we will be able to combine the operations of the our
business 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 the operations
of our business successfully, the anticipated cost savings could not be fully realized or realized at all or could
take longer to realize than expected.
Risks Relating to Our Investments
Economic recessions or downturns could impair our portfolio companies and defaults by our portfolio
companies will harm our operating results.
Many of our portfolio companies are susceptible to economic slowdowns or recessions and could be unable to
repay our loans during these periods. Therefore, our non-performing assets are likely to increase and the value of
our portfolio is likely to decrease during these periods. Adverse economic conditions could decrease the value of
collateral securing any of our loans and the value of any equity investments. A severe recession could further
decrease the value of such collateral and result in losses of value in our portfolio and a decrease in our revenues,
net income, assets and net worth. Economic slowdowns or recessions could lead to financial losses in our
portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase
our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to
us. These events could prevent us from increasing our investments and harm our operating results.
Any deterioration of general economic conditions could lead to significant declines in corporate earnings or loan
performance, and the ability of corporate borrowers to service their debt, any of which could trigger a period of
global economic slowdown, and have an adverse impact on our performance and financial results, and the value
and the liquidity of our investments. In an economic downturn, we could have non-performing assets or an
increase in non-performing assets, and we would anticipate that the value of our portfolio would decrease during
these periods. Failure to satisfy financial or operating covenants imposed by lenders to a portfolio company,
including us, could lead to defaults and, potentially, acceleration of payments on such loans and foreclosure on
the assets representing collateral for the portfolio company’s obligations. Cross default provisions under other
agreements could be triggered and thus limit the portfolio company’s ability to satisfy its obligations under any
debt that we hold and affect the value of any equity securities we own. We would expect to incur expenses to the
extent necessary to seek recovery upon default or to negotiate new terms with a portfolio company following or
in anticipation of a default.
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Inflation could adversely affect the business, results of operations and financial condition of our portfolio
companies.
Certain of our portfolio companies are in industries that could be impacted by inflation. If such portfolio
companies are unable to pass any increases in their costs of operations along to their customers, it could
adversely affect their operating results and impact their ability to pay interest and principal on our loans,
particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our
portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments.
Any decreases in the fair value of our investments could result in future realized or unrealized losses and
therefore reduce our net assets resulting from operations.
Our debt investments are risky and we could lose all or part of our investments.
The debt that we invest in is typically not initially rated by any rating agency, but we believe that if such
investments were rated, they would be below investment grade (rated lower than ‘‘Baa3’’ by Moody’s Investors
Service, lower than ‘‘BBB-’’ by Fitch Ratings or lower than ‘‘BBB-’’ by Standard & Poor’s Ratings Services),
which under the guidelines established by these entities is an indication of having predominantly speculative
characteristics with respect to the issuer’s capacity to pay interest and repay principal. Bonds that are rated below
investment grade are sometimes referred to as ‘‘high yield bonds’’ or ‘‘junk bonds.’’ Therefore, our investments
could result in an above average amount of risk and volatility or loss of principal.
Our investments in leveraged portfolio companies are risky, and we could lose all or part of our investment.
Investment in leveraged companies involves a number of significant risks. Leveraged companies in which we
invest could have limited financial resources and could be unable to meet their obligations under their debt
securities that we hold. These companies could be subject to restrictive financial and operating covenants and
their leverage could impair their ability to finance their future operations and capital needs. As a result, these
companies’ flexibility to respond to changing business and economic conditions and to take advantage of
business opportunities could be limited. Such developments could be accompanied by a deterioration in the value
of any collateral and a reduction in the likelihood of our realizing any guarantees that we could have obtained in
connection with our investment. Smaller leveraged companies also could have less predictable operating results
and could require substantial additional capital to support their operations, finance their expansion or maintain
their competitive position.
Our investments in private and middle-market portfolio companies are risky, and we could lose all or part of
our investment.
Investment in private and middle-market companies involves a number of significant risks. Generally, little
public information exists about these companies, and we rely on the ability of GC Advisors’ investment
professionals to obtain adequate information to evaluate the potential returns from investing in these companies.
If GC Advisors is unable to uncover all material information about these companies, it would not be able to
make a fully informed investment decision and we could lose money on our investments. Compared to larger
companies, middle-market companies typically have shorter operating histories, more limited financial resources,
newer technologies and/or products, smaller market shares, less experienced management teams and less
predictable operating results, and often participate in quickly evolving markets, and are more reliant on a small
number of products, managers or clients. Middle-market companies could also require substantial additional
capital to support their operations, finance expansion or maintain their competitive position and could have
difficulty accessing the capital markets to meet future capital needs, which could limit their ability to grow or to
repay their outstanding indebtedness upon maturity. In addition, the middle-market companies in which we invest
could be subject to governmental and non-governmental regulations, including by federal and state regulators and
various self-regulatory organizations and the costs of complying with these laws and regulations could be more
material to the company as compared to a larger company. If a company in which we directly or indirectly invest
fails to comply with an applicable regulatory regime, it could be subject to fines, injunctions, operating
restrictions or criminal prosecution, any of which could materially and adversely affect the value of our
investment. We will not control a portfolio company’s management or the manner in which a company’s
management addresses the company’s risks except in the event that a portfolio company defaults on its loan from
us and we seek to enforce our security interest. In addition, middle-market companies often require additional
financing to expand or maintain their competitive position, and they could have a more difficult time obtaining
additional capital than larger companies.
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An important concern in making investments is the possibility of material misrepresentation or omission on the
part of the portfolio company. Such inaccuracy or incompleteness can adversely affect, among other things, the
valuation of collateral, other debt obligations, our ability to perfect or effectuate a lien on the collateral securing
a loan or other debt obligation, the financial condition of the issuer, or the business prospects of the issuer. We
will rely upon the accuracy and completeness of representations made by portfolio companies to the extent
reasonable. However, there can be no guarantee that such representations are accurate or complete.
If the issuer of securities purchased by us does not perform to GC Advisors’ expectations, the value of its equity
and debt securities would likely decline and the issuer could default on its obligations. Poor performance can be
caused by a number of factors, including failures of management, competitive pressures, pressure by customers
and suppliers, labor unrest, or force majeure events, such as the COVID-19 pandemic. While GC Advisors
intends to invest in portfolio companies in industries that it believes are resistant to recessions, there can be no
assurance that such portfolio companies will not be adversely affected by recessions or other market or economic
conditions.
The value of our investments in loans will likely be detrimentally affected to the extent a borrower defaults on
its obligations, there is insufficient collateral, and/or there are extensive legal and other costs incurred in
collecting on a defaulted loan. GC Advisors will attempt to minimize this risk, for example, by maintaining low
loan-to-liquidation values with each loan and the collateral underlying the loan. However, there can be no
assurance that the liquidation value assigned by GC Advisors would be realized by the portfolio company upon
liquidation, nor can there be any assurance that such collateral will retain its value. In addition, certain of our
loans will be supported, in whole or in part, by personal guarantees made by the borrower or an affiliate of the
borrower. If such guarantee is called and the guarantor fails to meet its obligations under the guarantee, the
amount realizable with respect to a loan will generally be detrimentally affected. There could be a monetary as
well as a time cost involved in collecting on defaulted loans and, if applicable, taking possession of various types
of collateral. In addition, any activity deemed to be active lending/origination by us could subject it to additional
regulation.
An investment strategy focused primarily on privately held companies presents certain challenges, including,
but not limited to, the lack of available information about these companies.
We invest primarily in privately held companies. Because private companies have reduced access to the capital
markets, such companies could have diminished capital resources and ability to withstand financial distress.
Often, the depth and breadth of experience of management in private companies tends to be less than that at
public companies, which makes such companies more likely to depend on the management talents and efforts of
a smaller group of persons and/or persons with less depth and breadth of experience. Therefore, the decisions
made by such management teams and/or the departure of one or more of these persons could have a material
adverse impact on the portfolio company and, as a result our investments.
We would be subject to risks if we are required to assume operation of portfolio companies upon default.
We, together with other funds managed by GC Advisors and its affiliates, would be expected to take over a
portfolio company if the company defaults on its loans. Depending on factors including the health of the
economy, the credit cycle, and the portfolio companies’ various industries, it is reasonable to assume that
portfolio companies will default over time, and this risk is significantly increased in periods of market
uncertainty, including as a result of global health crises, such as the COVID-19 pandemic, or periods of elevated
inflation and rising interest rates. In such circumstances, we and the other funds would likely seek to enforce our
rights under the applicable credit documentation and could opt to take over such portfolio companies. When a
portfolio company is taken over, we and the other funds and their investors are subject to different risks than we
are as holders of interests in loans to such portfolio company. Operating a portfolio company, even for a limited
period of time pending the sale of collateral, can distract senior personnel of GC Advisors and its affiliates from
their normal business. Additionally, defaulting portfolio companies often require additional capital to be
effectively turned around. There is no guarantee that any defaulting portfolio company can be turned around or
that our investments in such portfolio company will be successful. Finally, operating a portfolio company could
subject us to potential liabilities, including management, employment, and/or environmental liabilities.
The lack of liquidity in our investments could adversely affect our business.
The debt to which we are primarily exposed is expected to consist predominantly of loans and notes that are
obligations of corporations, partnerships or other entities. This debt often has no, or only a limited, trading market. The
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investment in illiquid debt will often restrict our ability to dispose of investments in a timely fashion, for a fair price,
or at all. If an underlying issuer of debt experiences an adverse event, this illiquidity would make it more difficult for
us to sell such debt, and we could instead be required to pursue a workout or alternate way out of the position. To the
extent debt in a portfolio company is also held by other third-party investors, we would generally have limited control
over a workout or alternate means of disposition and the person(s) having such control could have interests that are
not aligned with ours. We would likely also face other restrictions on our ability to liquidate an investment in a
portfolio company to the extent that we, GC Advisors, Golub Capital or any of its affiliates have material non-public
information regarding such portfolio company.
Price declines and illiquidity in the corporate debt markets could adversely affect the fair value of our
portfolio investments, reducing our net asset value through increased net unrealized depreciation.
As a business development company, we are required to carry our investments at market value or, if no market
value is ascertainable, at fair value as determined in good faith by our board of directors. The fair value
methodology utilized is in accordance with the fair value principles established by the ASC Topic 820. Our board
of directors uses the services of one or more independent service providers to review the valuation of our illiquid
investments. Valuations reflect significant events that affect the value of the instruments. As part of the valuation
process, we could take into account the following types of factors, if relevant, in determining the fair value of
our investments:
•
a comparison of the portfolio company’s securities to publicly traded securities;
•
the enterprise value of the portfolio company;
•
the nature and realizable value of any collateral;
•
the portfolio company’s ability to make payments and its earnings and discounted cash flow;
•
the markets in which the portfolio company does business; and
•
changes in the interest rate environment and the credit markets generally that could affect the price at
which similar investments could be made in the future and other relevant factors.
The fair value measurement seeks to approximate the price that would be received for an investment on a current
sale and assumes that the transaction to sell an asset occurs in the principal market for such asset or, in the
absence of a principal market, the most advantageous market for such asset, which could be a hypothetical
market, and excludes transaction costs. When an external event such as a purchase transaction, public offering or
subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation.
We record decreases in the market values or fair values of our investments as unrealized depreciation. Declines
in prices and liquidity in the corporate debt markets could result in significant net unrealized depreciation in our
portfolio. The effect of all of these factors on our portfolio could reduce our net asset value by increasing net
unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized
losses and could suffer additional unrealized losses in future periods, which could have a material adverse effect
on our business, financial condition, results of operations and cash flows. Because orderly markets currently do
not exist for some investments, and because valuations, and particularly valuations of private investments and
private companies, require judgment, are inherently uncertain, could fluctuate over short periods and are often
based on estimates, our determinations of the fair value of investments could differ materially from the values
that would have been used had a ready market existed for such investments.
Our portfolio companies could prepay loans, which could reduce our yields if capital returned cannot be
invested in transactions with equal or greater expected yields.
The loans in our investment portfolio could be prepaid at any time, generally with little advance notice. Whether
a loan is prepaid will depend both on the continued positive performance of the portfolio company and the
existence of favorable financing market conditions that allow such company the ability to replace existing
financing with less expensive capital. As market conditions change, we do not know when, and if, prepayment
could be possible for each portfolio company. Certain fixed-income securities are subject to the risk of
unanticipated prepayment. Prepayment risk is the risk that, when interest rates fall, the issuer will redeem the
security prior to the security’s expected maturity. It is possible that we will reinvest the proceeds from such a
redemption at a lower interest rate, resulting in less income to us. Securities subject to prepayment risk generally
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offer less potential for gains when prevailing interest rates fall. If we buy those securities at a premium,
accelerated prepayments on those securities could cause us to lose a portion of its principal investment. The
impact of prepayments on the price of a security can be difficult to predict and could increase the security’s price
volatility.
We are subject to risks to the extent we invest in covenant-lite loans.
‘‘Covenant-lite’’ loans contain fewer maintenance covenants than other loans, or no maintenance covenants, and
do not always include terms that allow the lender to monitor the performance of the borrower and declare a
default if certain criteria are breached. Covenant-lite loans can carry more risk than traditional loans as they
allow borrowers to engage in activities that would otherwise be difficult or not permitted under loan agreements
with a full package of covenants. In an event of default, covenant-lite loans could result diminished recovery
values where the lender did not have the opportunity to negotiate with the borrower or to restructure the loan
prior to default.
We are subject to credit and default risk and our portfolio companies could be unable to repay or refinance
outstanding principal on their loans at or prior to maturity.
Credit risk refers to the likelihood that a borrower will default in the payment of principal and/or interest.
Financial strength and solvency of a borrower are the primary factors influencing credit risk. Lack or inadequacy
of collateral or credit enhancement for a debt instrument could also affect its credit risk. Credit risk can change
over the life of a loan, and securities and other debt instruments that are rated by rating agencies can be
downgraded. This risk and the risk of default is increased to the extent that the loan documents do not require
the portfolio companies to pay down the outstanding principal of such debt prior to maturity, which is expected
to be a common feature among many of our loan investments. Investments with a deferred interest feature, such
as original issue discount income and payment-in-kind interest, could represent a higher credit risk than
investments that must pay interest in full in cash on a regular basis.
A significant downturn in the economy or a particular economic sector could have a significant impact on the
business prospects of the portfolio companies to which we are exposed, whether directly or indirectly. Such
developments could adversely affect the ability of such companies to comply with their loan repayment
obligations. It is possible that the issuer of a note or other instrument in which we invest could default on its
debts, in which case we could lose most or all of our investment in that instrument, subjecting us to significant
loss. The risk and magnitude of losses associated with defaults could be increased where the instrument is
leveraged.
We have not yet identified the portfolio company investments we will acquire and we could have difficulty
sourcing investment opportunities.
While we currently hold a portfolio of investments, we have not yet identified additional potential investments
for our portfolio that we will acquire with the proceeds of any offering of securities or repayments of
investments currently in our portfolio. Privately negotiated investments in loans and illiquid securities or private
middle-market companies require substantial due diligence and structuring, and we cannot provide any assurance
that we will achieve our anticipated investment pace. As a result, investors will not be able to evaluate any future
portfolio company investments prior to purchasing our securities. Additionally, GC Advisors selects all of our
investments, and our stockholders will have no input with respect to such investment decisions. These factors
increase the uncertainty, and thus the risk, of investing in our securities. We anticipate that we will use
substantially all of the net proceeds of any sale of our securities within approximately six months following the
completion of any sale of our securities, depending on the availability of appropriate investment opportunities
consistent with our investment objectives and market conditions. Until such appropriate investment opportunities
can be found, we could also invest the net proceeds in cash, cash equivalents, U.S. government securities and
high-quality debt investments that mature in one year or less from the date of investment. We expect these
temporary investments to earn yields substantially lower than the income that we expect to receive in respect of
our targeted investment types. As a result, any distributions we make during this period could be substantially
smaller than the distributions that we expect to pay when our portfolio is fully invested.
We are a non-diversified investment company within the meaning of the 1940 Act and, therefore we are not
limited with respect to the proportion of our assets that could be invested in securities of a single issuer.
We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we
are not limited by the 1940 Act with respect to the proportion of our assets that we could invest in securities of a
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single issuer. To the extent that we assume large positions in the securities of a small number of issuers, our net asset
value could fluctuate to a greater extent than that of a diversified investment company as a result of changes in the
financial condition or the market’s assessment of the issuer. We could also be more susceptible to any single economic
or regulatory occurrence than a diversified investment company. Beyond our asset diversification requirements as a
RIC under the Code, we do not have fixed guidelines for diversification, and our investments could be concentrated in
relatively few portfolio companies. Although we are classified as a non-diversified investment company within the
meaning of the 1940 Act, we maintain the flexibility to operate as a diversified investment company and have done so
for an extended period of time.
Our portfolio could be concentrated in a limited number of portfolio companies and industries, which will
subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its
debt instruments or if there is a downturn in a particular industry.
It is possible that our portfolio could be concentrated in a limited number of portfolio companies and industries.
As a result, our interests could be impaired by the concentration of our investments in any one obligor or
obligors in a particular industry or geographic location in the event that such obligor, industry or geographic
location were to experience adverse business conditions or other adverse events, including as a result of the
effects of a global health pandemic such as the COVID-19 pandemic or during periods of elevated inflation and
rising interest rates. In addition, defaults could be highly correlated with particular obligors, industries or
geographic locations. If loans involving a particular obligor, industry or geographic location represent more than
a small proportion of our portfolio, and that obligor, industry or geographic location were to experience
difficulties that would affect payments on the loans, the overall timing and amount of collections on the loans
held by us could differ from what was expected.
We could hold the debt securities of leveraged companies that could, due to the significant volatility of such
companies, enter into bankruptcy proceedings.
Leveraged companies could experience bankruptcy or similar financial distress, and the risk of these events
would be expected to significantly increase upon the occurrence of adverse events, including, for example, an
inflationary economic environment or a global health crisis, such as the COVID-19 pandemic. The bankruptcy
process has a number of significant inherent risks. Many events in a bankruptcy proceeding are products of
contested matters and adversarial proceedings and are beyond the control of the creditors. A bankruptcy filing by
an issuer could have adverse and permanent effects on the issuer. If the proceeding is converted to a liquidation,
the value of the issuer will not necessarily equal the liquidation value that was believed to exist at the time of
the investment. A bankruptcy or other workout, often raises conflicts of interest (including, for example, conflicts
over proposed waivers and amendments to debt covenants), including between investors who hold different types
of interests in the applicable company. The duration of a bankruptcy proceeding is also difficult to predict, and a
creditor’s return on investment can be adversely affected by delays until the plan of reorganization or liquidation
ultimately becomes effective. The administrative costs of a bankruptcy proceeding are frequently high and are
paid out of the debtor’s estate prior to any return to creditors. Because the standards for classification of claims
under bankruptcy law are vague, our influence with respect to the class of securities or other obligations it owns
could be reduced by increases in the number and monetary value of claims in the same class or by different
classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the
extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have
priority by law (for example, claims for taxes) can be substantial.
Depending on the facts and circumstances of our investments and the extent of our involvement in the
management of a portfolio company, upon the bankruptcy of a portfolio company, a bankruptcy court could
recharacterize our debt investments as equity interests and subordinate all or a portion of our claim to that of
other creditors. This could occur even though we have structured our investment as senior debt.
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Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
Following an initial investment in a portfolio company, we could make additional investments in that
portfolio company as ‘‘follow-on’’ investments, in seeking to:
•
increase or maintain in whole or in part our position as a creditor or equity ownership percentage in a
portfolio company;
•
exercise warrants, options or convertible securities that were acquired in the original or subsequent
financing; or
•
preserve or enhance the value of our investment.
We have discretion to make follow-on investments, subject to the availability of capital resources. Failure on our
part to make follow-on investments could, in some circumstances, jeopardize the continued viability of a
portfolio company and our initial investment, or could result in a missed opportunity for us to increase our
participation in a successful portfolio company. Even if we have sufficient capital to make a desired follow-on
investment, we could elect not to make a follow-on investment because we do not want to increase our level of
risk, because we prefer other opportunities or because of regulatory or other considerations. Our ability to make
follow-on investments could also be limited by GC Advisors’ allocation policy.
Because we generally do not hold controlling equity interests in our portfolio companies, we generally will not
be able to exercise control over our portfolio companies or to prevent decisions by management of our
portfolio companies that could decrease the value of our investments.
To the extent we do not hold controlling equity positions in our portfolio companies, we are subject to the risk
that a portfolio company makes business decisions with which we disagree, and that the management and/or
stockholders of a portfolio company could take risks or otherwise act in ways that are adverse to our interests.
Due to the lack of liquidity of the debt and equity investments that we typically hold in our portfolio companies,
we can provide no assurance that we will be able to dispose of our investments in the event we disagree with the
actions of a portfolio company and could therefore suffer a decrease in the value of our investments.
Our portfolio companies could incur debt that ranks equally with, or senior to, our investments in such
companies and such portfolio companies could fail to generate sufficient cash flow to service their debt
obligations to us.
We have invested and intend to invest a portion of our capital in second lien and subordinated loans issued by
our portfolio companies, and we could have exposure to a variety of debt that captures particular layers of a
borrower’s credit structure, such as ‘‘last out’’ or ‘‘second lien’’ debt, or other subordinated investments that rank
below other obligations of the borrower in right of payment. Subordinated investments are subject to greater risk
of loss than senior obligations where there are adverse changes to the financial condition of the borrower or a
decline in general economic conditions. Subordinated investments could expose us to particular risks in a distress
scenario, such as the risk that creditors are not aligned. Holders of subordinated investments generally have less
ability to affect the results of a distressed scenario than holders of more senior investments. Additionally, lenders
to companies operating in workout modes are, in certain circumstances, subject to potential liabilities that could
exceed the amount of such loan purchased by us.
We have made in the past, and could make in the future, unsecured loans to portfolio companies, meaning that
such loans will not benefit from any interest in collateral of such companies. Liens on a portfolio company’s
collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and could
secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan
agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be
entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In
addition, the value of such collateral in the event of liquidation will depend on market and economic conditions,
the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of
such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all loans
secured by collateral. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then
our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the
portfolio company’s remaining assets, if any.
The rights we could have with respect to the collateral securing any junior priority loans we make to our
portfolio companies could also be limited pursuant to the terms of one or more intercreditor agreements that we
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enter into with the holders of senior debt. Under a typical intercreditor agreement, at any time that obligations
that have the benefit of the first priority liens are outstanding, any of the following actions that could be taken in
respect of the collateral will be at the direction of the holders of the obligations secured by the first priority
liens:
•
the ability to cause the commencement of enforcement proceedings against the collateral;
•
the ability to control the conduct of such proceedings;
•
the approval of amendments to collateral documents;
•
releases of liens on the collateral; and
•
waivers of past defaults under collateral documents.
We will not always have the ability to control or direct such actions, even if our rights as junior lenders are
adversely affected.
The disposition of our investments could result in contingent liabilities.
A significant portion of our investments involve private securities. In connection with the disposition of an
investment in private securities, we could be required to make representations about the business and financial
affairs of the portfolio company typical of those made in connection with the sale of a business. We could also
be required to indemnify the purchasers of such investment to the extent that any such representations turn out to
be inaccurate or with respect to potential liabilities. These arrangements could result in contingent liabilities that
ultimately result in funding obligations that we must satisfy through our return of payments previously received
by us.
GC Advisors’ liability is limited, and we have agreed to indemnify GC Advisors against certain liabilities,
which could lead GC Advisors to act in a riskier manner on our behalf than it would when acting for its own
account.
Under the Investment Advisory Agreement, and the collateral management agreements for each of our Debt
Securitizations, GC Advisors does not assume any responsibility to us other than to render the services called for
under those agreements, and it is not responsible for any action of our board of directors in following or
declining to follow GC Advisors’ advice or recommendations. Under the terms of the Investment Advisory
Agreement, and each of the collateral management agreements GC Advisors, its officers, members, personnel and
any person controlling or controlled by GC Advisors are not liable to us, any subsidiary of ours, our directors,
our stockholders or any subsidiary’s stockholders or partners for acts or omissions performed in accordance with
and pursuant to the Investment Advisory Agreement, and the collateral management agreements, except those
resulting from acts constituting gross negligence, willful misconduct, bad faith or reckless disregard of
GC Advisors’ duties under the Investment Advisory Agreement, and the collateral management agreements. In
addition, we have agreed to indemnify GC Advisors and each of its officers, directors, members, managers and
employees from and against any claims or liabilities, including reasonable legal fees and other expenses
reasonably incurred, arising out of or in connection with our business and operations or any action taken or
omitted on our behalf pursuant to authority granted by the Investment Advisory Agreement, and the collateral
management agreements, except where attributable to gross negligence, willful misconduct, bad faith or reckless
disregard of such person’s duties under the Investment Advisory Agreement, and the collateral management
agreements. These protections could lead GC Advisors to act in a riskier manner when acting on our behalf than
it would when acting for its own account.
We could be subject to risks related to investments in non-U.S. companies.
We have invested and continue to make investments in issuers located outside the United States. Investments in
issuers located outside the United States that are generally denominated in non-U.S. currencies involve both risks
and opportunities not typically associated with investing in securities of United States companies. The legal and
regulatory environments often have material differences, particularly as to bankruptcy and reorganization. Other
considerations include changes in exchange rates and exchange control regulations, political and social instability,
general economic conditions, expropriation, imposition of non-U.S. taxes, less liquid markets and less available
information than is generally the case in the United States, higher transaction costs, foreign government
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restrictions, less government supervision of exchanges, brokers and issuers, greater risks associated with
counterparties and settlement, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack
of uniform accounting and auditing standards and greater price volatility. Among the factors that could affect
currency values are trade balances, the level of short-term interest rates, differences in relative values of similar
assets in different currencies, long-term opportunities for investment and capital appreciation and political
developments. We could employ hedging techniques to minimize these risks, but we cannot assure you that such
strategies will be effective or without risk to us. As of September 30, 2024, we were invested in securities of
forty-six non-U.S. companies. Securities issued by non-U.S. companies are not ‘‘qualifying assets’’ under the
1940 Act, and we could invest in non-U.S. companies, including emerging markets issuers, to the limited extent
such investments are permitted under the 1940 Act.
We could be subject to risks if we engage in hedging transactions and could become subject to risks if we
invest in foreign securities.
Under the 1940 Act, a business development company is restricted from acquiring any asset other than assets of
the type listed in the 1940 Act, which are referred to as ‘‘qualifying assets,’’ unless, at the time the acquisition is
made, qualifying assets represent at least 70% of the company’s total assets. In order for our investments to be
classified as ‘‘qualifying assets,’’ among other requirements, such investments must be in issuers organized under
the laws of, and which have their principal place of business in, any state of the United States, the District of
Columbia, Puerto Rico, the Virgin Islands or any other possession of the United States.
We can invest in non-U.S. companies, including emerging market issuers, to the limited extent such investments
are permitted under the 1940 Act. We expect that these investments would focus on the same types of
investments that we make in U.S. middle-market companies and accordingly would be complementary to our
overall strategy and enhance the diversity of our holdings. Investing in securities of emerging market issuers
involves many risks including economic, social, political, financial, tax and security conditions in the emerging
market, potential inflationary economic environments, regulation by foreign governments, different accounting
standards and political uncertainties. Economic, social, political, financial, tax and security conditions also could
negatively affect the value of emerging market companies. These factors could include changes in the emerging
market government’s economic and fiscal policies, the possible imposition of, or changes in, currency exchange
laws or other laws or restrictions applicable to the emerging market companies or investments in their securities
and the possibility of fluctuations in the rate of exchange between currencies. Any of our portfolio company
investments that are denominated in foreign currencies will be subject to the risks associated with fluctuations in
currency exchange rates, which fluctuations could adversely affect our performance.
We have and could in the future enter into hedging transactions to the limited extent such transactions are
permitted under the 1940 Act and applicable commodities laws. Engaging in hedging transactions or investing in
foreign securities would entail additional risks to our stockholders. We could, for example, use instruments such
as interest rate swaps, caps, collars and floors and, if we were to invest in foreign securities, we could use
instruments such as forward contracts or currency options in currencies selected to hedge against fluctuations in
the relative values of our portfolio positions from changes in currency exchange rates and market interest rates.
We could also, for example, borrow under a credit facility in currencies selected to minimize our foreign
currency exposure. Use of these hedging instruments could include counterparty credit risk. In each such case,
we generally would seek to hedge against fluctuations of the relative values of our portfolio positions from
changes in market interest rates or currency exchange rates. While hedging transactions can reduce such risks,
they generally will not be designed to prevent all loss from our position. There also could be barriers that
prevent us from entering into certain hedging transactions. These barriers will not necessarily impact other
investment funds managed by GC Advisors or its affiliates. Hedging transactions could result in a lower overall
performance for us than if it had not entered into hedging transactions and generally introduces new risks, such
as counterparty risk and greater illiquidity. In addition, we are permitted to borrow funds in one or more
foreign currencies as a form of protection against currency risk. The use of such financing could create new risks
not traditionally associated with credit facilities or other forms of leverage. Conversely, to the extent that we do
not enter into hedging transactions, borrower defaults and fluctuations in currency exchange rates or interest rates
could result in poorer overall performance for us than if it had entered into such hedging transactions.
The success of any hedging transactions that we enter into will depend on our ability to correctly predict
movements in currency and interest rates. Therefore, while we could enter into hedging transactions to seek to
reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest
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rates could result in poorer overall investment performance than if we had not engaged in any such hedging
transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging
strategy and price movements in the portfolio positions being hedged could vary. Moreover, for a variety of
reasons, we would not necessarily seek to (or be able to) establish a perfect correlation between the hedging
instruments and the portfolio holdings being hedged. Any such imperfect correlation could prevent us from
achieving the intended hedge and expose us to risk of loss. In addition, it is often not possible to hedge fully or
perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies
because the value of those securities would likely fluctuate as a result of factors not related to currency
fluctuations. Our ability to engage in hedging transactions could also be limited under the Code as well as
adversely affected by rules adopted by the CFTC.
We could suffer losses from our equity investments.
While our investment portfolio will be focused on loans, we are also permitted to invest in equity securities. Such
investments are expected to represent minority ownership in the issuer and are subordinate to the claims of the issuer’s
creditors and, to the extent such securities are common securities, to preferred equity holders. The value of equity
securities is dependent on the performance of the issuer and can fluctuate based on the issuer’s financial performance,
market conditions, and overall economic conditions. Dividends paid to equity holders could be suspended or cancelled
at any time, and minority owners could have limited protections. We also could be unable to realize any value if a
portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering,
which would allow us to sell our underlying equity interests. In addition, if an issuer of equity securities in which we
have invested sells additional shares of its equity securities, our interest in the issuer will be diluted and the value of
our investment could decrease. For the foregoing reasons, investments in equity securities can be highly speculative
and carry a substantial risk of loss of investment. Investments in equity securities can carry additional risks or have
other characteristics that require different structuring. As such, these investments can be made directly, or indirectly
through blocker entities or otherwise.
We could be subject to lender liability claims with respect to our portfolio company investments.
A number of judicial decisions have upheld judgments for borrowers against lending institutions on the basis of
various legal theories, collectively termed ‘‘lender liability’’. Generally, lender liability is founded on the premise
that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and
fair dealing or a similar duty owed to the borrower, or has assumed an excessive degree of control over the
borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or stockholders.
We could be required to defend allegations of lender liability from time to time.
Loans to companies operating in workout modes or under Chapter 11 of the U.S. Bankruptcy Code are, in
certain circumstances, subject to certain potential liabilities that could exceed the amount of such loan purchased
by us. Under common law principles that in some cases form the basis for lender liability claims, if a lender or
bondholder (i) intentionally takes an action that results in the undercapitalization of a borrower to the detriment
of other creditors of such borrower, (ii) engages in other inequitable conduct to the detriment of such other
creditors, (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (iv) uses
its influence as a stockholder to dominate or control a borrower to the detriment of other creditors of such
borrower, a court could elect to subordinate the claim of the offending lender or bondholder to the claims of the
disadvantaged creditor or creditors, a remedy called ‘‘equitable subordination.’’ Because of the nature of the
loans, the loans could be subject to claims of subordination.
Risks Relating to Investors in Our Securities
Investing in our securities could involve an above average degree of risk.
The investments we make in accordance with our investment objective could result in a higher amount of risk
than alternative investment options and a higher risk of volatility or loss of principal. Our investments in
portfolio companies involve higher levels of risk, and therefore, an investment in our securities may not be
suitable for someone with a lower risk tolerance.
Shares of closed-end investment companies, including business development companies, often trade at a
discount to their net asset value.
Shares of closed-end investment companies, including business development companies, could trade at a discount
from net asset value. This characteristic of closed-end investment companies and business development
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companies is separate and distinct from the risk that our net asset value per share could decline. We cannot
predict whether our common stock will trade at, above or below net asset value.
There is a risk that investors in our equity securities will not receive distributions or that our distributions will
not grow over time and a portion of our distributions could be a return of capital.
We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for
distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified
level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions could be
adversely affected by the impact of one or more of the risk factors described in this Annual Report on
Form 10-K as well as any amendments reflected in subsequent filings with the SEC. Due to the asset coverage
test applicable to us under the 1940 Act as a business development company, we could be limited in our ability
to make distributions. In addition, all distributions are and will be paid at the discretion of our board of directors
and will depend on our earnings, financial condition, maintenance of our RIC status, compliance with applicable
business development company regulations and such other factors as our board of directors could deem relevant
from time to time. If we declare a distribution and if more stockholders opt to receive cash distributions rather
than participate in our dividend reinvestment plan, or DRIP, we could be forced to sell some of our investments
in order to make cash distribution payments. In the event that we encounter delays in locating suitable
investment opportunities, we could also pay all or a substantial portion of our distributions from the proceeds of
private placements of our common stock or from borrowings in anticipation of future cash flow, which could
constitute a return of stockholders’ capital. To the extent we make distributions to stockholders that include a
return of capital, such portion of the distribution essentially constitutes a return of the stockholder’s investment.
Although such return of capital is generally not currently taxable, such distributions would generally decrease a
stockholder’s basis in our common stock and could therefore increase such stockholder’s tax liability for capital
gains upon the future sale or other disposition of such common stock. A return of capital distribution could cause
a stockholder to recognize a capital gain from the sale of our common stock even if the stockholder sells its
shares for less than the original purchase price. Distributions from borrowings could also reduce the amount of
capital we ultimately invest in our portfolio companies.
We have not established any limit on the amount of funds we can use from available sources, such as
borrowings, if any, or proceeds from private placements of our common stock, to fund distributions (which
could reduce the amount of capital we ultimately invest in assets).
Any distributions made from sources other than cash flow from operations or relying on fee or expense
reimbursement waivers, if any, from GC Advisors or the Administrator are not based on our investment
performance, and can only be sustained if we achieve positive investment performance in future periods and/or
GC Advisors or the Administrator continues to make such expense reimbursements, if any. The extent to which
we pay distributions from sources other than cash flow from operations will depend on various factors, including
the level of participation in our DRIP, how quickly we invest the proceeds from any offerings of our securities
and the performance of our investments. There can be no assurance that we will achieve such performance in
order to sustain any level of distributions, or be able to pay distributions at all. GC Advisors and the
Administrator have no obligation to waive fees or receipt of expense reimbursements, if any.
The market price of our common stock after the GBDC 3 Merger could be affected by factors different from
those affecting our common stock before the GBDC 3 Merger.
Our business and GBDC 3’s differ in some respects and, accordingly, the results of operations of the combined
company and the market price of our common stock could be affected by factors different from those before the
GBDC 3 Merger occurred. These factors include a larger stockholder base and a different capital structure.
Accordingly, the historical trading prices and financial results of our business may not be indicative of these
matters for the combined company.
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The market price of our securities could fluctuate significantly.
The market price and liquidity of the market for our securities could be significantly affected by numerous
factors, some of which are beyond our control and may not be directly related to our operating performance.
These factors include:
•
significant volatility in the market price and trading volume of securities of business development
companies or other companies in our sector, which are not necessarily related to the operating
performance of the companies;
•
changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect
to RICs and business development companies;
•
loss of our qualification as a RIC or business development company;
•
changes in market interest rates and decline in the prices of debt,
•
changes in earnings or variations in operating results;
•
changes in the value of our portfolio investments;
•
changes in accounting guidelines governing valuation of our investments;
•
any shortfall in revenue or net income or any increase in losses from levels expected by investors or
securities analysts;
•
departure of GC Advisors’ or any of its affiliates’ key personnel;
•
operating performance of companies comparable to us;
•
general economic trends and other external factors; and
•
loss of a major funding source.
The Unsecured Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we
have incurred or could incur in the future.
The Unsecured Notes are not secured by any of our assets or any of the assets of our subsidiaries. As a result,
the Unsecured Notes are effectively subordinated, or junior, to any secured indebtedness or other obligations we
or our subsidiaries have outstanding as of the date of issuance of the Unsecured Notes or that we or our
subsidiaries could incur in the future (or any indebtedness that is initially unsecured in respect of which we
subsequently grant security) to the extent of the value of the assets securing such indebtedness. A substantial
portion of our assets are currently pledged as collateral under the Debt Securitizations and Revolving Credit
Facilities. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our
existing or future secured indebtedness and the secured indebtedness of our subsidiaries could assert rights
against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness
before the assets could be used to pay other creditors, including the holders of the Unsecured Notes. As of
September 30, 2024, we had an aggregate of approximately $2.6 billion of outstanding borrowings under the
Debt Securitizations and the Revolving Credit Facilities, all of which are secured and thus effectively senior to
the Unsecured Notes.
The Unsecured Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.
The Unsecured Notes are obligations exclusively of Golub Capital BDC, Inc. and not of any of our subsidiaries.
None of our subsidiaries is a guarantor of the Unsecured Notes and the Unsecured Notes are not required to be
guaranteed by any subsidiaries we could acquire or create in the future. The assets of such subsidiaries are not
directly available to satisfy the claims of our creditors, including holders of the Unsecured Notes.
Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors
(including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our
equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Unsecured
Notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of
our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any
such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims.
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Consequently, the Unsecured Notes are structurally subordinated, or junior, to the Debt Securitizations, the
Revolving Credit Facilities and other liabilities (including trade payables) incurred by any of our existing or
future subsidiaries, financing vehicles or similar facilities. All of the existing indebtedness of our subsidiaries is
structurally senior to the Unsecured Notes.
In addition, our subsidiaries and any additional subsidiaries that we could form could incur substantial additional
indebtedness in the future, all of which would be structurally senior to the Unsecured Notes.
The indenture governing the Unsecured Notes contains limited protection for holders of the Unsecured Notes.
The indenture governing the Unsecured Notes offers limited protection to holders of the Unsecured Notes. The
terms of the indenture and the Unsecured Notes do not restrict our or any of our subsidiaries’ ability to engage
in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a
material adverse impact on an investment in the Unsecured Notes. In particular, the terms of the indenture and
the Unsecured Notes do not place any restrictions on our or our subsidiaries’ ability to:
•
issue securities or otherwise incur additional indebtedness or other obligations, including (1) any
indebtedness or other obligations that would be pari-passu, or equal, in right of payment to the
Unsecured Notes, (2) any indebtedness or other obligations that would be secured and therefore rank
effectively senior in right of payment to the Unsecured Notes to the extent of the value of the assets
securing such indebtedness, (3) indebtedness or other obligations of ours that are guaranteed by one or
more of our subsidiaries and which therefore are structurally senior to the Unsecured Notes and
(4) securities, indebtedness or other obligations issued or incurred by our subsidiaries that would be
senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Unsecured
Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of
indebtedness or other obligations that would cause a violation of Section 18(a)(1)(A) of the 1940 Act
as modified by Section 61(a)(1) and (2) of the 1940 Act or any successor provisions, as such
obligations could be amended or superseded, giving effect to any exemptive relief granted to us by the
SEC. Currently, these provisions generally prohibit us from incurring additional borrowings, including
through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act,
equals at least 150% after such borrowings;
•
pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other
securities ranking junior in right of payment to the Unsecured Notes;
•
sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or
substantially all of our assets);
•
enter into transactions with affiliates;
•
create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback
transactions;
•
make investments; or
•
create restrictions on the payment of dividends or other amounts to us from our subsidiaries.
Furthermore, the terms of the indenture and the Unsecured Notes do not protect holders of the Unsecured Notes
in the event that we experience changes (including significant adverse changes) in our financial condition, results
of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or
ratios or specified levels of net worth, revenues, income, cash flow or liquidity other than certain events of
default under the indenture governing the Unsecured Notes.
Our ability to recapitalize, incur additional debt and take a number of other actions are not limited by the terms
of the Unsecured Notes and could have important consequences for holders of the Unsecured Notes, including
making it more difficult for us to satisfy our obligations with respect to the Unsecured Notes or negatively
affecting the trading value of the Unsecured Notes.
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Certain of our current debt instruments include more protections for their holders than the indenture and the
Unsecured Notes. In addition, other debt we issue or incur in the future could contain more protections for its
holders than the indenture and the Unsecured Notes, including additional covenants and events of default. The
issuance or incurrence of any such debt with incremental protections could affect the market for and trading
levels and prices of the Unsecured Notes.
If an active trading market for the Unsecured Notes does not develop, holders could not be able to resell them.
The Unsecured Notes could or could not have an active trading market. We do not intend to apply for listing of
the Unsecured Notes on any securities exchange or for quotation of the Unsecured Notes on any automated
dealer quotation system. If no active trading market develops, holders may not be able to resell the Unsecured
Notes at their fair market value or at all. If the Unsecured Notes are traded after their initial issuance, they could
trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar
securities, our credit ratings, general economic conditions, our financial condition, performance and prospects and
other factors. Any market-making activity will be subject to limits imposed by law. Accordingly, we cannot
assure you that a liquid trading market will develop for the Unsecured Notes, that holders will be able to sell the
Unsecured Notes at a particular time or that the price received when sold will be favorable. To the extent an
active trading market does not develop, the liquidity and trading price for the Unsecured Notes could be harmed.
Accordingly, holders could be required to bear the financial risk of an investment in the Unsecured Notes for an
indefinite period of time.
If we default on our obligations to pay our other indebtedness, we could not be able to make payments on the
Unsecured Notes.
Any default under the agreements governing our indebtedness, including the Debt Securitizations, the Revolving
Credit Facilities or other indebtedness to which we are a party that is not waived by the required lenders or
holders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal,
premium, if any, and interest on the Unsecured Notes and substantially decrease the market value of the
Unsecured Notes.
If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet
required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to
comply with the various covenants, including financial and operating covenants, in the instruments governing our
indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the
event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder
to be due and payable, together with accrued and unpaid interest, the lenders under the Revolving Credit
Facilities or other debt we could incur in the future could elect to terminate their commitments, cease making
further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or
liquidation.
If our operating performance declines, we could in the future need to seek to obtain waivers from the required
lenders under the Revolving Credit Facilities or the required holders of the Debt Securitizations or other debt that
we could incur in the future, to avoid being in default. If we breach our covenants under the Debt
Securitizations, the Revolving Credit Facilities or other debt and seek a waiver, we could not be able to obtain a
waiver from the required lenders or holders. If this occurs, we would be in default and our lenders or debt
holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation.
If we are unable to repay debt, lenders or holders having secured obligations, including the lenders and holders
under the Debt Securitizations and the Revolving Credit Facilities could proceed against the collateral securing
the debt. Because the Revolving Credit Facilities have, and any future credit facilities will likely have, customary
cross-default provisions, if the indebtedness thereunder or under any future credit facility is accelerated, we could
be unable to repay or finance the amounts due. In the event holders of any debt securities we have outstanding
exercise their rights to accelerate following a cross-default, those holders would be entitled to receive the
principal amount of their investment, subject to any subordination arrangements that could be in place. We
cannot assure you that we will have sufficient liquidity to be able to repay such amounts, in which case we
would be in default under the accelerated debt and holders would have the ability to sue us to recover amounts
then owing.
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A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or the
Unsecured Notes, if any, or change in the debt markets, could cause the liquidity or market value of the
Unsecured Notes to decline significantly.
Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently,
real or anticipated changes in our credit ratings will generally affect the market value of the Unsecured Notes or
other debt securities we could issue. These credit ratings may not reflect the potential impact of risks relating to
the structure or marketing of the Unsecured Notes. Credit ratings are not a recommendation to buy, sell or hold
any security, and could be revised or withdrawn at any time by the issuing organization in its sole discretion.
Neither we nor any underwriter undertakes any obligation to maintain our credit ratings or to advise holders of
the Unsecured Notes of any changes in our credit ratings.
An increase in market interest rates could result in a decrease in the market value of the Unsecured Notes.
The condition of the financial markets and prevailing interest rates have fluctuated in the past and are likely to
fluctuate in the future, which could have an adverse effect on the market prices of the Unsecured Notes. In
general, as market interest rates rise, debt securities bearing interest at fixed rates of interest decline in value.
Consequently, if market interest rates increase, the market values of the Unsecured Notes with fixed interest rates
could decline. We cannot predict the future level of market interest rates.
The optional redemption provision could materially adversely affect the return on the Unsecured Notes.
The Unsecured Notes are redeemable in whole or in part upon certain conditions at any time or from time to
time at our option. We could choose to redeem the Unsecured Notes at times when prevailing interest rates are
lower than the interest rate paid on the Unsecured Notes. In this circumstance, holders may not be able to
reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the Unsecured
Notes being redeemed.
We could be unable to repurchase the Unsecured Notes upon a Change of Control Repurchase Event.
We could be unable to repurchase the Unsecured Notes upon a Change of Control Repurchase Event (as defined
in the indenture governing the Unsecured Notes) if we do not have sufficient funds. Upon a Change of Control
Repurchase Event, holders of the Unsecured Notes could require us to repurchase for cash some or all of the
Unsecured Notes at a repurchase price equal to 100% of the aggregate principal amount of the Unsecured Notes
being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date. Our failure to
purchase such tendered Unsecured Notes upon the occurrence of such Change of Control Repurchase Event
would cause an event of default under the indenture governing the Unsecured Notes and a cross-default under
the agreements governing certain of our other indebtedness, which could result in the acceleration of such
indebtedness requiring us to repay that indebtedness immediately.
We are a holding company and depend on payments from our subsidiaries in order to make payments on any
debt securities that we could issue as well as to pay distributions on our common stock. Any debt securities
that we issue will be structurally subordinated to the obligations of our subsidiaries.
We are a holding company and fund a majority of our investments through wholly-owned subsidiaries, and a
majority of the assets that we hold directly are the equity interests in such subsidiaries, including any
subordinated notes issued as part of our debt securitization transactions, which notes represent the residual
claimant on distributions by the applicable securitization subsidiary. We depend upon the cash flow from our
subsidiaries and the receipt of funds from them in the form of payments on any subordinated notes, dividends,
and other distributions, any of which could be subject to restriction or limitations based on the organizational
documents of the subsidiaries and the agreements governing the debt of any such subsidiary. In addition, because
we are a holding company, any debt securities that we issue will be structurally subordinated to the obligations
of our subsidiaries. In the event that one of our subsidiaries becomes insolvent, liquidates, reorganizes, dissolves
or otherwise winds up, its assets will be used first to satisfy the claims of its creditors. Consequently, any claim
by us or our creditors, including holders of any debt securities that we could issue, against any subsidiary will be
structurally subordinated to all of the claims of the creditors of such subsidiary. We cannot assure security
holders that they will receive any payments required to be made under the terms of any debt securities that we
could issue, dividends or other distributions.
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Holders of any preferred stock that we could issue will have the right to elect members of the board of
directors and have class voting rights on certain matters.
The 1940 Act requires that holders of shares of preferred stock must be entitled as a class to elect two directors
at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by
two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the
separate vote of the holders of any issued and outstanding preferred stock, including changes in fundamental
investment restrictions and conversion to open-end status and, accordingly, preferred stockholders could veto any
such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the
holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating
agencies, might impair our ability to maintain our qualification as a RIC for U.S. federal income tax purposes.
Our common stockholders’ interest in us could be diluted if they do not fully exercise subscription rights in
any rights offering. In addition, if the subscription price is less than our net asset value per share, then
common stockholders will experience an immediate dilution of the aggregate net asset value of their shares.
In the event we issue subscription rights, stockholders who do not fully exercise their subscription rights should
expect that they will, at the completion of a rights offering, own a smaller proportional interest in us than would
otherwise be the case if they fully exercised their rights. We cannot state precisely the amount of any such
dilution in share ownership because we do not know at this time what proportion of the shares would be
purchased as a result of such rights offering.
In addition, if the subscription price is less than the net asset value per share of our common stock, then our
common stockholders would experience an immediate dilution of the aggregate net asset value of their shares as
a result of the offering. The amount of any decrease in net asset value is not predictable because it is not known
at this time what the subscription price and net asset value per share will be on the expiration date of a rights
offering or what proportion of the shares will be purchased as a result of such rights offering. Such dilution
could be substantial.
These dilutive effects could be exacerbated if we were to conduct multiple subscription rights offerings,
particularly if such offerings were to occur over a short period of time. In addition, subscription rights offerings
and the prospect of future subscription rights offerings could create downward pressure on the secondary market
price of our common stock due to the potential for the issuance of shares at a price below our net asset value,
without a corresponding change to our net asset value.
Our stockholders will experience dilution in their ownership percentage if they do not participate in our
dividend reinvestment plan.
All distributions declared in cash payable to stockholders that are participants in our DRIP are automatically
reinvested in shares of our common stock. As a result, our stockholders that do not participate in our DRIP will
experience dilution in their ownership percentage of our common stock over time.
Our stockholders could receive shares of our common stock as dividends, which could result in adverse tax
consequences to them.
Although we currently do not intend to do so, we are permitted to declare a large portion of a dividend in shares
of common stock instead of cash at the election of each stockholder. Revenue Procedures issued by the
IRS allow a publicly offered regulated investment company (such as us) to distribute its own stock as a dividend
for the purpose of fulfilling its distribution requirements, if certain conditions are satisfied. Among other things,
the aggregate amount of cash available to be distributed to all stockholders is required to be at least 10% of the
total distribution, for distributions declared on or before December 31, 2022 and at least 20% of the aggregate
declared distribution for distributions declared on or after January 1, 2023. The Internal Revenue Service has also
issued private letter rulings on cash/stock dividends paid by RICs and real estate investment trusts where the
cash component is limited to 20% of the total distribution if certain requirements are satisfied. Stockholders
receiving such dividends will be required to include the full amount of the dividend (including the portion
payable in stock) as ordinary income (or, in certain circumstances, long-term capital gain) to the extent of our
current and accumulated earnings and profits for federal income tax purposes. As a result, stockholders could be
required to pay income taxes with respect to such dividends in excess of the cash dividends received. It is
unclear to what extent we will be able to pay taxable dividends in cash and common stock (whether pursuant to
IRS Revenue Procedures, a private letter ruling or otherwise).
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Sales of substantial amounts of our common stock in the public market could have an adverse effect on the
market price of our common stock.
Sales of substantial amounts of our common stock, or the availability of such common stock for sale, could
adversely affect the prevailing market prices for our common stock. If this occurs and continues, it could impair
our ability to raise additional capital through the sale of securities should we desire to do so.
The trading market or market value of our publicly issued debt securities could fluctuate.
Any publicly issued debt securities we issue will not necessarily have an established trading market. We cannot assure
you that a trading market for our publicly issued debt securities will ever develop or be maintained if developed. In
addition to our creditworthiness, many factors could materially adversely affect the trading market for, and market
value of, our publicly issued debt securities. These factors include, but are not limited to, the following:
•
the time remaining to the maturity of these debt securities;
•
the outstanding principal amount of debt securities with terms identical to these debt securities;
•
the ratings assigned by national statistical ratings agencies;
•
the general economic environment;
•
the supply of debt securities trading in the secondary market, if any;
•
the redemption or repayment features, if any, of these debt securities;
•
the level, direction and volatility of market interest rates generally; and
•
market rates of interest higher or lower than rates borne by the debt securities.
Investors should also be aware that there could be a limited number of buyers when they decide to sell our debt
securities. This too could materially adversely affect the market value of the debt securities or the trading market
for the debt securities.
Terms relating to redemption could materially adversely affect the return on any debt securities that we could issue.
If we issue debt securities that are redeemable at our option, we could choose to redeem such debt securities at
times when prevailing interest rates are lower than the interest rate paid on the debt securities. In addition, if our
debt securities are subject to mandatory redemption, we could be required to redeem such debt securities also at
times when prevailing interest rates are lower than the interest rate paid on the debt securities. In this
circumstance, investors in our debt securities may not be able to reinvest the redemption proceeds in a
comparable security at an effective interest rate as high as the debt securities being redeemed.
If we issue preferred stock, debt securities or convertible debt securities, the net asset value and market value
of our common stock could become more volatile.
We cannot assure you that the issuance of preferred stock and/or debt securities would result in a higher yield or
return to the holders of our common stock. The issuance of preferred stock, debt securities or convertible debt
would likely cause the net asset value and market value of our common stock to become more volatile. If the
dividend rate on the preferred stock, or the interest rate on the debt securities, were to approach the net rate of
return on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced.
If the dividend rate on the preferred stock, or the interest rate on the debt securities, were to exceed the net rate
of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of our
common stock than if we had not issued the preferred stock or debt securities. Any decline in the net asset value
of our investment would be borne entirely by the holders of our common stock. Therefore, if the market value of
our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of
our common stock than if we were not leveraged through the issuance of preferred stock. This decline in net
asset value would also tend to cause a greater decline in the market price for our common stock.
There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of
failing to maintain required asset coverage ratios which could be required by the preferred stock, debt securities,
convertible debt or units or of a downgrade in the ratings of the preferred stock, debt securities, convertible debt
or units or our current investment income might not be sufficient to meet the dividend requirements on the
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preferred stock or the interest payments on the debt securities. In order to counteract such an event, we might
need to liquidate investments in order to fund redemption of some or all of the preferred stock, debt securities or
convertible debt. In addition, we would pay (and the holders of our common stock would bear) all costs and
expenses relating to the issuance and ongoing maintenance of the preferred stock, debt securities, convertible
debt or any combination of these securities. Holders of preferred stock, debt securities or convertible debt could
have different interests than holders of common stock and could at times have disproportionate influence over
our affairs.
Our stock repurchase program could affect the price of our common stock and increase volatility and could be
suspended or terminated at any time, which could result in a decrease in the trading price of our common
stock.
Our board of directors most recently approved our share repurchase program (the ‘‘Program’’) in August 2024,
under which we can repurchase up to $150 million of our outstanding common stock. Under the Program,
purchases can be made at management’s discretion from time to time in open-market transactions, in accordance
with all applicable securities laws and regulations, at prices below our NAV as reported in our most recently
published consolidated financial statements. We have in the past, and could in the future, enter into a plan to
repurchase shares of our common stock pursuant to the Program in a manner intended to comply with the
requirements of Rule 10b5-1 under the Exchange Act.
The Program is discretionary and whether purchases will be made under the Program and how much will be
purchased at any time is uncertain and dependent on prevailing market prices and trading volumes, all of which
we cannot predict. These activities could have the effect of maintaining the market price of our common stock or
retarding a decline in the market price of the common stock, and, as a result, the price of our common stock
could be higher than the price that otherwise might exist in the open market. Repurchases pursuant to the
Program could affect the price of our common stock and increase its volatility. The existence of the Program
could also cause the price of our common stock to be higher than it would be in the absence of such a program
and could potentially reduce the market liquidity for our common stock. There can be no assurance that any
stock repurchases will enhance stockholder value because the market price of our common stock could decline
below the levels at which we repurchased such shares. Any failure to repurchase shares after we have announced
our intention to do so could negatively impact our reputation and investor confidence in us and could negatively
impact our stock price. Although the Program is intended to enhance long-term stockholder value,
short-term stock price fluctuations could reduce the Program’s effectiveness.
General Risk Factors
We are currently in a period of capital markets disruption and economic uncertainty.
The success of our activities is affected by general economic and market conditions, including, among others,
interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and trade barriers.
These factors could affect the level and volatility of securities prices and the liquidity of our investments.
Volatility or illiquidity could impair our profitability or result in losses. These factors also could adversely affect
the availability or cost of our leverage, which would result in lower returns.
In recent years, U.S. capital markets have experienced volatility and disruptions including as a result of the
COVID-19 pandemic, certain regional bank failures, and an inflationary economic environment. These
disruptions in the capital markets have in the past and could in the future increase the spread between the yields
realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Such
disruptions could adversely affect our business, financial condition, results of operations and cash flows, and
future market disruptions and/or illiquidity could negatively impact us. These unfavorable economic conditions
could increase our funding costs and limit our access to the capital markets, and could result in a decision by
lenders not to extend credit to us in the future. These events could limit our investments, our ability to grow and
could negatively impact our operating results and the fair values of our debt and equity investments.
Events outside of our control, including public health crises, could negatively affect our portfolio companies,
our investment adviser and the results of our operations.
Periods of market volatility could occur in response to pandemics or other events outside of our control. We,
GC Advisors, and the portfolio companies in which we invest in could be affected by force majeure events (i.e.,
events beyond the control of the party claiming that the event has occurred, such as acts of God, fire, flood,
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earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war,
terrorism, labor strikes, government shutdowns, major plant breakdowns, pipeline or electricity line ruptures,
failure of technology, defective design and construction, accidents, demographic changes, government
macroeconomic policies, social instability, etc.). Some force majeure events could adversely affect the ability of a
party (including us, GC Advisors, a portfolio company or a counterparty to us, GC Advisors, or a portfolio
company) to perform its obligations until it is able to remedy the force majeure event. In addition, force majeure
events, such as the cessation of the operation of equipment for repair or upgrade, could similarly lead to the
unavailability of essential equipment and technologies. These risks could, among other effects, adversely impact
the cash flows available from a portfolio company, cause personal injury or loss of life, including to a senior
manager of GC Advisors or its affiliates, damage property, or instigate disruptions of service. In addition, the
cost to a portfolio company or us of repairing or replacing damaged assets resulting from such force majeure
event could be considerable. It will not be possible to insure against all such events, and insurance proceeds
received, if any, could be inadequate to completely or even partially cover any loss of revenues or investments,
any increases in operating and maintenance expenses, or any replacements or rehabilitation of property. Certain
events causing catastrophic loss could be either uninsurable, or insurable at such high rates as to adversely
impact us, GC Advisors, or portfolio companies, as applicable. Force majeure events that are incapable of or are
too costly to cure could have permanent adverse effects. Certain force majeure events (such as war or an
outbreak of an infectious disease) could have a broader negative impact on the world economy and international
business activity generally, or in any of the countries in which we invest or our portfolio companies operate
specifically. Such force majeure events could result in or coincide with: increased volatility in the
global securities, derivatives and currency markets; a decrease in the reliability of market prices and difficulty in
valuing assets; greater fluctuations in currency exchange rates; increased risk of default (by both government and
private issuers); further social, economic, and political instability; nationalization of private enterprise; greater
governmental involvement in the economy or in social factors that impact the economy; less governmental
regulation and supervision of the securities markets and market participants and decreased monitoring of the
markets by governments or self-regulatory organizations and reduced enforcement of regulations; limited, or
limitations on, the activities of investors in such markets; controls or restrictions on foreign investment, capital
controls and limitations on repatriation of invested capital; inability to purchase and sell investments or otherwise
settle security or derivative transactions (i.e., a market freeze); unavailability of currency hedging techniques;
substantial, and in some periods extremely high, rates of inflation, which can last many years and have
substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and
difficulties in obtaining and/or enforcing legal judgments.
Additionally, a major governmental intervention into industry, including the nationalization of an industry or the
assertion of control over one or more portfolio companies or its assets, could result in a loss to us, including if
the investment in such portfolio companies is canceled, unwound or acquired (which could result in inadequate
compensation). Any of the foregoing could therefore adversely affect the performance of us and our investments.
We could experience fluctuations in our quarterly operating results.
We could experience fluctuations in our quarterly operating results due to a number of factors, including the
interest rate payable on any borrowings and the interest rate payable on the debt securities we acquire, the
default rate on such securities, the number and size of investments we originate or acquire, the level of our
expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to
which we encounter competition in our markets and general economic conditions. In light of these factors, results
for any period should not be relied upon as being indicative of our performance in future periods.
Political uncertainty could adversely affect our business.
U.S. and non-U.S. markets could experience political uncertainty and/or change that subjects investments to
heightened risks, including, for instance, risks related to elections in the U.S., the large-scale invasion of Ukraine
by Russia that began in February 2022, and more recently the increased conflict between Israel and Hamas, or
the effect on world leaders and governments of global health pandemics, such as the COVID-19 pandemic. These
heightened risks could also include: increased risk of default (by both government and private issuers); greater
social, trade, economic and political instability (including the risk of war or terrorist activity); greater
governmental involvement in the economy; greater governmental supervision and regulation of the securities
markets and market participants resulting in increased expenses related to compliance; greater fluctuations in
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currency exchange rates; controls or restrictions on foreign investment and/or trade, capital controls and
limitations on repatriation of invested capital and on the ability to exchange currencies; inability to purchase and
sell investments or otherwise settle security or derivative transactions (i.e., a market freeze); unavailability of
currency hedging techniques; and slower clearance. During times of political uncertainty and/or change, global
markets often become more volatile. There could also be a lower level of monitoring and regulation of markets
while a country is experiencing political uncertainty and/or change, and the activities of investors in such markets
and enforcement of existing regulations could become more limited. Markets experiencing political uncertainty
and/or change could have substantial, and in some periods extremely high, rates of inflation for many years.
Inflation and rapid fluctuations in inflation rates typically have negative effects on such countries’ economies and
markets. Tax laws could change materially, and any changes in tax laws could have an unpredictable effect on
us, our investments and our investors. There can be no assurance that political changes will not cause us or our
investors to suffer losses.
New or modified laws or regulations governing our operations could adversely affect our business.
We and our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels.
These laws and regulations, as well as their interpretation, could change from time to time, including as the
result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and
new laws, regulations and interpretations could also come into effect. For example, the current U.S. presidential
administration could support an enhanced regulatory agenda that imposes greater costs on all sectors and on
financial services companies in particular. Any such new or changed laws or regulations could have a material
adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term.
The effects of legislative and regulatory proposals directed at the financial services industry or affecting taxation,
could negatively impact the operations, cash flows or financial condition of us or our portfolio companies,
impose additional costs on us or our portfolio companies, intensify the regulatory supervision of us or our
portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. In
addition, if we do not comply with applicable laws and regulations, we could lose any licenses that we then hold
for the conduct of our business and could be subject to civil fines and criminal penalties.
We invest in securities of issuers that are subject to governmental and non-governmental regulations, including
by federal and state regulators and various self-regulatory organizations. Companies participating in regulated
activities could incur significant costs to comply with these laws and regulations. If a company in which we
invest fails to comply with an applicable regulatory regime, it could be subject to fines, injunctions, operating
restrictions or criminal prosecution, any of which could materially and adversely affect the value of our
investment.
Additionally, changes to the laws and regulations governing our operations, including those associated with RICs,
could cause us to alter our investment strategy in order to avail ourselves of new or different opportunities or
result in the imposition of corporate-level taxes on us. Such changes could result in material differences to our
strategies and plans and could shift our investment focus from the areas of expertise of GC Advisors to other
types of investments in which GC Advisors could have little or no expertise or experience. Any such changes, if
they occur, could have a material adverse effect on our results of operations and the value of your investment. If
we invest in commodity interests in the future, GC Advisors could determine not to use investment strategies that
trigger additional regulation by the U.S. Commodity Futures Trading Commission, or the CFTC, or could
determine to operate subject to CFTC regulation, if applicable. If we or GC Advisors were to operate subject to
CFTC regulation, we could incur additional expenses and would be subject to additional regulation.
On October 21, 2014, U.S. risk retention rules adopted pursuant to Section 941 of Dodd-Frank, or the U.S. Risk
Retention Rules, were issued and became effective with respect to collateralized loan obligation, or CLOs, on
December 24, 2016. The U.S. Risk Retention Rules require the sponsor (directly or through a majority-owned
affiliate) of a debt securitization subject to such rules, such as CLOs, in the absence of an exemption, to retain
an economic interest, or the Retention Interest, in the credit risk of the assets being securitized in the form of an
eligible horizontal residual interest, an eligible vertical interest, or a combination thereof, in accordance with the
requirements of the U.S. Risk Retention Rules. Due to the interplay of the 1940 Act restrictions on principal and
joint transactions and the U.S. Risk Retention Rules, we sought no-action relief to ensure that we could engage
in CLO financing under the 1940 Act and the risk retention rules mandated by Section 941 of Dodd-Frank. On
September 7, 2018 we received a no-action letter from the staff, or the Staff, of the Division of Investment
81

Management of the SEC that states that the Staff would not recommend that the SEC take any enforcement
action under Section 57(a) of the1940 Act, or Rule 17d-1 under the 1940 Act against us or GC Advisors if we
were to acquire CLO equity as a Retention Interest in the manner described in a letter submitted to the Staff on
behalf of us.
However, the no-action relief we received did not address whether or not the CLO transactions described therein
would satisfy the requirements of the U.S. Risk Retention Rules. As a general matter, available interpretive
authority to date addressing the U.S. Risk Retention Rules applicable to CLOs is limited, and there is limited
judicial decisional authority or applicable agency interpretation that has directly addressed any of the risk
retention approaches taken with respect to CLOs. Accordingly, there can be no assurance that the applicable
federal agencies will agree that any CLO transaction we undertake, or the manner in which we hold any
retention interests, complies with the U.S. Risk Retention Rules. If we ever determined that undertaking
CLO transactions would subject us or any of our affiliates to unacceptable regulatory risk, our ability to execute
CLOs could be limited or otherwise curtailed. Given the more attractive financing costs associated with these
types of debt securitization as opposed to other types of financing available (such as traditional senior secured
facilities), this would, in turn, increase our financing costs. Any associated increase in financing costs would
ultimately be borne by our common stockholders.
Over the last several years, there also has been an increase in regulatory attention to the extension of credit
outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector
will be subject to new regulation. While it cannot be known at this time whether any regulation will be
implemented or what form it will take, increased regulation of non-bank credit extension could negatively impact
our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory
supervision of us or otherwise adversely affect our business, financial condition and results of operations.
We incur significant costs as a result of being a publicly traded company.
As a publicly traded company, we incur legal, accounting and other expenses, including costs associated with the
periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act,
as well as additional corporate governance requirements, including requirements under the Sarbanes-Oxley Act
and other rules implemented by the SEC.
Our compliance with Section 404 of the Sarbanes-Oxley Act involves significant expenditures, and
non-compliance with Section 404 of the Sarbanes-Oxley Act would adversely affect us and the market price of
our common stock.
Under current SEC rules, we are required to report on our internal control over financial reporting pursuant to
Section 404 of the Sarbanes-Oxley Act and related rules and regulations of the SEC. As such, we are required to
review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to
evaluate and disclose changes in our internal control over financial reporting. As a result, we incur expenses that
could negatively impact our financial performance and our ability to make distributions. This process also results
in a diversion of management’s time and attention. We cannot ensure that our evaluation, testing and remediation
process is effective or that our internal control over financial reporting will be effective. In the event that we are
unable to maintain compliance with Section 404 of the Sarbanes-Oxley Act and related rules, we and the market
price of our securities would be adversely affected.
Technological innovations and industry disruptions could negatively impact us.
Technological innovations have disrupted traditional approaches in multiple industries and can permit younger
companies to achieve success and in the process disrupt markets and market practices. We can provide no
assurance that new businesses and approaches will not be created that would compete with us and/or our
portfolio companies or alter the market practices in which GC Advisors and its affiliates and us have been
designed to function within and on which we depend on for our investment return. New approaches could
damage our investments, disrupt the market in which we operate and subject us to increased competition, which
could materially and adversely affect our business, financial condition and results of investments.
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We are highly dependent on information systems and systems failures could significantly disrupt our business,
which could, in turn, negatively affect the market price of our common stock and our ability to pay
distributions.
Our business depends on the communications and information systems of GC Advisors and its affiliates.
GC Advisors and the Administrator are heavily reliant on the information technology infrastructure, processes
and procedures of Golub Capital, which has devoted significant resources to developing effective and reliable
information technology systems. Information technology changes rapidly, however, and Golub Capital could fail
to stay ahead of such advances. Moreover, Golub Capital could find itself a target of cyberattacks, including
cyber espionage, malware, ransomware, and other types of hacking. If any of the Golub Capital information
technology systems do not operate properly or are disabled, whether as a result of tampering or a breach of
network security systems or otherwise, we and Golub Capital could suffer, among other consequences, financial
loss, disruption of businesses and reputational damage and, in the case of Golub Capital, liability to clients.
While steps have been taken to mitigate the risk and impact of such attacks, no system is fully attack-proof, and
a cyberattack could have an adverse impact on us.
In addition, Golub Capital’s operations rely on the secure processing, storage and transmission of confidential
and other information in its computer systems and networks. Although Golub Capital takes protective measures,
its computer systems, software and networks could be vulnerable to unauthorized access, theft, misuse, computer
viruses or other malicious code and other events that could have an impact on security. We, GC Advisors and the
Administrator rely on third-party service providers for certain aspects of their business. Any interruption or
deterioration in the performance of these third parties or failures of their information systems and technology
could impair the quality of the operations and could affect their reputation, which could have an adverse effect
on us.
Failure or alleged failure to comply with applicable data protection and privacy laws and regulations could
subject us to ongoing costs and, in some cases, fines and reputational harm.
We and GC Advisors and its affiliates are subject to numerous laws and regulations in various jurisdictions
relating to privacy and the storage, sharing, use, processing, disclosure and protection of information that we and
our affiliates hold. The EU’s General Data Protection Regulation, the Cayman Islands Data Protection Act
(2021 Revision), and the California Consumer Privacy Act of 2018, as amended, are recent examples of such
laws, and we anticipate new privacy and data protection laws and regulations will be passed in other jurisdictions
in the future. For example, the SEC has adopted changes to Regulation S-P, which requires, among other things,
that registered investment advisers notify affected individuals of a breach involving their personal information
when there has been an incident that rises to the level of being a reportable breach. In general, these laws and
regulations introduce many new obligations on us, GC Advisors and its affiliates and service providers and create
new rights for parties who have given any of us their personal information, such as investors and others. The
scope of data protection and privacy laws and regulations is rapidly evolving, and such laws and regulations are
subject to differing interpretations. Any inability or perceived inability to adequately address privacy concerns, or
comply with applicable laws and regulations, even if unfounded, could result in regulatory and third-party
liability, increased costs, disruption to our operations, and reputational damage. Obligations to which we,
GC Advisors or its affiliates are subject impose compliance costs and risks of penalties, which could increase
significantly as such laws and regulations evolve globally. Moreover, as data protection and privacy laws and
regulations continue to develop, it could be more difficult and/or more costly for us, GC Advisors or its affiliates
to collect, store, use, transmit and process personal information.
The costs of monitoring, interpreting and, where applicable, complying with global data protection and privacy
laws and regulations could have a material adverse effect on the business, results of the operations and financial
condition of us, GC Advisors or its affiliates, and of our portfolio companies. The continued development of
these laws and regulations and their interpretations could increase compliance costs, restrict our, GC Advisors or
its affiliates’ ability to offer services in certain locations, require changes to business practices, result in negative
publicity or significant costs or penalties associated with litigation and/or regulatory action, all of which could
adversely affect our business, financial conditions and results of operations, including affecting investment
returns.
While we, GC Advisors and its affiliates take reasonable efforts to comply with data protection and privacy laws
and regulations, it is possible that we and GC Advisors will not be able to accurately anticipate the ways in
which regulators and courts will apply or interpret these laws, and there can be no assurance that we or
83

GC Advisors or its affiliates will not be subject to regulatory or individual legal action, including fines, in the
event of a security incident, alleged non-compliance with applicable data protection and privacy laws or
regulations, or other claim that an individual’s privacy rights have been violated. Many regulators have indicated
an intention to take more aggressive enforcement actions regarding data privacy matters, and private litigation
resulting from such matters is increasing and resulting in large judgments and settlements.
Cybersecurity risks and cyber incidents could adversely affect our business or the business of our portfolio
companies.
The operations of us, Golub Capital, any third-party service provider to us or Golub Capital and our
portfolio companies are susceptible to risks from cybersecurity attacks and incidents due to reliance on the secure
processing, storage and transmission of confidential and other information in relevant computer systems and
networks. Such systems face ongoing cybersecurity threats and attacks which, if successful, could threaten the
confidentiality, integrity or availability of the systems and information resources of us or our
portfolio companies. A cyber incident could be an intentional attack or an unintentional event and could involve
gaining unauthorized access to the information systems of us, Golub Capital or our portfolio companies for
purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational
disruption, including through the introduction of computer viruses, ‘‘phishing’’ attempts and other forms of social
engineering. Attacks could also involve ransomware, data exfiltration and publication, or other forms of cyber
extortion. Cyber-attacks could also be carried out in a manner that does not require gaining unauthorized access,
such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to
intended users). Cyber incidents could originate from a wide variety of external sources, including cyber
criminals, nation state hackers, hacktivists, and other outside parties, or from the malicious or accidental acts of
insiders, such as employees, independent contractors or other service providers of or to us, Golub Capital or our
portfolio companies. Increased use of remote work environments and increasing use of cloud-based service
providers could create a heightened risk of a cyber incident. Recent geopolitical tensions could have increased
the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from
entities with nation-state backing. Cyber security incidents and cyber-attacks have been occurring globally at a
more frequent and severe level and will likely continue to increase in frequency in the future. The result of these
incidents could include disrupted operations such as an adverse effect on ability to communicate and conduct
business, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity
protection and insurance costs, litigation and damage to business relationships.
As our, Golub Capital’s, our portfolio companies’ and each of our third-party service providers’ reliance on
technology has increased, so have the risks posed to information systems of ours, Golub Capital, our
portfolio companies and each of our third-party service providers. Although Golub Capital takes protective
measures, and requires its service providers to take certain steps, these measures and steps , as well as an
increased awareness of the nature and extent of a risk of a cyber incident, do not guarantee that a cyber incident
will not occur, including because cyber-attack techniques are continually evolving, could persist undetected over
extended periods of time, and may not be mitigated in a timely manner to prevent or minimize the impact. Cyber
incidents of whatever nature, and a failure to provide regulatory or other notifications concerning such incidents
as required, could potentially negatively impact the financial results, operations or confidential information of us,
Golub Capital or our portfolio companies, cause financial loss, increased costs, disruption to business, liability to
counterparties or other parties, regulatory actions (and resulting fines or other penalties), negative publicity or
reputational damage. The costs related to cyber or other security threats or disruptions may not be fully insured
or indemnified by other means. Cybersecurity risks require continuous and increasing attention and other
resources, which attention diverts time and other resources from other activities of ours, Golub Capital and our
portfolio companies. Although Golub Capital has established business continuity plans and risk management
systems designed to reduce the risks associated with cybersecurity, there are inherent limitations in these plans
and systems, including that certain risks could not have been identified, in large part because different or
unknown threats could emerge in the future. As such, there is no guarantee that such efforts will succeed,
especially because we do not directly control the cybersecurity systems of issuers in which we may invest,
trading counterparties or third-party service providers to us. Such entities have experienced cyber-attacks and
other attempts to gain unauthorized access to systems from time to time, and there is no guarantee that efforts to
prevent or mitigate the effects of such attacks or other attempts to gain unauthorized access will be successful.
84

There is also a risk that cybersecurity breaches could not be detected. There can be no assurance that efforts
undertaken by us, Golub Capital or our portfolio companies will be effective, or that we will not suffer losses
relating to cyber-attacks on us, our service providers, trading counterparties or our portfolio companies.
Moreover, cybersecurity has become a regulatory and enforcement priority in many jurisdictions around the
world, with many having proposed or already enacted laws requiring companies to provide notifications of
certain data security breaches. The costs of monitoring, interpreting and, where applicable, complying with these
laws could have a material adverse effect on the business, results of the operations and financial condition of us,
Golub Capital and of our portfolio companies.
Our business and operations could be negatively affected if we become subject to stockholder activism, which
could cause us to incur significant expense, hinder the execution of our investment strategy or impact our
stock price.
Stockholder activism, which could take many forms, including making public demands that we consider certain
strategic alternatives, engaging in public campaigns to attempt to influence our corporate governance and/or our
management, and commencing proxy contests to attempt to elect the activists’ representatives or others to our
board of directors, or arise in a variety of situations, has been increasing in the business development company
space recently. While we are currently not subject to any stockholder activism, due to the potential volatility of
our stock price and for a variety of other reasons, we could in the future become the target of stockholder
activism. Stockholder activism could result in substantial costs and divert management’s and our board of
directors’ attention and resources from our business. Additionally, such stockholder activism could give rise to
perceived uncertainties as to our future and adversely affect our relationships with service providers and our
portfolio companies. Also, we could be required to incur significant legal and other expenses related to any
activist stockholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be
adversely affected by the events, risks and uncertainties of any stockholder activism.
We and/or our portfolio companies could be materially and adversely impacted by global climate change.
Climate change is widely considered to be a significant threat to the global economy. Our business operations
and our portfolio companies could face risks associated with climate change, including risks related to the impact
of climate-related legislation and regulation (both domestically and internationally), risks related to
climate-related business trends (such as the process of transitioning to a lower-carbon economy), and risks
stemming from the physical impacts of climate change, such as the increasing frequency or severity of extreme
weather events and rising sea levels and temperatures.
We are subject to risks related to corporate social responsibility.
Businesses, including ours, faces increasing public scrutiny related to environmental, social and governance or
ESG, activities, which are increasingly considered to contribute to the long-term sustainability of a company’s
performance. A variety of organizations measure the performance of companies on ESG topics, and the results of
these assessments are widely publicized. In addition, certain major institutional investors have publicly
emphasized the importance of such ESG measures to their investment decisions.
Our brand and reputation could be negatively impacted if we fail to act responsibly (or are perceived to have
failed to act responsibly) in a number of areas, such as considering ESG factors in our investment processes.
Adverse incidents with respect to ESG activities could impact the value of our brand and our relationships with
investors, private equity sponsors, or portfolio companies which could adversely affect our business and results
of operations. At the same time, there are various approaches to responsible investing activities and divergent
views on the consideration of ESG topics. These differing views increase the risk that any action or lack thereof
with respect to our Investment Adviser’s consideration of responsible investing or ESG-related practices will be
perceived negatively. ‘‘Anti-ESG’’ sentiment has also gained momentum across the U.S., with several states
having enacted or proposed ‘‘anti-ESG’’ policies, legislation or issued related legal opinions. If investors subject
to such legislation view practices as being in contradiction of such ‘‘anti-ESG’’ policies, legislation or legal
opinions, such investors may not invest in us. Further, asset managers have been subject to recent scrutiny
related to ESG-focused industry working groups, initiatives and associations, including organizations advancing
action to address climate change or climate-related risk. Such scrutiny could expose the GC Advisors to the risk
of antitrust investigations or challenges by federal authorities, result in reputational harm and discourage certain
85

investors from investing in us. If the Investment Adviser does not successfully manage expectations across these
varied interests, it could erode trust, impact our and their reputation and constrain our investment and fundraising
opportunities.
Additionally, new state-level, federal and international regulatory initiatives related to ESG could adversely affect
our business. The SEC has proposed rules that, in addition to other matters, would establish a framework for
reporting of climate-related risks. There is also a risk that a significant reorientation in the market following the
implementation of these and further measures could be adverse to our portfolio companies if they are perceived
to be less valuable as a consequence of, for example, their carbon footprint or ‘‘greenwashing’’ (i.e., the holding
out of a product as having green or sustainable characteristics where this is not, in fact, the case). We are, and
our portfolio companies could be, or could in the future become subject to the risk that similar measures might
be introduced in other jurisdictions. At this time, there is uncertainty regarding the scope of such proposals or
when they would become effective (if at all). Compliance with any new laws or regulations increases our
regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or
our portfolio companies conduct our businesses and adversely affect our profitability.
Item 1B.
Unresolved Staff Comments
None.
Item 1C.
Cybersecurity
Cybersecurity.
The Company has processes in place to assess, identify, and manage material risks from cybersecurity threats.
The Company’s business is dependent on the communications and information systems of GC Advisors and other
third-party service providers. GC Advisors manages the Company’s day-to-day operations and has implemented a
cybersecurity program that applies to the Company and its operations.
Cybersecurity Program Overview
GC Advisors has instituted a cybersecurity program designed to identify, assess, and manage cyber risks
applicable to the Company. GC Advisors’ cyber risk management program involves risk assessments,
implementation of security measures, and ongoing monitoring of systems and networks, including networks on
which the Company relies. GC Advisors actively monitors the current threat landscape in an effort to identify
material risks arising from new and evolving cybersecurity threats, including material risks faced by the
Company.
The Company relies on GC Advisors to engage external experts, including cybersecurity assessors, consultants,
and auditors to evaluate cybersecurity measures and risk management processes, including those applicable to the
Company.
The Company relies on GC Advisors’ risk management program and processes, which include cyber risk
assessments.
The Company depends on and engages various third parties, including suppliers, vendors, and service providers,
to operate its business. The Company relies on the expertise of risk management, legal, information technology,
and compliance personnel of GC Advisors when identifying and overseeing risks from cybersecurity threats
associated with the Company’s use of such entities.
Board Oversight of Cybersecurity Risks
The Board provides strategic oversight on cybersecurity matters, including risks associated with cybersecurity
threats. The Board receives periodic updates from the Company’s Chief Financial Officer (‘‘CFO’’) and
Chief Compliance Officer (‘‘CCO’’) regarding the overall state of GC Advisors’ cybersecurity program,
information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents
impacting the Company.
Management’s Role in Cybersecurity Risk Management
GC Advisors’ internal cybersecurity team, headed by GC Advisors’ Chief Information Officer (‘‘CIO’’), are
responsible for the cybersecurity program applicable to the Company (including enterprise-wide cybersecurity
86

strategy, policies, standards, engineering, architecture, and processes), and along with the Company’s CCO and a
Disclosure Committee that is headed by the Company’s CFO (the ‘‘Disclosure Committee’’), are responsible for
assessing and managing material risks from cybersecurity threats that impact the Company.
The CFO and CCO of the Company oversee the Company’s oversight function generally and rely on
GC Advisors’ CIO and cybersecurity team to assist with assessing and managing material risks from
cybersecurity threats. The Company’s CFO has been responsible for this oversight function as CFO to the
Company for over three years and has worked in the financial services industry for more than eighteen years,
during which time the CFO has gained expertise in assessing and managing risk applicable to the Company. The
Company’s CCO has been responsible for this oversight function as CCO to the Company for thirteen years and
has worked in the financial services industry for more than twenty years, during which time the CCO has gained
expertise in assessing and managing risk applicable to the Company. The Advisors’ CIO has been responsible for
her function for over four years and has worked in the financial services industry for more than fifteen years,
during which time the CIO has gained expertise in assessing and managing risk applicable to the Company.
Management of the Company, including the CCO and the Company’s Disclosure Committee, is informed about
and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the
Company, including through the receipt of notifications from service providers and reliance on communications
with risk management, legal, information technology, and/or compliance personnel of GC Advisors.
Assessment of Cybersecurity Risk
The potential impact of risks from cybersecurity threats on the Company are assessed on a regular basis, and
how such risks could materially affect the Company’s business strategy, operational results, and financial
condition are regularly evaluated. During the reporting period, the Company has not identified any risks from
cybersecurity threats, including as a result of previous cybersecurity incidents, that the Company believes have
materially affected, or are reasonably likely to materially affect, the Company, including its business strategy,
operational results, and financial condition.
Item 2.
Properties
Properties
We do not own any real estate or other physical properties materially important to our operation. Our
headquarters are located at 200 Park Avenue, 25th Floor, New York, NY 10166 and are provided by the
Administrator pursuant to the Administration Agreement. We believe that our office facilities are suitable and
adequate to our business.
Item 3.
Legal Proceedings
We, GC Advisors and the Administrator could, from time to time, be involved in legal and regulatory
proceedings arising out of their respective operations in the normal course of business or otherwise. While there
can be no assurance of the ultimate disposition of any such proceedings, each of us, GC Advisors and the
Administrator do not believe it is currently subject to any material legal proceedings.
Item 4.
Mine Safety Disclosure
None.
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PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
Price Range of Common Stock
Our common stock began trading on April 15, 2010 and is currently traded on The Nasdaq Global Select Market
under the symbol ‘‘GBDC’’. The following table lists the high and low closing sale price for our common stock,
the closing sale price as a percentage of net asset value, or NAV, and quarterly distributions per share.
Closing Sales
Price
Premium
(Discount) of
High Sales
Price to
NAV(2)
Premium
(Discount) of
Low Sales
Price to
NAV(2)
Distributions
Declared
Period
NAV(1)
High
Low
Fiscal year ended September 30, 2024
Fourth quarter . . . . . . . . . . . . . . . . . . . . . . . .
$15.19
$16.00
$14.36
5.3
(5.5)
$0.44
Third quarter3 . . . . . . . . . . . . . . . . . . . . . . . .
15.32
17.58
15.50
14.8
1.2
0.60
Second quarter. . . . . . . . . . . . . . . . . . . . . . . .
15.12
16.63
15.06
10.0
(0.4)
0.46
First quarter . . . . . . . . . . . . . . . . . . . . . . . . . .
15.03
15.31
14.06
1.9
(6.5)
0.44
Fiscal year ended September 30, 2023
Fourth quarter . . . . . . . . . . . . . . . . . . . . . . . .
$15.02
$15.02
$13.37
—%
(11.0)%
$0.41
Third quarter . . . . . . . . . . . . . . . . . . . . . . . . .
14.83
13.55
13.02
(8.6)
(12.2)
0.33
Second quarter. . . . . . . . . . . . . . . . . . . . . . . .
14.73
14.09
12.38
(4.3)
(16.0)
0.33
First quarter . . . . . . . . . . . . . . . . . . . . . . . . . .
14.71
14.25
12.46
(3.1)
(15.3)
0.33
(1)
NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the
NAV per share on the date of the high and low closing sales prices. The NAVs shown are based on
outstanding shares at the end of each period.
(2)
Calculated as of the respective high or low closing sales price divided by the quarter-end NAV.
(3)
On June 2, 2024, our board of directors declared a series of special distributions totaling $0.15 per share,
distributed in three consecutive quarterly payments of $0.05 per share per quarter. The first and second
special distributions were paid to stockholders on June 27, 2024 and September 13, 2024, respectively. The
remaining special distribution is payable on December 13, 2024 to stockholders of record as of
November 29, 2024.
The last reported price for our common stock on November 15, 2024 was $15.40 per share. As of November 15,
2024, we had 1,071 stockholders of record.
Distributions
Our distributions, if any, are determined by the board of directors. We elected to be treated as a RIC under
Subchapter M of the Code. In order to be subject to tax as a RIC, we must distribute to our stockholders
dividends for U.S. federal income tax purposes each tax year of an amount at least equal to 90% of our net
ordinary income and net short-term capital gains in excess of our net long-term capital losses, or investment
company taxable income, determined without regard to any deduction for dividends paid. In addition, we are
subject to ordinary income and capital gain distribution requirements under U.S. federal excise tax rules for each
calendar year. If we do not meet the required distributions, we will be subject to a 4% nondeductible federal
excise tax on the undistributed amount.
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The following table reflects the cash distributions, including dividends and returns of capital per share that we
have declared and paid during the years ended September 30, 2024 and 2023 on our common stock.
Record Dates
Payment Date
Distributions
Declared
Fiscal year ended September 30, 2024
August 30, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 27, 2024
$0.39
August 16, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 13, 2024
0.05
August 16, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 13, 2024
0.05
June 13, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 27, 2024
0.05
May 16, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 14, 2024
0.06
May 2, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 21, 2024
0.39
March 1, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 29, 2024
0.39
February 15, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 15, 2024
0.07
December 8, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 29, 2023
0.37
December 1, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 15, 2023
0.07
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1.89
Fiscal year ended September 30, 2023
September 1, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 29, 2023
$0.37
August 18, 2023. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 15, 2023
0.04
June 2, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 29, 2023
0.33
March 3, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 29, 2023
0.33
December 9, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 29, 2022
0.33
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1.40
On June 2, 2024, our board of directors declared a series of special distributions totaling $0.15 per share,
distributed in three consecutive quarterly payments of $0.05 per share per quarter. The first and second special
distributions were paid to stockholders of record as of June 13, 2024 and August 16, 2024, respectively, on
June 27, 2024 and September 13, 2024, respectively. The remaining special distribution is payable on
December 13, 2024 to stockholders of record as of November 29, 2024. On November 14, 2024, our board of
directors declared a quarterly distribution of $0.39 per share, which is payable on December 27, 2024 to holders
of record as of December 9, 2024, and a supplemental distribution of $0.04 per share, which is payable on
December 13, 2024 to holders of record as of November 29, 2024.
We have adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions
on behalf of our stockholders. As a result, if our board of directors authorizes, and we declare, a cash dividend or
other distribution, then our stockholders who participate in our dividend reinvestment plan will have their cash
distribution reinvested in additional shares of our common stock, rather than receiving the cash distribution.
Recent Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
On August 5, 2024, our Board 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 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.
As of September 30, 2023, Wells Fargo Securities, LLC, as broker, repurchased 1,300,928 shares of our common
stock pursuant to the Program for an aggregate purchase price of approximately $16.9 million. As of
September 30, 2023, the repurchased shares have been retired and returned to the status of authorized but
unissued shares of GBDC Common Stock.
89

For the year ended September 30, 2023, repurchases under the Program were as follows:
Month Purchased
Total Number of
Shares Repurchased
Average Price
Paid Per Share
Approximate Dollar Value of
Shares that have been
Purchased Under the Plan
Approximate Dollar Value of
Shares that May Yet be
Purchased Under the Plan
March 1 - 31, 2023 . . . . . . . .
751,544
$12.84
$ 9,647
$140,353
April 1 - 30, 2023 . . . . . . . . .
56,130
$13.03
731
139,622
May 1 - 31, 2023. . . . . . . . . .
188,210
$12.95
2,438
137,184
June 1 - 30, 2023. . . . . . . . . .
299,794
$13.26
3,975
133,209
July 1 - 31, 2023 . . . . . . . . . .
5,250
$13.29
70
133,139
Total. . . . . . . . . . . . . . . . . . . .
1,300,928
$12.96
$16,861
$150,000*
*
The Program was reapproved on August 2, 2023 to purchase $150,000 of the Company’s common stock,
exclusive of shares repurchased prior to the date of such authorization.
As of September 30, 2024, Wells Fargo Securities, LLC, as broker, repurchased 331,928 shares of our common
stock pursuant to the Program for an aggregate purchase price of approximately $4.8 million. As of
September 30, 2024, the repurchased shares have been retired and returned to the status of authorized but
unissued shares of GBDC Common Stock.
For the year ended September 30, 2024, repurchases under the Program were as follows:
Month Purchased
Total Number of
Shares Repurchased
Average Price
Paid Per Share
Approximate Dollar Value of
Shares that have been
Purchased Under the Plan
Approximate Dollar Value of
Shares that May Yet be
Purchased Under the Plan
August 1 - 31, 2024 . . . . . . .
322,528
$14.48
$4,672
$145,328
September 1 - 30, 2024. . . . .
9,400
$14.54
137
145,191
Total. . . . . . . . . . . . . . . . . . . .
331,928
$14.49
$4,809
$145,191*
*
The Program was reapproved on August 2, 2024 to purchase $150,000 of the Company’s common stock,
exclusive of shares repurchased prior to the date of such authorization. No additional shares have been
purchased since the re-approval.
90

Stock Performance Graph
This graph compares the stockholder return on our common stock from September 30, 2019 to September 30,
2024 with that of the NASDAQ Financial 100 Stock Index and the Standard & Poor’s 500 Stock Index. This
graph assumes that on September 30, 2019, $100 was invested in our common stock, the NASDAQ Financial
100 Stock Index, and the Standard & Poor’s 500 Stock Index. The graph also assumes the reinvestment of all
cash distributions prior to any tax effect. The graph and other information furnished under this Part II Item 5 of
this annual report on Form 10-K shall not be deemed to be ‘‘soliciting material’’ or to be ‘‘filed’’ with the SEC
or subject to Regulation 14A or 14C under, or to the liabilities of Section 18 of, the Exchange Act. The stock
price performance included in the below graph is not necessarily indicative of future stock performance.
Fees and Expenses
The following table is being provided to update, as of September 30, 2024, certain information in our registration
statement on Form N-2 (File No. 333-265509). The following table is intended to assist you in understanding the
costs and expenses that an investor in shares of our common stock will bear directly or indirectly. However, we
caution you that some of the percentages indicated in the table below are estimates and may vary. Actual costs
and expenses incurred by investors in shares of our common stock could be greater than the percentage estimates
in the table below. The following table excludes one-time fees payable to third parties not affiliated with GC
Advisors that were incurred in connection with the Debt Securitizations, but includes all of the applicable
ongoing fees and expenses of the Debt Securitizations. Whenever reference to fees or expenses paid by ‘‘us’’ or
‘‘Golub Capital BDC,’’ or that ‘‘we’’ will pay fees or expenses, our common stockholders will indirectly bear
such fees or expenses.
Stockholder transaction expenses:
Sales load (as a percentage of offering price). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0%(1)
Offering expenses (as a percentage of offering price) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0%(2)
Dividend reinvestment plan expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
None(3)
Total stockholder transaction expenses (as a percentage of offering price). . . . . . . . . . . . . . . . . . . .
0%
91

Annual expenses (as a percentage of net assets attributable to common stock):
Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.56%(4)
Incentive fees payable under the Investment Advisory Agreement . . . . . . . . . . . . . . . . . . . . . . . . . .
1.66%(5)
Interest payments on borrowed funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.29%(6)
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.70%(7)
Total annual expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.21%(8)
(1)
In the event that the securities to which any applicable prospectus relates are sold to or through underwriters
or agents, a corresponding prospectus supplement will disclose the applicable sales load.
(2)
In the event that we conduct an offering of our securities, the related prospectus supplement will disclose
the estimated amount of total offering expenses (which could include offering expenses borne by
third parties on our behalf), the offering price and the offering expenses borne by us as a percentage of the
offering price.
(3)
The expenses associated with the dividend reinvestment plan are included in ‘‘Other expenses.’’ See
‘‘Dividend Reinvestment Plan.’’.
(4)
Our management fee is calculated at an annual rate equal to 1.0% and is based on the average adjusted
gross assets (including assets purchased with borrowed funds and securitization-related assets, leverage,
unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with
custodian but adjusted to exclude cash and cash equivalents so that investors do not pay the base
management fee on such assets) at the end of the two most recently completed calendar quarters and is
payable quarterly in arrears. See ‘‘Item 1. Business — Management Agreements’’ and ‘‘Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations — Recent
Developments’’. The management fee referenced in the table above is annualized and based on actual
amounts incurred during the year ended September 30, 2024 by GC Advisors in its capacity as investment
adviser to us and collateral manager to the 2018 Issuer, the GCIC 2018 Issuer, the GBDC 3 2021 Issuer, the
GBDC 3 2022 Issuer and the GBDC 3 2022-2 Issuer, collectively the Securitization Issuers. The adjusted of
our annualized base management fees based on actual expenses for the year ended September 30, 2024
assumes net assets of $4,015 million and leverage of $4,625 million, which reflects our net assets and
leverage as of September 30, 2024.
GC Advisors, as collateral manager for 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 0.35% 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. This fee, which is less than the
management fee payable under the Investment Advisory Agreement, is paid directly by the 2018 Issuer to GC
Advisors and offset against such management fee. Accordingly, the base management fee paid by us to GC
Advisors under the Investment Advisory Agreement on all of our assets, including those indirectly held through
the 2018 Issuer, is reduced, on a dollar-for-dollar basis, by an amount equal to such 0.35% fee paid to GC
Advisors by the 2018 Issuer. Under the 2018 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. This fee may be waived by the collateral manager. The 2018
Collateral Management Agreement does not include any incentive fee payable to GC Advisors.
GC Advisors, as collateral manager for 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. This
fee, which is less than the management fee payable under the Investment Advisory Agreement, is paid
directly by the GCIC 2018 Issuer to GC Advisors and offset against such management fee. Accordingly, the
base management fee paid by us to GC Advisors under the Investment Advisory Agreement on all of our
assets, including those indirectly held through the GCIC 2018 Issuer, is reduced, on a dollar-for-dollar basis,
by an amount equal to such 0.35% fee paid to GC Advisors by the GCIC 2018 Issuer. Under the GCIC
2018 Collateral Management Agreement, the term ‘‘collection period’’ generally refers to a quarterly period
92

commencing on the day after the end of the prior collection period to the tenth business day prior to the
payment date. This fee may be waived by the collateral manager. The GCIC 2018 Collateral Management
Agreement does not include any incentive fee payable to GC Advisors.
GC Advisors, as collateral manager for the GBDC 3 2021 Issuer under the GBDC 3 2021 Collateral
Management Agreement is entitled to receive an annual fee in an amount equal to 0.35% of the principal
balance of the portfolio loans held by the GBDC 3 2021 Issuer at the beginning of the collection period
relating to each payment date, which is payable in arrears on each payment date. Under the GBDC 3 2021
Collateral Management Agreement, the term ‘‘collection period’’ refers to the period commencing on the
tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day
prior to such payment date.
GC Advisors, as collateral manager for the GBDC 3 2022 Issuer, under the 2022 Collateral Management
Agreement is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the
portfolio loans held by the GBDC 3 2022 Issuer at the beginning of the collection period relating to each
payment date, which is payable in arrears on each payment date. Under the GBDC 3 2022 Collateral
Management Agreement, the term ‘‘collection period’’ relating to any payment date, refers to the period
commencing on the tenth business day prior to the preceding payment date and ending on (but excluding)
the tenth business day prior to such payment date.
GC Advisors, as collateral manager for the GBDC 3 2022-2 Issuer, under the GBDC 3 2022-2 Collateral
Management Agreement is entitled to receive an annual fee in an amount equal to 0.35% of the principal
balance of the portfolio loans held by the GBDC 3 2022-2 Issuer at the beginning of the collection period
relating to each payment date, which is payable in arrears on each payment date. Under the GBDC 3 2022-2
Collateral Management Agreement, the term ‘‘collection period’’ refers to the period commencing on the
tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day
prior to such payment date.
Collateral management fees are paid directly by the GBDC 3 2021 Issuer, GBDC 3 2022 Issuer and
GBDC 3 2022-2 are offset against the management fees payable under the Investment Advisory Agreement.
In addition, the GBDC 3 2021 Issuer, GBDC 3 2022 and GBDC 3 2022-2 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 GBDC 3 2021 Debt Securitization and GBDC
3 2022 Debt Securitization.
For purposes of this table, the SEC requires that the ‘‘Management fees’’ percentage be calculated as a
percentage of net assets attributable to common stock, rather than total assets, including assets that have
been funded with borrowed monies, because common stockholders bear all of this cost. If the base
management fee portion of the ‘‘Management fees’’ percentage were calculated instead as a percentage of
our total assets, our base management fee portion of the ‘‘Management fees’’ percentage would be
approximately 0.72% of total assets.
(5)
The incentive fee referenced in the table above is based on actual amounts of the income component of the
incentive fee incurred during the year ended September 30, 2024, adjusted on a retroactive basis for the
incentive fee rate reduction to 15% from 20% under the terms of the Fifth Amended and Restated
Investment Advisory Agreement with GC Advisors effective as of June 3, 2024. The incentive fee
referenced in the table above is calculated under the Investment Advisory Agreement based on actual
amounts of the income component of the incentive fee for GBDC. In addition, the calculation excludes the
one-time waivers recognized during the three months ended June 30, 2024 and September 30, 2024 of $14.4
and $7.8 million, respectively. As of September 30, 2024, no amount was payable for the capital gains
component under the Investment Advisory Agreement. We have structured the calculation of the incentive
fee to include a fee limitation such that no incentive fee will be paid to GC Advisors for any quarter if, after
such payment, the cumulative incentive fees paid to GC Advisors since the effective date of our election to
become a business development company would be greater than 15.0% of our cumulative pre-incentive fee
net income per share. For a more detailed discussion of the calculation of the incentive fee, see
‘‘Item 1. Business — Management Agreement — Income and Capital Gains Incentive Fee Calculation’’ as
well as any amendments reflected in subsequent filings with the SEC.
93

(6)
Interest payments on borrowed funds is based on our cost of funds on our outstanding indebtedness for the
year ended September 30, 2024, which consisted of $1,368.1 million of indebtedness outstanding under
revolving credit facilities, $1,242.5 million in notes issued through the Debt Securitizations, $500.0 million
of 2024 Notes, that was redeemed on April 8, 2024, $600.0 million of 2026 Notes, $350.0 million of 2027
Notes, $450.0 million of 2028 Notes and $600.0 million of 2029 Notes. For the year ended September 30,
2024, the annualized cost of funds for our total debt outstanding, which includes all interest, accretion of
discounts, and amortization of debt issuance costs on the Debt Securitizations, was 6.21%. Debt issuance
costs represent fees and other direct incremental costs incurred in connection with our Debt Securitizations.
These fees include a structuring and placement fee paid to Morgan Stanley & Co. LLC for its services in
connection with the initial structuring of the 2018 Debt Securitization and legal fees, accounting fees, rating
agency fees and all other costs associated with the 2018 Debt Securitization. In addition, the GBDC 3 2021
Issuer and the GBDC 3 2022 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement
fees for its services in connection with the structuring of the GBDC 3 2021 Debt Securitization, and the
GBDC 3 2022 Debt Securitization, respectively. The GBDC 3 2022-2 Issuer paid GreensLedge Capital
Markets LLC and KeyBanc Capital Markets Inc. structuring and placement fees for its services in
connection with the structuring of the GBDC 3 2022-2 Debt Securitization.
(7)
Includes our overhead expenses, including payments under the Administration Agreement based on our
allocable portion of overhead and other expenses incurred by the Administrator, and any acquired fund fees
and expenses that are not required to be disclosed separately. See ‘‘Item 1. Management Agreements —
Administration Agreements’’, as well as any amendments reflected in subsequent filings with the SEC.
‘‘Other expenses’’ also includes the 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
each of the Debt Securitizations. Additionally, ‘‘Other expenses’’ includes the actual amount incurred for
U.S. federal excise tax. ‘‘Other expenses’’ are based on actual amounts incurred for the year ended
September 30, 2024. The administrative expenses of each of the Securitization Issuers are paid on each
payment date in two parts: (1) a component that is paid in a priority to other amounts distributed by the
applicable Securitization Issuer, subject to a cap equal to the sum of 0.04% per annum of the adjusted
principal balance of the portfolio loans and other assets held by the applicable Securitization Issuer on the
last day of the collection period relating to such payment date, plus $150,000 per annum, and (2) a
component that is paid in a subordinated position relative to other amounts distributed by the applicable
Securitization Issuer equal to any amounts that exceed the aforementioned administrative expense cap.
(8)
All of our expenses, including all expenses of each of the Debt Securitizations, are disclosed in the
appropriate line items under ‘‘Annual Expenses (as a percentage of net assets attributable to common
stock).’’ ‘‘Total annual expenses’’ as a percentage of consolidated net assets attributable to common stock
are higher than the total annual expenses percentage would be for a company that is not leveraged. We
borrow money to leverage our net assets and increase our total assets. The SEC requires that the ‘‘Total
annual expenses’’ percentage be calculated as a percentage of net assets (defined as total assets less
indebtedness and after taking into account any incentive fees payable during the period), rather than the total
assets, including assets that have been funded with borrowed monies. The reason for presenting expenses as
a percentage of net assets attributable to common stockholders is that our common stockholders bear all of
our fees and expenses.
Example
The following example demonstrates the projected dollar amount of total cumulative expenses that would be
incurred over various periods with respect to a hypothetical investment in our common stock. This example and
the expenses in the table above should not be considered a representation of our future expenses, and actual
expenses (including the cost of debt, if any, and other expenses) could be greater or less than those shown.
You would pay the following expenses on a $1,000 investment
1 year
3 years
5 years
10 years
Assuming a 5% annual return (assumes no return from net realized capital
gains or net unrealized capital appreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . .
$90
$233
$369
$679
Assuming a 5% annual return (assumes return entirely from realized capital
gains and thus subject to the capital gain incentive fee) . . . . . . . . . . . . . . . . .
$98
$253
$398
$722
94

The foregoing table is to assist you in understanding the various costs and expenses that an investor in our
common stock will bear directly or indirectly. While the example assumes, as required by the SEC, a 5% annual
return, our performance will vary and could result in a return greater or less than 5%. The incentive fee under
the Investment Advisory Agreement, which, assuming a 5% annual return, would either not be payable or have
an immaterial impact on the expense amounts shown above, is not included in the example. Under our
Investment Advisory Agreement, no incentive fee would be payable if we have a 5% annual return. If we
achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an
incentive fee of a material amount, our expenses, and returns to our investors, would be higher. The example
assumes that all dividends and other distributions are reinvested at net asset value. Under certain circumstances,
reinvestment of dividends and other distributions under our dividend reinvestment plan could occur at a price per
share that differs from net asset value. See ‘‘Dividend Reinvestment Plan’’ for more information.
Item 6.
Reserved
95

Item 7.
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 consolidated financial
statements and related notes thereto appearing elsewhere in this Annual Report on Form 10-K. 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 Annual Report on Form 10-K constitute forward-looking statements, which relate
to future events or our future performance or financial condition. The forward-looking statements contained in
this Annual Report on Form 10-K 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 and other affiliates of 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 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 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.
96

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the
words ‘‘may,’’ ‘‘might,’’ ‘‘will,’’ ‘‘intend,’’ ‘‘should,’’ ‘‘could,’’ ‘‘can,’’ ‘‘would,’’ ‘‘expect,’’ ‘‘believe,’’ ‘‘estimate,’’
‘‘anticipate,’’ ‘‘predict,’’ ‘‘potential,’’ ‘‘plan’’ or similar words. The forward looking statements contained in this
Annual Report on Form 10-K 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 this Annual Report on Form 10-K.
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 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 Annual report on Form 10-K 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.
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 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 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 $70.0 billion in capital under
management as of October 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 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 June 2024. Under 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
97

‘‘junk,’’ have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and
repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic
basis and typically do not fully pay down principal prior to maturity, which could increase our risk of losing part
or all of our investment.
As of September 30, 2024 and September 30, 2023, our portfolio at fair value was comprised of the following:
As of September 30, 2024
As of September 30, 2023
Investment Type
Investments at
Fair Value
(In thousands)
Percentage of
Total
Investments
Investments at
Fair Value
(In thousands)
Percentage of
Total
Investments
Senior secured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 502,386
6.1%
$ 503,985
9.1%
One stop . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,110,258
86.3
4,678,099
84.8
Second lien . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14,054
0.2
29,154
0.5
Subordinated debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,175
0.4
7,945
0.2
Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
578,538
7.0
297,430
5.4
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$8,235,411
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 September 30, 2024 and
September 30, 2023, one stop loans included $1,021.3 million and $782.6 million, respectively, of recurring
revenue loans at fair value.
As of September 30, 2024 and September 30, 2023, we had debt and equity investments in 381 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 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 years ended September 30, 2024 and 2023:
Year ended
September 30, 2024
September 30, 2023
Weighted average income yield(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.3%
11.2%
Weighted average investment income yield(3) . . . . . . . . . . . . . . . . . . . . . . . . .
12.6%
11.6%
Weighted average income yield of total investments(4) . . . . . . . . . . . . . . . . . .
11.4%
10.8%
Weighted average investment income yield of total investments(5). . . . . . . . .
11.8%
11.1%
Total return based on average net asset value excluding the one-time
write-down of the GBDC 3 purchase premium(6) . . . . . . . . . . . . . . . . . . . .
10.7%
10.2%
Total return based on average net asset value(7). . . . . . . . . . . . . . . . . . . . . . . .
9.0%
10.2%
Total return based on market value(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15.8%
30.5%
(1)
Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income,
excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the
consolidated financial statements), divided by the daily average fair value of earning portfolio company
investments, and does not represent a return to any investor in us.
(2)
The income yield presented for the quarter 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 are 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.
98

(3)
Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income
and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as
described in Note 2 of the consolidated financial statements), divided by the daily average fair value of
earning portfolio investments, and does not represent a return to any investor in us.
(4)
Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income,
excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the
consolidated financial statements), divided by the daily average total fair value of portfolio company
investments, and does not represent a return to any investor in us.
(5)
Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income
and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as
described in Note 2 of the consolidated financial statements), divided by the daily average total fair value of
portfolio investments, and does not represent a return to any investor in us.
(6)
During the year ended September 30, 2024, we recognized a $51.7 million net change in unrealized
depreciation on investments due to the one-time write-down of the purchase premium allocated to former
GBDC 3 investments acquired in the GBDC 3 Merger.
(7)
Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets
resulting from operations divided by (b) the daily average of total net assets. Total return does not include
sales load.
(8)
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 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 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;
99

•
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;
•
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.
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 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.
GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital
BDC 3 CLO 1 LLC, or the GBDC 3 2021 Issuer, under a collateral management agreement, or the GBDC 3
2021 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the
principal balance of the portfolio loans held by the GBDC 3 2021 Issuer at the beginning of the collection period
relating to each payment date, which is payable in arrears on each payment date. Under the GBDC 3 2021
Collateral Management Agreement, the term ‘‘collection period’’ refers to the period commencing on the tenth
business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to
such payment date.
100

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3
ABS 2022-1 LLC, or the GBDC 3 2022 Issuer, under a collateral management agreement, or the GBDC 3 2022-2
Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal
balance of the portfolio loans held by the GBDC 3 2022 Issuer at the beginning of the collection period relating to
each payment date, which is payable in arrears on each payment date. Under the GBDC 3 2022 Collateral
Management Agreement, the term ‘‘collection period’’ relating to any payment date, refers to the period commencing
on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day
prior to such payment date. GC Advisors, as collateral manager for our indirect, wholly owned, consolidated
subsidiary, Golub Capital BDC 3 CLO 2 LLC, or the GBDC 3 2022-2 Issuer, under a collateral management
agreement, or the GBDC 3 2022-2 Collateral Management Agreement, is entitled to receive an annual fee in an
amount equal to 0.35% of the principal balance of the portfolio loans held by the GBDC 3 2022-2 Issuer at the
beginning of the collection period relating to each payment date, which is payable in arrears on each payment date.
Under the GBDC 3 2022-2 Collateral Management Agreement, the term ‘‘collection period’’ refers to the period
commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth
business day prior to such payment date.
Collateral management fees are paid directly by the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3
2022 Issuer and GBDC 3 2022-2 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. Before we acquired the GCIC 2018
Issuer as part of our acquisition of Golub Capital Investment Corporation, a Maryland corporation, or GCIC, on
September 6, 2019, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its
services in connection with the initial structuring of the GCIC 2018 Debt Securitization. Before we acquired the
GBDC 3 2021 Issuer and GBDC 3 2022 Issuer as a part of our acquisition of Golub Capital BDC 3, Inc., or
GBDC 3, on June 3, 2024, the GBDC 3 2021 Issuer and GBDC 3 2022 Issuer paid Deutsche Bank AG, New York
Branch, structuring and placement fees for its services in connection with the structuring of the GBDC 3 2021 Debt
Securitization and the GBDC 3 2022 Debt Securitization (as defined in Note 7 of our consolidated financial
statements). Before we acquired the GBDC 3 2022-2 Issuer as a part of our acquisition of GBDC 3 on June 3, 2024,
the GBDC 3 2022-2 Issuer paid GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc. structuring and
placement fees for its services in connection with the structuring of the GBDC 3 2022-2 Debt Securitization (as
defined in Note 7 of our consolidated financial statements). Term debt securitizations are also known as CLOs, and are
a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage
requirement. The 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer and GBDC 3 2022-2
Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants,
legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and
providing required services in connection with the administration of the 2018 Debt Securitization, GCIC 2018 Debt
Securitization, the GBDC 3 2021 Debt Securitization, the GBDC 3 2022 Debt Securitization and the GBDC 3 2022-2
Debt Securitization and collectively the Debt Securitizations, as applicable.
We believe that these administrative expenses approximate the amount of ongoing fees and expenses that we
would be required to pay in connection with a traditional secured credit facility. Our common stockholders
indirectly bear all of these expenses.
GBDC 3 Acquisition
On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger Agreement.
Pursuant to the GBDC 3 Merger Agreement, and, immediately following the Initial GBDC 3 Merger, GBDC 3
was then merged with and into us, with us as the surviving company. As a result of, and as of the effective time
of, the GBDC 3 Merger, GBDC 3’s separate existence ceased.
In accordance with the terms of the GBDC 3 Merger Agreement, at the effective time of the GBDC 3 Merger,
each outstanding share of GBDC 3’s common stock was converted into the right to receive 0.9138 shares of our
common stock (with GBDC 3’s stockholders receiving cash in lieu of fractional shares of our common stock). As
a result of the GBDC 3 Merger, we issued an aggregate of 92,115,308 shares of our common stock to former
stockholders of GBDC 3.
Upon the consummation of the GBDC 3 Merger, we entered into the Investment Advisory Agreement, with GC
Advisors, which replaced the Fourth Amended and Restated Investment Advisory Agreement by and between the
Company and the Investment Adviser dated as of July 1, 2023 (the ‘‘Prior Investment Advisory Agreement’’).
101

Recent Developments
On November 14, 2024, our Board declared a quarterly distribution of $0.39 per share, which is payable on
December 27, 2024 to holders of record as of December 9, 2024, and a supplemental distribution of
$0.04 per share, which is payable on December 13, 2024 to holders of record as of November 29, 2024.
On November 15, 2024, we entered into an agreement with a new lender to increase the aggregate commitments
outstanding under the JPM Credit Facility to $1.9 billion from $1.8 billion as of September 30, 2024.
On November 15, 2024, we issued a notice of redemption to the holders of the GBDC 3 2022-2 Notes. The
redemption is expected to occur on December 16, 2024 pursuant to the terms of the indenture governing such
GBDC 3 2022-2 Notes. See Note 7 for a description of the outstanding GBDC 3 2022-2 Notes, including the
interest rates and maturity date of such notes.
On November 18, 2024, GBDC completed a $2.2 billion term debt securitization, (the‘‘2024 Debt
Securitization’’). In connection with the 2024 Debt Securitization closing, GBDC fully redeemed each of its
(1) 2018 Debt Securitization, (2) GCIC 2018 Debt Securitization and (3) GBDC 3 2021 Debt Securitization. See
Note 7 for a description of the outstanding 2018 Securitization Notes, GCIC 2018 Debt Securitization Notes and
the GBDC 3 2021 Debt Securitization Notes, including the interest rates and maturity date of such notes.
On November 19, 2024, all amounts outstanding under the credit facility with Deutsche Bank we assumed from
GBDC 3 were repaid, following which the agreements governing our credit facility with Deutsche Bank were
terminated.
Consolidated Results of Operations
The comparison of the fiscal years ended September 30, 2023 and 2022 can be found in our Form 10-K for the
fiscal year ended September 30, 2023 located within Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations.
Consolidated operating results for years ended September 30, 2024 and 2023 are as follows:
Year ended
Variances
September 30, 2024
September 30, 2023
2024 vs. 2023
(In thousands)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 640,326
$ 531,164
$109,162
Payment-in-kind interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49,715
40,590
9,125
Loan Origination Fees Discount Amortization . . . . . . . . . . . . . . . . . . . . . . .
22,074
19,951
2,123
Acquisition purchase premium amortization . . . . . . . . . . . . . . . . . . . . . . . .
(11,671)
(7,073)
(4,598)
Non-cash dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21,264
14,901
6,363
Dividend income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
691
1,340
(649)
Fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,278
2,217
61
Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
724,677
603,090
121,587
Total net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
341,046
310,320
30,726
Net investment income before taxes . . . . . . . . . . . . . . . . . . . . . . . .
383,631
292,770
90,861
Income and excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,195
3,682
(2,487)
Net investment income after taxes . . . . . . . . . . . . . . . . . . . . . . .
382,436
289,088
93,348
Net realized gain (loss) on investment transactions excluding purchase
premium. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(79,157)
(43,812)
(35,345)
Net realized gain (loss) on investment transactions due to purchase premium. . .
(743)
(301)
(442)
Net change in unrealized appreciation (depreciation) on investment transactions
excluding purchase premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,884
6,181
3,703
Net change in unrealized appreciation (depreciation) on investment transactions
due to purchase premium. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,415
7,374
5,041
Unrealized (depreciation) from the write-down of the GBDC 3 purchase
premium. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(51,670)
—
(51,670)
Net gain (loss) on investment transactions . . . . . . . . . . . . . . . . . . . . . .
(109,271)
(30,558)
(78,713)
(Provision) benefit for taxes on realized gain on investments . . . . . . . . . . . . .
—
(207)
207
(Provision) benefit for taxes on unrealized appreciation on investments . . . . . .
620
308
312
Net increase (decrease) in net assets resulting from operations . . . . . .
$ 273,785
$ 258,631
$ 15,154
Average earning debt investments, at fair value . . . . . . . . . . . . . . . . . . . . . .
$5,650,480
$5,117,940
$532,540
102

Year ended
Variances
September 30, 2024
September 30, 2023
2024 vs. 2023
(In thousands)
Average earning preferred equity investments, at fair value . . . . . . . . . . . . . .
$166,984
$119,625
$47,359
Net income can vary substantially from period to period for various reasons, including the recognition of realized
gains and losses and unrealized appreciation and depreciation. As a result, quarterly and year-to-date comparisons
of operating results may not be meaningful.
On September 16, 2019, and June 3, 2024, we completed our acquisitions of GCIC and GBDC 3, respectively. Each
acquisition was accounted for under the asset acquisition method of accounting in accordance with ASC 805-50,
Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC
and GBDC 3’s stockholders exceeded the relative fair values of the assets acquired and liabilities assumed, the
premium paid by us was allocated to the cost of the GCIC and GBDC 3 investments acquired by us pro-rata based on
their relative fair value. Immediately following each acquisition of GCIC and GBDC 3, we recorded its assets at their
respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC and GBDC 3
assets acquired was immediately recognized as unrealized depreciation on our Consolidated Statement of Operations.
The purchase premium allocated to investments in loan securities will amortize over the life of the loans through
interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their
ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life
of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity
securities acquired from GCIC and GBDC 3 and disposition of such equity securities at fair value, we will recognize a
realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities
acquired.
As a supplement to our GAAP financial measures, we have provided the following non-GAAP financial
measures that we believe are useful for the reasons described below:
•
‘‘Adjusted Net Investment Income’’ - excludes the amortization of the purchase price premium from net
investment income calculated in accordance with GAAP;
•
‘‘Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee’’ - Adjusted Net
Investment Income excluding the accrual or reversal for the capital gain incentive fee under GAAP;
•
‘‘Adjusted Net Realized and Unrealized Gain/(Loss)’’ - excludes the unrealized loss resulting from the
purchase premium write-down and the corresponding reversal of the unrealized loss resulting from the
amortization of the premium on loans or from the sale of equity investments from the determination of
realized and unrealized gain/(loss) determined in accordance with GAAP; and
•
‘‘Adjusted Net Income’’ - calculates net income and earnings per share based on Adjusted Net
Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).
Year ended
September 30, 2024
September 30, 2023
(In thousands)
Net investment income after taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 382,436
$289,088
Add: Acquisition purchase premium amortization . . . . . . . . . . . . . . . . . . . . .
11,671
7,073
Adjusted Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 394,107
$296,161
Net gain (loss) on investment transactions . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(109,271)
$ (30,558)
Add: Realized loss on investment transactions due to purchase premium . .
743
301
Less: Net change in unrealized appreciation on investment transactions
due to purchase premium and purchase premium write-down. . . . . . . . . .
(12,415)
(7,374)
Add: Unrealized depreciation from the write-down of the GBDC 3
purchase premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51,670
—
Adjusted Net Realized and Unrealized Gain/(Loss). . . . . . . . . . . . . . . . . .
$ (69,273)
$ (37,631)
Net increase (decrease) in net assets resulting from operations. . . . . . . . . .
$ 273,785
$258,631
103

Year ended
September 30, 2024
September 30, 2023
(In thousands)
Add: Acquisition purchase premium amortization . . . . . . . . . . . . . . . . . . . . .
11,671
7,073
Add: Realized loss on investment transactions due to purchase premium . .
743
301
Less: Net change in unrealized appreciation on investment transactions
due to purchase premium and purchase premium write-down. . . . . . . . . .
(12,415)
(7,374)
Add: Unrealized depreciation from the write-down of the GBDC 3
purchase premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51,670
—
Adjusted Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$325,454
$258,631
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.
Investment Income
Investment income increased from the year ended September 30, 2023 to the year ended September 30, 2024 by
$121.6 million, primarily due to an increase in interest and PIK interest income as a result of (1) an increase in
the average earning debt investments balance of $532.5 million driven by our acquisition of GBDC 3, and
(2) rising interest base rates coupled with an increase in non-cash dividend income driven by an increase in the
average earning preferred equity investments balance of $47.7 million.
The income yield by debt security type for years ended September 30, 2024 and 2023 are as follows:
Year ended
September 30, 2024
September 30, 2023
Senior secured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.8%
10.1%
One stop . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.0%
11.2%
Second lien . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.8%
13.6%
Subordinated debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15.0%
14.6%
Income yields on senior secured loans and one stop loans increased for the year ended September 30, 2024 as
compared to the year ended September 30, 2023, primarily due to rising interest base rates. Our loan portfolio is
partially insulated from a drop in floating interest rates, as 98.1% of the loan portfolio at fair value is subject to
an interest rate floor. As of September 30, 2024 and September 30, 2023, the weighted average base rate floor of
our loans was 0.81% and 0.80%, respectively.
As of September 30, 2024, we have second lien investments in four portfolio companies and subordinated debt
investments in seven 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.
104

Expenses
The following table summarizes our expenses for the years ended September 30, 2024 and 2023:
Year ended
Variances
September 30, 2024
September 30, 2023
2024 vs. 2023
(In thousands)
Interest and other debt financing expenses . . . . . . . . . . . . . . . . . .
$ 203,159
$ 143,230
$ 59,929
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . .
9,237
7,380
1,857
Base management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62,514
70,802
(8,288)
Income Incentive fee, net of waiver. . . . . . . . . . . . . . . . . . . . . . . .
49,839
74,066
(24,227)
Professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,496
5,041
455
Administrative service fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,320
8,300
1,020
General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . .
1,481
1,501
(20)
Net expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 341,046
$ 310,320
$ 30,726
Average debt outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,492,575
$3,069,412
$423,163
Interest Expense
Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the year
ended September 30, 2023 to the year ended September 30, 2024 by $61.8 million, primarily due to (i) the issuance of
the 2028 Notes and 2029 Notes, (ii) rising interest base rates on borrowings from our floating rate debt facilities, and
(iii) an increase in average debt outstanding of $423.2 million primarily due to the assumption of GBDC 3’s debt
facilities that was partially offset by $4.6 million of net unrealized gains related to the fair value hedge of the interest
rate swaps on the 2028 and 2029 Notes. For more information about our outstanding borrowings for the years ended
September 30, 2024 and 2023, 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 year ended September 30, 2024, the effective average interest rate, which includes amortization of debt
financing costs, amortization of discounts on notes issued non-usage facility fees and the net contractual interest
rate swap expense on the 2028 and 2029 Notes but excluding the net gain/(loss) related to the fair value hedges
associated with the 2028 and 2029 Notes interest rate swaps, on our total debt was 6.2%. For the year ended
September 30, 2023, the effective average interest rate, which includes amortization of debt financing costs,
amortization of discounts on notes issued and non-usage facility fees, on our total debt was 4.9%. The effective
average interest rate increased for the year ended September 30, 2024 compared to the year ended September 30,
2023 primarily due to the 2028 Notes and 2029 Notes issuances, the redemption of the 2024 Notes that bore
interest at a rate of 3.375% and rising interest rates on our borrowings from floating rate debt facilities.
Management Fee
The base management fee decreased from the year ended September 30, 2023 to the year ended September 30,
2024 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
2023 to 2024.
Incentive Fees
The incentive fee payable under the Investment Advisory Agreement consists of two parts: (1) the Income
Incentive Fee and (2) the Capital Gain Incentive Fee.
The Income Incentive Fee decreased by $24.2 million from the year ended September 30, 2023 to the year ended
September 30, 2024 primarily as a result of $27.3 million in aggregate waivers of Income Incentive Fees during
the year ended September 30, 2024 that offset 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 interest base
rates and an increase in non-cash dividend income during fiscal year 2024. For each of years ended
September 30, 2024 and 2023, we were fully through the Income Incentive Fee ‘‘catch-up’’ provision. The
105

Income Incentive Fee was equal to 15% of Pre-Incentive Fee Net Investment Income, net of the GBDC 3 Merger
Waiver, for the nine months ended September 30, 2024, and 20% of Pre-Incentive Fee Net Investment Income
for the three months ended December 31, 2023.
As of September 30, 2024 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 September 30, 2024 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 increased by
$1.5 million from the year ended September 30, 2023 to the year ended September 30, 2024, 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 years ended September 30, 2024 and 2023 were
$13.0 million and $8.2 million, respectively.
As of September 30, 2024 and September 30, 2023, included in accounts payable and other liabilities were
$2.7 million and $2.0 million, respectively, of expenses paid on behalf of us by the Administrator.
Net Realized and Unrealized Gains and Losses
The following table summarizes our net realized and unrealized gains (losses) for years ended September 30,
2024 and 2023:
Year ended
Variances
September 30, 2024
September 30, 2023
2024 vs. 2023
(In thousands)
Net realized gain (loss) from investments . . . . . . . . . . . . . . . . . .
$(81,577)
$ (46,496)
$(35,081)
Net realized gain (loss) from foreign currency transactions . . . .
(1,969)
(328)
(1,641)
Net realized gain (loss) from forward currency contracts . . . . . .
3,646
2,711
935
Net realized gain (loss) on investment transactions . . . . . . . . .
$(79,900)
$ (44,113)
$(35,787)
Unrealized appreciation from investments . . . . . . . . . . . . . . . . . .
$ 78,627
$100,427
$(21,800)
Unrealized (depreciation) from investments . . . . . . . . . . . . . . . . .
(59,005)
(86,160)
27,155
Unrealized loss from write-down of the GBDC 3 purchase
premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(51,670)
—
(51,670)
Unrealized appreciation (depreciation) from forward currency
contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(19,011)
(17,392)
(1,619)
Unrealized appreciation (depreciation) on foreign currency
translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21,688
16,680
5,008
Net change in unrealized appreciation (depreciation) on
investment transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(29,371)
$ 13,555
$(42,926)
During the year ended September 30, 2024, we had a net realized loss of $79.9 million, primarily attributable to
realized losses recognized on (i) the restructure of equity and debt investments of multiple portfolio companies
during the year ended September 30, 2024 and (ii) the disposition of equity and debt investments of a portfolio
106

company that were partially offset by (i) realized gains recognized on the sale of equity investments in multiple
portfolio companies throughout the year ended September 30, 2024 and, to a lesser extent, (ii) net realized gains
recognized on the settlement of forward currency contracts and the translation of foreign currency amounts and
transactions into U.S. dollars. During the year ended September 30, 2023, we had a net realized loss of
$44.1 million primarily attributable to the realized loss recognized on the restructuring of debt investments of
multiple portfolio companies and the disposition of equity and debt investments of multiple portfolio company
investments that were partially offset by realized gains on the sale of equity investments in multiple portfolio
companies and gains on the settlement of forward currency contracts.
For the year ended September 30, 2024, we had $78.6 million in unrealized appreciation on 190 portfolio
company investments, which was offset by $59.0 million in unrealized depreciation on 230 portfolio company
investments. For the year ended September 30, 2023, we had $100.4 million in unrealized appreciation on
191 portfolio company investments, which was offset by $86.2 million in unrealized depreciation on
179 portfolio company investments.
Unrealized appreciation for the year ended September 30, 2024 primarily resulted from the reversal of unrealized
depreciation on the disposition or restructuring of portfolio company investments, improved performance of
certain portfolio companies and the reversal of unrealized depreciation due to spread tightening in the market
during the 2024 fiscal year. Unrealized appreciation for the year ended September 30, 2023 primarily resulted
from the reversal of unrealized depreciation on the sale, restructuring or disposition of portfolio company
investments, loan repayments and improved performance of certain portfolio companies. Unrealized depreciation
for the year ended September 30, 2024 primarily resulted from isolated deterioration in the credit performance of
certain portfolio companies that were moved to or on non-accrual status as well as certain portfolio companies
with pre-existing credit challenges. Unrealized depreciation for the year ended September 30, 2023 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 isolated deterioration in the credit
performance of a small number of portfolio companies.
During the year ended September 30, 2024, we recognized a $51.7 million net change in unrealized depreciation
on investments due to a one-time purchase premium write-down in connection to the GBDC 3 Merger.
Liquidity and Capital Resources
For the year ended September 30, 2024, we experienced a net increase in cash and cash equivalents, foreign
currencies, restricted cash and cash equivalents and restricted foreign currencies of $219.7 million. During the
year, cash provided by operating activities was $343.9 million, primarily driven by proceeds from principal
payments and sales of portfolio investments of $1,262.9 million and net investment income after tax of
$382.4 million, offset by fundings of portfolio investments of $1,299.9 million. Lastly, cash used in financing
activities was $124.2 million, primarily driven by borrowings on debt of $2,928.6 million, offset by repayments
of debt of $2,690.9 million and distributions paid of $338.2 million.
For the year ended September 30, 2023, we experienced a net decrease in cash and cash equivalents, foreign
currencies, restricted cash and cash equivalents and restricted foreign currencies of $40.2 million. During the
year, cash provided by operating activities was $195.4 million, primarily driven by proceeds from principal
payments and sales of portfolio investments of $670.2 million and net investment income after excise tax of
$289.1 million, offset by fundings of portfolio investments of $675.3 million. Lastly, cash used by financing
activities was $235.5 million, primarily driven by repayments of debt of $627.1 million, distributions paid of
$191.5 million and purchases of common stock under the DRIP of $46.9 million, offset by borrowings on debt of
$652.6 million.
As of September 30, 2024 and September 30, 2023, we had cash and cash equivalents of $123.1 million and
$65.6 million, respectively. In addition, we had foreign currencies of $8.0 million and $4.2 million as of
September 30, 2024 and September 30, 2023, respectively, restricted cash and cash equivalents of $227.2 million
and $70.4 million as of September 30, 2024 and September 30, 2023, respectively, and restricted foreign
currencies of $1.2 million as of September 30, 2024. As of September 30, 2023, we had no restricted foreign
currencies. 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
107

can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines
under our debt securitizations or credit facilities, as applicable. As of September 30, 2024, $136.3 million of
restricted cash was retained for partial repayments on the notes of certain of our debt securitizations that are past
their reinvestment period term.
Revolving Debt Facilities
JPM Credit Facility - On February 11, 2021, we entered into the JPM Credit Facility, which, as of
September 30, 2024, allowed us to borrow up to $1.82 billion at any one time outstanding, subject to leverage
and borrowing base restrictions. As of September 30, 2024 and September 30, 2023, we had outstanding debt
under the JPM Credit Facility of $956.6 million and $784.4 million, respectively. As of September 30, 2024 and
September 30, 2023, subject to leverage and borrowing base restrictions, we had $865.9 million and
$703.1 million, respectively, of remaining commitments and availability on the JPM Credit Facility.
GBDC 3 DB Credit Facility - Effective June 3, 2024, we assumed, as a result of the GBDC 3 Merger, the GBDC 3
DB Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of September 30, 2024,
allowed us to borrow up to $625.0 million at any one time outstanding, subject to leverage and borrowing base
restrictions. As of September 30, 2024, we had outstanding debt under the GBDC 3 DB Credit Facility of
$411.5 million. As of September 30, 2024, subject to leverage and borrowing base restrictions, we had $213.5 million
of remaining commitments and $113.9 million of availability on the GBDC 3 DB Credit Facility.
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 $200.0 million at any one
time outstanding as of September 30, 2024. 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
September 30, 2024 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 September 30, 2024 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 September 30, 2024 and September 30, 2023, we had outstanding debt under
the 2018 Debt Securitization of $230.0 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 September 30, 2024 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 September 30, 2024
and September 30, 2023, we had outstanding debt under the GCIC 2018 Debt Securitization of $252.8 million
and $513.5 million, respectively.
GBDC 3 2021 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the
GBDC 3 2021 Debt Securitization. The Class A, Class B, Class C-1, and Class C-2 GBDC 3 2021 Notes are
included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt and the Class D
and Subordinated 2021 GBDC 3 Notes were eliminated in consolidation. As of September 30, 2024, we had debt
outstanding under the GBDC 3 2021 Debt Securitization of $298.0 million.
GBDC 3 2022 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the
GBDC 3 2022 Debt Securitization. The Class A Senior Secured Floating Rate GBDC 3 Notes are included in the
September 30, 2024 Consolidated Statements of Financial Condition as our debt and the GBDC 3 Subordinated
Notes were eliminated in consolidation. As of September 30, 2024, we had debt outstanding under the
GBDC 3 2022 Debt Securitization of $236.8 million.
GBDC 3 2022-2 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger,
the GBDC 3 2022-2 Debt Securitization. The Class A 2022-2 Notes and Class A GBDC 3 2022-2 Loan are
included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt and
Subordinated GBDC 3 2022-2 Notes were eliminated in consolidation. As of September 30, 2024, we had debt
outstanding under the GBDC 3 2022-2 Debt Securitization of $225.0 million.
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Due to the interplay of the 1940 Act restrictions on principal and joint transactions and the U.S. risk retention
rules adopted pursuant to Section 941 of Dodd-Frank, as a business development company, we sought and
received no action relief from the SEC to ensure we could engage in CLO financings in which assets are
transferred through GC Advisors.
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
September 30, 2024 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 September 30, 2024 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 September 30, 2024.
On December 5, 2023, we entered into an interest rate swap on the 2028 Notes pursuant to which we agreed to
receive a fixed rate of 7.310% and pay a rate of one-month Term SOFR plus 3.327%. The interest rate swap is
designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and
terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the
change in fair value of an effective hedge accounting relationship.
On April 11, 2024, we entered into an interest rate swap on the remaining portion of the 2028 Notes pursuant to
which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest
rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is
$225.0 million and terminates on November 5, 2028.
2029 Notes
On February 1, 2024, we issued $600.0 million in aggregate principal amount of the 2029 Notes, all of which
remained outstanding as our debt as of September 30, 2024.
On February 1, 2024, we entered into an interest rate swap on the 2029 Notes pursuant to which we agreed to
receive a fixed rate of 6.248% and pay a rate of one-month Term SOFR plus 2.444%. The interest rate swap is
designated as an effective hedge accounting instrument. The notional amount of the swap is $600.0 million and
terminates on July 15, 2029.
Equity Distribution Agreement
On October 6, 2023, we entered into an 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 September 30, 2024 and September 30, 2023, there have been no
common stock issuances under either the 2021 or 2023 Equity Distribution Agreements.
Asset Coverage, Contractual Obligations, Off-Balance Sheet Arrangements and Other Liquidity Considerations
As of September 30, 2024, 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
109

September 30, 2024, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 186.0% and
1.16x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash and cash
equivalents and foreign currencies, was 1.12x as of September 30, 2024.
On August 2, 2024, 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 year ended September 30, 2024, we repurchased
331,928 shares of our common stock for an aggregate repurchase price of approximately $4.8 million. During the
year ended September 30, 2023, we repurchased 1,300,928 shares of our common stock for an aggregate
repurchase price of approximately $16.9 million.
As of September 30, 2024 and September 30, 2023, we had outstanding commitments to fund investments
totaling $717.9 million and $189.4 million, respectively. As of September 30, 2024, total commitments of
$717.9 million included $157.6 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 September 30, 2024 is included in Note 7 of our consolidated financial statements. We did not have any other
material contractual payment obligations as of September 30, 2024. As of September 30, 2024, 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, GBDC 3 DB Credit Facility and JPM Credit Facility, as well
as ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in
larger portfolio companies that are saleable over a relatively short period to generate cash.
In addition, we have entered and, in the future, could again enter into derivative instruments that contain
elements of off-balance sheet market and credit risk. Refer to Note 5 of our consolidated financial statements for
outstanding forward currency contracts and interest rate swap agreements as of September 30, 2024 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 could realize a loss. We minimize market
risk through monitoring its investments and borrowings.
Although we expect to fund the growth of our investment portfolio through the net proceeds from future
securities offerings and future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our
efforts to raise capital will be successful. In addition, from time to time, we can amend or refinance our leverage
facilities and securitization financings, to the extent permitted by applicable law. In addition to capital not being
available, it also could not be available on favorable terms. To the extent we are not able to raise capital on what
we believe are favorable terms, we will focus on optimizing returns by investing capital generated from
repayments into new investments we believe are attractive from a risk/reward perspective. Furthermore, to the
extent we are not able to raise capital and are at or near our targeted leverage ratios, we expect to receive
smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy and have, in
the past, received such smaller allocations under similar circumstances.
Portfolio Composition, Investment Activity and Yield
As of September 30, 2024 and September 30, 2023, we had investments in 381 and 342 portfolio companies,
respectively, with a total fair value of $8.2 billion and $5.5 billion, respectively.
110

The following table shows the asset mix of our new investment commitments for the years ended September 30,
2024 and 2023:
Year ended
September 30, 2024
September 30, 2023
(In thousands)
Percentage
(In thousands)
Percentage
Senior secured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 103,290
6.8%
$ 20,700
3.2%
One stop . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,392,212
91.9
596,306
92.5
Second lien . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,141
0.5
9,774
1.5
Subordinated debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,979
0.1
50
0.0*
Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,926
0.7
17,784
2.8
Total new investment commitments . . . . . . . . . . . . . . . .
$1,515,548
100.0%
$644,614
100.0%
*
Represents an amount less than 0.1%.
For the year ended September 30, 2024, we had approximately $1,262.9 million in proceeds from principal
payments and sales of portfolio investments.
For the year ended September 30, 2023, we had approximately $670.2 million in proceeds from principal
payments and sales of portfolio investments.
The following table shows the principal, amortized cost and fair value of our portfolio of investments by asset class:
As of September 30, 2024(1)
As of September 30, 2023(2)
Principal
Amortized
Cost
Fair
Value
Principal
Amortized
Cost
Fair
Value
(In thousands)
(In thousands)
Senior secured:
Performing . . . . . . . . . . . . . . . . . . $ 506,457 $ 502,318 $ 499,579 $ 517,091 $ 525,896 $ 503,594
Non-accrual(3). . . . . . . . . . . . . . . .
4,046
3,860
2,807
1,630
1,553
391
One stop:
Performing . . . . . . . . . . . . . . . . . .
7,120,505
7,081,793
7,020,296
4,708,376
4,685,989
4,620,406
Non-accrual(3). . . . . . . . . . . . . . . .
151,038
134,575
89,962
104,611
77,139
57,693
Second lien:
Performing . . . . . . . . . . . . . . . . . .
13,596
13,400
13,619
27,944
29,789
27,758
Non-accrual(3). . . . . . . . . . . . . . . .
4,834
3,725
435
4,229
3,725
1,396
Subordinated debt:
Performing . . . . . . . . . . . . . . . . . .
30,410
29,943
30,175
4,585
4,538
4,488
Non-accrual(3). . . . . . . . . . . . . . . .
—
—
—
4,322
3,328
3,457
Equity . . . . . . . . . . . . . . . . . . . . . . . . . .
N/A
533,299
578,538
N/A
261,879
297,430
Total . . . . . . . . . . . . . . . . . . . . . . . . . $7,830,886 $8,302,913 $8,235,411 $5,372,788 $5,593,836 $5,516,613
(1)
As of September 30, 2024, $1,395.5 million and $1,328.0 million of our loans at amortized cost and fair
value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK
interest. As of September 30, 2024, $98.6 million and $61.3 million at amortized cost and fair value,
respectively, of our loans with a PIK feature were on non-accrual status.
(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 $62.9 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.’’
111

As of September 30, 2024, we had loans in eleven portfolio companies on non-accrual status, and non-accrual
investments as a percentage of total debt investments at cost and fair value were 1.8% and 1.2%, 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 September 30, 2024 and September 30, 2023, the fair value of our debt investments as a percentage of the
outstanding principal value was 97.8% 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 years ended September 30, 2024 and 2023:
Year ended
September 30, 2024
September 30, 2023
Weighted average rate of new investment fundings . . . . . . . . . . . . . . . . . . . .
10.2%
11.6%
Weighted average spread over the applicable base rate of new floating rate
investment fundings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.2%
6.5%
Weighted average fees of new investment fundings . . . . . . . . . . . . . . . . . . . .
0.8%
1.7%
Weighted average rate of sales and payoffs of portfolio investments . . . . . .
11.0%
9.8%
As of September 30, 2024, 98.0% and 98.1% of our debt portfolio at amortized cost and at fair value, respectively,
had interest rate floors that limit the minimum applicable interest rates on such loans. As of 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.
As of September 30, 2024 and September 30, 2023, the portfolio median1 earnings before interest, taxes, depreciation
and amortization, or EBITDA, for our portfolio companies was $63.7 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.
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.
112

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.
The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at
fair value as of September 30, 2024 and September 30, 2023:
As of September 30, 2024
As 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 158,656
1.9%
$
50,279
0.9%
4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,013,631
85.2
4,647,644
84.2
3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
955,079
11.6
803,724
14.6
2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108,045
1.3
14,966
0.3
1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$8,235,411
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 September 30, 2024 and September 30, 2023.
Weighted Average Price1
Category
September 30, 2024
September 30, 2023
Internal Performance Ratings 4 and 5 (Performing At or Above
Expectations). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.5%
98.9%
Internal Performance Rating 3 (Performing Below Expectations) . . . . .
91.3
91.3
Internal Performance Ratings 1 and 2 (Performing Materially Below
Expectations). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58.2
27.6
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
97.8%
97.1%
(1)
Includes only debt investments held as of September 30, 2024 and September 30, 2023. Value reflects
weighted average fair value of debt investments as a percentage of principal by Internal Performance Rating
category.
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.
113

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 most recently approved an amended and restated
Investment Advisory Agreement on June 3, 2024. The Investment Advisory Agreement amended the
Prior Investment Advisory Agreement in order to incorporate changes to the calculation of the incentive
fee rates and the incentive fee cap. Under the Investment Advisory Agreement, the incentive fee rates
were reduced from 20.0% to 15.0%, and the incentive fee cap was reduced from 20.0% to 15.0%.
None of the other material terms changed in the Investment Advisory Agreement as compared to the
Prior Investment Advisory Agreement, including the services to be provided and the calculation of the
base management fee. On August 3, 2023, effective July 1, 2023 the Board approved an amended and
restated Investment Advisory Agreement, pursuant to which the base management fee rate was reduced
from 1.375% to 1.0%.
•
GC Advisors agreed to irrevocably waive any incentive fees 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 ‘‘ GBDC
3 Merger Waiver’’) to the Investment Advisory Agreement. During the Waiver Period, as a result of the
GBDC 3 Merger Waiver, fees payable to the Investment Adviser under the Investment Advisory
Agreement, net of the GBDC 3 Merger Waiver, will equal those that would be payable under the
investment advisory agreement that would be entered into and effective upon closing of the
GBDC 3 Merger Agreement.
•
Golub Capital LLC provides, and other affiliates of Golub Capital have historically provided, us with
the office facilities and administrative services necessary to conduct day-to-day operations pursuant to
our Administration Agreement.
•
We have entered into a license agreement with Golub Capital LLC, pursuant to which Golub Capital
LLC has granted us a non-exclusive, royalty-free license to use the name ‘‘Golub Capital.’’
•
Under 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.
114

•
GC Advisors serves as collateral manager to the 2018 Issuer, the GCIC 2018 Issuer, the GBDC 3 2021
Issuer, the GBDC 3 2022 Issuer and the GBDC 3 2022-2 Issuer under the 2018 Collateral Management
Agreement, the GCIC 2018 Collateral Management Agreement the 2021 Collateral Management
Agreement, the 2022 Collateral Management Agreement and the 2022-2 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. On June 11, 2024, we amended the Adviser Revolver to increase the
borrowing capacity under the Adviser Revolver from $100.0 million to $200.0 million.
•
During the third calendar quarter of 2024, the Golub Capital Employee Grant Program Rabbi Trust, or the
Trust, purchased approximately $8.1 million, or 539,702, shares of our common stock for the purpose of
awarding incentive compensation to employees of Golub Capital. Through the first three calendar quarters of
2024, the Trust purchased approximately $8.2 million, or 544,702 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.
•
Effective June 3, 2024, we assumed in the GBDC 3 Merger an unsecured line of credit with GC
Advisors that allowed for borrowing up to $100.0 million, which we subsequently terminated effective
June 11, 2024.
•
On September 16, 2019, we completed our acquisition of GCIC pursuant to the GCIC Merger
Agreement.
•
On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger
Agreement, GBDC 3 was merged with and into us, with us as the surviving company. As a result of,
and as of the effective time of the GBDC 3 Merger, GBDC 3’s separate existence ceased.
GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds,
accounts or investment vehicles (together referred to as ‘‘accounts’’) that have investment mandates that are
similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to
Golub Capital Direct Lending Corporation, or GDLC, Golub Capital Direct Lending Unlevered Corporation, or
GDLCU, Golub Capital BDC 4, Inc., or GBDC 4, and Golub Capital Private Credit Fund, or GCRED, all of
which are unlisted business development companies that primarily focus on investing in one stop and other
senior secured loans. In addition, our officers and directors serve in similar capacities for GDLC, GDLCU,
GBDC 4 and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us,
GDLC, GDLCU, GBDC 4, GCRED and other accounts, depending on the availability of such investment and
other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could
determine that we should invest side-by-side with one or more other accounts. We do not intend to make any
investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if
they are inconsistent with GC Advisors’ allocation procedures.
In addition, we have adopted a formal code of ethics that governs the conduct of our and GC Advisors’ officers,
directors and employees. Our officers and directors also remain subject to the duties imposed by both the
1940 Act and the General Corporation Law of the State of Delaware.
Critical Accounting Policies
The preparation of financial statements and related disclosures in conformity with GAAP requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent
assets and liabilities at the date of the financial statements and revenues and expenses during the periods
reported. Actual results could materially differ from those estimates. We have identified the following items as
critical accounting policies.
Fair Value Measurements
We value investments for which market quotations are readily available at their market quotations. However, a
readily available market value is not expected to exist for many of the investments in our portfolio, and we value
these portfolio investments at fair value as determined in good faith.
115

Pursuant to Rule 2a-5 under the 1940 Act, as recently amended, effective August 2, 2024, our board of directors,
as permitted, has designated GC Advisors as the Company’s valuation designee (the ‘‘Valuation Designee’’) to
perform the determination of fair value of our investments for which market quotations are not readily available,
or valued by a third-party pricing service, in accordance with our valuation policies and procedures, subject to
the oversight of the board of directors.
Valuation methods include comparisons of the portfolio companies to peer companies that are public,
determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest
rate approach. The factors that are taken into account in fair value pricing investments include: available current
market data, including relevant and applicable market trading and transaction comparables; applicable market
yields and multiples; security covenants; call protection provisions; information rights; the nature and realizable
value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows
and the markets in which it does business; comparisons of financial ratios of peer companies that are public;
comparable merger and acquisition transactions; and the principal market and enterprise values. When an external
event such as a purchase transaction, public offering or subsequent equity sale occurs, 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 valuation designee is ultimately and solely responsible for determining, in good faith, the fair value of
investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any
other situation where portfolio investments require a fair value determination.
With respect to investments for which market quotations are not readily available, the valuation designee
undertakes a multi-step valuation process each quarter, as described below:
Our quarterly valuation process begins with each portfolio company investment being initially valued by the
investment professionals of GC Advisors responsible for the valuation function. Preliminary valuation
conclusions are then documented and discussed with our senior management and GC Advisors. The valuation
designee reviews these preliminary valuations. At least every other quarter, the valuation for each portfolio
investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The valuation
designee discusses valuations and determines the fair value of each investment in our portfolio in good faith.
Determination of fair values involves subjective judgments and estimates. Under current accounting standards,
the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of
such valuations, and any change in such valuations, on our consolidated financial statements.
We follow ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Where available, fair value is based on observable market prices or parameters, or derived from such prices or
parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models
involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the
assets or liabilities or market and the assets’ or liabilities’ complexity. Our fair value analysis, currently undertaken by
the Valuation Designee, includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are
categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their
value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or
liability as of the measurement date. The three levels are defined as follows:
Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the
measurement date.
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are
observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets
or liabilities.
Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations
where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of
fair value are based upon the best information available and could require significant management judgment
or estimation.
116

In certain cases, the inputs used to measure fair value could fall into different levels of the fair value hierarchy.
In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level
of input that is significant to the fair value measurement. Our assessment of the significance of a particular input
to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or
liability. The Valuation Designee assesses the levels of assets and liabilities at each measurement date, and
transfers between levels are recognized on the actual date of the event or change in circumstances that caused the
transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities
during the years ended September 30, 2024 and 2023. The following section describes the valuation techniques
used by us to measure different assets and liabilities at fair value and includes the level within the fair value
hierarchy in which the assets and liabilities are categorized.
Valuation of Investments
Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market
consensus prices that are corroborated by observable market data and quoted market prices for similar assets and
liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee,
based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by
or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a
readily available market quotation at least every other quarter under a valuation policy and a consistently applied
valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio
investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately
50% (based on the fair value of portfolio company investments) of 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 September 30, 2024 and September 30, 2023, with the exception of one portfolio company
investment (Level 1 investments), were valued using Level 3 inputs. As of September 30, 2024 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 interest rate
swaps were valued using Level 2 inputs.
When determining fair value of Level 3 debt and equity investments, the Valuation Designee could take into
account the following factors, where relevant: the enterprise value of a portfolio company, the nature and
realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and
discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded
securities, and changes in the interest rate environment and the credit markets generally that could affect the
price at which similar investments could be made and other relevant factors. The primary method for determining
enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s
EBITDA. A portfolio company’s EBITDA could include pro-forma adjustments for items such as acquisitions,
divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity
investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the
Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value.
For debt investments that are not determined to be credit impaired, the Valuation Designee uses a market interest
rate yield analysis to determine fair value.
In addition, for certain debt investments, the Valuation Designee could base its valuation on indicative bid and
ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that we and
others could be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept.
The Valuation Designee generally uses the midpoint of the bid/ask range as our best estimate of fair value of
such investment.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily
available market value, the fair value of the investments could differ significantly from the values that would
have been used had a market existed for such investments and could differ materially from the values that could
ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or
otherwise are less liquid than publicly traded instruments. If we were required to liquidate a portfolio investment
in a forced or liquidation sale, we could realize significantly less than the value at which such investment had
previously been recorded.
117

Our investments are subject to market risk. Market risk is the potential for changes in the value due to market
changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments
are traded.
Valuation of Other Financial Assets and Liabilities
The fair value of the 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes is based on vendor pricing received
by the Company, which is considered a Level 2 input. The fair value of our remaining debt is estimated using
Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar
instruments at the measurement date, if available.
Revenue Recognition:
Our revenue recognition policies are as follows:
Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal
amount and contractual interest terms of debt investments. Original issue discount, market discount or premium
and certain loan origination or amendment fees that are deemed to be an adjustment to yield (‘‘Loan Origination
Fees’’) are capitalized and we accrete or amortize such amounts over the life of the loan as interest income
(‘‘Discount Amortization’’). For investments with contractual PIK interest, which represents contractual interest
accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest
if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we
could generate revenue in the form of amendment, structuring or due diligence fees, fees for providing
managerial assistance, administrative agent fees, consulting fees and prepayment premiums on loans that are not
deemed to be an adjustment to yield and record these fees as fee income when earned. We record prepayment
premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income
on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be
collected. We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that
are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash
dividends are capitalized to the cost basis of the preferred equity security and are generally collected when
redeemed by the issuer. Dividend income on common equity securities is recorded on the record date for private
portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received
from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if
the distribution should be recorded as dividend income or a return of capital. Generally, we will not record
distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient
accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are
classified as a return of capital are recorded as a reduction in the cost basis of the investment.
We account for investment transactions on a trade-date basis. Realized gains or losses on investments are
measured by the difference between the net proceeds from the disposition and the cost basis of investment,
without regard to unrealized gains or losses previously recognized. We report changes in fair value of
investments from the prior period that is measured at fair value as a component of the net change in unrealized
appreciation (depreciation) on investment transactions in our Consolidated Statements of Operations and
fluctuations arising from the translation of foreign exchange rates on investments in unrealized appreciation
(depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of
Operations.
Non-accrual 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 could be recognized as income or applied to principal
depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal
and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our
non-accrual loans was $93.2 million and $62.9 million as of September 30, 2024 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
118

to meet certain source of income and asset diversification requirements, as well as timely distribute to our
stockholders dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of
investment company taxable income, as defined by the Code and determined without regard to any deduction for
dividends paid, for each tax year. We have made and intend to continue to make the requisite distributions to our
stockholders, which will generally relieve us from U.S. federal income taxes.
Depending on the level of taxable income earned in a tax year, we could choose to retain taxable income in
excess of current year dividend distributions and would distribute such taxable income in the next tax year. We
could then be required to incur a 4% excise tax on such income. To the extent that we determine that our
estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated
current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as
taxable income is earned. For the years ended September 30, 2024 and 2023, $1.1 million and $3.7 million,
respectively, was recorded for U.S. federal excise tax. For the year ended September 20, 2022, we did not incur
U.S. federal excise tax.
We have consolidated subsidiaries that are subject to U.S. federal and state corporate-level income taxes. For the
year ended September 30, 2024, $0.1 million was recorded for U.S. income taxes. For the year ended
September 30, 2023, we recorded a net tax benefit of $0.1 million for taxable subsidiaries. As of September 30,
2024 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 $0.8 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 could
differ from net investment income and realized gains recognized for financial reporting purposes. Differences
could be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial
statements to reflect their tax character. For example, permanent differences in classification could result from the
treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary
differences arise when certain items of income, expense, gain, or loss are recognized at some time in the future.
119

Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
We are subject to financial market risks, including valuation risk and changes in interest rates.
Valuation Risk. Most of our investments will not have a readily available market price. To ensure accurate
valuations, our investments are valued at fair value in good faith by the Investment Adviser, as our valuation
designee, subject to the oversight of our board of trustees based on, among other things, the input of independent
third-party valuation firms engaged at the direction of the valuation designee, and in accordance with our
valuation policy. There is no single standard for determining fair value. As a result, determining fair value
requires that judgment be applied to the specific facts and circumstances of each investment while employing a
consistently applied valuation process for the investments we hold. Due to the inherent uncertainty of
determining the fair value of investments that do not have a readily available market value, the fair value of our
investments could fluctuate from period to period, if we were required to liquidate a portfolio investment in a
forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.
Interest Rate Risk. Many of the loans in our portfolio have floating interest rates, and we expect that our loans
in the future could also have floating interest rates. These loans are usually based on floating SOFR or another
base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to
current market rates on a daily, monthly, quarterly, semi-annual, or annual basis. The loans that are subject to
floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on
our loans if the current market rates are below the respective floors. As of September 30, 2024 and
September 30, 2023, the weighted average floor on loans subject to floating interest rates was 0.81% 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 Class A GBDC 3 Notes and
Class A GBDC 3 Loans issued in connection with the GBDC 3 2022-2 Debt Securitization have floating rate
provisions based on three-month term SOFR, the Class A Senior Secured GBDC 3 Notes issued in connection
with the GBDC 3 2022 Debt Securitization have floating rate interest provisions based on three-month term
SOFR and the Class A, B, and C-1 GBDC 3 2021 Notes issued in connection with the GBDC 3 2021 Debt
Securitization have floating rate interest provisions based on three-month SOFR plus a spread adjustment. The
JPM Credit Facility has a floating interest rate provision that, as of September 30, 2024, 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. The GBDC 3 DB Credit Facility has a floating interest rate provision
equal to three-month term SOFR plus a spread of 2.30%. We have entered into two interest rate swaps on the
2028 Notes and one interest rate swap on the 2029 Notes, these swaps have floating rate provisions based on
one-month SOFR plus a spread of 3.327%, one-month SOFR plus a spread of 2.835% and one-month SOFR plus
a spread of 2.444%, respectively. We expect that other credit facilities into which we enter in the future could
have floating interest rate provisions.
Assuming that the Consolidated Statement of Financial Condition as of September 30, 2024 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 . . . . . . . . . . . . . . . . .
$(154,715)
$(72,243)
$(82,472)
Down 150 basis points . . . . . . . . . . . . . . . . .
(116,036)
(54,182)
(61,854)
Down 100 basis points . . . . . . . . . . . . . . . . .
(77,357)
(36,121)
(41,236)
Down 50 basis points . . . . . . . . . . . . . . . . . .
(38,679)
(18,061)
(20,618)
Up 50 basis points. . . . . . . . . . . . . . . . . . . . .
38,679
18,061
20,618
Up 100 basis points. . . . . . . . . . . . . . . . . . . .
77,357
36,121
41,236
Up 150 basis points. . . . . . . . . . . . . . . . . . . .
116,036
54,182
61,854
Up 200 basis points. . . . . . . . . . . . . . . . . . . .
154,715
72,243
82,472
(1)
Assumes applicable three-month base rate as of September 30, 2024, with the exception of SONIA and
Prime that utilize the September 30, 2024 rate.
120

Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of September 30,
2024, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in
our portfolio and other business developments, including borrowings under the Debt Securitizations, the JPM
Credit Facility, the GBDC 3 DB 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 could insulate us against adverse changes in
interest rates, they could also limit our ability to participate in the benefits of lower interest rates with respect to
the investments in our portfolio with fixed interest rates.
121

Item 8.
Consolidated Financial Statements and Supplementary Data
Index to Consolidated Financial Statements
Management’s Report on Internal Control over Financial Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
123
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42) . . . . . . . . . . . . . . . . . . . . . . .
124
Consolidated Statements of Financial Condition as of September 30, 2024 and 2023 . . . . . . . . . . . . . . . . .
127
Consolidated Statements of Operations for the Years Ended September 30, 2024, 2023 and 2022 . . . . . . .
128
Consolidated Statements of Changes in Net Assets for the Years Ended September 30, 2024, 2023 and
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129
Consolidated Statements of Cash Flows for the Years Ended September 30, 2024, 2023 and 2022 . . . . . .
130
Consolidated Schedules of Investments as of September 30, 2024 and 2023 . . . . . . . . . . . . . . . . . . . . . . . .
132
Notes to the Consolidated Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
225
122

Management’s Report on Internal Control over Financial Reporting
The management of Golub Capital BDC, Inc. (‘‘GBDC,’’ and collectively with its subsidiaries, the
‘‘Company,’’ ‘‘we,’’ ‘‘us,’’ ‘‘our’’ and ‘‘Golub Capital BDC’’) is responsible for establishing and maintaining
adequate internal control over financial reporting. Our internal control system is a process designed to provide
reasonable assurance to our management and board of directors regarding the preparation and fair presentation of
published financial statements.
Golub Capital BDC’s internal control over financial reporting includes policies and procedures that pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect transactions recorded necessary to
permit the preparation of financial statements in accordance with U.S. generally accepted accounting principles.
Our policies and procedures also provide reasonable assurance that receipts and expenditures are being made
only in accordance with authorizations of management and the directors of Golub Capital BDC, and provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of
our assets that could have a material effect on our financial statements.
All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those
systems determined to be effective can provide only reasonable assurance with respect to financial statement
preparation and presentation. Also, projections of any evaluation of effectiveness as to future periods are subject
to the risk that controls could become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures could deteriorate.
Management assessed the effectiveness of Golub Capital BDC’s internal control over financial reporting as of
September 30, 2024. In making this assessment, we used the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission in Internal Control — Integrated Framework issued in 2013. Based
on the assessment, management believes that, as of September 30, 2024, our internal control over financial
reporting is effective based on those criteria.
Golub Capital BDC’s independent registered public accounting firm that audited the financial statements has
issued an audit report on the effectiveness of our internal control over financial reporting as of September 30,
2024. This report appears on page 127.
123

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Golub Capital BDC, Inc. and Subsidiaries
Opinion on the Financial Statements
We have audited the accompanying consolidated statements of financial condition of Golub Capital BDC, Inc.
and Subsidiaries (the Company), including the consolidated schedules of investments, as of September 30, 2024
and 2023, the related consolidated statements of operations, changes in net assets, and cash flows for each of the
three years in the period ended September 30, 2024, and the related notes (collectively referred to as the
‘‘consolidated financial statements’’). In our opinion, the consolidated financial statements present fairly, in all
material respects, the financial position of the Company at September 30, 2024 and 2023, and the results of its
operations, changes in its net assets, and its cash flows for each of the three years in the period ended
September 30, 2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), the Company’s internal control over financial reporting as of September 30, 2024,
based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (2013 framework), and our report dated November 19, 2024
expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express
an opinion on the Company’s financial statements based on our audits. We are a public accounting firm
registered with the PCAOB and are required to be independent with respect to the Company in accordance with
the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. Our procedures included confirmation of investments owned as of
September 30, 2024 and 2023, by correspondence with the custodians, the underlying investees and brokers.
Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial
statements that was communicated or required to be communicated to the audit committee and that: (1) relates to
accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our
opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical
audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to
which it relates.
124

Valuation of investments using significant unobservable inputs and assumptions
Description of
the Matter
At September 30, 2024, the fair value of the Company’s investments categorized as Level 3
investments within the fair value hierarchy (Level 3 investments) totaled $8,235,293 thousand.
Management determines the fair value of the Company’s Level 3 investments by applying the
methodologies outlined in Notes 2 and 6 to the consolidated financial statements and using
significant unobservable inputs and assumptions. Determining the fair value of the Level 3
investments requires management to make judgments about the valuation methodologies
(i.e., market approach or income approach) and significant unobservable inputs and assumptions
including, among others, EBITDA multiples, revenue multiples, and market interest rates for
similar loans with similar credit profiles, used in determining the fair value measurements.
Auditing the fair value of the Company’s Level 3 investments was complex, as the
unobservable inputs and assumptions used by the Company are highly judgmental, are sensitive
to economic dislocations, and could have a significant effect on the fair value measurements of
such investments.
How We
Addressed the
Matter in Our
Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of
controls over the Company’s investment valuation process. This included controls over
management’s assessment of the valuation methodologies and significant unobservable inputs
and assumptions used in determining the fair value measurements of the Level 3 investments.
Our audit procedures included, among others, evaluating the Company’s valuation
methodologies, testing the significant unobservable inputs and assumptions used by the
Company in determining the fair value of the Company’s Level 3 investments, and testing the
mathematical accuracy of the Company’s valuation calculations. For a sample of the Company’s
Level 3 investments, and in some cases, with the involvement of our valuation specialists, we
independently developed fair value estimates and compared them to the Company’s estimates.
We developed our independent fair value estimates by using borrower financial information,
which we compared to confirmations sent to the borrowers or agreements or underlying source
documents provided to the Company by the borrowers, and available market information from
third-party sources, such as market spreads, market multiples, and leverage. In developing our
independent fair value estimates, we considered the impact of current economic conditions on
trends in borrower financial information and the resulting fair value estimates. We also
evaluated subsequent events and other available information and considered whether they
corroborated or contradicted the Company’s year-end valuations.
/s/ Ernst & Young LLP
We have served as the Company’s auditor since 2015.
Chicago, Illinois
November 19, 2024
125

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Golub Capital BDC, Inc. and Subsidiaries
Opinion on Internal Control Over Financial Reporting
We have audited Golub Capital BDC, Inc. and Subsidiaries’ internal control over financial reporting as of
September 30, 2024, based on criteria established in Internal Control-Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In
our opinion, Golub Capital BDC, Inc. and Subsidiaries (the Company) maintained, in all material respects,
effective internal control over financial reporting as of September 30, 2024, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), the consolidated statements of financial condition, including the consolidated schedules of
investments, of the Company as of September 30, 2024 and 2023, the related consolidated statements of operations,
changes in net assets, and cash flows for each of the three years in the period ended September 30, 2024, and the
related notes and our report dated November 19, 2024 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for
its assessment of the effectiveness of internal control over financial reporting included in the accompanying
Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the
Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered
with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether effective internal control over financial
reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that
a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based
on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We
believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
/s/ Ernst & Young LLP
Chicago, Illinois
November 19, 2024
126

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)
September 30,
2024
September 30,
2023
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments. . . . . . . . . . . . . . . . . . . .
$
8,011,824
$
5,416,739
Non-controlled affiliate company investments . . . . . . . . . . . . . . . . . . . . . . .
211,382
87,084
Controlled affiliate company investments. . . . . . . . . . . . . . . . . . . . . . . . . . .
12,205
12,790
Total investments, at fair value (amortized cost of $8,302,913 and
$5,593,836, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,235,411
5,516,613
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
123,120
65,617
Foreign currencies (cost of $7,973 and $4,540, respectively) . . . . . . . . . . . . .
8,044
4,208
Restricted cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
227,152
70,381
Restricted foreign currencies (cost of $1,219 and $0, respectively) . . . . . . . .
1,236
—
Cash collateral held at broker for derivatives. . . . . . . . . . . . . . . . . . . . . . . . . .
650
—
Interest receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74,036
58,054
Net unrealized appreciation on derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31,712
14,941
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,617
3,658
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
8,705,978
$
5,733,472
Liabilities
Debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,624,791
$
3,133,332
Less unamortized debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(25,361)
(15,613)
Debt less unamortized debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . .
4,599,430
3,117,719
Unrealized depreciation on derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,222
—
Interest payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45,701
24,749
Management and incentive fees payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33,619
35,277
Accrued trustee fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
178
331
Accounts payable and other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10,299
7,518
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,691,449
3,185,594
Commitments and Contingencies (Note 9)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized,
zero shares issued and outstanding as of September 30, 2024 and
September 30, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
Common stock, par value $0.001 per share, 350,000,000 shares
authorized, 264,277,128 and 169,594,742 shares issued and
outstanding as of September 30, 2024 and September 30, 2023,
respectively. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
264
170
Paid in capital in excess of par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,167,258
2,646,912
Distributable earnings (losses). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(152,993)
(99,204)
Total Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,014,529
2,547,878
Total Liabilities and Total Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
8,705,978
$
5,733,472
Number of common shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
264,277,128
169,594,742
Net asset value per common share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
15.19
$
15.02
127
See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except share and per share data)
Year ended September 30,
2024
2023
2022
Investment income
From non-controlled/non-affiliate company investments:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
645,747
$
542,780
$
355,358
Payment-in-kind interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44,934
36,662
20,922
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21,955
16,241
684
Fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,154
2,124
4,232
Total investment income from non-controlled/non-affiliate company investments . . . .
714,790
597,807
381,196
From non-controlled affiliate company investments:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,982
1,356
4,275
Payment-in-kind interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,355
3,544
2,223
Fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
76
6
Total investment income from non-controlled affiliate company investments . . . . . . .
9,448
4,976
6,504
From controlled affiliate company investments:
Interest income(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(94)
(111)
Payment-in-kind interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
426
384
209
Fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
17
4
Total investment income from controlled affiliate company investments . . . . . . . . . .
439
307
102
Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
724,677
603,090
387,802
Expenses
Interest and other debt financing expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
212,396
150,610
89,378
Base management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62,514
70,802
73,866
Incentive fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77,163
74,066
17,756
Professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,496
5,041
3,607
Administrative service fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,320
8,300
7,188
General and administrative expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,481
1,501
1,720
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
368,370
310,320
193,515
Incentive fee waived (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(27,324)
—
—
Base management fee waived (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
(1,904)
Net expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
341,046
310,320
191,611
Net investment income - before tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
383,631
292,770
196,191
Excise and income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,195
3,682
72
Net investment income - after tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
382,436
289,088
196,119
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments . . . . . . . . . . . . . . . . . . . . . . .
(49,491)
(45,889)
18,759
Non-controlled affiliate company investments . . . . . . . . . . . . . . . . . . . . . . . . . .
(20,460)
320
166
Controlled affiliate company investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(11,626)
(927)
—
Foreign currency transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,969)
(328)
371
Forward currency contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,646
2,711
1,080
Net realized gain (loss) on investment transactions . . . . . . . . . . . . . . . . . . . . . . . . .
(79,900)
(44,113)
20,376
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments . . . . . . . . . . . . . . . . . . . . . . .
(47,054)
33,464
(43,796)
Non-controlled affiliate company investments . . . . . . . . . . . . . . . . . . . . . . . . . .
4,600
(18,578)
(6,886)
Controlled affiliate company investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10,406
(619)
(6,124)
Translation of assets and liabilities in foreign currencies . . . . . . . . . . . . . . . . . . .
21,688
16,680
(37,335)
Forward currency contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(19,011)
(17,392)
32,243
Net change in unrealized appreciation (depreciation) on investment transactions. . . . .
(29,371)
13,555
(61,898)
Net gain (loss) on investment transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(109,271)
(30,558)
(41,522)
(Provision) benefit for taxes on realized gains on investments . . . . . . . . . . . . . . . . .
—
(207)
(302)
(Provision) benefit for taxes on unrealized appreciation on investments. . . . . . . . . . .
620
308
(855)
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . .
$
273,785
$
258,631
$
153,440
Per Common Share Data
Basic and diluted earnings per common share (Note 12) . . . . . . . . . . . . . . . . . . . . .
$
1.36
$
1.52
$
0.90
Dividends and distributions declared per common share . . . . . . . . . . . . . . . . . . . . .
$
1.89
$
1.40
$
1.20
Basic and diluted weighted average common shares outstanding (Note 12) . . . . . . . .
201,260,961
170,324,784
170,674,570
(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.
128
See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets
(In thousands, except share data)
Common Stock
Paid in
Capital in
Excess of Par
Distributable
Earnings
(Losses)
Total Net
Assets
Shares
Par Amount
Balance at September 30, 2021. . . . . . . . . . . . . . . . . . . . . . 170,028,584
$170
$2,664,251
$ (81,729) $2,582,692
Net increase (decrease) in net assets resulting from
operations
Net investment income after taxes . . . . . . . . . . . . . . . . . .
—
—
—
196,119
196,119
Net realized gain (loss) on investment transactions . . . . . .
—
—
—
20,376
20,376
Net change in unrealized appreciation (depreciation) on
investment transactions. . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
(61,898)
(61,898)
(Provision) benefit for taxes on realized gain on
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
(302)
(302)
(Provision) benefit for taxes on unrealized appreciation on
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
(855)
(855)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment
plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
867,086
1
13,173
—
13,174
Distributions from distributable earnings . . . . . . . . . . . .
—
—
—
(204,806)
(204,806)
Tax reclassification of stockholders’ equity in accordance
with generally accepted accounting principles . . . . . . . .
—
—
(750)
750
—
Total increase (decrease) for the year ended September 30,
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
867,086
1
12,423
(50,616)
(38,192)
Balance at September 30, 2022. . . . . . . . . . . . . . . . . . . . . . 170,895,670
171
2,676,674
(132,345)
2,544,500
Repurchases of common stock, net of commission costs . .
(1,300,928)
(1)
(16,860)
—
(16,861)
Net increase (decrease) in net assets resulting from
operations
Net investment income after taxes . . . . . . . . . . . . . . . . . .
—
—
—
289,088
289,088
Net realized gain (loss) on investment transactions . . . . . .
—
—
—
(44,113)
(44,113)
Net change in unrealized appreciation (depreciation) on
investment transactions. . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
13,555
13,555
(Provision) benefit for taxes on realized gain on
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
(207)
(207)
(Provision) benefit for taxes on unrealized appreciation on
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
308
308
Distributions to stockholders:
Distributions from distributable earnings . . . . . . . . . . . .
—
—
—
(238,392)
(238,392)
Tax reclassification of stockholders’ equity in accordance
with generally accepted accounting principles . . . . . . . .
—
—
(12,902)
12,902
—
Total increase (decrease) for the year ended September 30,
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,300,928)
(1)
(29,762)
33,141
3,378
Balance at September 30, 2023. . . . . . . . . . . . . . . . . . . . . . 169,594,742
170
2,646,912
(99,204)
2,547,878
Issuance of common stock - GBDC 3 Merger . . . . . . . . . .
92,115,308
92
1,526,259
—
1,526,351
Repurchases of common stock, net of commission costs . .
(331,928)
(1)
(4,808)
—
(4,809)
Net increase (decrease) in net assets resulting from
operations:
Net investment income after taxes . . . . . . . . . . . . . . . . . .
—
—
—
382,436
382,436
Net realized gain (loss) on investment transactions . . . . . .
—
—
—
(79,900)
(79,900)
Net change in unrealized appreciation (depreciation) on
investment transactions. . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
(29,371)
(29,371)
(Provision) benefit for taxes on unrealized appreciation on
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
620
620
Distributions to stockholders:
Stock issued in connection with dividend reinvestment
plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,899,006
3
44,280
—
44,283
Distributions from distributable earnings . . . . . . . . . . . .
—
—
—
(372,959)
(372,959)
Tax reclassification of stockholders’ equity in accordance
with generally accepted accounting principles . . . . . . . .
—
—
(45,385)
45,385
—
Total increase (decrease) for the year ended September 30,
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
94,682,386
94
1,520,346
(53,789)
1,466,651
Balance at September 30, 2024. . . . . . . . . . . . . . . . . . . . . . 264,277,128
$264
$4,167,258
$(152,993) $4,014,529
129
See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year ended September 30,
2024
2023
2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . $
273,785 $ 258,631 $
153,440
Adjustments to reconcile net increase (decrease) in net assets resulting from
operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . .
9,237
7,380
7,337
Accretion of discounts and amortization of premiums on investments . . . . . . .
(10,403)
(12,878)
(9,047)
Accretion of discounts and amortization of premiums on issued debt
securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,143
424
1,715
Net realized (gain) loss on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81,577
46,496
(18,925)
Net realized (gain) loss on foreign currency transactions . . . . . . . . . . . . . . . . .
1,969
328
(371)
Net realized (gain) loss on forward currency contracts. . . . . . . . . . . . . . . . . . .
(3,646)
(2,711)
(1,080)
Net change in unrealized (appreciation) depreciation on investments . . . . . . . .
32,048
(14,267)
56,806
Net change in unrealized (appreciation) depreciation on translation of assets
and liabilities in foreign currencies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(21,688)
(16,680)
37,335
Net change in unrealized (appreciation) depreciation on interest rate swap . . .
(4,598)
—
—
Net change in unrealized (appreciation) depreciation on forward currency
contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,011
17,392
(32,243)
Proceeds from (fundings of) revolving loans, net . . . . . . . . . . . . . . . . . . . . . . .
(2,596)
(381)
(1,812)
Fundings of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,299,933) (675,341) (1,883,080)
Proceeds from principal payments and sales of portfolio investments . . . . . . .
1,262,884
670,188
1,260,787
Proceeds from settlements of forward currency contracts . . . . . . . . . . . . . . . . .
7,906
2,711
1,080
Payment-in-kind interest capitalized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(52,552)
(38,844)
(21,506)
Non-cash dividends capitalized. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(21,264)
(14,901)
—
Proceeds from non-cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47
10
—
Cash acquired in GBDC 3 Merger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53,885
—
—
Changes in operating assets and liabilities:
Cash collateral held at broker for forward currency contracts. . . . . . . . . . . .
(650)
—
6,960
Interest receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16,222
(37,260)
(2,533)
Receivable for investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,922
—
97
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,674)
(2,470)
(910)
Interest payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,281
4,365
7,868
Management and incentive fees payable. . . . . . . . . . . . . . . . . . . . . . . . . . . .
(10,579)
1,847
21,183
Accrued trustee fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(161)
106
225
Payable for investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
(294)
Accounts payable and other liabilities(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,259)
1,225
505
Net cash provided by (used in) operating activities . . . . . . . . . . . . . . . . . . . . . . .
343,914
195,370
(416,463)
Cash flows from financing activities
Borrowings on debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,928,615
652,583
1,292,672
Repayments of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,690,866) (627,094)
(741,211)
Capitalized debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(18,985)
(5,782)
(6,698)
Purchases of common stock (Note 12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,809)
(16,861)
—
Distributions paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(338,192) (191,465)
(155,208)
Purchases of common stock for dividend reinvestment plan. . . . . . . . . . . . . . . . .
—
(46,927)
(36,424)
Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . . . . . . . . .
(124,237) (235,546)
353,131
Net change in cash and cash equivalents, foreign currencies, restricted cash
and cash equivalents and restricted foreign currencies . . . . . . . . . . . . . . . . . .
219,677
(40,176)
(63,332)
Effect of foreign currency exchange rates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(331)
(171)
(458)
Cash and cash equivalents, foreign currencies, restricted cash and cash
equivalents and restricted foreign currencies, beginning of period . . . . . . . . .
140,206
180,553
244,343
Cash and cash equivalents, foreign currencies, restricted cash and cash
equivalents and restricted foreign currencies, end of period . . . . . . . . . . . . . . $
359,552 $ 140,206 $
180,553
130
See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year ended September 30,
2024
2023
2022
Supplemental disclosure of cash flow information:
Cash paid during the period for interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 180,066
$138,441
$ 72,458
Distributions declared for the period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
372,959
238,392
204,806
Supplemental disclosure of non-cash financing activities:
Stock issued in connection with dividend reinvestment plan . . . . . . . . . . . . . . . . $
44,283
$
—
$ 13,174
Acquisition of subsidiaries(2)
Noncash assets acquired:
Investments, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,623,381
$
—
$
—
Interest receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32,204
—
—
Unrealized appreciation on forward currency contracts. . . . . . . . . . . . . . . . .
6,334
—
—
Receivable for investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,922
—
—
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
154
—
—
Total noncash assets purchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,670,995
—
—
Liabilities assumed:
Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,211,174
—
—
Interest payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,671
—
—
Distributions payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,516
—
—
Management and incentive fees payable. . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,921
—
—
Accrued trustee fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
—
Accounts payable and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,040
—
—
Total liabilities assumed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,246,330
—
—
Issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,526,351
$
—
$
—
Merger costs capitalized into purchase price. . . . . . . . . . . . . . . . . . . . . . . . . . . $
3,867
$
—
$
—
The following table provides a reconciliation of cash and cash equivalents, foreign currencies, restricted cash and
cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial
Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
As of
September 30,
2024
September 30,
2023
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$123,120
$ 65,617
Foreign currencies (cost of $7,973 and $4,540, respectively) . . . . . . . . . . . . . . . . . .
8,044
4,208
Restricted cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
227,152
70,381
Restricted foreign currencies (cost of $1,219 and $0, respectively) . . . . . . . . . . . . .
1,236
—
Total cash and cash equivalents, foreign currencies, restricted cash and cash
equivalents and restricted foreign currencies shown in the Consolidated
Statements of Cash Flows(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$359,552
$140,206
(1)
Includes payment of $9,516 distribution payable to GBDC 3 shareholders that was assumed in the GBDC 3 Merger (defined in Note 2).
(2)
Refer to Note 15 for more information related to our acquisition of GBDC 3.
(3)
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.
131
See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Investments
Non-controlled/non-affiliate
company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.~+. . . . . . . . . .
One stop
SF + 6.50%(h)(i)
11.24%
02/2029
$
34,377
$
34,130
0.9%
$
34,892
PPW Aero Buyer, Inc.+ . . . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
02/2029
4,292
4,262
0.1
4,292
PPW Aero Buyer, Inc.+(5) . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
02/2029
—
(87)
—
—
PPW Aero Buyer, Inc.+ . . . . . . . . . .
One stop
SF +
6.50%(a)(h)(i)
12.20%
02/2029
52
51
—
52
38,721
38,356
1.0
39,236
Airlines
Accelya Lux Finco
S.A.R.L.<+(8)(13)(25) . . . . . . . . . . .
One stop
SF + 7.00%(i)
7.70% cash/
4.00% PIK
12/2026
8,903
8,808
0.2
8,547
Auto Components
Collision SP Subco, LLC<+ . . . . . . . .
One stop
SF + 5.50%(i)
10.75%
01/2030
886
875
—
886
Collision SP Subco, LLC+ . . . . . . . .
One stop
SF + 5.50%(h)(j)
10.36%
01/2030
162
157
—
162
Collision SP Subco, LLC+ . . . . . . . .
One stop
SF + 5.50%(i)
10.75%
01/2030
14
13
—
14
Covercraft Parent III, Inc.&+ . . . . . . . Senior secured SF + 4.50%(i)
9.97%
08/2027
6,826
6,781
0.2
6,621
Covercraft Parent III, Inc.+ . . . . . . . . Senior secured SF + 4.50%(h)
9.45%
08/2027
1,381
1,360
—
1,339
Covercraft Parent III, Inc.+ . . . . . . . . Senior secured SF + 4.50%(h)
9.62%
08/2027
60
56
—
54
North Haven Falcon Buyer, LLC<+(25).
One stop
SF + 8.00%(i)
8.12% cash/
5.00% PIK
05/2027
9,106
8,415
0.2
7,285
North Haven Falcon Buyer,
LLC+(25) . . . . . . . . . . . . . . . . . .
One stop
SF + 8.00%(i)
8.00% cash/
5.00% PIK
05/2027
1,525
1,408
—
1,220
OEConnection, LLC~+ . . . . . . . . . . .
One stop
SF + 5.25%(h)
10.10%
04/2031
10,288
10,243
0.3
10,288
OEConnection, LLC+(5) . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
04/2031
—
(8)
—
—
OEConnection, LLC+(5) . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
04/2031
—
(8)
—
—
Polk Acquisition Corp.*#+(25) . . . . . . . Senior secured SF + 7.50%(h)
10.20% cash/
2.25% PIK
12/2024
18,598
18,542
0.4
17,297
Polk Acquisition Corp.+(25) . . . . . . . . Senior secured SF + 7.50%(h)
10.20% cash/
2.25% PIK
12/2024
110
110
—
102
Polk Acquisition Corp.+(25) . . . . . . . . Senior secured SF + 7.50%(h)
10.20% cash/
2.25% PIK
12/2024
119
119
—
108
49,075
48,063
1.1
45,376
Automobiles
CAP-KSI Holdings, LLC+ . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
06/2030
6,584
6,490
0.2
6,584
CAP-KSI Holdings, LLC+ . . . . . . . .
One stop
SF + 5.25%(h)
10.10%
06/2030
182
167
—
182
CG Group Holdings, LLC*#~<+(25) . . .
One stop
SF + 8.75%(i)
11.35% cash/
2.00% PIK
07/2027
45,910
45,698
1.1
45,452
CG Group Holdings, LLC+(25) . . . . . .
One stop
SF + 8.75%(h)
11.60% cash/
2.00% PIK
07/2026
704
698
—
698
Denali Midco 2, LLC~+ . . . . . . . . . .
One stop
SF + 6.00%(h)
10.95%
12/2027
44,627
44,451
1.1
44,627
Denali Midco 2, LLC&<+ . . . . . . . . .
One stop
SF + 6.00%(h)
10.95%
12/2027
10,401
10,591
0.3
10,401
Denali Midco 2, LLC&+ . . . . . . . . . .
One stop
SF + 6.00%(h)
10.95%
12/2027
3,113
3,170
0.1
3,113
Denali Midco 2, LLC<+ . . . . . . . . . .
One stop
SF + 6.00%(h)
10.95%
12/2027
1,891
1,926
0.1
1,891
Denali Midco 2, LLC<+ . . . . . . . . . .
One stop
SF + 6.00%(h)
10.95%
12/2027
1,797
1,829
0.1
1,797
Denali Midco 2, LLC<+ . . . . . . . . . .
One stop
SF + 6.00%(h)
10.95%
12/2027
1,568
1,597
0.1
1,568
Denali Midco 2, LLC<+ . . . . . . . . . .
One stop
SF + 6.50%(h)
11.45%
12/2027
1,508
1,492
0.1
1,508
Denali Midco 2, LLC<+ . . . . . . . . . .
One stop
SF + 6.00%(h)
10.95%
12/2027
1,292
1,292
—
1,292
Denali Midco 2, LLC<+ . . . . . . . . . .
One stop
SF + 6.00%(h)
10.95%
12/2027
1,254
1,254
—
1,254
Denali Midco 2, LLC<+ . . . . . . . . . .
One stop
SF + 6.00%(h)
10.95%
12/2027
1,254
1,254
—
1,254
Denali Midco 2, LLC<+ . . . . . . . . . .
One stop
SF + 6.00%(h)
10.95%
12/2027
1,034
1,034
—
1,034
Denali Midco 2, LLC+ . . . . . . . . . . .
One stop
SF + 6.50%(h)
11.45%
12/2027
469
465
—
469
Denali Midco 2, LLC+ . . . . . . . . . . .
One stop
SF + 6.50%(h)
11.45%
12/2027
406
401
—
406
Denali Midco 2, LLC+ . . . . . . . . . . .
One stop
SF + 5.75%(h)
10.70%
12/2027
394
394
—
394
132

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Automobiles - (continued)
Denali Midco 2, LLC+ . . . . . . . . . . .
One stop
SF + 6.50%(h)
11.45%
12/2027
$
343
$
340
—%
$
343
Denali Midco 2, LLC+ . . . . . . . . . . .
One stop
SF + 6.50%(h)
11.45%
12/2027
201
200
—
201
Denali Midco 2, LLC+ . . . . . . . . . . .
One stop
SF + 6.00%(h)
10.95%
12/2027
200
197
—
200
Denali Midco 2, LLC+ . . . . . . . . . . .
One stop
SF + 6.50%(h)
11.45%
12/2027
101
100
—
101
Denali Midco 2, LLC+(5) . . . . . . . . .
One stop
SF + 5.75%)
N/A(6)
12/2027
—
(4)
—
—
High Bar Brands Operating, LLC<+ . . Senior secured SF + 5.00%(i)
9.60%
12/2029
1,435
1,430
0.1
1,435
High Bar Brands Operating, LLC<+ . . Senior secured SF + 5.00%(i)
9.60%
12/2029
299
298
—
299
High Bar Brands Operating, LLC+ . . . Senior secured SF + 5.00%(i)
9.60%
12/2029
254
250
—
254
High Bar Brands Operating, LLC+(5). . Senior secured SF + 5.25%
N/A(6)
12/2029
—
(1)
—
—
JHCC Holdings LLC~+. . . . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
09/2027
17,889
17,792
0.5
17,889
JHCC Holdings LLC<+ . . . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
09/2027
5,179
5,262
0.1
5,179
JHCC Holdings LLC+ . . . . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
09/2027
4,951
4,950
0.1
4,951
JHCC Holdings LLC+ . . . . . . . . . . .
One stop
SF + 5.25%(i)
9.87%
09/2027
3,714
3,691
0.1
3,714
JHCC Holdings LLC+ . . . . . . . . . . .
One stop
SF + 5.25%(i)
9.92%
09/2027
2,797
2,819
0.1
2,797
JHCC Holdings LLC<+ . . . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
09/2027
1,659
1,642
—
1,659
JHCC Holdings LLC<+ . . . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
09/2027
732
727
—
732
JHCC Holdings LLC<+ . . . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
09/2027
695
693
—
695
JHCC Holdings LLC+ . . . . . . . . . . .
One stop
P+ 4.25%(a)
12.25%
09/2027
66
64
—
66
MOP GM Holding, LLC*#~^+ . . . . . .
One stop
SF + 5.75%(i)
10.50%
11/2026
32,888
32,862
0.8
32,559
MOP GM Holding, LLC&+ . . . . . . . .
One stop
SF + 5.75%(j)
11.33%
11/2026
3,866
3,858
0.1
3,827
MOP GM Holding, LLC~+ . . . . . . . .
One stop
SF + 5.75%(j)
11.09%
11/2026
3,617
3,597
0.1
3,581
MOP GM Holding, LLC^+ . . . . . . . .
One stop
SF + 5.75%(j)
11.09%
11/2026
3,537
3,516
0.1
3,502
MOP GM Holding, LLC^+ . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
11/2026
2,621
2,604
0.1
2,594
MOP GM Holding, LLC&+ . . . . . . . .
One stop
SF + 5.75%(j)
11.09%
11/2026
2,161
2,149
0.1
2,140
MOP GM Holding, LLC&+ . . . . . . . .
One stop
SF + 5.75%(j)
11.09%
11/2026
1,993
1,975
—
1,973
MOP GM Holding, LLC+ . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
11/2026
726
721
—
718
MOP GM Holding, LLC+ . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
11/2026
533
530
—
528
MOP GM Holding, LLC+ . . . . . . . . .
One stop
SF + 5.75%(i)(j)
10.62%
11/2026
400
397
—
396
MOP GM Holding, LLC+ . . . . . . . . .
One stop
SF + 5.75%(j)
11.09%
11/2026
267
265
—
264
MOP GM Holding, LLC+ . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
11/2026
203
202
—
201
MOP GM Holding, LLC+ . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
11/2026
89
88
—
88
MOP GM Holding, LLC+ . . . . . . . . .
One stop
SF + 5.75%(j)
11.09%
11/2026
89
88
—
88
MOP GM Holding, LLC+(5) . . . . . . .
One stop
SF + 5.75%
N/A(6)
11/2026
—
(34)
—
—
National Express Wash Parent Holdco,
LLC&+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.74%
07/2029
9,620
9,560
0.2
9,428
National Express Wash Parent Holdco,
LLC+ . . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(j)
9.75%
07/2029
140
135
—
132
National Express Wash Parent Holdco,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
07/2029
—
(2)
—
—
POY Holdings, LLC#^&<+ . . . . . . . . .
One stop
SF + 5.50%(i)
10.25%
11/2027
28,489
28,766
0.7
28,489
POY Holdings, LLC<+ . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.25%
11/2027
3,703
3,764
0.1
3,703
POY Holdings, LLC~+ . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.25%
11/2027
1,311
1,311
—
1,311
POY Holdings, LLC+. . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.89%
11/2027
873
873
—
873
POY Holdings, LLC+. . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.25%
11/2027
651
651
—
651
POY Holdings, LLC+. . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.29%
11/2027
291
291
—
291
POY Holdings, LLC+. . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.29%
11/2027
31
29
—
31
POY Holdings, LLC+(5) . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
11/2027
—
(28)
—
—
Quick Quack Car Wash Holdings,
LLC+ . . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(h)
9.60%
06/2031
3,608
3,578
0.1
3,608
Quick Quack Car Wash Holdings,
LLC+ . . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(h)
9.60%
06/2031
140
129
—
140
Quick Quack Car Wash Holdings,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
06/2031
—
(3)
—
—
TWAS Holdings, LLC#&< . . . . . . . . .
One stop
SF + 6.75%(h)
11.70%
12/2026
46,804
46,658
1.2
46,804
TWAS Holdings, LLC*~&+ . . . . . . . .
One stop
SF + 6.75%(h)
11.70%
12/2026
41,809
41,768
1.0
41,809
133

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Automobiles - (continued)
TWAS Holdings, LLC<+. . . . . . . . . .
One stop
SF + 6.75%(h)
11.70%
12/2026
$ 10,854
$ 10,845
0.3%
$ 10,854
TWAS Holdings, LLC<+. . . . . . . . . .
One stop
SF + 6.75%(h)
11.70%
12/2026
8,288
8,354
0.2
8,288
TWAS Holdings, LLC<+. . . . . . . . . .
One stop
SF + 6.75%(h)
11.70%
12/2026
5,264
5,306
0.1
5,264
TWAS Holdings, LLC+(5) . . . . . . . . .
One stop
SF + 6.75%
N/A(6)
12/2026
—
(6)
—
—
Yorkshire Parent, Inc.<+ . . . . . . . . . .
One stop
SF + 6.00%(i)
10.60%
12/2029
2,634
2,672
0.1
2,634
Yorkshire Parent, Inc.+(5) . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
12/2029
—
(1)
—
—
Yorkshire Parent, Inc.+(5) . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
12/2029
—
(1)
—
—
382,403
382,120
9.5
381,208
Banks
OSP Hamilton Purchaser, LLC<+ . . . .
One stop
SF + 5.00%(i)
10.25%
12/2029
1,745
1,769
0.1
1,745
OSP Hamilton Purchaser, LLC+ . . . . .
One stop
SF + 5.00%(i)
10.26%
12/2029
331
325
—
331
OSP Hamilton Purchaser, LLC+ . . . . .
One stop
SF + 5.00%
N/A(6)
12/2029
—
—
—
—
2,076
2,094
0.1
2,076
Beverages
Financial Information Technologies,
LLC~&<+ . . . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
06/2030
34,626
34,555
0.9
34,626
Financial Information Technologies,
LLC+(25) . . . . . . . . . . . . . . . . . .
One stop
N/A
14.00% PIK
06/2031
19,894
19,758
0.5
19,894
Financial Information Technologies,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
06/2030
—
(1)
—
—
Financial Information Technologies,
LLC<+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
06/2030
2,221
2,218
0.1
2,221
Financial Information Technologies,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
06/2030
—
(1)
—
—
Watermill Express, LLC^+. . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
07/2029
3,064
3,046
0.1
3,072
Watermill Express, LLC+ . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
07/2029
296
296
—
297
Watermill Express, LLC+ . . . . . . . . .
One stop
SF + 5.75%(i)
10.96%
07/2029
111
108
—
111
Watermill Express, LLC<+ . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
07/2029
739
735
—
742
Watermill Express, LLC+ . . . . . . . . .
One stop
SF + 5.75%(i)
10.60%
07/2029
371
369
—
371
Watermill Express, LLC+ . . . . . . . . .
One stop
SF + 5.00%(i)
9.75%
07/2029
582
569
—
564
Winebow Holdings, Inc.~< . . . . . . . .
One stop
SF + 6.25%(h)
11.20%
12/2027
9,354
9,247
0.2
8,887
71,258
70,899
1.8
70,785
Building Products
BECO Holding Company, Inc.#~&<+ . .
One stop
SF + 5.25%(i)
10.00%
11/2028
40,999
41,632
1.0
40,999
BECO Holding Company, Inc.+(5). . . .
One stop
SF + 5.25%
N/A(6)
11/2027
—
(2)
—
—
40,999
41,630
1.0
40,999
Capital Markets . . . . . . . . . . . . . . . .
BlueMatrix Holdings, LLC~+. . . . . . .
One stop
SF + 5.25%(i)
9.85%
01/2031
2,540
2,564
0.1
2,540
BlueMatrix Holdings, LLC+ . . . . . . .
One stop
SF + 5.25%
N/A(6)
01/2031
—
—
—
—
BlueMatrix Holdings, LLC+(5) . . . . . .
One stop
SF + 5.25%
N/A(6)
01/2031
—
(7)
—
—
2,540
2,557
0.1
2,540
Chemicals
Inhance Technologies Holdings,
LLC#<+(25). . . . . . . . . . . . . . . . .
One stop
SF + 6.50%(i)
7.98% cash/
4.00% PIK
12/2024
15,132
14,768
0.3
12,257
Inhance Technologies Holdings,
LLC#&(25) . . . . . . . . . . . . . . . . .
One stop
SF + 6.50%(i)
7.98% cash/
4.00% PIK
12/2024
13,742
13,204
0.3
11,130
Inhance Technologies Holdings,
LLC<+(25) . . . . . . . . . . . . . . . . .
One stop
SF + 6.50%(i)
7.98% cash/
4.00% PIK
12/2024
2,673
2,563
0.1
2,165
Inhance Technologies Holdings,
LLC+(25) . . . . . . . . . . . . . . . . . .
One stop
SF + 6.50%(i)
7.98% cash/
4.00% PIK
12/2024
314
297
—
251
Krayden Holdings, Inc.+ . . . . . . . . . . Senior secured SF + 4.75%(h)
9.60%
03/2029
9,840
9,743
0.3
9,741
Krayden Holdings, Inc.+(5) . . . . . . . . Senior secured SF + 4.75%
N/A(6)
03/2029
—
(33)
—
(34)
Krayden Holdings, Inc.+(5) . . . . . . . . Senior secured SF + 4.75%
N/A(6)
03/2029
—
(48)
—
(49)
134

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Chemicals - (continued)
PHM NL SP Bidco B.V.+(8)(9)(14)(25) . .
One stop
E + 9.25%(d)
9.41% cash/
3.00% PIK
09/2028
$ 51,136
$ 50,266
1.1%
$ 46,023
PHM NL SP Bidco B.V.+(8)(14)(25). . . .
One stop
SF + 9.25%(g)
11.33% cash/
3.00% PIK
09/2028
19,993
19,250
0.4
17,994
PHM NL SP Bidco B.V.+(8)(9)(14)(25) . .
One stop
SN+ 6.75%(f)
8.70% cash/
3.00% PIK
09/2028
11,497
10,881
0.3
10,348
PHM NL SP Bidco B.V.+(8)(9)(14)(25) . .
One stop
E+ 6.75%(d)
7.50% cash/
3.00% PIK
09/2028
5,332
5,138
0.1
4,807
129,659
126,029
2.9
114,633
Commercial Services & Supplies
BradyIFS Holdings, LLC^+ . . . . . . . .
One stop
SF + 6.00%(i)
11.25%
10/2029
4,842
4,926
0.1
4,842
BradyIFS Holdings, LLC+ . . . . . . . .
One stop
SF + 6.00%(h)(i)
11.18%
10/2029
382
381
—
382
CI (Quercus) Intermediate Holdings,
LLC~<+. . . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.63%
06/2031
27,427
27,109
0.7
27,427
CI (Quercus) Intermediate Holdings,
LLC+ . . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
10.05%
06/2031
53
34
—
53
CI (Quercus) Intermediate Holdings,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
06/2031
—
(50)
—
—
Encore Holdings, LLC+ . . . . . . . . . .
One stop
SF + 5.50%(i)
10.25%
11/2028
4,564
4,501
0.1
4,575
Encore Holdings, LLC<+ . . . . . . . . .
One stop
SF + 5.50%(i)
10.20%
11/2028
907
895
—
910
Encore Holdings, LLC+ . . . . . . . . . .
One stop
SF + 5.25%(i)
10.11%
11/2028
1,170
1,163
—
1,170
FR Vision Holdings, Inc.<+ . . . . . . . .
One stop
SF + 5.50%(i)
10.78%
01/2031
1,070
1,066
—
1,070
FR Vision Holdings, Inc.+. . . . . . . . .
One stop
SF + 5.50%(i)
10.78%
01/2031
90
89
—
90
FR Vision Holdings, Inc.+. . . . . . . . .
One stop
SF + 5.50%
N/A(6)
01/2030
—
—
—
—
Kleinfelder Intermediate, LLC<+ . . . .
One stop
SF + 6.25%(i)
11.31%
09/2030
4,087
3,987
0.1
4,087
Kleinfelder Intermediate, LLC+ . . . . .
One stop
P + 4.00%(a)
12.00%
09/2028
120
112
—
120
Kleinfelder Intermediate, LLC+(5) . . . .
One stop
SF + 5.00%
N/A(6)
09/2030
—
(5)
—
—
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.25%(i)
10.31%
07/2027
1,564
1,549
0.1
1,568
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.00%(i)
9.60%
07/2027
158
132
—
158
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.25%(i)
10.53%
07/2027
284
281
—
285
North Haven Stack Buyer, LLC+(5) . . .
Second lien
N/A
N/A(6)
01/2028
—
(15)
—
—
North Haven Stack Buyer, LLC*#~< . . Senior secured SF + 5.25%(i)
10.50%
07/2027
12,284
12,271
0.3
12,315
North Haven Stack Buyer, LLC+(25) . .
Second lien
N/A
10.00% cash/
2.50% PIK
01/2028
2,277
2,257
0.1
2,290
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.25%(i)
9.85%
07/2027
1,481
1,472
0.1
1,485
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.25%(i)
10.53%
07/2027
1,418
1,410
0.1
1,422
North Haven Stack Buyer, LLC#~. . . . Senior secured SF + 5.25%(i)
10.50%
07/2027
4,139
4,126
0.1
4,149
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.25%(i)
10.50%
07/2027
1,371
1,366
—
1,374
North Haven Stack Buyer, LLC#~. . . . Senior secured SF + 5.25%(i)
10.50%
07/2027
1,366
1,361
—
1,369
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.25%(i)
10.37%
07/2027
200
200
—
201
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.25%(i)
10.50%
07/2027
100
100
—
100
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.25%(i)
10.34%
07/2027
166
157
—
166
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.25%(i)
9.85%
07/2027
2,281
2,268
0.1
2,287
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.25%(i)
9.85%
07/2027
485
481
—
485
North Haven Stack Buyer, LLC+(25) . .
Second lien
N/A
10.00% cash/
2.50% PIK
01/2028
1,501
1,481
0.1
1,511
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.00%(i)
9.59%
07/2027
910
904
—
910
North Haven Stack Buyer, LLC+ . . . . Senior secured SF + 5.00%(i)
9.67%
07/2027
689
684
—
689
Profile Products LLC<+ . . . . . . . . . .
One stop
SF + 5.50%(h)
10.70%
11/2027
9,052
8,974
0.2
8,600
Profile Products LLC<+(8) . . . . . . . . .
One stop
SF + 5.50%(h)
10.70%
11/2027
1,835
1,811
—
1,743
Profile Products LLC+ . . . . . . . . . . .
One stop
P + 4.50%(a)
12.50%
11/2027
72
71
—
68
Profile Products LLC+(5). . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
11/2027
—
(1)
—
(4)
PSC Parent, Inc.~+. . . . . . . . . . . . . .
One stop
SF + 5.25%(h)
10.42%
04/2031
5,505
5,495
0.2
5,505
PSC Parent, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.25%(a)(h)
10.36%
04/2030
377
372
—
377
PSC Parent, Inc.+(5) . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
04/2031
—
(6)
—
—
135

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Commercial Services & Supplies
- (continued)
PSC Parent, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.25%(h)
10.10%
04/2031
$
917
$
913
—%
$
917
PT Intermediate Holdings III,
LLC<+(25) . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
7.85% cash/
1.75% PIK
04/2030
12,234
12,262
0.3
12,234
PT Intermediate Holdings III, LLC+(5).
One stop
SF + 4.75%
N/A(6)
04/2030
—
(1)
—
—
Radwell Parent, LLC#^+ . . . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
03/2029
34,289
33,967
0.8
33,947
Radwell Parent, LLC&<+. . . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
03/2029
32,407
32,458
0.8
32,083
Radwell Parent, LLC+ . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
03/2029
248
199
—
235
Radwell Parent, LLC+ . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
03/2029
553
551
—
540
Trinity Air Consultants Holdings
Corporation<+. . . . . . . . . . . . . . .
One stop
SF + 5.25%(i)
10.61%
06/2028
2,632
2,610
0.1
2,632
Trinity Air Consultants Holdings
Corporation+ . . . . . . . . . . . . . . .
One stop
SF + 5.25%(j)
10.40%
06/2028
530
530
—
530
Trinity Air Consultants Holdings
Corporation+ . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
06/2028
—
—
—
—
Trinity Air Consultants Holdings
Corporation+ . . . . . . . . . . . . . . .
One stop
SF + 5.25%(j)
10.45%
06/2028
494
492
—
494
WRE Holding Corp.+. . . . . . . . . . . .
One stop
SF + 5.00%(j)
9.25%
07/2031
16,514
16,355
0.4
16,514
WRE Holding Corp.+. . . . . . . . . . . .
One stop
SF + 5.00%(j)
9.81%
07/2031
241
219
—
241
WRE Holding Corp.+(5) . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
07/2030
—
(23)
—
—
195,286
193,941
4.8
194,146
Communications Equipment
Lightning Finco Limited+(8)(10). . . . . .
One stop
SF + 5.50%(g)
10.76%
09/2028
14,802
14,775
0.4
14,802
Lightning Finco Limited+(8)(9)(10) . . . .
One stop
E+ 5.50%(d)
9.17%
09/2028
1,692
1,744
—
1,692
16,494
16,519
0.4
16,494
Construction & Engineering
Consor Intermediate II, LLC~+. . . . . .
One stop
SF + 4.75%(i)
9.35%
05/2031
4,050
4,062
0.1
4,050
Consor Intermediate II, LLC+(5) . . . . .
One stop
SF + 4.75%
N/A(6)
05/2031
—
(17)
—
—
Consor Intermediate II, LLC+(5) . . . . .
One stop
SF + 4.75%
N/A(6)
05/2031
—
(3)
—
—
4,050
4,042
0.1
4,050
Containers & Packaging
Chase Intermediate#~&<+. . . . . . . . . .
One stop
SF + 4.75%(i)
10.00%
10/2028
49,331
50,053
1.2
49,331
Chase Intermediate+(5) . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
10/2028
—
(2)
—
—
Chase Intermediate+ . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.90%
10/2028
938
932
—
938
Fortis Solutions Group, LLC*#~^&+ . . .
One stop
SF + 5.50%(i)
10.20%
10/2028
51,533
51,172
1.3
50,501
Fortis Solutions Group, LLC+ . . . . . .
One stop
SF + 5.50%(i)
10.20%
10/2028
199
101
—
70
Fortis Solutions Group, LLC+ . . . . . .
One stop
SF + 5.50%(i)
10.20%
10/2028
141
76
—
138
Fortis Solutions Group, LLC+ . . . . . .
One stop
SF + 5.50%
(a)(i)
10.78%
10/2027
162
153
—
152
102,304
102,485
2.5
101,130
Diversified Consumer Services
Any Hour, LLC~+ . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.60%
05/2030
9,066
9,001
0.2
8,975
Any Hour, LLC+(25). . . . . . . . . . . . .
One stop
N/A
13.00% PIK
05/2031
2,876
2,824
0.1
2,847
Any Hour, LLC+. . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.90%
05/2030
303
290
—
294
Any Hour, LLC+. . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
10.28%
05/2030
257
238
—
230
Apex Service Partners, LLC<+ . . . . . .
One stop
SF + 5.00%(h)
9.86%
10/2030
4,434
4,508
0.1
4,390
Apex Service Partners, LLC+. . . . . . .
One stop
SF + 5.00%(h)
9.86%
10/2030
1,545
1,476
0.1
1,406
Apex Service Partners, LLC+. . . . . . .
One stop
SF + 5.00%(h)
9.86%
10/2030
1,055
1,041
—
1,045
Apex Service Partners, LLC+. . . . . . .
One stop
SF + 5.00%(h)
9.86%
10/2029
38
36
—
38
Certus Pest, Inc.#~. . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
02/2026
1,730
1,715
0.1
1,730
Certus Pest, Inc.#~. . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
02/2026
1,659
1,638
0.1
1,659
Certus Pest, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
02/2026
1,197
1,197
—
1,197
Certus Pest, Inc.#~. . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
02/2026
1,182
1,176
—
1,182
Certus Pest, Inc.~+. . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
02/2026
820
814
—
820
136

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Diversified Consumer Services
- (continued)
Certus Pest, Inc.#~. . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
02/2026
$
723
$
709
—%
$
723
Certus Pest, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
02/2026
704
701
—
704
Certus Pest, Inc.~+. . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
02/2026
416
412
—
416
Certus Pest, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
02/2026
260
255
—
260
Certus Pest, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
02/2026
142
133
—
142
Certus Pest, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
02/2026
60
58
—
60
Certus Pest, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
02/2026
—
—
—
—
CHHJ Midco, LLC#~ . . . . . . . . . . . . Senior secured SF + 5.00%(j)
10.51%
01/2026
3,732
3,724
0.1
3,732
CHHJ Midco, LLC+ . . . . . . . . . . . . Senior secured SF + 5.00%
N/A(6)
01/2026
—
—
—
—
CHVAC Services Investment,
LLC~+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.60%
05/2030
2,945
2,922
0.1
2,945
CHVAC Services Investment,
LLC+ . . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.60%
05/2030
1,371
1,329
—
1,371
CHVAC Services Investment,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
05/2030
—
(3)
—
—
COP Hometown Acquisitions, Inc.<+ . . Senior secured SF + 5.25%(i)
10.73%
07/2027
2,400
2,387
0.1
2,400
COP Hometown Acquisitions, Inc.<+ . . Senior secured SF + 5.25%(i)
10.73%
07/2027
2,339
2,322
0.1
2,339
COP Hometown Acquisitions, Inc.<+ . . Senior secured SF + 5.25%(i)
10.72%
07/2027
1,533
1,523
0.1
1,533
COP Hometown Acquisitions, Inc.<+ . . Senior secured SF + 5.25%(i)
10.68%
07/2027
1,083
1,076
—
1,083
COP Hometown Acquisitions, Inc.<+ . . Senior secured SF + 5.25%(i)
10.73%
07/2027
1,154
1,147
—
1,154
COP Hometown Acquisitions, Inc.<+ . . Senior secured SF + 5.25%(i)
10.65%
07/2027
696
690
—
696
COP Hometown Acquisitions,
Inc.+(5) . . . . . . . . . . . . . . . . . . . Senior secured SF + 5.25%
N/A(6)
07/2027
—
(2)
—
—
COP Hometown Acquisitions, Inc.+ . . Senior secured SF + 5.50%(g)(i)
10.83%
07/2027
1,383
1,381
—
1,383
COP Hometown Acquisitions, Inc.<+ . . Senior secured SF + 5.50%(i)
10.75%
07/2027
1,045
1,043
—
1,045
COP Hometown Acquisitions, Inc.+ . . Senior secured SF + 5.50%(i)
10.74%
07/2027
922
920
—
922
EMS LINQ, LLC^+ . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
11.41%
12/2027
13,835
13,868
0.4
13,835
EMS LINQ, LLC+ . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
11.41%
12/2027
96
95
—
96
Entomo Brands Acquisitions, Inc.<+ . . Senior secured SF + 5.50%(i)
10.25%
07/2029
4,389
4,392
0.1
4,389
Entomo Brands Acquisitions, Inc.+ . . . Senior secured SF + 5.50%(i)
10.25%
07/2029
30
29
—
30
Entomo Brands Acquisitions, Inc.+ . . . Senior secured SF + 5.50%(i)
10.25%
07/2029
1,263
1,240
—
1,263
EWC Growth Partners LLC<+ . . . . . .
One stop
SF + 6.00%(i)
10.75%
03/2026
959
956
—
939
EWC Growth Partners LLC&+ . . . . . .
One stop
SF + 6.00%(i)
10.75%
03/2026
1,125
1,125
—
1,103
EWC Growth Partners LLC+. . . . . . .
One stop
SF + 6.00%(i)
10.75%
03/2026
38
38
—
36
EWC Growth Partners LLC+. . . . . . .
One stop
SF + 6.00%(i)
10.75%
03/2026
107
107
—
105
FPG Intermediate Holdco, LLC+(25) . .
One stop
SF + 6.75%(j)
7.25% cash/
4.00% PIK
03/2027
14,093
13,790
0.3
10,992
FPG Intermediate Holdco, LLC+(25) . .
One stop
SF + 6.75%(j)
7.25% cash/
4.00% PIK
03/2027
7,800
7,491
0.2
6,084
FPG Intermediate Holdco, LLC+(25) . .
One stop
SF + 6.75%(h)(j)
7.81% cash/
4.00% PIK
03/2027
126
125
—
126
FSS Buyer LLC&+ . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
08/2028
7,666
7,652
0.2
7,666
FSS Buyer LLC+ . . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
08/2027
—
—
—
—
HS Spa Holdings, Inc.<+. . . . . . . . . .
One stop
SF + 5.25%(i)
10.31%
06/2029
11,550
11,530
0.3
11,550
HS Spa Holdings, Inc.+ . . . . . . . . . .
One stop
SF + 5.25%(a)(h)
11.15%
06/2028
64
62
—
64
HS Spa Holdings, Inc.+(5) . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
06/2029
—
(2)
—
—
Learn-it Systems, LLC<+(25) . . . . . . . Senior secured SF + 5.25%(i)
7.25% cash/
2.75% PIK
09/2026
3,381
3,377
0.1
3,381
Learn-it Systems, LLC+(25) . . . . . . . . Senior secured SF + 5.25%(i)
7.25% cash/
2.75% PIK
09/2026
1,991
1,985
0.1
1,991
Learn-it Systems, LLC+(25) . . . . . . . . Senior secured SF + 5.25%(i)
7.25% cash/
2.75% PIK
09/2026
847
844
—
847
Learn-it Systems, LLC+ . . . . . . . . . . Senior secured SF + 5.25%
N/A(6)
09/2026
—
—
—
—
Liminex, Inc.<+. . . . . . . . . . . . . . . .
One stop
SF + 7.25%(i)
12.46%
11/2026
35,650
35,614
0.9
35,650
Liminex, Inc.<+. . . . . . . . . . . . . . . .
One stop
SF + 7.25%(i)
12.46%
11/2026
23,516
23,443
0.6
23,516
137

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Diversified Consumer Services
- (continued)
Liminex, Inc.<+. . . . . . . . . . . . . . . .
One stop
SF + 7.25%(i)
12.46%
11/2026
$ 15,953
$ 15,763
0.4%
$ 15,953
Liminex, Inc.^<+ . . . . . . . . . . . . . . .
One stop
SF + 7.25%(i)
12.46%
11/2026
20,321
20,685
0.5
20,321
Litera Bidco, LLC~+. . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
05/2028
5,201
5,213
0.1
5,201
Litera Bidco, LLC+ . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
05/2028
1,060
1,053
—
1,060
Litera Bidco, LLC+(5) . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
05/2028
—
(2)
—
—
Litera Bidco, LLC+(5) . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
05/2028
—
(1)
—
—
Mario Purchaser, LLC+ . . . . . . . . . .
One stop
SF + 5.75%(h)
10.70%
04/2029
456
414
—
410
Mario Purchaser, LLC<+. . . . . . . . . .
One stop
SF + 5.75%(h)
10.70%
04/2029
11,384
11,329
0.3
11,270
Mario Purchaser, LLC+(25) . . . . . . . .
One stop
SF + 10.75%(h)
15.70% PIK
04/2032
4,428
4,447
0.1
4,384
Mario Purchaser, LLC+ . . . . . . . . . .
One stop
SF + 5.75%(h)
10.70%
04/2029
5,241
5,268
0.1
5,188
Mario Purchaser, LLC+ . . . . . . . . . .
One stop
SF + 5.75%(h)
10.70%
04/2028
14
14
—
14
NSG Buyer, Inc.*#&+ . . . . . . . . . . . .
One stop
SF + 6.25%(h)
11.20%
11/2029
34,332
34,267
0.9
34,589
NSG Buyer, Inc.+(5). . . . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
11/2029
—
(2)
—
—
NSG Buyer, Inc.+(5). . . . . . . . . . . . .
One stop
SF + 6.25%
N/A(6)
11/2028
—
(1)
—
—
NSG Buyer, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.35%
11/2029
1,785
1,779
0.1
1,785
PADI Holdco, Inc.*# . . . . . . . . . . . .
One stop
SF + 6.25%(i)
11.46%
01/2027
21,353
21,136
0.5
21,353
PADI Holdco, Inc.+(8)(9) . . . . . . . . . .
One stop
E+ 6.25%(c)
9.76%
01/2027
20,130
20,416
0.5
20,130
PADI Holdco, Inc.+ . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
11.66%
01/2027
823
814
—
823
PADI Holdco, Inc.+ . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
11.35%
01/2027
170
168
—
170
PADI Holdco, Inc.+ . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
11.67%
01/2027
214
212
—
214
Provenance Buyer LLC*#~<+ . . . . . . .
One stop
SF + 5.50%(h)
10.45%
06/2027
20,797
20,617
0.5
19,756
Provenance Buyer LLC#&. . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
06/2027
14,010
13,953
0.3
13,309
Provenance Buyer LLC+. . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
06/2027
125
121
—
112
RW AM Holdco LLC#&+ . . . . . . . . .
One stop
SF + 5.25%(i)
9.95%
04/2028
26,368
25,712
0.6
24,523
RW AM Holdco LLC+(5) . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
04/2028
—
(13)
—
(22)
Virginia Green Acquisition, LLC<+ . . .
One stop
SF + 5.25%(j)
9.50%
12/2030
2,416
2,456
0.1
2,416
Virginia Green Acquisition, LLC+. . . .
One stop
SF + 5.25%
N/A(6)
12/2029
—
—
—
—
Virginia Green Acquisition, LLC+. . . .
One stop
SF + 5.25%(j)
9.50%
12/2030
99
98
—
99
384,276
382,358
9.4
375,442
Diversified Financial Services
Avalara, Inc.<+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
10.85%
10/2028
18,170
18,095
0.5
18,170
Avalara, Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 7.25%
N/A(6)
10/2028
—
(2)
—
—
Baker Tilly Advisory Group, LP+ . . . .
One stop
SF + 5.00%(h)
9.85%
06/2031
3,301
3,255
0.1
3,301
Baker Tilly Advisory Group, LP+(5) . .
One stop
SF + 5.00%
N/A(6)
06/2030
—
(10)
—
—
Baker Tilly Advisory Group, LP+(5) . .
One stop
SF + 5.00%
N/A(6)
06/2031
—
(4)
—
—
Banker’s Toolbox, Inc.&+ . . . . . . . . .
One stop
SF + 4.50%(i)
9.10%
07/2027
20,569
20,521
0.5
20,569
Banker’s Toolbox, Inc.+ . . . . . . . . . .
One stop
SF + 4.50%
N/A(6)
07/2027
—
—
—
—
Ceres Groupe SAS & Ceres
PikCo+(8)(9)(20) . . . . . . . . . . . . . .
One stop
E + 5.25%(d)
8.84%
07/2031
16,585
15,959
0.4
16,430
Ceres Groupe SAS & Ceres
PikCo+(8)(9)(20)(25) . . . . . . . . . . . .
Subordinated
debt
E + 8.00%(d)
3.59% cash/
8.00% PIK
07/2032
1,935
1,861
0.1
1,916
Ceres Groupe SAS & Ceres
PikCo+(8)(9)(20) . . . . . . . . . . . . . .
One stop
E + 5.25%
N/A(6)
07/2031
—
—
—
—
Ceres Groupe SAS & Ceres
PikCo+(8)(9)(20) . . . . . . . . . . . . . .
One stop
E + 5.25%
N/A(6)
07/2031
—
—
—
—
Finastra USA, Inc.<+ . . . . . . . . . . . .
One stop
SF + 7.25%(i)
12.18%
09/2029
5,373
5,292
0.1
5,393
Finastra USA, Inc.+ . . . . . . . . . . . . .
One stop
SF + 7.25%(i)
12.18%
09/2029
46
45
—
46
Flash Topco, Inc.*& . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
11.10%
10/2028
17,094
16,883
0.4
16,240
Flash Topco, Inc.+. . . . . . . . . . . . . .
One stop
SF + 6.50%(i)
11.71%
10/2028
143
141
—
136
Flash Topco, Inc.+. . . . . . . . . . . . . .
One stop
SF + 6.50%(i)
11.72%
12/2024
75
74
—
74
Higginbotham Insurance Agency, Inc.<+ .
One stop
SF + 4.50%(h)
9.35%
11/2028
8,093
8,128
0.2
8,093
Higginbotham Insurance Agency, Inc.+ .
One stop
SF + 4.75%(h)
9.60%
11/2028
220
218
—
220
91,604
90,456
2.3
90,588
138

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Diversified Telecommunication Services
NTI Connect, LLC<+ . . . . . . . . . . . . Senior secured SF + 5.00%(i)
9.75%
07/2027
$ 1,529
$ 1,521
—%
$ 1,529
Electrical Equipment
Power Grid Holdings, Inc.<+ . . . . . . .
One stop
SF + 4.75%(i)
10.00%
12/2030
1,425
1,408
—
1,425
Power Grid Holdings, Inc.+(5) . . . . . .
One stop
SF + 4.75%
N/A(6)
12/2030
—
(2)
—
—
1,425
1,406
—
1,425
Electronic Equipment, Instruments &
Components
CST Holding Company&<. . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
11/2028
34,063
33,123
0.8
34,063
CST Holding Company+(5) . . . . . . . .
One stop
SF + 5.00%
N/A(6)
11/2028
—
(3)
—
—
34,063
33,120
0.8
34,063
Food & Staples Retailing
Mendocino Farms, LLC<+. . . . . . . . .
One stop
SF + 5.50%(h)
10.35%
03/2030
1,001
998
—
1,001
Mendocino Farms, LLC+(5) . . . . . . . .
One stop
SF + 5.50%
N/A(6)
03/2030
—
(1)
—
—
Mendocino Farms, LLC+ . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
03/2030
—
—
—
—
Mendocino Farms, LLC+ . . . . . . . . .
One stop
SF + 5.50%(h)
10.35%
03/2030
112
111
—
112
PDI TA Holdings, Inc.<+. . . . . . . . . .
One stop
SF + 5.25%(h)(i)
10.47%
02/2031
1,143
1,138
—
1,143
PDI TA Holdings, Inc.+(5) . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
02/2031
—
(1)
—
—
PDI TA Holdings, Inc.+(5) . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
02/2031
—
(1)
—
—
Ruby Slipper Cafe LLC, The*+ . . . . .
One stop
SF + 7.50%(i)
12.25%
07/2025
2,304
2,295
0.1
2,304
Ruby Slipper Cafe LLC, The+ . . . . . .
One stop
SF + 7.50%(i)
12.25%
07/2025
515
513
—
515
Ruby Slipper Cafe LLC, The+ . . . . . .
One stop
SF + 7.50%(i)
12.25%
07/2025
340
339
—
340
Ruby Slipper Cafe LLC, The+ . . . . . .
One stop
SF + 7.50%(i)
12.25%
07/2025
190
190
—
190
Ruby Slipper Cafe LLC, The+ . . . . . .
One stop
SF + 7.50%(i)
12.25%
07/2025
—
—
—
—
Wineshipping.com LLC&+ . . . . . . . .
One stop
SF + 5.75%(j)
10.74%
10/2027
9,674
9,545
0.3
9,190
Wineshipping.com LLC+ . . . . . . . . .
One stop
SF + 5.75%(i)
11.20%
10/2027
265
259
—
251
Wineshipping.com LLC+ . . . . . . . . .
One stop
SF + 5.75%(a)(i)
11.20%
10/2027
146
142
—
138
15,690
15,527
0.4
15,184
Food Products
Blast Bidco Inc.<+. . . . . . . . . . . . . .
One stop
SF + 6.00%(i)
10.60%
10/2030
4,905
4,843
0.1
4,905
Blast Bidco Inc.+(5) . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
10/2029
—
(7)
—
—
Borrower R365 Holdings, LLC^+ . . . .
One stop
SF + 6.00%(i)
10.75%
06/2027
18,823
18,811
0.5
18,823
Borrower R365 Holdings, LLC<+ . . . .
One stop
SF + 6.00%(i)
10.75%
06/2027
1,556
1,545
—
1,556
Borrower R365 Holdings, LLC+. . . . .
One stop
SF + 6.00%(i)
10.75%
06/2027
231
231
—
231
Borrower R365 Holdings, LLC+(5) . . .
One stop
SF + 6.00%
N/A(6)
06/2027
—
(1)
—
—
Eagle Family Foods Group, LLC+ . . .
One stop
SF + 5.00%(i)
10.33%
08/2030
13,432
13,301
0.3
13,298
Eagle Family Foods Group, LLC+ . . .
One stop
SF + 5.00%(i)
10.33%
08/2030
201
187
—
186
Kodiak Cakes, LLC^+ . . . . . . . . . . . Senior secured SF + 5.25%(i)
10.50%
06/2028
46,378
45,974
1.2
46,378
Kodiak Cakes, LLC+(5). . . . . . . . . . . Senior secured SF + 5.25%
N/A(6)
06/2028
—
(5)
—
—
Louisiana Fish Fry Products,
Ltd.*~<+ . . . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
11.00%
07/2027
13,700
13,669
0.4
13,564
Louisiana Fish Fry Products, Ltd.+ . . .
One stop
SF + 6.25%(i)
11.00%
07/2027
196
193
—
192
MAPF Holdings, Inc.*#~^&+. . . . . . . .
One stop
SF + 6.50%(i)
11.25%
12/2026
51,975
51,816
1.2
46,258
MAPF Holdings, Inc.+ . . . . . . . . . . .
One stop
SF + 6.50%(i)
11.25%
12/2026
600
593
—
534
MAPF Holdings, Inc.<+ . . . . . . . . . .
One stop
SF + 6.50%(i)
11.25%
12/2026
1,666
1,640
—
1,482
MAPF Holdings, Inc.+ . . . . . . . . . . .
One stop
N/A
19.00%
12/2026
1,214
1,187
—
1,076
P&P Food Safety Holdings, Inc.*~&+. .
One stop
SF + 6.00%(i)
10.75%
12/2026
24,812
24,779
0.6
24,068
P&P Food Safety Holdings, Inc.+(5) . .
One stop
SF + 6.00%
N/A(6)
12/2026
—
(2)
—
(6)
Ultimate Baked Goods
Midco LLC<+. . . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
11.41%
08/2027
9,314
9,329
0.2
9,314
Ultimate Baked Goods Midco LLC+ . .
One stop
SF + 6.25%(i)
11.40%
08/2027
48
31
—
48
Ultimate Baked Goods Midco LLC+ . .
One stop
SF + 5.50%(i)
10.66%
08/2027
1,926
1,917
—
1,926
Whitebridge Pet Brands, LLC*#&+ . . .
One stop
SF + 4.75%(h)
9.70%
07/2027
26,358
26,339
0.7
26,358
Whitebridge Pet Brands, LLC+(5) . . . .
One stop
SF + 4.75%
N/A(6)
07/2027
—
(1)
—
—
139

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Food Products - (continued)
Wizard Bidco Limited<+(8)(10) . . . . . .
One stop
SF + 6.00%(i)
10.60%
03/2029
$ 22,740
$ 22,637
0.6%
$ 22,740
Wizard Bidco Limited<+(8)(9)(10)(25) . . .
One stop
SN + 5.00%(f)
8.45% cash/
1.50% PIK
03/2029
10,977
10,583
0.3
10,483
Wizard Bidco Limited+(8)(9)(10). . . . . .
One stop
SN + 6.00%(f)
10.95%
03/2029
8,322
7,718
0.2
8,322
Wizard Bidco Limited+(8)(9)(10). . . . . .
One stop
SN + 4.75%(f)
9.70%
09/2028
200
183
—
192
Wizard Bidco Limited+(5)(8)(9)(10) . . . .
One stop
SN + 6.00%
N/A(6)
03/2029
—
(43)
—
—
259,574
257,447
6.3
251,928
Healthcare Equipment & Supplies
Aspen Medical Products, LLC#~+ . . . .
One stop
SF + 4.75%(h)
9.81%
06/2025
5,013
5,023
0.1
5,013
Aspen Medical Products, LLC<+ . . . .
One stop
SF + 4.75%(h)
9.81%
06/2025
321
320
—
321
Aspen Medical Products, LLC+ . . . . .
One stop
SF + 4.75%
N/A(6)
06/2025
—
—
—
—
Baduhenna Bidco Limited+(8)(10) . . . .
One stop
SF + 6.20%(g)
11.29%
08/2028
7,744
7,750
0.2
7,638
Baduhenna Bidco Limited+(8)(9)(10) . . .
One stop
E + 6.20%(c)
9.76%
08/2028
4,614
4,789
0.1
4,550
Baduhenna Bidco Limited+(8)(10) . . . .
One stop
SF + 6.20%(g)
11.29%
08/2028
1,912
1,912
0.1
1,886
Baduhenna Bidco Limited+(8)(9)(10) . . .
One stop
SN + 6.20%(f)
11.27%
08/2028
1,353
1,342
—
1,334
Baduhenna Bidco Limited+(8)(9)(10) . . .
One stop
E + 6.20%(c)
9.55%
08/2028
1,101
1,087
—
1,086
Baduhenna Bidco Limited+(8)(9)(10) . . .
One stop
SN + 6.25%(f)
11.20%
08/2028
572
518
—
537
Belmont Instrument, LLC*#&. . . . . . .
One stop
SF + 6.25%(i)
10.85%
08/2028
14,504
14,397
0.4
14,504
Belmont Instrument, LLC+ . . . . . . . .
One stop
SF + 6.25%(i)
10.85%
08/2028
66
63
—
66
Blades Buyer, Inc.#~<+ . . . . . . . . . . . Senior secured SF + 5.00%(h)
10.30%
03/2028
12,285
12,244
0.3
12,285
Blades Buyer, Inc.<+ . . . . . . . . . . . . Senior secured SF + 5.25%(h)
10.55%
03/2028
1,743
1,729
—
1,743
Blades Buyer, Inc.<+ . . . . . . . . . . . . Senior secured SF + 5.00%(h)
10.30%
03/2028
1,409
1,401
—
1,409
Blades Buyer, Inc.+ . . . . . . . . . . . . . Senior secured SF + 4.75%(h)
10.05%
03/2028
60
57
—
58
Blue River Pet Care, LLC*#~&+ . . . . .
One stop
SF + 5.00%(h)
9.95%
07/2026
62,942
63,036
1.6
62,942
Blue River Pet Care, LLC<+ . . . . . . .
One stop
SF + 5.00%(h)
9.95%
07/2026
12,462
12,676
0.3
12,462
Blue River Pet Care, LLC<+ . . . . . . .
One stop
SF + 5.00%(h)
9.95%
07/2026
2,905
2,956
0.1
2,905
Blue River Pet Care, LLC<+ . . . . . . .
One stop
SF + 5.00%(h)
9.95%
07/2026
2,793
2,841
0.1
2,793
Blue River Pet Care, LLC+ . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
07/2026
2,765
2,813
0.1
2,765
Blue River Pet Care, LLC+ . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
07/2026
2,125
2,161
0.1
2,125
Blue River Pet Care, LLC+ . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
07/2026
1,258
1,258
—
1,258
Blue River Pet Care, LLC+ . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
07/2026
417
416
—
417
Blue River Pet Care, LLC+ . . . . . . . .
One stop
P + 4.00%(a)(h)
11.19%
07/2026
150
148
—
150
Blue River Pet Care, LLC+(5) . . . . . .
One stop
SF + 5.00%
N/A(6)
07/2026
—
(3)
—
—
CCSL Holdings, LLC*#~(8) . . . . . . . .
One stop
SF + 5.75%(h)
10.60%
12/2028
21,060
21,007
0.5
20,903
CCSL Holdings, LLC<+(8). . . . . . . . .
One stop
SF + 5.75%(h)
10.60%
12/2028
5,685
5,701
0.1
5,642
CCSL Holdings, LLC<+(8)(9) . . . . . . .
One stop
SN + 5.75%(f)
10.70%
12/2028
3,579
3,350
0.1
3,552
CCSL Holdings, LLC+(8) . . . . . . . . .
One stop
SF + 5.75%(h)
10.60%
12/2028
3,497
3,467
0.1
3,472
CCSL Holdings, LLC+(8) . . . . . . . . .
One stop
SF + 5.75%(h)
10.60%
12/2028
2,906
2,878
0.1
2,884
CCSL Holdings, LLC+(8) . . . . . . . . .
One stop
SF + 5.75%(h)
10.60%
12/2028
120
118
—
116
CCSL Holdings, LLC+(5)(8) . . . . . . . .
One stop
SF + 5.75%
N/A(6)
12/2028
—
(6)
—
(7)
CCSL Holdings, LLC+(5)(8)(9). . . . . . .
One stop
E + 5.75%
N/A(6)
12/2028
—
—
—
(247)
CCSL Holdings, LLC+(5)(8)(9). . . . . . .
One stop
E + 5.75%
N/A(6)
12/2028
—
(46)
—
(48)
CMI Parent Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
12/2026
22,581
22,476
0.6
22,468
CMI Parent Inc.~^+ . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
12/2026
19,888
20,037
0.5
19,789
CMI Parent Inc.^+ . . . . . . . . . . . . . . Senior secured SF + 5.00%(h)
9.85%
12/2026
9,533
9,588
0.2
9,485
CMI Parent Inc.<+. . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
12/2026
8,943
8,993
0.2
8,899
CMI Parent Inc.+(5) . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
12/2026
—
(1)
—
(3)
G & H Wire Company, Inc.+(7)(25) . . .
One stop
SF + 9.00%(i)
6.21% cash/
8.00% PIK
12/2025
12,622
11,929
0.2
6,564
G & H Wire Company, Inc.+(7)(25) . . .
One stop
SF + 9.00%(i)
6.21% cash/
8.00% PIK
12/2025
106
100
—
34
HuFriedy Group Acquisition, LLC+ . .
One stop
SF + 5.50%(i)
10.56%
06/2031
7,931
7,855
0.2
7,851
HuFriedy Group Acquisition,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
05/2030
—
(8)
—
(9)
140

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Equipment & Supplies -
(continued)
HuFriedy Group Acquisition,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
06/2031
$
—
$
(16)
—%
$
(17)
JHC Investment Intermediate
Holdings, LLC+(25) . . . . . . . . . . .
One stop
SF + 8.75%(i)
7.45% cash/
6.00% PIK
03/2029
1,351
1,351
—
1,351
JHC Investment Intermediate
Holdings, LLC+(7)(25) . . . . . . . . . .
One stop
SF + 8.75%(i)
13.45% PIK
03/2029
856
542
—
684
TIDI Legacy Products, Inc.<+ . . . . . .
One stop
SF + 5.50%(h)
10.35%
12/2029
3,520
3,584
0.1
3,520
TIDI Legacy Products, Inc.+ . . . . . . .
One stop
SF + 5.50%
N/A(6)
12/2029
—
—
—
—
TIDI Legacy Products, Inc.+ . . . . . . .
One stop
SF + 5.50%
N/A(6)
12/2029
—
—
—
—
YI, LLC<+. . . . . . . . . . . . . . . . . . .
One stop
SF + 5.75%(h)
10.87%
12/2029
4,430
4,428
0.1
4,430
YI, LLC+(5) . . . . . . . . . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
12/2029
—
(1)
—
—
YI, LLC+(5) . . . . . . . . . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
12/2029
—
(9)
—
—
269,122
268,251
6.5
261,560
Healthcare Providers & Services
AAH TOPCO, LLC<+ . . . . . . . . . . .
One stop
SF + 5.25%(h)
10.20%
12/2027
8,672
8,621
0.2
8,672
AAH TOPCO, LLC+ . . . . . . . . . . . .
One stop
SF + 5.25%(h)
10.22%
12/2027
8,152
8,194
0.2
8,152
AAH TOPCO, LLC+(25) . . . . . . . . . .
Subordinated
debt
N/A
11.50% PIK
12/2031
2,730
2,614
0.1
2,566
AAH TOPCO, LLC+ . . . . . . . . . . . .
One stop
SF + 5.25%(h)
10.22%
12/2027
1,483
1,504
0.1
1,483
AAH TOPCO, LLC+(5) . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
12/2027
—
(1)
—
—
Active Day, Inc.#+. . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
08/2025
17,388
17,342
0.4
17,388
Active Day, Inc.#+. . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
08/2025
1,343
1,339
—
1,343
Active Day, Inc.*# . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
08/2025
865
863
—
865
Active Day, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
08/2025
689
687
—
689
Active Day, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
08/2025
608
606
—
608
Active Day, Inc.*# . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
08/2025
597
596
—
597
Active Day, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
08/2025
—
—
—
—
Active Day, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
08/2025
—
—
—
—
Acuity Eyecare Holdings, LLC+. . . . .
One stop
SF + 6.00%(i)
10.92%
03/2026
16,177
16,111
0.4
16,177
Acuity Eyecare Holdings, LLC+(25). . .
One stop
N/A
16.50% PIK
06/2027
14,304
14,189
0.4
14,733
Acuity Eyecare Holdings, LLC+. . . . .
One stop
SF + 6.25%(i)
11.00%
03/2026
3,996
3,983
0.1
3,996
Acuity Eyecare Holdings, LLC+. . . . .
One stop
SF + 6.25%(i)
11.14%
03/2026
3,559
3,548
0.1
3,559
Acuity Eyecare Holdings, LLC#+ . . . .
One stop
SF + 6.25%(i)
11.00%
03/2026
3,504
3,493
0.1
3,504
Acuity Eyecare Holdings, LLC+. . . . .
One stop
SF + 6.25%(i)
11.00%
03/2026
3,138
3,140
0.1
3,138
Acuity Eyecare Holdings, LLC+. . . . .
One stop
SF + 6.00%(i)
11.22%
03/2026
2,006
1,995
—
2,006
Acuity Eyecare Holdings, LLC+. . . . .
One stop
SF + 6.25%(i)
11.00%
03/2026
1,829
1,833
—
1,829
Acuity Eyecare Holdings, LLC+. . . . .
One stop
SF + 6.00%(i)
11.15%
03/2026
1,023
1,019
—
1,023
Acuity Eyecare Holdings, LLC+. . . . .
One stop
SF + 6.25%(i)
11.00%
03/2026
443
442
—
443
Acuity Eyecare Holdings, LLC+(25). . .
One stop
SF + 13.00%(i)
11.00% cash/
6.75% PIK
03/2026
279
278
—
279
Acuity Eyecare Holdings, LLC+. . . . .
One stop
SF + 6.00%(i)
11.39%
03/2026
212
211
—
212
Acuity Eyecare Holdings, LLC+. . . . .
One stop
SF + 6.25%(i)
11.00%
03/2026
163
163
—
163
Acuity Eyecare Holdings, LLC+. . . . . Senior secured SF + 6.25%(i)
11.58%
03/2026
108
107
—
108
Acuity Eyecare Holdings, LLC+(25). . .
One stop
SF + 13.00%(i)
11.12% cash/
6.75% PIK
03/2026
109
108
—
109
Acuity Eyecare Holdings, LLC+. . . . .
One stop
SF + 6.25%(i)
11.00%
03/2026
1
1
—
1
Acuity Eyecare Holdings, LLC+. . . . .
One stop
SF + 6.25%
N/A(6)
03/2026
—
—
—
—
AVG Intermediate Holdings & AVG
Subsidiary Holdings LLC+(25) . . . .
Subordinated
debt
N/A
13.75% PIK
03/2028
15,672
15,862
0.4
15,672
AVG Intermediate Holdings & AVG
Subsidiary Holdings LLC~+. . . . . .
One stop
SF + 6.00%(i)
11.16%
03/2027
6,419
6,429
0.2
6,419
AVG Intermediate Holdings & AVG
Subsidiary Holdings LLC^+. . . . . .
One stop
SF + 6.00%(i)
11.16%
03/2027
5,365
5,366
0.1
5,365
AVG Intermediate Holdings & AVG
Subsidiary Holdings LLC+(25) . . . .
Subordinated
debt
N/A
13.75% PIK
03/2028
3,400
3,378
0.1
3,400
141

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Providers & Services -
(continued)
AVG Intermediate Holdings & AVG
Subsidiary Holdings LLC+(25) . . . .
Subordinated
debt
N/A
13.75% PIK
03/2028
$ 1,300
$ 1,293
—%
$ 1,300
AVG Intermediate Holdings & AVG
Subsidiary Holdings LLC+ . . . . . .
One stop
SF + 6.00%(i)
11.35%
03/2027
837
836
—
837
AVG Intermediate Holdings & AVG
Subsidiary Holdings LLC+ . . . . . .
One stop
SF + 6.00%(i)
11.35%
03/2027
397
397
—
397
AVG Intermediate Holdings & AVG
Subsidiary Holdings LLC+(5) . . . . .
One stop
SF + 6.00%
N/A(6)
03/2027
—
(1)
—
—
Bamboo US Bidco LLC<+(25) . . . . . .
One stop
SF + 6.75%(i)
8.62% cash/
3.38% PIK
09/2030
2,716
2,655
0.1
2,689
Bamboo US Bidco LLC<+(8)(9)(25). . . .
One stop
E + 6.75%(c)
7.01% cash/
3.38% PIK
09/2030
1,882
1,752
0.1
1,863
Bamboo US Bidco LLC+(25) . . . . . . .
One stop
SF + 6.75%(i)
8.56% cash/
3.38% PIK
09/2030
201
196
—
197
Bamboo US Bidco LLC+(5). . . . . . . .
One stop
SF + 6.00%
N/A(6)
09/2029
—
(13)
—
(4)
Community Care Partners, LLC<+ . . .
One stop
SF + 6.00%(h)
10.96%
06/2026
3,490
3,445
0.1
3,385
CRH Healthcare Purchaser, Inc.<+ . . . Senior secured SF + 6.25%(i)
11.00%
06/2025
23,379
23,408
0.6
23,379
CRH Healthcare Purchaser, Inc.~< . . . Senior secured SF + 6.25%(i)
11.00%
06/2025
6,318
6,305
0.2
6,318
CRH Healthcare Purchaser, Inc.~+ . . . Senior secured SF + 6.25%(i)
11.00%
06/2025
5,667
5,684
0.2
5,667
CRH Healthcare Purchaser, Inc.<+ . . . Senior secured SF + 6.25%(i)
11.00%
06/2025
4,281
4,273
0.1
4,281
CRH Healthcare Purchaser, Inc.+ . . . . Senior secured SF + 6.25%(i)
10.98%
06/2025
240
240
—
240
Datix Bidco Limited and RL Datix
Holdings, Inc.+(8)(10) . . . . . . . . . .
One stop
SF + 5.50%(j)
10.81%
04/2031
771
757
—
764
Datix Bidco Limited and RL Datix
Holdings, Inc.+(8)(9)(10) . . . . . . . . .
One stop
SN + 5.50%(f)
10.45%
04/2031
478
445
—
473
Datix Bidco Limited and RL Datix
Holdings, Inc.+(8)(10) . . . . . . . . . . Senior secured SF + 5.50%
N/A(6)
10/2024
—
—
—
—
Datix Bidco Limited and RL Datix
Holdings, Inc.+(5)(8)(10) . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
04/2031
—
(2)
—
(2)
Datix Bidco Limited and RL Datix
Holdings, Inc.+(5)(8)(10) . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
10/2030
—
(2)
—
(1)
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
15,592
15,351
0.4
15,047
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
8,137
8,013
0.2
7,852
Encorevet Group LLC~+. . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
4,209
4,143
0.1
4,061
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
2,140
2,108
0.1
2,065
Encorevet Group LLC~+. . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
1,888
1,859
0.1
1,823
Encorevet Group LLC~+. . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
1,176
1,137
—
1,135
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
977
945
—
943
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
962
939
—
928
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
921
898
—
888
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
833
814
—
804
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
422
409
—
408
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
358
349
—
345
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
175
171
—
169
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 6.75%(i)
11.96%
02/2027
168
163
—
162
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 6.75%(i)
11.73%
02/2027
94
92
—
90
Encorevet Group LLC+(25) . . . . . . . .
One stop
N/A
13.00% PIK
05/2027
95
89
—
89
Encorevet Group LLC+ . . . . . . . . . .
One stop
SF + 8.75%(i)
13.50%
02/2027
5
5
—
5
ERC Topco Holdings, LLC&<+(7)(25) . .
One stop
SF + 6.25%(i)
7.60% cash/
3.25% PIK
11/2028
26,963
22,760
0.4
16,178
ERC Topco Holdings, LLC+(7)(25). . . .
One stop
SF + 6.25%(i)
8.38% cash/
3.25% PIK
11/2027
232
195
—
112
ERC Topco Holdings, LLC&<+(7)(25) . .
One stop
SF + 6.25%(i)
4.60% cash/
6.25% PIK
11/2028
459
376
—
275
ERC Topco Holdings, LLC+(7)(25). . . .
One stop
SF + 6.25%(i)
4.60% cash/
6.25% PIK
11/2028
2
2
—
2
142

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Providers & Services -
(continued)
FYI Optical Acquisitions, Inc. & FYI
USA, Inc.<+(8)(9)(12) . . . . . . . . . . .
One stop
CA + 5.75%(k)
10.36%
03/2027
$11,272
$11,322
0.3%
$11,272
FYI Optical Acquisitions, Inc. & FYI
USA, Inc.+(8)(9)(12). . . . . . . . . . . .
One stop
CA + 5.75%(k)
10.36%
03/2027
4,074
4,107
0.1
4,074
FYI Optical Acquisitions, Inc. & FYI
USA, Inc.+(8)(9)(12). . . . . . . . . . . .
One stop
CA + 5.75%(k)
10.36%
03/2027
2,775
2,811
0.1
2,774
FYI Optical Acquisitions, Inc. & FYI
USA, Inc.+(8)(9)(12). . . . . . . . . . . .
One stop
CA + 5.75%(k)
10.36%
03/2027
2,642
2,673
0.1
2,642
FYI Optical Acquisitions, Inc. & FYI
USA, Inc.^+(8)(12) . . . . . . . . . . . .
One stop
SF + 5.75%(i)
11.15%
03/2027
1,105
1,104
—
1,105
FYI Optical Acquisitions, Inc. & FYI
USA, Inc.<+(8)(12) . . . . . . . . . . . .
One stop
SF + 5.75%(i)
11.15%
03/2027
554
554
—
554
FYI Optical Acquisitions, Inc. & FYI
USA, Inc.+(8)(9)(12). . . . . . . . . . . .
One stop
CA + 5.75%(k)
10.36%
03/2027
481
473
—
481
Heartland Veterinary Partners LLC<+. . Senior secured SF + 4.75%(h)
9.70%
12/2026
2,533
2,556
0.1
2,507
Heartland Veterinary Partners LLC<+. . Senior secured SF + 4.75%(h)
9.70%
12/2026
1,202
1,196
—
1,190
Heartland Veterinary Partners LLC+ . . Senior secured SF + 4.75%
N/A(6)
12/2026
—
—
—
—
Klick Inc.&+(8)(12) . . . . . . . . . . . . . . Senior secured SF + 4.50%(i)
9.20%
03/2028
13,629
13,657
0.4
13,629
Klick Inc.+(5)(8)(12). . . . . . . . . . . . . . Senior secured SF + 4.50%
N/A(6)
03/2028
—
(2)
—
—
Klick Inc.+(8)(12) . . . . . . . . . . . . . . . Senior secured SF + 4.50%(i)
9.10%
03/2028
3,179
3,163
0.1
3,179
Krueger-Gilbert Health Physics,
LLC~+ . . . . . . . . . . . . . . . . . . . Senior secured SF + 5.75%(i)
10.50%
05/2026
2,599
2,589
0.1
2,599
Krueger-Gilbert Health Physics,
LLC~+ . . . . . . . . . . . . . . . . . . . Senior secured SF + 5.75%(i)
10.50%
05/2026
2,386
2,377
0.1
2,386
Krueger-Gilbert Health Physics,
LLC~+ . . . . . . . . . . . . . . . . . . . Senior secured SF + 5.75%(i)
10.50%
05/2026
1,526
1,527
0.1
1,526
Krueger-Gilbert Health Physics,
LLC+ . . . . . . . . . . . . . . . . . . . . Senior secured SF + 5.75%(i)
10.50%
05/2026
1,395
1,388
—
1,395
Krueger-Gilbert Health Physics,
LLC<+ . . . . . . . . . . . . . . . . . . . Senior secured SF + 5.75%(i)
10.50%
05/2026
615
614
—
615
Krueger-Gilbert Health Physics,
LLC+(5). . . . . . . . . . . . . . . . . . . Senior secured SF + 5.75%
N/A(6)
05/2026
—
(1)
—
—
Krueger-Gilbert Health Physics,
LLC+ . . . . . . . . . . . . . . . . . . . . Senior secured SF + 5.75%(i)
10.50%
05/2026
90
90
—
90
Krueger-Gilbert Health Physics,
LLC+ . . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
05/2026
671
668
—
671
New Look (Delaware) Corporation
and NL1 AcquireCo,
Inc.<+(8)(9)(12)(25) . . . . . . . . . . . . .
One stop
CA + 6.00%(l)
8.25% cash/
2.00% PIK
05/2028
26,214
27,849
0.6
25,165
New Look (Delaware) Corporation
and NL1 AcquireCo, Inc.#<(8)(12) . .
One stop
SF + 5.50%(i)
10.25%
05/2028
5,882
5,818
0.1
5,646
New Look (Delaware) Corporation
and NL1 AcquireCo, Inc.#<+(8)(12). .
One stop
SF + 5.50%(i)
10.25%
05/2028
4,150
4,075
0.1
3,984
New Look (Delaware) Corporation
and NL1 AcquireCo, Inc.+(8)(9)(12). .
One stop
CA + 5.50%(l)
9.75%
05/2028
1,641
1,695
—
1,576
New Look (Delaware) Corporation
and NL1 AcquireCo, Inc.+(8)(9)(12). .
One stop
CA + 5.50%(l)
9.75%
05/2028
855
868
—
821
New Look (Delaware) Corporation
and NL1 AcquireCo, Inc.+(8)(12)(25) .
One stop
SF + 6.00%(i)
8.75% cash/
2.00% PIK
05/2028
130
125
—
125
New Look (Delaware) Corporation
and NL1 AcquireCo, Inc.+(8)(9)(12). .
One stop
CA + 5.50%(l)
9.80%
05/2026
76
58
—
65
New Look (Delaware) Corporation
and NL1 AcquireCo, Inc.+(5)(8)(12). .
One stop
SF + 5.50%
N/A(6)
05/2026
—
(2)
—
(4)
Pinnacle Treatment Centers, Inc.+. . . .
One stop
SF + 5.50%(i)
10.56%
01/2027
18,333
18,088
0.5
18,333
Pinnacle Treatment Centers, Inc.+. . . .
One stop
SF + 5.50%(i)
10.56%
01/2027
12,277
12,148
0.3
12,277
Pinnacle Treatment Centers, Inc.+. . . .
One stop
SF + 5.50%(i)
10.56%
01/2027
2,467
2,440
0.1
2,467
Pinnacle Treatment Centers, Inc.+. . . .
One stop
SF + 5.50%(i)
10.56%
01/2027
2,383
2,362
0.1
2,383
Pinnacle Treatment Centers, Inc.+. . . .
One stop
SF + 5.50%(i)
10.56%
01/2027
1,508
1,489
—
1,508
Pinnacle Treatment Centers, Inc.+. . . .
One stop
SF + 5.50%(i)
10.56%
01/2027
1,368
1,353
—
1,368
143

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Providers & Services -
(continued)
Pinnacle Treatment Centers, Inc.+. . . .
One stop
SF + 5.50%(i)
10.56%
01/2027
$
680
$
672
—%
$
680
Pinnacle Treatment Centers, Inc.+. . . .
One stop
SF + 5.50%(i)
10.56%
01/2027
533
528
—
533
Pinnacle Treatment Centers, Inc.+. . . .
One stop
SF + 5.50%(i)
10.56%
01/2027
180
178
—
180
Pinnacle Treatment Centers, Inc.+. . . .
One stop
SF + 5.50%(i)
10.56%
01/2027
103
101
—
103
Pinnacle Treatment Centers, Inc.+. . . .
One stop
P + 4.25%(a)
12.25%
01/2027
290
269
—
290
Premise Health Holding Corp.<+ . . . .
One stop
SF + 5.50%(j)
10.76%
03/2031
1,391
1,385
—
1,391
Premise Health Holding Corp.+(5) . . . .
One stop
SF + 5.50%
N/A(6)
03/2030
—
(1)
—
—
Pyramid Healthcare Acquisition
Corp.#&+ . . . . . . . . . . . . . . . . . .
One stop
SF +4.75%(i)
10.15%
05/2027
25,098
25,160
0.6
25,098
Pyramid Healthcare Acquisition
Corp.+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
10.15%
05/2027
2,595
2,579
0.1
2,595
Pyramid Healthcare Acquisition
Corp.<+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
10.03%
05/2027
2,170
2,163
0.1
2,170
Pyramid Healthcare Acquisition
Corp.<+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.96%
05/2027
1,192
1,188
—
1,192
Pyramid Healthcare Acquisition
Corp.+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
10.10%
05/2027
1,092
1,088
—
1,092
Pyramid Healthcare Acquisition
Corp.<+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
10.15%
05/2027
738
735
—
738
Pyramid Healthcare Acquisition
Corp.<+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
10.15%
05/2027
245
244
—
245
Pyramid Healthcare Acquisition
Corp.<+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
10.15%
05/2027
216
215
—
216
Pyramid Healthcare Acquisition
Corp.<+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
10.15%
05/2027
202
201
—
202
Pyramid Healthcare Acquisition
Corp.<+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.96%
05/2027
202
201
—
202
Pyramid Healthcare Acquisition
Corp.<+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
10.15%
05/2027
79
79
—
79
Pyramid Healthcare Acquisition
Corp.+(5) . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
05/2027
—
(1)
—
—
Suveto Buyer, LLC+ . . . . . . . . . . . .
One stop
SF + 4.25%(h)
9.20%
09/2027
27,743
27,736
0.7
27,639
Suveto Buyer, LLC+ . . . . . . . . . . . .
One stop
SF + 4.25%(a)(h)
9.58%
09/2027
196
193
—
194
436,956
432,652
10.5
422,905
Healthcare Technology
Alegeus Technologies Holdings
Corp.+ . . . . . . . . . . . . . . . . . . . Senior secured SF + 8.25%(i)
13.46%
09/2026
535
532
—
535
Amberfield Acquisition Co.&<+ . . . . .
One stop
SF + 5.00%(i)
9.60%
05/2030
4,866
4,856
0.1
4,866
Amberfield Acquisition Co.+(5). . . . . .
One stop
SF + 5.00%
N/A(6)
05/2030
—
(31)
—
—
Amberfield Acquisition Co.+(5). . . . . .
One stop
SF + 5.00%
N/A(6)
05/2030
—
(2)
—
—
Color Intermediate, LLC<+ . . . . . . . . Senior secured SF + 4.75%(i)
9.45%
10/2029
17,565
17,523
0.4
17,565
Connexin Software, Inc.<+ . . . . . . . .
One stop
SF + 8.50%(i)
13.25%
03/2027
11,759
11,732
0.3
11,759
Connexin Software, Inc.+ . . . . . . . . .
One stop
SF + 8.50%
N/A(6)
03/2027
—
—
—
—
Crow River Buyer, Inc.<+ . . . . . . . . .
One stop
SF + 7.75%(h)(i)
13.00%
01/2029
6,032
6,016
0.2
6,032
Crow River Buyer, Inc.+ . . . . . . . . .
One stop
SF + 7.75%(i)
12.85%
01/2029
26
25
—
26
ESO Solution, Inc.^<+ . . . . . . . . . . .
One stop
SF + 7.00%(i)
12.06%
05/2027
11,360
11,387
0.3
11,360
ESO Solution, Inc.+. . . . . . . . . . . . .
One stop
SF + 7.00%(i)
12.06%
05/2027
3,803
3,734
0.1
3,803
ESO Solution, Inc.+. . . . . . . . . . . . .
One stop
SF + 7.00%(i)(j)
11.96%
03/2027
78
77
—
78
HealthEdge Software, Inc.+ . . . . . . . .
One stop
SF + 4.75%(h)
9.85%
07/2031
19,412
19,224
0.5
19,218
HealthEdge Software, Inc.+(5) . . . . . .
One stop
SF + 4.75%
N/A(6)
07/2031
—
(25)
—
(26)
HealthEdge Software, Inc.+(5) . . . . . .
One stop
SF + 4.75%
N/A(6)
07/2031
—
(42)
—
(43)
Kona Buyer, LLC+ . . . . . . . . . . . . .
One stop
SF + 4.50%(i)
9.78%
07/2031
15,832
15,678
0.4
15,674
Kona Buyer, LLC+(5) . . . . . . . . . . . .
One stop
SF + 4.50%
N/A(6)
07/2031
—
(18)
—
(19)
Kona Buyer, LLC+ . . . . . . . . . . . . .
One stop
SF + 4.50%
N/A(6)
07/2031
—
—
—
—
Kona Buyer, LLC+(5) . . . . . . . . . . . .
One stop
SF + 4.50%
N/A(6)
07/2031
—
(23)
—
(23)
Lacker Bidco Limited<+(8)(9)(10) . . . . .
One stop
SN + 5.25%(f)
10.20%
02/2031
634
599
—
634
144

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Technology - (continued)
Lacker Bidco Limited+(8)(9)(10) . . . . . .
One stop
SN + 5.25%(f)
10.20%
02/2031
$
142
$
133
—%
$
142
Lacker Bidco Limited+(5)(8)(9)(10) . . . .
One stop
SN + 5.25%
N/A(6)
08/2030
—
(2)
—
—
Neptune Holdings, Inc.~+ . . . . . . . . .
One stop
SF + 5.75%(i)
10.35%
09/2030
16,180
16,362
0.4
16,180
Neptune Holdings, Inc.+(5) . . . . . . . .
One stop
SF + 5.75%
N/A(6)
08/2029
—
(1)
—
—
Netsmart Technologies, Inc.+(25) . . . . .
One stop
SF + 5.20%(h)
7.35% cash/
2.70% PIK
08/2031
51,325
50,821
1.3
50,812
Netsmart Technologies, Inc.+(5) . . . . .
One stop
SF + 5.20%
N/A(6)
08/2031
—
(69)
—
(70)
Netsmart Technologies, Inc.+(5) . . . . .
One stop
SF + 5.20%
N/A(6)
08/2031
—
(34)
—
(34)
Plasma Buyer LLC<+. . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.35%
05/2029
8,036
7,876
0.2
7,795
Plasma Buyer LLC+ . . . . . . . . . . . .
One stop
SF + 6.25%(i)
10.88%
05/2029
182
177
—
173
Plasma Buyer LLC+ . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.35%
05/2028
62
59
—
60
QF Holdings, Inc.+ . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
10.35%
12/2027
931
926
—
931
Tebra Technologies, Inc.+(25) . . . . . . .
One stop
SF + 8.00%(i)
9.25% cash/
3.50% PIK
06/2025
11,150
11,119
0.3
11,261
Tebra Technologies, Inc.+(25) . . . . . . .
One stop
SF + 8.00%(i)
9.25% cash/
3.50% PIK
06/2025
10,853
10,720
0.3
10,962
Tebra Technologies, Inc.+(25) . . . . . . .
One stop
SF + 8.00%(i)
9.25% cash/
3.50% PIK
06/2025
7,151
7,131
0.2
7,222
Tebra Technologies, Inc.+(25) . . . . . . .
One stop
SF + 8.00%(i)
9.25% cash/
3.50% PIK
06/2025
1,839
1,834
—
1,857
Tebra Technologies, Inc.+(25) . . . . . . .
One stop
SF + 8.00%(i)
9.25% cash/
3.50% PIK
06/2025
1,634
1,630
—
1,651
Tebra Technologies, Inc.+(25) . . . . . . .
One stop
SF + 8.00%(i)
9.25% cash/
3.50% PIK
06/2025
1,226
1,222
—
1,238
Tebra Technologies, Inc.+(25) . . . . . . .
One stop
SF + 8.00%(i)
9.25% cash/
3.50% PIK
06/2025
1,022
1,019
—
1,031
Tebra Technologies, Inc.+(25) . . . . . . .
One stop
SF + 8.00%(i)
9.25% cash/
3.50% PIK
06/2025
817
815
—
825
Tebra Technologies, Inc.+(25) . . . . . . .
One stop
SF + 8.00%(i)
9.25% cash/
3.50% PIK
06/2025
163
162
—
164
Tebra Technologies, Inc.+(25) . . . . . . .
One stop
SF + 8.00%(i)
9.25% cash/
3.50% PIK
06/2025
86
86
—
88
Transaction Data Systems, Inc.*#~^+ . .
One stop
SF + 4.50%(i)
9.25%
02/2026
75,488
75,367
1.9
75,488
Transaction Data Systems, Inc.+(5) . . .
One stop
SF + 4.50%
N/A(6)
02/2026
—
(2)
—
—
Veranex, Inc.<+(7)(25) . . . . . . . . . . . . Senior secured SF + 6.75%(j)
7.65% cash/
4.25% PIK
04/2028
3,385
3,320
0.1
2,403
Veranex, Inc.+(7)(25) . . . . . . . . . . . . . Senior secured SF + 6.75%(j)
7.81% cash/
4.25% PIK
04/2028
399
305
—
284
Veranex, Inc.+(7)(25) . . . . . . . . . . . . . Senior secured SF + 6.75%(j)
7.57% cash/
4.25% PIK
04/2028
102
88
—
72
284,075
282,306
7.0
281,974
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC#~+ . . . . . . .
One stop
SF + 6.00%(i)
11.21%
08/2028
13,680
13,652
0.4
13,680
Barteca Restaurants, LLC+ . . . . . . . .
One stop
SF + 6.00%(i)
11.40%
08/2028
690
685
—
690
Barteca Restaurants, LLC+ . . . . . . . .
One stop
SF + 6.00%(i)
10.75%
08/2028
471
432
—
471
Barteca Restaurants, LLC+ . . . . . . . .
One stop
SF + 6.00%(i)
10.85%
08/2028
40
38
—
40
BJH Holdings III Corp.~&<+ . . . . . . .
One stop
SF + 4.50%(i)
9.97%
08/2027
70,467
70,805
1.8
69,940
BJH Holdings III Corp.+. . . . . . . . . .
One stop
SF + 4.50%(h)(i)
9.88%
08/2027
675
670
—
666
Cafe Rio Holding, Inc.*#+ . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
09/2028
18,006
18,005
0.4
17,827
Cafe Rio Holding, Inc.#+ . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
09/2028
3,210
3,195
0.2
3,178
Cafe Rio Holding, Inc.#+ . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
09/2028
2,157
2,157
0.1
2,135
Cafe Rio Holding, Inc.*# . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
09/2028
1,369
1,369
—
1,355
Cafe Rio Holding, Inc.#+ . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
09/2028
1,208
1,208
—
1,196
Cafe Rio Holding, Inc.+ . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
09/2028
187
187
—
185
Cafe Rio Holding, Inc.+ . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
09/2028
173
173
—
171
Cafe Rio Holding, Inc.+ . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
09/2028
124
123
—
123
Cafe Rio Holding, Inc.+ . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
09/2028
99
98
—
98
145

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Hotels, Restaurants & Leisure -
(continued)
Cafe Rio Holding, Inc.+ . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
09/2028
$
97
$
96
—%
$
96
Cafe Rio Holding, Inc.+ . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
09/2028
78
78
—
78
Cafe Rio Holding, Inc.+ . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
09/2028
50
50
—
49
Cafe Rio Holding, Inc.+(5). . . . . . . . .
One stop
SF + 5.50%
N/A(6)
09/2028
—
(1)
—
(1)
Davidson Hotel Company, LLC&+ . . .
One stop
SF + 5.25%(h)
10.20%
07/2025
6,716
6,731
0.2
6,716
Davidson Hotel Company, LLC+ . . . .
One stop
SF + 5.25%(h)
10.20%
07/2025
1,160
1,159
—
1,160
Davidson Hotel Company, LLC+ . . . .
One stop
SF + 5.25%
N/A(6)
07/2025
—
—
—
—
EOS Fitness Opco Holdings,
LLC#~+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(h)
10.10%
01/2028
11,063
11,051
0.3
10,981
EOS Fitness Opco Holdings, LLC+. . .
One stop
SF + 5.25%(i)
9.92%
01/2028
2,830
2,809
0.1
2,809
EOS Fitness Opco Holdings, LLC+. . .
One stop
SF + 5.25%(h)(i)
10.19%
01/2028
1,802
1,786
0.1
1,788
EOS Fitness Opco Holdings, LLC<+ . .
One stop
SF + 5.25%(h)
10.10%
01/2028
1,773
1,762
0.1
1,761
EOS Fitness Opco Holdings, LLC<+ . .
One stop
SF + 5.25%(h)
10.10%
01/2028
1,486
1,475
0.1
1,475
EOS Fitness Opco Holdings, LLC<+ . .
One stop
SF + 5.25%(h)
10.10%
01/2028
1,235
1,230
—
1,226
EOS Fitness Opco Holdings, LLC+. . .
One stop
SF + 5.25%(h)
10.10%
01/2028
1,093
1,090
—
1,084
EOS Fitness Opco Holdings, LLC+. . .
One stop
SF + 5.25%(h)
10.10%
01/2028
1,069
1,061
—
1,061
EOS Fitness Opco Holdings, LLC+. . .
One stop
SF + 5.25%(h)(i)
10.10%
01/2028
450
446
—
446
EOS Fitness Opco Holdings,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
01/2028
—
—
—
(1)
EOS Fitness Opco Holdings,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
01/2028
—
(106)
—
(106)
ESN Venture Holdings, LLC*~&. . . . .
One stop
SF + 5.75%(i)
10.35%
10/2028
5,409
5,348
0.1
5,409
ESN Venture Holdings, LLC+ . . . . . .
One stop
SF + 5.75%(i)
10.93%
10/2028
924
919
—
924
ESN Venture Holdings, LLC+ . . . . . .
One stop
SF + 5.75%(i)
10.35%
10/2028
817
809
—
817
ESN Venture Holdings, LLC+ . . . . . .
One stop
SF + 5.75%(i)
10.35%
10/2028
375
372
—
375
ESN Venture Holdings, LLC+ . . . . . .
One stop
SF + 5.75%(i)
10.85%
10/2028
265
261
—
265
ESN Venture Holdings, LLC+ . . . . . .
One stop
SF + 5.75%(i)
10.35%
10/2028
209
201
—
209
ESN Venture Holdings, LLC+(5) . . . . .
One stop
SF + 5.75%
N/A(6)
10/2028
—
(69)
—
—
Freddy’s Frozen Custard LLC<+. . . . .
One stop
SF + 5.00%(h)
10.20%
03/2027
1,397
1,393
—
1,397
Freddy’s Frozen Custard LLC+ . . . . .
One stop
SF + 5.00%(h)
10.20%
03/2027
10
9
—
10
GFP Atlantic Holdco 2, LLC<+ . . . . .
One stop
SF + 6.00%(i)
11.13%
11/2027
1,078
1,076
—
1,078
GFP Atlantic Holdco 2, LLC+(5). . . . .
One stop
SF + 6.00%
N/A(6)
11/2027
—
(3)
—
—
Harri US LLC^+(25) . . . . . . . . . . . . .
One stop
SF + 10.00%(i)
11.21% cash/
4.00% PIK
08/2026
1,251
1,193
—
1,211
Harri US LLC+(25). . . . . . . . . . . . . .
One stop
SF +10.00%(i)
11.21% cash/
4.00% PIK
08/2026
847
835
—
821
Harri US LLC+(25). . . . . . . . . . . . . .
One stop
SF + 10.00%(i)
11.21% cash/
4.00% PIK
08/2026
822
811
—
797
Harri US LLC+(5) . . . . . . . . . . . . . .
One stop
SF + 10.00%
N/A(6)
08/2026
—
(1)
—
(2)
Harri US LLC+(5) . . . . . . . . . . . . . .
One stop
SF + 10.00%
N/A(6)
08/2026
—
(39)
—
(41)
Health Buyer, LLC<+ . . . . . . . . . . . . Senior secured SF + 5.25%(i)
9.85%
04/2029
3,893
3,881
0.1
3,853
Health Buyer, LLC<+ . . . . . . . . . . . . Senior secured SF + 5.50%(i)
10.10%
04/2029
1,776
1,753
0.1
1,776
Health Buyer, LLC+ . . . . . . . . . . . . Senior secured SF + 5.50%(i)
10.10%
04/2029
714
703
—
714
Health Buyer, LLC+ . . . . . . . . . . . . Senior secured SF + 5.25%
N/A(6)
04/2028
—
—
—
—
Health Buyer, LLC+(5) . . . . . . . . . . . Senior secured SF + 5.50%
N/A(6)
04/2029
—
(1)
—
—
PB Group Holdings, LLC+(25) . . . . . .
One stop
SF + 5.50%(h)
7.60% cash/
2.75% PIK
08/2030
36,728
36,547
0.9
36,544
PB Group Holdings, LLC+(5). . . . . . .
One stop
SF + 5.00%
N/A(6)
08/2030
—
(22)
—
(22)
SDC Holdco, LLC+. . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.60%
06/2031
21,737
21,632
0.6
21,737
SDC Holdco, LLC+(25). . . . . . . . . . .
Second lien
SF + 8.50%(i)
13.10% PIK
06/2032
3,340
3,317
0.1
3,340
SDC Holdco, LLC+. . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.66%
06/2031
192
183
—
192
SSRG Holdings, LLC+. . . . . . . . . . .
One stop
SF + 5.00%(i)
10.25%
11/2027
12,533
12,473
0.3
12,470
SSRG Holdings, LLC~&+ . . . . . . . . .
One stop
SF + 5.00%(i)
9.60%
11/2027
7,784
7,878
0.2
7,744
SSRG Holdings, LLC+. . . . . . . . . . .
One stop
SF + 5.00%(i)
9.60%
11/2027
817
806
—
804
SSRG Holdings, LLC<+ . . . . . . . . . .
One stop
SF + 5.00%(i)
9.60%
11/2027
613
611
—
611
146

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Hotels, Restaurants & Leisure -
(continued)
Super REGO, LLC+(25) . . . . . . . . . .
Subordinated
debt
N/A
15.00% PIK
03/2030
$
108
$
106
—%
$
108
YE Brands Holding, LLC~<+ . . . . . . .
One stop
SF + 4.75%(i)
9.35%
10/2027
17,632
17,828
0.4
17,632
YE Brands Holding, LLC+ . . . . . . . .
One stop
SF + 4.75%(i)
9.40%
10/2027
933
927
—
933
YE Brands Holding, LLC+ . . . . . . . .
One stop
SF + 4.75%(i)
9.47%
10/2027
54
54
—
54
265,716
265,305
6.6
264,137
Household Products
WU Holdco, Inc.~+ . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.60%
03/2027
4,849
4,867
0.1
4,849
WU Holdco, Inc.<+ . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.60%
03/2027
1,713
1,709
0.1
1,713
WU Holdco, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.60%
03/2027
446
443
—
446
WU Holdco, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.60%
03/2027
1,567
1,557
—
1,567
WU Holdco, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.73%
03/2027
61
60
—
61
8,636
8,636
0.2
8,636
Industrial Conglomerates
Arch Global CCT Holdings Corp.#<+. . Senior secured SF + 4.75%(i)
9.44%
04/2026
3,193
3,194
0.1
3,128
Arch Global CCT Holdings Corp.<+ . . Senior secured SF + 4.75%(i)
9.45%
04/2026
642
632
—
629
Arch Global CCT Holdings Corp.+ . . . Senior secured SF + 4.75%(i)
9.44%
04/2026
596
587
—
585
Arch Global CCT Holdings Corp.+ . . . Senior secured SF + 4.75%(a)(i)
9.58%
04/2025
93
93
—
93
Dwyer Instruments, Inc.<+. . . . . . . . .
One stop
SF + 5.75%(i)
10.45%
07/2027
5,827
5,824
0.2
5,827
Dwyer Instruments, Inc.+(5) . . . . . . . .
One stop
SF + 5.75%
N/A(6)
07/2027
—
(1)
—
—
Dwyer Instruments, Inc.+ . . . . . . . . .
One stop
SF + 5.75%(i)
10.45%
07/2027
1,477
1,465
—
1,477
Dwyer Instruments, Inc.<+. . . . . . . . .
One stop
SF + 5.75%(i)
10.45%
07/2027
472
468
—
472
Dwyer Instruments, Inc.+(5) . . . . . . . .
One stop
SF + 5.75%
N/A(6)
07/2027
—
(2)
—
—
Essential Services Holdings
Corporation+ . . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
10.29%
06/2031
11,514
11,403
0.3
11,399
Essential Services Holdings
Corporation+(5) . . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
06/2030
—
(13)
—
(14)
Essential Services Holdings
Corporation+(5) . . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
06/2031
—
(11)
—
(23)
Excelitas Technologies Corp.+(5). . . . .
One stop
SF + 5.25%
N/A(6)
08/2029
—
(58)
—
(84)
Excelitas Technologies Corp.<+ . . . . .
One stop
SF + 5.25%(i)
9.85%
08/2029
10,022
9,958
0.2
9,920
Excelitas Technologies Corp.<+(8)(9). . .
One stop
E + 5.25%(c)
8.60%
08/2029
1,919
1,792
—
1,901
Excelitas Technologies Corp.+(5). . . . .
One stop
SF + 5.25%
N/A(6)
08/2028
—
(3)
—
(4)
Excelitas Technologies Corp.+(5). . . . .
One stop
SF + 5.25%
N/A(6)
08/2029
—
(3)
—
(3)
Specialty Measurement Bidco
Limited<+(8)(10) . . . . . . . . . . . . . .
One stop
SF + 6.25%(g)
11.34%
11/2027
11,146
11,110
0.3
11,146
Specialty Measurement Bidco
Limited<+(8)(9)(10) . . . . . . . . . . . .
One stop
E + 6.25%(c)
9.76%
11/2027
10,428
10,847
0.3
10,428
Specialty Measurement Bidco
Limited+(8)(9)(10) . . . . . . . . . . . . .
One stop
E + 6.25%(c)
9.76%
11/2027
5,129
4,905
0.1
5,129
Specialty Measurement Bidco
Limited<+(8)(10) . . . . . . . . . . . . . .
One stop
SF + 6.50%(g)
11.59%
11/2027
2,020
2,045
0.1
2,040
Specialty Measurement Bidco
Limited<+(8)(10) . . . . . . . . . . . . . .
One stop
SF + 6.50%(g)
11.59%
11/2027
3,767
3,736
0.1
3,805
Specialty Measurement Bidco
Limited+(8)(9)(10) . . . . . . . . . . . . .
One stop
E + 6.50%(c)
10.01%
11/2027
4,543
4,431
0.1
4,588
72,788
72,399
1.8
72,439
Insurance
Accession Risk Management Group,
Inc.*#~^+ . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.96%
11/2029
37,070
37,068
0.9
36,885
Accession Risk Management Group,
Inc.~^+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.81%
11/2029
9,499
9,399
0.2
9,453
Accession Risk Management Group,
Inc.&+. . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.69%
11/2029
8,361
8,353
0.2
8,319
147

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Insurance - (continued)
Accession Risk Management Group,
Inc.&<+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.53%
11/2029
$ 5,249
$ 5,307
0.1%
$ 5,223
Accession Risk Management Group,
Inc.+(5) . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
11/2029
—
(17)
—
(13)
Accession Risk Management Group,
Inc.+(5) . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
11/2029
—
(4)
—
(3)
Accession Risk Management Group,
Inc.+. . . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.79%
11/2029
7,243
7,242
0.2
7,207
Accession Risk Management Group,
Inc.+(5) . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%)
N/A(6)
11/2029
—
(134)
—
(111)
Alera Group, Inc.^<+ . . . . . . . . . . . .
One stop
SF + 5.25%(h)
10.10%
10/2028
35,416
35,476
0.9
35,416
Alera Group, Inc.&+. . . . . . . . . . . . .
One stop
SF + 5.25%(h)
10.10%
10/2028
10,065
10,064
0.3
10,065
Alera Group, Inc.&+. . . . . . . . . . . . .
One stop
SF + 5.25%(h)
10.10%
10/2028
4,018
4,083
0.1
4,018
Alera Group, Inc.+ . . . . . . . . . . . . .
One stop
SF + 5.75%(h)
10.60%
10/2028
1,063
1,082
—
1,080
AMBA Buyer, Inc.&+. . . . . . . . . . . .
One stop
SF + 5.25%(i)
9.95%
07/2027
4,468
4,479
0.1
4,468
AMBA Buyer, Inc.+. . . . . . . . . . . . .
One stop
SF + 5.25%(i)
9.95%
07/2027
1,330
1,328
—
1,330
AMBA Buyer, Inc.<+ . . . . . . . . . . . .
One stop
SF + 5.25%(i)
9.95%
07/2027
1,122
1,118
—
1,122
AMBA Buyer, Inc.+. . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
07/2027
—
—
—
—
AMBA Buyer, Inc.+. . . . . . . . . . . . .
One stop
SF + 5.25%(i)
9.95%
07/2027
162
162
—
162
Ben Nevis Midco Limited<+(8)(10) . . . .
One stop
SF + 5.50%(h)
10.35%
03/2028
561
551
—
561
Ben Nevis Midco Limited<+(8)(10) . . . .
One stop
SF + 5.50%(i)
10.56%
03/2028
378
378
—
378
Ben Nevis Midco Limited+(8)(10) . . . .
One stop
SF + 5.50%(h)
10.34%
03/2028
60
59
—
60
Ben Nevis Midco Limited+(8)(10) . . . .
One stop
SF + 5.50%(h)
10.36%
03/2028
92
85
—
92
Captive Resources Midco, LLC<+(25). .
One stop
SF + 5.25%(h)
10.10%
07/2029
15,470
15,443
0.4
15,470
Captive Resources Midco, LLC+(5) . . .
One stop
SF + 5.25%
N/A(6)
07/2028
—
(2)
—
—
Disco Parent, Inc.<+. . . . . . . . . . . . .
One stop
SF + 7.50%(i)
12.56%
03/2029
6,246
6,215
0.2
6,246
Disco Parent, Inc.+(5) . . . . . . . . . . . .
One stop
SF + 7.50%
N/A(6)
03/2029
—
(1)
—
—
Doxa Insurance Holdings LLC<+ . . . .
One stop
SF + 5.25%(i)
10.06%
12/2030
1,735
1,772
—
1,739
Doxa Insurance Holdings LLC+ . . . . .
One stop
SF + 5.50%
N/A(6)
12/2029
—
—
—
—
Doxa Insurance Holdings LLC+ . . . . .
One stop
SF + 5.25%(i)
10.22%
12/2030
1,434
1,439
—
1,438
Doxa Insurance Holdings LLC+(5) . . .
One stop
SF + 5.00%
N/A(6)
12/2030
—
(27)
—
—
Gimlet Bidco GMBH+(8)(9)(19) . . . . . .
One stop
E + 5.75%(c)
9.39%
04/2031
1,089
1,032
—
1,079
Gimlet Bidco GMBH+(8)(9)(19) . . . . . .
One stop
E + 5.75%(c)
9.39%
04/2031
81
69
—
76
Illumifin Corporation<+(25) . . . . . . . .
One stop
SF + 7.00%(i)
6.54% cash/
6.00% PIK
09/2027
4,565
4,376
0.1
4,018
Integrated Specialty Coverages,
LLC<+ . . . . . . . . . . . . . . . . . . .
One stop
SF +
6.00%(h)(i)(j)
10.98%
07/2030
5,051
5,021
0.1
5,051
Integrated Specialty Coverages,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
07/2029
—
(1)
—
—
Integrated Specialty Coverages, LLC+ .
One stop
SF +
6.00%(h)(i)(j)
10.88%
07/2030
1,008
987
—
1,008
Integrity Marketing Acquisition,
LLC~&+ . . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
10.07%
08/2028
44,556
44,205
1.1
44,110
Integrity Marketing Acquisition,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
08/2028
—
(4)
—
(4)
Integrity Marketing Acquisition,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
08/2028
—
(14)
—
(39)
J.S. Held Holdings, LLC~^<+ . . . . . . .
One stop
SF + 5.50%(i)
10.25%
12/2026
22,378
22,364
0.6
22,154
J.S. Held Holdings, LLC&+ . . . . . . . .
One stop
SF + 5.50%(i)
10.25%
12/2026
5,400
5,384
0.1
5,346
J.S. Held Holdings, LLC<+ . . . . . . . .
One stop
SF + 5.50%(i)
10.25%
12/2026
5,223
5,207
0.1
5,171
J.S. Held Holdings, LLC<+ . . . . . . . .
One stop
SF + 5.50%(i)
10.25%
12/2026
5,055
5,046
0.1
5,005
J.S. Held Holdings, LLC+. . . . . . . . .
One stop
SF + 5.50%(i)
10.25%
12/2026
160
158
—
159
J.S. Held Holdings, LLC+(5) . . . . . . .
One stop
SF + 5.50%
N/A(6)
12/2026
—
(6)
—
(6)
Keystone Agency Partners LLC<+. . . . Senior secured SF + 5.00%(i)
9.60%
05/2027
3,558
3,534
0.1
3,558
Keystone Agency Partners LLC+ . . . . Senior secured SF + 5.00%(i)
9.60%
05/2027
2,039
2,031
0.1
2,039
Keystone Agency Partners LLC&+ . . . Senior secured SF + 5.00%(i)
9.60%
05/2027
2,875
2,926
0.1
2,875
Keystone Agency Partners LLC<+. . . . Senior secured SF + 5.00%(i)
9.60%
05/2027
618
617
—
618
148

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Insurance - (continued)
Keystone Agency Partners LLC+ . . . . Senior secured SF + 5.00%(i)
9.60%
05/2027
$
2,108
$
2,086
0.1%
$
2,108
Majesco~^< . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.35%
09/2028
28,248
28,283
0.7
28,248
Majesco+(5) . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
09/2027
—
(1)
—
—
MRH Trowe Germany
GMBH+(8)(9)(19) . . . . . . . . . . . . .
One stop
E + 6.00%(c)
9.49%
02/2029
789
768
—
789
Norvax, LLC^<+(8). . . . . . . . . . . . . . Senior secured SF + 8.00%(h)
12.95%
09/2025
39,654
38,981
1.0
38,860
Norvax, LLC<+(8) . . . . . . . . . . . . . . Senior secured SF + 8.00%(h)
12.95%
09/2025
12,271
12,048
0.3
12,026
Oakbridge Insurance Agency LLC<+ . .
One stop
SF + 5.50%(h)
10.66%
11/2029
2,281
2,320
0.1
2,281
Oakbridge Insurance Agency LLC+. . .
One stop
P + 4.50%(a)(h)
12.07%
11/2029
30
30
—
30
Oakbridge Insurance Agency LLC+. . .
One stop
SF + 5.50%(h)
10.66%
11/2029
91
90
—
91
Pareto Health Intermediate Holdings,
Inc.&+. . . . . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
10.85%
05/2030
22,115
22,045
0.6
22,115
Pareto Health Intermediate Holdings,
Inc.+. . . . . . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
10.85%
05/2030
7,372
7,348
0.2
7,372
Pareto Health Intermediate Holdings,
Inc.+(5) . . . . . . . . . . . . . . . . . . .
One stop
SF + 6.25%
N/A(6)
06/2029
—
(1)
—
—
Patriot Growth Insurance Services,
LLC&<+ . . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.75%
10/2028
15,445
15,443
0.4
15,368
Patriot Growth Insurance Services,
LLC+ . . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.75%
10/2028
3,156
3,142
0.1
3,141
Patriot Growth Insurance Services,
LLC+ . . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
10/2028
35
27
—
35
Patriot Growth Insurance Services,
LLC+ . . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.35%
10/2028
1,481
1,476
—
1,447
People Corporation<+(8)(9)(12) . . . . . . .
One stop
CA + 5.25%(l)
9.83%
02/2028
24,688
25,371
0.6
24,688
People Corporation+(8)(9)(12). . . . . . . .
One stop
CA + 5.25%(l)
9.83%
02/2028
20,716
20,701
0.5
20,716
People Corporation+(8)(9)(12). . . . . . . .
One stop
CA + 5.25%(l)
9.83%
02/2028
8,101
8,442
0.2
8,101
People Corporation+(8)(9)(12). . . . . . . .
One stop
CA + 5.25%(l)
9.59%
02/2028
6,802
6,703
0.2
6,802
People Corporation+(8)(9)(12). . . . . . . .
One stop
CA + 5.25%(l)
7.37%
02/2027
71
71
—
71
450,152
449,223
11.1
447,112
Internet & Direct Marketing Retail
Revalize, Inc.~^+ . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
11.15%
04/2027
20,510
20,188
0.5
19,279
Revalize, Inc.^+ . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
11.15%
04/2027
12,005
11,826
0.3
11,284
Revalize, Inc.^+ . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
11.15%
04/2027
5,952
5,863
0.1
5,595
Revalize, Inc.^+ . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
11.15%
04/2027
3,585
3,513
0.1
3,370
Revalize, Inc.<+ . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
11.15%
04/2027
2,440
2,385
0.1
2,294
Revalize, Inc.<+ . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
11.15%
04/2027
2,396
2,312
—
2,253
Revalize, Inc.+ . . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
11.15%
04/2027
234
221
—
219
Revalize, Inc.+ . . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.80%
04/2027
252
236
—
224
47,374
46,544
1.1
44,518
IT Services
Acquia, Inc.^+ . . . . . . . . . . . . . . . .
One stop
SF + 7.00%(i)
12.46%
10/2025
12,020
12,030
0.3
12,020
Acquia, Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 7.00%(i)
12.47%
10/2025
44
44
—
44
Acquia, Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 7.00%(i)
12.46%
10/2025
1,083
1,080
—
1,083
CivicPlus, LLC^+(25) . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.96%
08/2027
9,175
9,190
0.2
9,175
CivicPlus, LLC<+(25) . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.96%
08/2027
5,430
5,442
0.2
5,430
CivicPlus, LLC<+(25) . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.96%
08/2027
4,301
4,308
0.1
4,301
CivicPlus, LLC+(25) . . . . . . . . . . . . .
One stop
SF +11.75%(i)(j)
17.00% PIK
06/2034
552
548
—
552
CivicPlus, LLC+ . . . . . . . . . . . . . . .
One stop
SF +8.50%
N/A(6)
08/2027
—
—
—
—
Critical Start, Inc.<+(25). . . . . . . . . . .
One stop
SF +6.75%(i)
8.40% cash/
3.63% PIK
05/2028
5,254
5,252
0.1
5,201
Critical Start, Inc.<+(25). . . . . . . . . . .
One stop
SF +6.75%(i)
8.40% cash/
3.63% PIK
05/2028
2,413
2,384
0.1
2,388
Critical Start, Inc.+(5) . . . . . . . . . . . .
One stop
SF +6.25%
N/A(6)
05/2028
—
(1)
—
(2)
Delinea Inc.^+. . . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
03/2028
22,609
22,618
0.6
22,609
149

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
IT Services - (continued)
Delinea Inc.#^. . . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.50%
03/2028
$ 13,127
$ 13,128
0.3%
$ 13,127
Delinea Inc.+(5). . . . . . . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
03/2027
—
(1)
—
—
Delinea Inc.< . . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(i)
10.75%
03/2028
11,500
11,486
0.3
11,500
Goldcup 31018 AB<+(8)(9)(17)(25) . . . . .
One stop
E + 6.50%(d)
10.18% PIK
07/2029
14,282
13,351
0.4
14,283
Goldcup 31018 AB+(8)(9)(17)(25). . . . . .
One stop
E + 6.50%(d)
10.18% PIK
07/2029
1,332
1,269
—
1,332
Goldcup 31018 AB+(5)(8)(9)(17) . . . . . .
One stop
E + 6.50%
N/A(6)
01/2029
—
(1)
—
—
Netwrix Corporation*&+ . . . . . . . . . .
One stop
SF + 5.50%(i)
10.56%
06/2029
7,975
7,980
0.2
7,975
Netwrix Corporation+(5) . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
06/2029
—
(1)
—
—
Netwrix Corporation+. . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.56%
06/2029
386
384
—
422
Optimizely North America, Inc.#^< . . .
One stop
SF + 5.25%(i)
10.00%
04/2026
25,860
25,849
0.6
25,860
Optimizely North America,
Inc.+(8)(9) . . . . . . . . . . . . . . . . . .
One stop
E + 5.50%(c)
8.85%
04/2026
23,933
24,037
0.6
23,933
Optimizely North America, Inc.*#^ . . .
One stop
SF + 5.25%(i)
10.00%
04/2026
14,317
14,346
0.4
14,317
Optimizely North America, Inc.*<. . . .
One stop
SF + 5.25%(i)
10.00%
04/2026
7,956
7,951
0.2
7,956
Optimizely North America, Inc.+ . . . .
One stop
SF + 5.25%
N/A(6)
04/2026
—
—
—
—
PDQ Intermediate, Inc.+(25) . . . . . . . .
Subordinated
debt
N/A
13.75% PIK
10/2031
114
113
—
114
Recordxtechnologies, LLC#~< . . . . . .
One stop
SF + 5.25%(i)
9.85%
12/2027
18,874
19,063
0.5
18,874
Recordxtechnologies, LLC+. . . . . . . .
One stop
SF + 5.25%(i)
9.85%
12/2027
1,769
1,786
—
1,769
Recordxtechnologies, LLC+. . . . . . . .
One stop
SF + 5.25%(i)
9.85%
12/2027
2
—
—
2
Recordxtechnologies, LLC<+ . . . . . . .
One stop
SF + 5.25%(i)
9.85%
12/2027
894
886
—
894
Recordxtechnologies, LLC+. . . . . . . .
One stop
SF + 5.25%(i)
9.85%
12/2027
12,553
12,439
0.3
12,553
ReliaQuest Holdings, LLC<+(25) . . . . .
One stop
SF + 6.75%(i)
8.37% cash/
3.63% PIK
04/2031
11,710
11,711
0.3
11,710
ReliaQuest Holdings, LLC+(5) . . . . . .
One stop
SF + 6.75%
N/A(6)
04/2031
—
(5)
—
—
ReliaQuest Holdings, LLC+(5) . . . . . .
One stop
SF + 6.25%
N/A(6)
04/2031
—
(2)
—
—
Saturn Borrower Inc.~<+ . . . . . . . . . .
One stop
SF + 6.50%(i)
11.25%
09/2026
27,535
27,313
0.7
26,983
Saturn Borrower Inc.+ . . . . . . . . . . .
One stop
SF + 6.50%(h)(i)
11.28%
09/2026
444
437
—
434
WPEngine, Inc.<+ . . . . . . . . . . . . . .
One stop
SF + 6.50%(i)
11.62%
08/2029
5,438
5,419
0.1
5,438
WPEngine, Inc.+. . . . . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
08/2029
—
—
—
—
Zarya Holdco, Inc.<+ . . . . . . . . . . . .
One stop
SF + 6.50%(i)
11.56%
07/2027
1,413
1,406
—
1,385
Zarya Holdco, Inc.<+ . . . . . . . . . . . .
One stop
SF + 6.50%(i)
11.56%
07/2027
7,247
7,296
0.2
7,102
Zarya Holdco, Inc.+(5) . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
07/2027
—
—
—
(2)
271,542
270,535
6.7
270,762
Leisure Products
Crunch Holdings, LLC+ . . . . . . . . . .
One stop
SF + 4.75%(h)
9.61%
09/2031
57,121
56,836
1.4
56,836
Crunch Holdings, LLC+(5). . . . . . . . .
One stop
SF + 4.75%
N/A(6)
09/2031
—
(39)
—
(39)
Movement Holdings, LLC<+ . . . . . . .
One stop
SF + 5.25%(h)
10.10%
03/2030
841
839
—
841
Movement Holdings, LLC+. . . . . . . .
One stop
SF + 5.25%
N/A(6)
03/2030
—
—
—
—
Movement Holdings, LLC+(5) . . . . . .
One stop
SF + 5.25%
N/A(6)
03/2030
—
(2)
—
—
WBZ Investment, LLC#&+(25) . . . . . .
One stop
SF + 6.75%(i)
11.50%
03/2027
7,804
7,804
0.2
7,804
WBZ Investment, LLC&+(25) . . . . . . .
One stop
SF + 6.75%(i)
11.50%
03/2027
1,717
1,717
0.1
1,717
WBZ Investment, LLC&+(25) . . . . . . .
One stop
SF + 6.75%(i)
11.50%
03/2027
1,194
1,194
—
1,194
WBZ Investment, LLC&+(25) . . . . . . .
One stop
SF + 6.75%(i)
11.50%
03/2027
628
628
—
628
WBZ Investment, LLC+. . . . . . . . . .
One stop
SF + 6.75%
N/A(6)
03/2027
—
—
—
—
69,305
68,977
1.7
68,981
Life Sciences Tools & Services
Celerion Buyer, Inc.*#~. . . . . . . . . . .
One stop
SF + 5.50%(i)
10.73%
11/2029
29,605
29,352
0.7
29,605
Celerion Buyer, Inc.+(5) . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
11/2028
—
(1)
—
—
Celerion Buyer, Inc.+(5) . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
11/2029
—
(68)
—
—
Graphpad Software, LLC+ . . . . . . . .
One stop
SF + 4.75%(i)
9.35%
06/2031
8,869
8,826
0.2
8,869
Graphpad Software, LLC+(5) . . . . . . .
One stop
SF + 4.75%
N/A(6)
06/2031
—
(4)
—
—
Graphpad Software, LLC+ . . . . . . . .
One stop
SF + 4.75%(i)
9.35%
06/2031
222
211
—
222
PAS Parent Inc.+(5) . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
12/2028
—
(18)
—
(39)
150

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Life Sciences Tools & Services -
(continued)
PAS Parent Inc.*#~&<+ . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
12/2028
$ 55,514
$ 55,532
1.4%
$ 54,960
PAS Parent Inc.+. . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
12/2027
130
124
—
124
PAS Parent Inc.+. . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
12/2028
2,643
2,664
0.1
2,608
Reaction Biology
Corporation#+(7)(25) . . . . . . . . . . .
One stop
SF + 6.90%(i)
7.10% cash/
4.40% PIK
03/2029
8,600
8,374
0.2
6,622
Reaction Biology Corporation+(7)(25) . .
One stop
SF + 6.90%(i)
7.10% cash/
4.40% PIK
03/2029
2,861
2,482
0.1
2,203
Reaction Biology Corporation+(7)(25) . .
One stop
SF + 6.90%(i)
7.10% cash/
4.40% PIK
03/2029
1,903
1,650
—
1,465
Reaction Biology Corporation+(7)(25) . .
One stop
SF + 6.90%(i)
7.10% cash/
4.40% PIK
03/2029
306
278
—
236
Unchained Labs, LLC+ . . . . . . . . . . Senior secured SF + 5.50%(h)
10.40%
08/2027
1,400
1,387
—
1,372
Unchained Labs, LLC<+ . . . . . . . . . . Senior secured SF + 5.50%(h)
10.40%
08/2027
1,182
1,167
—
1,158
Unchained Labs, LLC+(5) . . . . . . . . . Senior secured SF + 5.50%
N/A(6)
08/2027
—
(1)
—
(2)
113,235
111,955
2.7
109,403
Machinery
AI Titan Parent, Inc.+. . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.81%
08/2031
10,508
10,405
0.3
10,403
AI Titan Parent, Inc.+(5) . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
08/2031
—
(10)
—
(11)
AI Titan Parent, Inc.+(5) . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
08/2031
—
(13)
—
(13)
Blackbird Purchaser, Inc.<+ . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
12/2030
4,476
4,559
0.1
4,476
Blackbird Purchaser, Inc.+. . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
12/2030
265
264
—
265
Blackbird Purchaser, Inc.+. . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
12/2029
15
15
—
15
Chase Industries, Inc.+(25)(26) . . . . . . . Senior secured SF + 7.00%(i)
10.25% cash/
1.50% PIK
05/2025
13,837
13,816
0.3
13,145
Chase Industries, Inc.+(25)(26) . . . . . . . Senior secured SF + 7.00%(i)
10.25% cash/
1.50% PIK
05/2025
1,308
1,300
—
1,242
Chase Industries, Inc.+(25)(26) . . . . . . . Senior secured SF + 7.00%(i)
10.25% cash/
1.50% PIK
05/2025
255
250
—
228
30,664
30,586
0.7
29,750
Marine
Project Nike Purchaser, LLC&+ . . . . .
One stop
SF + 5.25%(i)
9.85%
04/2029
33,867
34,038
0.9
33,529
Project Nike Purchaser, LLC<+ . . . . .
One stop
SF + 5.25%(i)
9.85%
04/2029
750
747
—
742
Project Nike Purchaser, LLC+ . . . . . .
One stop
SF + 5.25%(i)
9.85%
04/2029
250
248
—
246
34,867
35,033
0.9
34,517
Media
Lotus Topco, Inc.+. . . . . . . . . . . . . .
One stop
SF + 4.75%(j)
9.00%
06/2030
5,164
5,127
0.1
5,164
Lotus Topco, Inc.+(5) . . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
06/2030
—
(7)
—
—
Lotus Topco, Inc.+(5) . . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
06/2030
—
(18)
—
—
Triple Lift, Inc.^+ . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.71%
05/2028
7,300
7,203
0.2
7,008
Triple Lift, Inc.<+ . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.71%
05/2028
1,557
1,526
—
1,495
Triple Lift, Inc.+ . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
11.20%
05/2028
54
52
—
50
14,075
13,883
0.3
13,717
Multiline Retail
Fleet Farm Group, LLC*#+(7) . . . . . . .
One stop
SF + 7.00%(j)
12.56%
12/2026
43,652
43,416
0.8
31,866
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12). . . . . . . .
One stop
SF +6.50%(h)
11.45%
05/2025
25,451
25,549
0.7
25,451
3ES Innovation, Inc.+(8)(12) . . . . . . . .
One stop
SF +6.50%
N/A(6)
05/2025
—
—
—
—
Envernus, Inc.<+ . . . . . . . . . . . . . . .
One stop
SF +5.50%(h)
10.35%
12/2029
5,131
5,222
0.1
5,131
Envernus, Inc.+. . . . . . . . . . . . . . . .
One stop
SF +5.50%(h)
10.35%
12/2029
5
5
—
5
Envernus, Inc.+. . . . . . . . . . . . . . . .
One stop
SF +5.50%
N/A(6)
12/2029
—
—
—
—
Project Power Buyer, LLC*#~<+ . . . . .
One stop
SF +6.75%(i)
11.35%
05/2026
53,171
53,103
1.3
53,171
Project Power Buyer, LLC+. . . . . . . .
One stop
SF +6.75%
N/A(6)
05/2025
—
—
—
—
83,758
83,879
2.1
83,758
151

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Paper & Forest Products
Messenger, LLC#~<+ . . . . . . . . . . . .
One stop
SF +5.75%(i)
10.50%
12/2027
$ 14,397
$ 14,417
0.4%
$ 14,397
Messenger, LLC+(8)(9) . . . . . . . . . . .
One stop
SN + 5.75%(f)
10.80%
12/2027
926
875
—
926
Messenger, LLC+ . . . . . . . . . . . . . .
One stop
SF +5.75%(i)
10.50%
12/2027
520
519
—
520
Messenger, LLC+(8)(9) . . . . . . . . . . .
One stop
SN + 5.75%
N/A(6)
12/2027
—
—
—
—
Messenger, LLC~+. . . . . . . . . . . . . .
One stop
SF +5.75%(i)
11.15%
12/2027
1,508
1,537
0.1
1,508
Messenger, LLC<+. . . . . . . . . . . . . .
One stop
SF +5.75%(i)
10.50%
12/2027
756
756
—
756
Messenger, LLC+ . . . . . . . . . . . . . .
One stop
SF +5.75%
N/A(6)
12/2027
—
—
—
—
18,107
18,104
0.5
18,107
Personal Products
IMPLUS Footcare, LLC+(25) . . . . . . .
One stop
SF +8.75%(i)
12.51% cash/
1.00% PIK
07/2025
30,500
30,500
0.7
27,450
IMPLUS Footcare, LLC+(25) . . . . . . .
One stop
SF +8.75%(i)
12.51% cash/
1.00% PIK
07/2025
5,209
5,209
0.1
4,688
IMPLUS Footcare, LLC*+(25) . . . . . .
One stop
SF +8.75%(i)
12.51% cash/
1.00% PIK
07/2025
751
751
—
675
36,460
36,460
0.8
32,813
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#~&. . . . . . .
One stop
SF +5.50%(i)
10.75%
02/2029
30,144
29,977
0.8
30,144
ACP Ulysses Buyer, Inc.*< . . . . . . . .
One stop
SF +5.50%(i)
10.75%
02/2029
1,303
1,285
—
1,303
Amalthea Parent, Inc.*#~^&<+(8) . . . . .
One stop
SF +5.00%(j)
10.75%
03/2027
87,644
85,520
2.1
82,385
Amalthea Parent, Inc.+(8) . . . . . . . . .
One stop
SF +5.00%(h)
9.96%
03/2027
360
338
—
328
Apothecary Products, LLC+ . . . . . . . Senior secured SF +5.75%(j)
10.59%
07/2025
2,321
2,310
0.1
2,321
Apothecary Products, LLC+(5) . . . . . . Senior secured SF +5.75%
N/A(6)
07/2025
—
(3)
—
—
Caerus Midco 3 S.A.R.L.<+(8)(13) . . . .
One stop
SF +5.00%(i)
9.60%
05/2029
29,411
29,445
0.7
29,117
Caerus Midco 3 S.A.R.L.<+(8)(13) . . . .
One stop
SF +5.00%(i)
9.60%
05/2029
4,876
4,879
0.1
4,827
Caerus Midco 3 S.A.R.L.+(8)(13) . . . . .
One stop
SF +5.00%(i)
9.60%
05/2029
1,986
1,962
—
1,941
Caerus Midco 3 S.A.R.L.+(8)(13) . . . . .
One stop
SF +5.00%(i)
9.60%
05/2029
315
311
—
308
Caerus Midco 3 S.A.R.L.+(8)(13) . . . . .
One stop
SF +5.00%(h)
9.87%
05/2029
262
259
—
256
Cobalt Buyer Sub, Inc.&+ . . . . . . . . .
One stop
SF +5.50%(h)
10.35%
10/2028
14,836
14,789
0.4
14,651
Cobalt Buyer Sub, Inc.+ . . . . . . . . . .
One stop
SF +5.50%(h)
10.35%
10/2028
4,975
4,957
0.1
4,913
Cobalt Buyer Sub, Inc.<+ . . . . . . . . .
One stop
SF +5.50%(h)
10.35%
10/2028
3,758
3,684
0.1
3,711
Cobalt Buyer Sub, Inc.+ . . . . . . . . . .
One stop
SF +5.50%(h)
10.35%
10/2027
146
130
—
128
Cobalt Buyer Sub, Inc.+ . . . . . . . . . .
One stop
SF +5.50%(h)
10.35%
10/2028
6,397
6,319
0.2
6,317
Cobalt Buyer Sub, Inc.+(5). . . . . . . . .
One stop
SF +5.50%
N/A(6)
10/2028
—
(78)
—
(80)
Spark Bidco Limited<+(8)(9)(10)(25) . . . . Senior secured SN +4.88%(f)
8.70% cash/
1.13% PIK
08/2028
37,712
37,449
0.9
36,204
Spark Bidco Limited<+(8)(9)(10) . . . . . . Senior secured SN +6.00%(f)
10.95%
08/2028
5,558
5,133
0.1
5,558
Spark Bidco Limited+(8)(9)(10)(25). . . . . Senior secured SN +4.88%(f)
8.70% cash/
1.13% PIK
08/2028
4,571
3,962
0.1
4,388
Spark Bidco Limited+(8)(10) . . . . . . . . Senior secured SF +6.00%(i)
10.60%
08/2028
3,991
3,984
0.1
3,991
Spark Bidco Limited+(8)(9)(10)(25). . . . . Senior secured SN +4.88%(f)
8.70% cash/
1.13% PIK
08/2028
3,999
3,624
0.1
3,840
Spark Bidco Limited+(5)(8)(9)(10) . . . . . Senior secured SN +4.88%
N/A(6)
02/2028
—
(5)
—
(8)
244,565
240,231
5.9
236,543
Professional Services
ALKU Intermediate Holdings,
LLC<+ . . . . . . . . . . . . . . . . . . .
One stop
SF +6.25%(j)
10.50%
5/1/2029
6,797
6,824
0.2
6,882
ALKU Intermediate Holdings,
LLC<+ . . . . . . . . . . . . . . . . . . .
One stop
SF +5.50%(j)
9.75%
5/1/2029
751
743
—
751
bswift, LLC<+ . . . . . . . . . . . . . . . .
One stop
SF +6.38%(i)
11.68%
11/1/2028
7,681
7,664
0.2
7,817
Citrin Cooperman Advisors LLC+. . . .
One stop
SF +5.00%(i)
10.32%
10/1/2027
8,058
8,077
0.2
8,058
Citrin Cooperman Advisors LLC&+. . .
One stop
SF +5.00%(i)
10.32%
10/1/2027
3,498
3,449
0.1
3,498
Citrin Cooperman Advisors LLC+. . . .
One stop
SF +5.00%(i)
10.42%
10/1/2027
1,038
1,029
—
1,038
Citrin Cooperman Advisors LLC+. . . .
One stop
SF +5.25%(i)
10.67%
10/1/2027
664
663
—
664
152

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Professional Services - (continued)
Citrin Cooperman Advisors LLC<+ . . .
One stop
SF +5.25%(i)
10.67%
10/1/2027
$
253
$
253
—%
$
253
DISA Holdings Corp.<+ . . . . . . . . . . Senior secured SF +5.00%(i)
10.02%
9/1/2028
5,242
5,207
0.1
5,242
DISA Holdings Corp.<+ . . . . . . . . . . Senior secured SF +5.00%(i)
10.02%
9/1/2028
808
796
—
808
DISA Holdings Corp.+ . . . . . . . . . . .
One stop
SF +5.00%(i)
10.02%
9/1/2028
691
682
—
691
DISA Holdings Corp.+ . . . . . . . . . . . Senior secured SF +5.00%(i)
10.02%
9/1/2028
611
604
—
611
DISA Holdings Corp.+(25) . . . . . . . . .
Subordinated
debt
SF +8.50%(h)
11.51% cash/
2.00% PIK
3/1/2029
104
103
—
104
DISA Holdings Corp.+ . . . . . . . . . . . Senior secured SF +5.00%(i)
10.11%
9/1/2028
70
65
—
70
DISA Holdings Corp.+(5) . . . . . . . . . Senior secured SF +5.00%
N/A(6)
9/1/2028
—
(2)
—
—
Eclipse Buyer, Inc.+. . . . . . . . . . . . .
One stop
SF +4.75%(i)
9.74%
9/1/2031
14,283
14,141
0.4
14,140
Eclipse Buyer, Inc.+(5) . . . . . . . . . . .
One stop
SF +4.75%
N/A(6)
9/1/2031
—
(69)
—
(18)
Eclipse Buyer, Inc.+(5) . . . . . . . . . . .
One stop
SF +4.75%
N/A(6)
9/1/2031
—
(12)
—
(12)
Eliassen Group, LLC<+ . . . . . . . . . .
One stop
SF +5.75%(i)
10.35%
4/1/2028
2,149
2,132
0.1
2,084
Eliassen Group, LLC+ . . . . . . . . . . .
One stop
SF +5.75%(i)
10.88%
4/1/2028
145
144
—
140
Filevine, Inc.^+(25) . . . . . . . . . . . . . .
One stop
SF +6.50% (i)
9.47% cash/
2.50% PIK
4/1/2027
8,241
8,279
0.2
8,344
Filevine, Inc.+ . . . . . . . . . . . . . . . .
One stop
SF +6.50%
N/A(6)
4/1/2027
—
—
—
—
IG Investments Holdings, LLC&+ . . . .
One stop
SF +6.00%(i)
11.35%
9/1/2028
9,122
9,107
0.2
9,122
IG Investments Holdings, LLC&+ . . . .
One stop
SF +6.00%(i)
11.35%
9/1/2028
782
776
—
782
IG Investments Holdings, LLC+. . . . .
One stop
SF +6.00%
N/A(6)
9/1/2027
—
—
—
—
NBG Acquisition Corp. and NBG-P
Acquisition Corp.#~^&<. . . . . . . . .
One stop
SF +5.25%(i)
10.65%
11/1/2028
34,023
33,720
0.8
33,004
NBG Acquisition Corp. and NBG-P
Acquisition Corp.+ . . . . . . . . . . .
One stop
SF +5.25%(i)
10.72%
11/1/2028
791
785
—
767
NBG Acquisition Corp. and NBG-P
Acquisition Corp.+ . . . . . . . . . . .
One stop
SF +5.25%(i)
10.65%
11/1/2028
306
298
—
292
PlanSource Holdings, Inc.<+ . . . . . . .
One stop
SF +6.25%(j)
11.64%
6/1/2025
14,234
14,287
0.4
14,091
PlanSource Holdings, Inc.<+ . . . . . . .
One stop
SF +6.25%(j)
11.64%
6/1/2025
2,416
2,413
0.1
2,391
PlanSource Holdings, Inc.+ . . . . . . . .
One stop
SF +6.25%(j)
11.64%
6/1/2025
695
695
—
689
PlanSource Holdings, Inc.+(5). . . . . . .
One stop
SF +6.25%
N/A(6)
6/1/2025
—
—
—
(3)
Procure Acquireco, Inc.#~&+ . . . . . . .
One stop
SF +5.00%(j)
9.99%
12/1/2028
24,925
24,975
0.6
24,925
Procure Acquireco, Inc.+. . . . . . . . . .
One stop
SF +5.00%(i)
9.75%
12/1/2028
1,145
1,145
—
1,145
Procure Acquireco, Inc.+(5) . . . . . . . .
One stop
SF +5.00%
N/A(6)
12/1/2028
—
(1)
—
—
Teaching Company, The+ . . . . . . . . .
One stop
SF +5.75%(j)
11.09%
1/1/2026
13,614
13,614
0.4
13,614
Teaching Company, The+ . . . . . . . . .
One stop
SF +5.75%
N/A(6)
1/1/2026
—
—
—
—
Varicent Intermediate Holdings
Corporation+(25) . . . . . . . . . . . . .
One stop
SF +6.00%(i)
7.35% cash/
3.25% PIK
8/1/2031
46,971
46,283
1.2
46,267
Varicent Intermediate Holdings
Corporation+(5) . . . . . . . . . . . . . .
One stop
SF +6.00%
N/A(6)
8/1/2031
—
(91)
—
(93)
Varicent Intermediate Holdings
Corporation+(5) . . . . . . . . . . . . . .
One stop
SF +6.00%
N/A(6)
8/1/2031
—
(89)
—
(90)
210,108
208,689
5.2
208,068
Real Estate Management &
Development
Inhabit IQ Inc.&< . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
07/2025
37,583
37,792
1.0
37,583
Inhabit IQ Inc.#~+ . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
07/2025
21,694
21,725
0.6
21,694
Inhabit IQ Inc.~+. . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
07/2025
15,607
15,632
0.4
15,607
Inhabit IQ Inc.*^ . . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
07/2025
21,366
21,484
0.5
21,366
Inhabit IQ Inc.*#~ . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
07/2025
7,460
7,456
0.2
7,460
Inhabit IQ Inc.<+. . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
07/2025
3,988
3,998
0.1
3,988
Inhabit IQ Inc.#<+ . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
07/2025
1,745
1,744
—
1,745
Inhabit IQ Inc.#<+ . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
07/2025
1,478
1,477
—
1,478
Inhabit IQ Inc.#<+ . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
07/2025
1,461
1,461
—
1,461
Inhabit IQ Inc.<+. . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
07/2025
1,166
1,165
—
1,166
Inhabit IQ Inc.<+. . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
07/2025
614
614
—
614
153

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Real Estate Management &
Development - (continued)
Inhabit IQ Inc.+ . . . . . . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
07/2025
$
—
$
—
—%
$
—
Inhabit IQ Inc.< . . . . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.45%
07/2025
680
680
—
680
MRI Software, LLC*~^+ . . . . . . . . . .
One stop
SF + 4.75%(i)
9.35%
02/2027
28,915
29,128
0.7
28,625
MRI Software, LLC~^&+. . . . . . . . . .
One stop
SF + 4.75%(i)
9.35%
02/2027
13,155
13,261
0.3
13,023
MRI Software, LLC+(5) . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
02/2027
—
(25)
—
(31)
MRI Software, LLC+ . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.35%
02/2027
947
942
—
938
MRI Software, LLC+ . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.35%
02/2027
3,217
3,134
0.1
3,086
RPL Bidco Limited<+(8)(9)(10). . . . . . .
One stop
SN + 5.50%(f)
10.45%
08/2028
6,052
5,865
0.2
6,052
RPL Bidco Limited+(8)(9)(10) . . . . . . .
One stop
SN + 5.50%(f)
10.45%
08/2028
27,932
28,284
0.7
27,932
RPL Bidco Limited<+(8)(9)(10). . . . . . .
One stop
A + 5.50%(e)
9.85%
08/2028
12,173
11,762
0.3
12,173
RPL Bidco Limited<+(8)(9)(10). . . . . . .
One stop
A + 5.50%(e)
9.87%
08/2028
2,955
3,036
0.1
2,955
RPL Bidco Limited+(8)(9)(10) . . . . . . .
One stop
SN + 5.50%
N/A(6)
02/2028
—
—
—
—
210,188
210,615
5.2
209,595
Road & Rail
Internet Truckstop Group, LLC~+ . . . .
One stop
SF + 5.50%(i)
10.25%
04/2027
28,632
28,669
0.7
28,346
Internet Truckstop Group, LLC&+. . . .
One stop
SF + 5.50%(i)
10.25%
04/2027
12,553
12,523
0.3
12,427
Internet Truckstop Group, LLC+(5) . . .
One stop
SF + 5.50%
N/A(6)
04/2027
—
(3)
—
(3)
41,185
41,189
1.0
40,770
Software
Anaplan, Inc.^<+ . . . . . . . . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
06/2029
24,680
24,917
0.6
24,680
Anaplan, Inc.+ . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
06/2029
13,000
12,969
0.3
13,000
Anaplan, Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
06/2028
—
(1)
—
—
Appfire Technologies, LLC~^+ . . . . . .
One stop
SF + 4.75%(i)
9.35%
03/2028
55,159
55,072
1.4
55,159
Appfire Technologies, LLC+ . . . . . . .
One stop
SF + 4.75%(i)
9.35%
03/2028
1,603
1,562
0.1
1,603
Appfire Technologies, LLC+(5). . . . . .
One stop
SF + 4.75%
N/A(6)
03/2028
—
(3)
—
—
Appfire Technologies, LLC+(5). . . . . .
One stop
SF + 4.75%
N/A(6)
03/2028
—
(124)
—
—
Aras Corporation^<+(25). . . . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
04/2029
28,740
28,732
0.7
28,740
Aras Corporation+. . . . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
04/2029
1,217
1,195
—
1,217
Armstrong Bidco Limited<+(8)(9)(10). . .
One stop
SN + 5.25%(f)
10.20%
06/2029
5,815
5,361
0.2
5,815
Armstrong Bidco Limited+(8)(9)(10) . . .
One stop
SN + 5.25%(f)
10.20%
06/2029
3,034
2,728
0.1
3,034
Arrow Buyer, Inc.<+ . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.35%
07/2030
25,104
24,934
0.6
25,104
Arrow Buyer, Inc.+ . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.35%
07/2030
1,645
1,640
0.1
1,645
Arrow Buyer, Inc.+(5). . . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
07/2030
—
(25)
—
—
Artifact Bidco, Inc.+ . . . . . . . . . . . .
One stop
SF + 4.50%(i)
9.10%
05/2031
1,489
1,475
0.1
1,474
Artifact Bidco, Inc.+(5) . . . . . . . . . . .
One stop
SF + 4.50%
N/A(6)
05/2031
—
(2)
—
(2)
Artifact Bidco, Inc.+(5) . . . . . . . . . . .
One stop
SF + 4.50%
N/A(6)
05/2030
—
(1)
—
(1)
Artifact Bidco, Inc.+(5) . . . . . . . . . . .
One stop
SF + 4.50%
N/A(6)
05/2030
—
(1)
—
(1)
Auvik Networks Inc.^+(8)(12)(25) . . . . .
One stop
SF + 6.25%(i)
8.25% cash/
3.25% PIK
07/2027
10,663
10,693
0.3
10,663
Auvik Networks Inc.<+(8)(12)(25) . . . . .
One stop
SF + 6.25%(i)
8.25% cash/
3.25% PIK
07/2027
1,918
1,911
0.1
1,918
Auvik Networks Inc.<+(8)(12)(25) . . . . .
One stop
SF + 6.25%(i)
8.25% cash/
3.25% PIK
07/2027
976
972
—
976
Auvik Networks Inc.+(8)(12) . . . . . . . .
One stop
SF + 6.00%
N/A(6)
07/2027
—
—
—
—
Axiom Merger Sub Inc.<+. . . . . . . . .
One stop
SF + 4.75%(j)
10.31%
04/2026
6,717
6,695
0.2
6,666
Axiom Merger Sub Inc.+(8)(9). . . . . . .
One stop
E + 4.75%(c)(d)
8.58%
04/2026
2,764
2,749
0.1
2,743
Axiom Merger Sub Inc.<+. . . . . . . . .
One stop
SF + 4.75%(j)
10.31%
04/2026
1,218
1,211
—
1,209
Axiom Merger Sub Inc.+ . . . . . . . . .
One stop
SF + 4.75%(j)
9.96%
04/2026
175
174
—
174
Axiom Merger Sub Inc.+ . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
10/2025
—
—
—
—
Axiom Merger Sub Inc.+(5) . . . . . . . .
One stop
SF + 4.75%
N/A(6)
04/2026
—
(92)
—
(98)
Azul Systems, Inc.~. . . . . . . . . . . . . Senior secured SF + 4.50%(i)
9.25%
04/2027
9,492
9,675
0.3
9,492
Azul Systems, Inc.+. . . . . . . . . . . . . Senior secured SF + 4.50%
N/A(6)
04/2026
—
—
—
—
Azurite Intermediate Holdings, Inc.+ . .
One stop
SF + 6.50%(h)
11.35%
03/2031
622
614
—
622
154

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Software - (continued)
Azurite Intermediate Holdings,
Inc.<+ . . . . . . . . . . . . . . . . . . . .
One stop
SF + 6.50%(h)
11.35%
03/2031
$
428
$
422
—%
$
428
Azurite Intermediate Holdings,
Inc.+(5) . . . . . . . . . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
03/2031
—
(2)
—
—
Baxter Planning Systems, LLC<+(25) . .
One stop
SF + 6.25%(i)
8.12% cash/
3.38% PIK
05/2031
4,060
4,059
0.1
4,060
Baxter Planning Systems, LLC+(5) . . .
One stop
SF + 6.25%
N/A(6)
05/2031
—
(5)
—
—
Baxter Planning Systems, LLC+(5) . . .
One stop
SF + 5.75%
N/A(6)
05/2031
—
(4)
—
—
Bayshore Intermediate#2, L.P.^+(25) . . . .
One stop
SF + 7.75%(i)
13.13% PIK
10/2028
117,557
117,481
2.9
117,557
Bayshore Intermediate#2, L.P.+(5) . . . . .
One stop
SF + 6.75%
N/A(6)
10/2027
—
(2)
—
—
BestPass, Inc.+ . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(h)
10.10%
08/2031
52,867
52,609
1.3
52,602
BestPass, Inc.+(5). . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
08/2031
—
(25)
—
(26)
BestPass, Inc.+(5). . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
08/2031
—
(34)
—
(35)
Bloomerang, LLC<+ . . . . . . . . . . . .
One stop
SF + 6.00%(h)
10.85%
12/2029
4,142
4,180
0.1
4,142
Bloomerang, LLC+(5) . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
12/2029
—
(1)
—
—
Bloomerang, LLC+(5) . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
12/2029
—
(12)
—
—
Bonterra LLC^<+. . . . . . . . . . . . . . .
One stop
SF + 7.00%(i)
11.60%
09/2027
92,893
92,384
2.3
91,501
Bonterra LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 7.00%(i)
11.94%
09/2027
7,599
7,487
0.2
7,485
Bonterra LLC+(25) . . . . . . . . . . . . . .
One stop
SF + 7.75%(i)
12.35% PIK
09/2027
3,836
3,793
0.1
3,778
Bonterra LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 7.00%(i)
11.64%
09/2027
232
227
—
226
Bottomline Technologies, Inc.<+ . . . . .
One stop
SF + 5.25%(h)
10.10%
05/2029
41,062
40,846
1.0
40,652
Bottomline Technologies, Inc.<+ . . . . .
One stop
SF + 5.75%(h)
10.60%
05/2029
5,098
5,024
0.1
5,112
Bottomline Technologies, Inc.+(5) . . . .
One stop
SF + 5.00%
N/A(6)
05/2028
—
(5)
—
(6)
Bullhorn, Inc.~&+ . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
10/2029
77,997
77,728
2.0
77,997
Bullhorn, Inc.~< . . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
10/2029
3,190
3,228
0.1
3,190
Bullhorn, Inc.&+ . . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
10/2029
1,643
1,664
0.1
1,643
Bullhorn, Inc.<+ . . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
10/2029
736
733
—
736
Bullhorn, Inc.<+ . . . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
10/2029
587
584
—
587
Bullhorn, Inc.+(5). . . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
10/2029
—
(2)
—
—
Burning Glass Intermediate Holdings
Company, Inc.#~+ . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.95%
06/2028
12,431
12,402
0.3
12,431
Burning Glass Intermediate Holdings
Company, Inc.+(5) . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
06/2026
—
(1)
—
—
Bynder BidCo, Inc.& Bynder BidCo
B.V.<+(8)(14) . . . . . . . . . . . . . . . .
One stop
SF + 7.25%(i)
12.53%
01/2029
8,332
8,270
0.2
8,332
Bynder BidCo, Inc.& Bynder BidCo
B.V.<+(8)(14) . . . . . . . . . . . . . . . .
One stop
SF + 7.25%(i)
12.53%
01/2029
2,204
2,172
0.1
2,204
Bynder BidCo, Inc.& Bynder BidCo
B.V.+(8)(14) . . . . . . . . . . . . . . . . .
One stop
SF + 7.25%
N/A(6)
01/2029
—
—
—
—
Bynder BidCo, Inc.& Bynder BidCo
B.V.+(5)(8)(14) . . . . . . . . . . . . . . .
One stop
SF + 7.25%
N/A(6)
01/2029
—
(1)
—
—
Calabrio, Inc.^<+ . . . . . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.56%
04/2027
74,669
74,739
1.9
74,669
Calabrio, Inc.<+ . . . . . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.56%
04/2027
5,487
5,575
0.2
5,487
Calabrio, Inc.+(5). . . . . . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
04/2027
—
(2)
—
—
Camelia Bidco Limited<+(8)(9)(10) . . . .
One stop
SN + 5.50%(f)
10.45%
08/2030
5,411
5,138
0.1
5,411
Camelia Bidco Limited+(8)(9)(10) . . . . .
One stop
SN + 5.50%(f)
10.45%
08/2030
766
707
—
766
Camelia Bidco Limited+(8)(9)(10) . . . . .
One stop
A + 5.50%(e)
9.93%
08/2030
346
324
—
346
Camelia Bidco Limited+(5)(8)(9)(10). . . .
One stop
SN + 5.50%
N/A(6)
08/2030
—
(29)
—
—
CB Buyer, Inc.+ . . . . . . . . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
07/2031
46,611
46,161
1.2
46,611
CB Buyer, Inc.+(5). . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
07/2031
—
(51)
—
—
CB Buyer, Inc.+(5). . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
07/2031
—
(63)
—
—
Coupa Holdings, LLC<+ . . . . . . . . . .
One stop
SF + 5.50%(i)
10.75%
02/2030
31,960
31,650
0.8
31,960
Coupa Holdings, LLC+(5) . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
02/2029
—
(1)
—
—
Coupa Holdings, LLC+(5) . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
02/2030
—
(20)
—
—
Crewline Buyer, Inc.<+. . . . . . . . . . .
One stop
SF + 6.75%(i)
11.35%
11/2030
5,403
5,452
0.1
5,403
Crewline Buyer, Inc.+(5) . . . . . . . . . .
One stop
SF + 6.75%
N/A(6)
11/2030
—
(1)
—
—
155

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Software - (continued)
Daxko Acquisition Corporation~^+ . . .
One stop
SF + 5.00%(h)
9.85%
10/2028
$ 39,458
$ 39,434
1.0%
$ 39,458
Daxko Acquisition Corporation&+. . . .
One stop
SF + 5.00%(h)
9.85%
10/2028
3,328
3,298
0.1
3,328
Daxko Acquisition Corporation+. . . . .
One stop
SF + 5.00%(h)
9.85%
10/2028
199
197
—
199
Daxko Acquisition Corporation+. . . . .
One stop
P + 4.00%(a)
12.00%
10/2028
64
52
—
64
Daxko Acquisition Corporation+(5) . . .
One stop
SF + 5.00%
N/A(6)
10/2028
—
(20)
—
—
Denali Bidco Limited<+(8)(9)(10) . . . . .
One stop
SN + 6.00%(f)
10.95%
08/2030
7,864
7,541
0.2
7,903
Denali Bidco Limited+(8)(9)(10) . . . . . .
One stop
E + 6.00%(c)
9.35%
08/2030
2,657
2,583
0.1
2,669
Denali Bidco Limited<+(8)(9)(10) . . . . .
One stop
E + 6.00%(c)
9.35%
08/2030
1,897
1,839
0.1
1,906
Denali Bidco Limited<+(8)(9)(10) . . . . .
One stop
E + 5.50%(c)
8.85%
08/2030
741
713
—
741
Denali Bidco Limited+(5)(8)(9)(10). . . . .
One stop
SN + 5.50%
N/A(6)
08/2030
—
(2)
—
—
Diligent Corporation<+ . . . . . . . . . . .
One stop
SF + 5.00%(j)
10.09%
08/2030
8,985
8,967
0.2
8,985
Diligent Corporation+. . . . . . . . . . . .
One stop
SF + 5.00%(j)
10.09%
08/2030
1,541
1,530
0.1
1,541
Diligent Corporation+(5) . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
08/2030
—
(11)
—
—
Diligent Corporation+(5) . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
08/2030
—
(6)
—
—
Dragon UK Bidco Limited<+(8)(9)(10) . .
One stop
SN + 5.75%(f)
10.70%
02/2029
23,038
22,316
0.6
22,807
Dragon UK Bidco Limited+(8)(9)(10). . .
One stop
CA + 5.75%(k)
9.67%
02/2029
4,493
4,440
0.1
4,447
Dragon UK Bidco
Limited+(5)(8)(9)(10) . . . . . . . . . . . .
One stop
SN + 5.75%
N/A(6)
02/2029
—
(34)
—
(19)
Evergreen IX Borrower 2023,
LLC<+ . . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.35%
09/2030
4,919
4,798
0.1
4,869
Evergreen IX Borrower 2023, LLC+ . .
One stop
SF + 4.75%(i)
9.35%
09/2030
4,483
4,439
0.1
4,438
Evergreen IX Borrower 2023,
LLC+(5). . . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
10/2029
—
(13)
—
(4)
FirstUp, Inc.^+(25) . . . . . . . . . . . . . .
One stop
SF + 6.75%(i)
11.35%
07/2027
13,126
13,138
0.3
12,863
FirstUp, Inc.<+(25) . . . . . . . . . . . . . .
One stop
SF + 6.75%(i)
11.35%
07/2027
1,251
1,242
—
1,226
FirstUp, Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.75%
N/A(6)
07/2027
—
(1)
—
(4)
Gainsight, Inc.^+(25) . . . . . . . . . . . . .
One stop
SF + 6.00%(i)
11.40% PIK
07/2027
17,981
18,006
0.4
17,981
Gainsight, Inc.+(25) . . . . . . . . . . . . .
One stop
SF + 6.00%(i)
11.40% PIK
07/2027
128
127
—
128
GS Acquisitionco, Inc.~^&<+ . . . . . . .
One stop
SF + 5.25%(i)
9.85%
05/2028
122,743
123,093
3.0
121,514
GS Acquisitionco, Inc.+ . . . . . . . . . .
One stop
SF + 5.25%(i)
9.85%
05/2028
70
68
—
65
GS Acquisitionco, Inc.+(5) . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
05/2028
—
(1)
—
(3)
GTIV, LLC+ . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(j)
10.01%
02/2029
72,727
72,274
1.8
72,000
GTIV, LLC+(5) . . . . . . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
02/2029
—
(2)
—
(3)
GTY Technology Holdings,
Inc.<+(25) . . . . . . . . . . . . . . . . . .
One stop
SF + 6.88%(i)
7.18% cash/
4.30% PIK
07/2029
5,100
5,092
0.1
5,049
GTY Technology Holdings,
Inc.<+(25) . . . . . . . . . . . . . . . . . .
One stop
SF + 6.88%(h)
7.54% cash/
4.30% PIK
07/2029
3,330
3,298
0.1
3,296
GTY Technology Holdings, Inc.+(25) . .
One stop
SF + 6.88%(i)
7.18% cash/
4.30% PIK
07/2029
611
608
—
605
GTY Technology Holdings, Inc.+(25) . .
One stop
SF + 7.13%(i)
7.92% cash/
4.45% PIK
07/2029
424
424
—
424
GTY Technology Holdings, Inc.+(5). . .
One stop
SF + 6.25%
N/A(6)
07/2029
—
(2)
—
(2)
GTY Technology Holdings, Inc.+(5). . .
One stop
SF + 7.13%
N/A(6)
07/2029
—
(2)
—
—
Gurobi Optimization, LLC+. . . . . . . .
One stop
SF + 4.75%(h)(i)
9.47%
09/2031
52,763
52,240
1.3
52,235
Gurobi Optimization, LLC+(5) . . . . . .
One stop
SF + 4.75%
N/A(6)
09/2031
—
(44)
—
(44)
Hornet Security Holding
GMBH<+(8)(9)(19)(25) . . . . . . . . . . .
One stop
E + 7.00%(d)
5.91% cash/
4.50% PIK
02/2031
748
719
—
748
Hornet Security Holding
GMBH<+(8)(9)(19)(25) . . . . . . . . . . .
One stop
E + 7.00%(c)(d)
5.91% cash/
4.50% PIK
02/2031
498
480
—
498
Hornet Security Holding
GMBH+(5)(8)(9)(19) . . . . . . . . . . . .
One stop
E + 6.50%
N/A(6)
08/2030
—
(1)
—
—
Hornet Security Holding
GMBH+(5)(8)(9)(19) . . . . . . . . . . . .
One stop
E + 6.50%
N/A(6)
02/2031
—
(3)
—
—
Hyland Software, Inc.~&<+ . . . . . . . .
One stop
SF + 6.00%(h)
10.85%
09/2030
47,242
48,060
1.2
47,242
Hyland Software, Inc.+(5) . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
09/2029
—
(1)
—
—
Icefall Parent, Inc.<+ . . . . . . . . . . . .
One stop
SF + 6.50%(h)
11.35%
01/2030
1,407
1,399
—
1,407
156

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Software - (continued)
Icefall Parent, Inc.+(5). . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
01/2030
$
—
$
(1)
—%
$
—
ICIMS, Inc.<+(25). . . . . . . . . . . . . . .
One stop
SF + 5.75%(h)(i)
10.67%
08/2028
12,469
12,419
0.3
11,845
ICIMS, Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 5.75%(h)
10.62%
08/2028
96
93
—
80
ICIMS, Inc.+(5) . . . . . . . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
08/2028
—
(7)
—
(103)
IQN Holding Corp.#&+. . . . . . . . . . .
One stop
SF + 5.25%(i)
10.31%
05/2029
22,887
22,944
0.6
22,887
IQN Holding Corp.+ . . . . . . . . . . . .
One stop
SF + 5.25%(i)
10.31%
05/2028
52
52
—
52
Island Bidco AB<+(8)(9)(17)(25). . . . . . .
One stop
E + 7.25%(b)(d)
3.65% cash/
7.25% PIK
07/2028
10,768
10,302
0.3
10,768
Island Bidco AB<+(8)(17)(25) . . . . . . . .
One stop
SF + 7.00%(j)
8.76% cash/
3.50% PIK
07/2028
4,791
4,804
0.1
4,791
Island Bidco AB+(8)(17)(25). . . . . . . . .
One stop
SF + 7.00%(i)(j)
8.76% cash/
3.50% PIK
07/2028
3,535
3,519
0.1
3,535
Island Bidco AB+(5)(8)(9)(17) . . . . . . . .
One stop
E + 6.50%
N/A(6)
07/2028
—
(1)
—
—
Island Bidco AB+(8)(17). . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
07/2028
—
—
—
—
Juvare, LLC*~ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
11.46%
10/2026
10,537
10,531
0.3
10,221
Juvare, LLC&+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
11.46%
10/2026
2,432
2,417
0.1
2,359
Juvare, LLC+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
11.46%
10/2026
769
761
—
745
Juvare, LLC+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(i)
11.46%
04/2026
100
100
—
98
Kaseya Inc.^<+(25) . . . . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.75%
06/2029
23,506
23,702
0.6
23,506
Kaseya Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.78%
06/2029
271
266
—
271
Kaseya Inc.+(25) . . . . . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
06/2029
136
134
—
136
Kaseya Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(i)
10.75%
06/2029
86
83
—
86
LeadsOnline, LLC^+ . . . . . . . . . . . .
One stop
SF + 4.75%(i)
10.17%
02/2028
13,049
13,221
0.3
13,049
LeadsOnline, LLC<+ . . . . . . . . . . . .
One stop
SF + 4.75%(i)
10.17%
02/2028
2,303
2,332
0.1
2,303
LeadsOnline, LLC<+ . . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.45%
02/2028
667
665
—
667
LeadsOnline, LLC+(5) . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
02/2028
—
(1)
—
—
Matrix42 Holding GMBH<+(8)(9)(13) . .
One stop
E + 6.25%(d)
9.92%
01/2030
10,121
10,417
0.3
10,121
Matrix42 Holding GMBH<+(8)(9)(13) . .
One stop
E + 6.25%(d)
9.92%
12/2029
1,533
1,483
—
1,533
Matrix42 Holding GMBH<+(8)(9)(13) . .
One stop
E + 6.25%(d)
9.92%
01/2030
789
765
—
789
Matrix42 Holding GMBH+(5)(8)(9)(13) . .
One stop
E + 6.25%
N/A(6)
01/2030
—
(1)
—
—
Matrix42 Holding GMBH+(8)(13). . . . .
One stop
SF + 6.25%
N/A(6)
01/2028
—
—
—
—
Mindbody, Inc.<+ . . . . . . . . . . . . . .
One stop
SF + 7.00%(i)
12.40%
09/2025
61,966
62,207
1.5
61,966
Mindbody, Inc.<+ . . . . . . . . . . . . . .
One stop
SF + 7.00%(i)
12.40%
09/2025
2,134
2,133
0.1
2,134
Mindbody, Inc.+ . . . . . . . . . . . . . . .
One stop
SF + 7.00%
N/A(6)
09/2025
—
—
—
—
Ministry Brands Holdings LLC<+ . . . .
One stop
SF + 5.50%(h)
10.45%
12/2028
31,070
30,952
0.8
30,448
Ministry Brands Holdings LLC+ . . . .
One stop
SF + 5.50%(h)
10.45%
12/2028
2,923
2,926
0.1
2,864
Ministry Brands Holdings LLC+(5) . . .
One stop
SF + 5.50%
N/A(6)
12/2027
—
(4)
—
(6)
Navex TopCo, Inc.<+ . . . . . . . . . . . .
One stop
SF + 5.50%(h)
10.60%
11/2030
5,382
5,477
0.1
5,382
Navex TopCo, Inc.+(5) . . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
11/2028
—
(1)
—
—
Naviga Inc.+(7) . . . . . . . . . . . . . . . . Senior secured SF + 7.00%(h)
12.25%
12/2024
160
147
—
48
Orsay Bidco 1 B.V. and Sky Group
Holding B.V.+(5)(8)(9)(14) . . . . . . . .
One stop
E + 5.75%
N/A(6)
11/2029
—
(26)
—
—
Panzura, LLC+(25) . . . . . . . . . . . . . .
One stop
N/A
4.00% cash/
15.00% PIK
08/2027
118
106
—
98
Personify, Inc.*#~+ . . . . . . . . . . . . . .
One stop
SF + 5.25%(i)
10.00%
09/2025
13,866
13,895
0.3
13,866
Personify, Inc.#& . . . . . . . . . . . . . . .
One stop
SF + 5.25%(i)
10.00%
09/2025
9,810
9,828
0.2
9,810
Personify, Inc.+. . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
09/2025
—
—
—
—
Pineapple German Bidco
GMBH+(8)(9)(19)(25) . . . . . . . . . . .
One stop
E + 7.00%(c)
10.51% PIK
01/2031
1,052
1,012
—
1,042
Pineapple German Bidco
GMBH+(8)(9)(19)(25) . . . . . . . . . . .
One stop
E + 7.00%(c)
10.51% PIK
01/2031
250
237
—
247
Pineapple German Bidco
GMBH+(8)(9)(19)(25) . . . . . . . . . . .
One stop
E + 7.00%(c)
10.51% PIK
01/2031
72
69
—
72
PING Identity Holding Corp.<+ . . . . .
One stop
SF + 4.75%(i)
9.35%
10/2029
15,145
15,105
0.4
15,145
PING Identity Holding Corp.+(5) . . . .
One stop
SF + 4.75%
N/A(6)
10/2028
—
(1)
—
—
Pluralsight, LLC+(25) . . . . . . . . . . . .
One stop
SF + 7.50%(i)
12.57% PIK
08/2029
5,963
5,730
0.1
5,725
157

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Software - (continued)
Pluralsight, LLC+(25) . . . . . . . . . . . .
One stop
SF + 4.50%(i)
8.12% cash/
1.50% PIK
08/2029
$ 3,975
$ 3,859
0.1%
$ 3,856
Pluralsight, LLC+(25) . . . . . . . . . . . .
One stop
SF + 4.50%(i)
9.62% cash/
1.50% PIK
08/2029
1,988
1,988
—
1,928
Pluralsight, LLC+(5). . . . . . . . . . . . .
One stop
SF + 4.50%
N/A(6)
08/2029
—
—
—
(30)
Pluralsight, LLC+(5). . . . . . . . . . . . .
One stop
SF + 4.50%
N/A(6)
08/2029
—
—
—
(75)
ProcessUnity Holdings, LLC^+. . . . . .
One stop
SF + 6.50%(h)
11.35%
09/2028
6,014
6,025
0.1
6,014
ProcessUnity Holdings, LLC<+ . . . . .
One stop
SF + 6.50%(h)
11.35%
09/2028
2,864
2,841
0.1
2,864
ProcessUnity Holdings, LLC+ . . . . . .
One stop
SF + 6.50%(h)
11.35%
09/2028
1,203
1,198
—
1,203
ProcessUnity Holdings, LLC+ . . . . . .
One stop
SF + 6.50%(h)
11.35%
09/2028
90
89
—
90
QAD, Inc.&<+. . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(h)
9.60%
11/2027
43,261
43,887
1.1
43,261
QAD, Inc.+(5) . . . . . . . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
11/2027
—
(2)
—
—
Quant Buyer, Inc.<+. . . . . . . . . . . . .
One stop
SF + 5.25%(i)
10.39%
06/2029
7,406
7,339
0.2
7,406
Quant Buyer, Inc.<+. . . . . . . . . . . . .
One stop
SF + 5.25%(i)
10.31%
06/2029
4,360
4,343
0.1
4,360
Quant Buyer, Inc.~+. . . . . . . . . . . . .
One stop
SF + 5.25%(i)
10.31%
06/2029
3,015
2,982
0.1
3,015
Quant Buyer, Inc.+(5) . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
06/2029
—
(4)
—
—
Quant Buyer, Inc.+(5) . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
06/2029
—
(51)
—
—
Rainforest Bidco Limited+(8)(9)(10)(25). .
One stop
SN + 6.05%(f)
8.45% cash/
2.55% PIK
07/2029
20,740
19,016
0.5
19,962
Rainforest Bidco Limited+(8)(10)(25) . . .
One stop
SF + 6.05%(g)
8.34% cash/
2.55% PIK
07/2029
3,664
3,638
0.1
3,526
Rainforest Bidco Limited+(8)(9)(10)(25). .
One stop
SN + 6.55%(f)
8.95% cash/
2.55% PIK
07/2029
2,159
1,971
0.1
2,159
Rainforest Bidco Limited+(8)(9)(10)(25). .
One stop
SN + 6.05%(f)
8.45% cash/
2.55% PIK
07/2029
1,524
1,383
—
1,467
Riskonnect Parent, LLC*<+ . . . . . . . .
One stop
SF + 5.50%(i)
10.25%
12/2028
45,635
46,131
1.1
45,407
Riskonnect Parent, LLC+ . . . . . . . . .
One stop
SF + 5.50%(i)
10.25%
12/2028
2,141
2,161
0.1
2,131
Riskonnect Parent, LLC<+. . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
12/2028
823
816
—
815
Riskonnect Parent, LLC+ . . . . . . . . .
One stop
SF + 5.50%(i)
10.10%
12/2028
579
570
—
573
Riskonnect Parent, LLC+(5) . . . . . . . .
One stop
SF + 5.50%
N/A(6)
12/2028
—
(5)
—
(4)
Riskonnect Parent, LLC+(5) . . . . . . . .
One stop
SF + 5.50%
N/A(6)
12/2028
—
(9)
—
(10)
Rodeo Buyer Company & Absorb
Software Inc.^<+ . . . . . . . . . . . . .
One stop
SF + 6.25%(h)
11.20%
05/2027
7,616
7,613
0.2
7,616
Rodeo Buyer Company & Absorb
Software Inc.+ . . . . . . . . . . . . . .
One stop
SF + 6.25%
N/A(6)
05/2027
—
—
—
—
SailPoint Technologies Holdings,
Inc.^+ . . . . . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(i)
11.10%
08/2029
14,654
14,569
0.4
14,654
SailPoint Technologies Holdings,
Inc.+(5) . . . . . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
08/2028
—
(2)
—
—
Sapphire Bidco Oy+(8)(9)(16). . . . . . . .
One stop
E + 5.50%(c)
9.20%
07/2029
50,901
47,198
1.3
50,901
Sapphire Bidco Oy+(8)(9)(16). . . . . . . .
One stop
E + 5.75%(c)
9.41%
07/2029
4,160
3,981
0.1
4,170
Sapphire Bidco Oy<+(8)(9)(16) . . . . . . .
One stop
E + 5.75%(c)
9.46%
07/2029
1,533
1,491
—
1,537
Sonatype, Inc.<+ . . . . . . . . . . . . . . .
One stop
SF + 6.75%(h)
12.01%
12/2025
55,697
55,865
1.4
55,697
Sonatype, Inc.^+ . . . . . . . . . . . . . . .
One stop
SF + 6.75%(h)
12.01%
12/2025
13,763
13,983
0.3
13,763
Sonatype, Inc.+(5) . . . . . . . . . . . . . .
One stop
SF + 6.75%
N/A(6)
12/2025
—
(1)
—
—
Spartan Buyer Acquisition
Co.*#^<+(25) . . . . . . . . . . . . . . . .
One stop
SF + 7.50%(i)(j)
11.24% cash/
1.00% PIK
06/2027
44,700
44,526
1.1
44,251
Spartan Buyer Acquisition Co.<+(25) . .
One stop
SF + 7.50%(i)(j)
11.24% cash/
1.00% PIK
06/2027
2,849
2,814
0.1
2,820
Spartan Buyer Acquisition Co.+(5)(25). .
One stop
P + 6.50%(a)
13.50% cash/
1.00% PIK
06/2027
2
(2)
—
(2)
Telesoft Holdings LLC~^&+ . . . . . . . .
One stop
SF + 5.75%(h)
10.70%
12/2026
21,186
21,485
0.5
21,186
Telesoft Holdings LLC<+ . . . . . . . . .
One stop
SF + 6.25%(h)
11.20%
12/2026
1,432
1,452
—
1,432
Telesoft Holdings LLC+ . . . . . . . . . .
One stop
SF + 5.75%(h)
10.70%
12/2026
74
73
—
74
Templafy APS and Templafy,
LLC<+(8)(18) . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(i)
11.40%
07/2028
4,800
4,778
0.1
4,800
158

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Software - (continued)
Templafy APS and Templafy,
LLC+(8)(18). . . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
07/2028
$
— $
—
—%
$
—
TI Intermediate Holdings, LLC~+(25) . . Senior secured SF + 5.50%(i)
9.20% cash/
1.00% PIK
06/2027
4,168
4,152
0.1
3,668
TI Intermediate Holdings, LLC<+(25) . . Senior secured SF + 5.50%(i)
9.20% cash/
1.00% PIK
06/2027
1,105
1,099
—
972
TI Intermediate Holdings, LLC+(25). . . Senior secured SF + 5.50%(i)
9.20% cash/
1.00% PIK
06/2027
693
690
—
610
TI Intermediate Holdings, LLC+(25). . . Senior secured SF + 5.50%(i)
9.20% cash/
1.00% PIK
06/2027
520
517
—
458
TI Intermediate Holdings, LLC<+(25) . . Senior secured SF + 5.50%(i)
9.20% cash/
1.00% PIK
06/2027
191
190
—
168
TI Intermediate Holdings, LLC+(25). . . Senior secured SF + 5.50%(i)
9.20% cash/
1.00% PIK
06/2027
43
43
—
31
Togetherwork Holdings, LLC&+ . . . . .
One stop
SF + 5.25%(h)
10.10%
05/2031
27,973
27,926
0.7
27,973
Togetherwork Holdings, LLC+(5) . . . .
One stop
SF + 5.25%
N/A(6)
05/2031
—
(33)
—
—
Togetherwork Holdings, LLC+(5) . . . .
One stop
SF + 5.25%
N/A(6)
05/2031
—
(16)
—
—
Transform Bidco Limited<+(8)(10) . . . .
One stop
SF + 7.00%(i)
12.31%
01/2031
5,405
5,502
0.1
5,337
Transform Bidco Limited+(5)(8)(10). . . .
One stop
SF + 7.00%
N/A(6)
06/2030
—
(1)
—
(2)
Transform Bidco Limited+(5)(8)(10). . . .
One stop
SF + 7.00%
N/A(6)
01/2031
—
(143)
—
(145)
Vantage Bidco GMBH<+(8)(9)(19)(25). . .
One stop
E + 6.25%(c)
6.47% cash/
3.13% PIK
04/2031
8,742
8,377
0.2
8,654
Vantage Bidco GMBH+(5)(8)(9)(19) . . . .
One stop
E + 6.25%
N/A(6)
10/2030
—
(14)
—
(11)
Varinem German Midco
GMBH+(8)(9)(19) . . . . . . . . . . . . .
One stop
E + 6.00%(d)
9.67%
07/2031
7,373
7,151
0.2
7,299
Varinem German Midco
GMBH+(8)(9)(19) . . . . . . . . . . . . .
One stop
E + 6.00%
N/A(6)
07/2031
—
—
—
—
Vector CS Midco Limited &
Cloudsense Ltd.+(7)(8)(9)(10)(25) . . . .
One stop
N/A
4.50%cash/
8.21% PIK
11/2024
12,736
10,407
0.2
7,004
Vector CS Midco Limited &
Cloudsense Ltd.+(7)(8)(9)(10)(25) . . . .
One stop
N/A
4.50%cash/
8.21% PIK
11/2024
252
195
—
138
Vendavo, Inc.*#&+ . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.84%
09/2027
27,377
26,955
0.6
25,460
Vendavo, Inc.+ . . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)(j)
10.69%
09/2027
1,303
1,283
—
1,129
Vendavo, Inc.+ . . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.84%
09/2027
998
993
—
928
WebPT, Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.75%(i)
11.91%
01/2028
931
922
—
903
Workforce Software, LLC^+(25) . . . . .
One stop
SF + 7.25%(i)
9.46% cash/
3.00% PIK
07/2025
41,999
42,205
1.0
41,999
Workforce Software, LLC^+(25) . . . . .
One stop
SF + 7.25%(i)
9.46% cash/
3.00% PIK
07/2025
7,436
7,443
0.2
7,436
Workforce Software, LLC<+(25) . . . . .
One stop
SF + 7.25%(i)
9.46% cash/
3.00% PIK
07/2025
5,266
5,262
0.1
5,266
Workforce Software, LLC<+(25) . . . . .
One stop
SF + 7.25%(i)
9.46% cash/
3.00% PIK
07/2025
1,580
1,592
—
1,580
Workforce Software, LLC+(5). . . . . . .
One stop
SF + 6.50%
N/A(6)
07/2025
—
(1)
—
—
Zendesk, Inc.^+. . . . . . . . . . . . . . . .
One stop
SF + 5.00%(i)
9.69%
11/2028
28,647
28,538
0.7
28,647
Zendesk, Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
11/2028
—
(1)
—
—
Zendesk, Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
11/2028
—
(34)
—
—
2,077,748
2,064,059
51.3
2,058,537
Specialty Retail
Ave Holdings III, Corp*<+. . . . . . . . .
One stop
SF + 5.25%(j)
9.75%
02/2028
23,420
23,176
0.6
23,420
Ave Holdings III, Corp&+ . . . . . . . . .
One stop
SF + 5.25%(j)
9.75%
02/2028
6,108
6,219
0.2
6,108
Ave Holdings III, Corp+ . . . . . . . . . .
One stop
SF + 5.25%(j)
9.75%
02/2028
802
802
—
802
Ave Holdings III, Corp+(5) . . . . . . . .
One stop
SF + 5.25%
N/A(6)
02/2028
—
(2)
—
—
Biscuit Parent, LLC<+ . . . . . . . . . . .
One stop
SF + 4.75%(i)
9.35%
02/2031
1,332
1,329
—
1,332
Biscuit Parent, LLC+(5). . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
02/2031
—
(1)
—
—
Cavender Stores L.P.~ . . . . . . . . . . . Senior secured SF + 5.00%(i)
9.60%
10/2029
5,459
5,417
0.2
5,459
Consilio Midco Limited<+(8)(9)(10) . . . .
One stop
E + 6.25%(c)
9.61%
05/2028
38,182
38,065
1.0
38,182
159

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Specialty Retail - (continued)
Consilio Midco Limited<+(8)(10) . . . . .
One stop
SF + 5.75%(i)
10.50%
05/2028
$15,686
$15,654
0.4%
$15,686
Consilio Midco Limited#&(8)(10) . . . . .
One stop
SF + 5.75%(i)
10.50%
05/2028
15,587
15,646
0.4
15,587
Consilio Midco Limited#~(8)(10) . . . . .
One stop
SF + 5.75%(i)
10.50%
05/2028
2,935
2,913
0.1
2,935
Consilio Midco Limited#~(8)(10) . . . . .
One stop
SF + 5.75%(i)
10.50%
05/2028
1,951
1,943
0.1
1,951
Consilio Midco Limited~+(8)(10) . . . . .
One stop
SF + 5.75%(i)
10.50%
05/2028
998
987
—
998
Consilio Midco Limited+(8)(9)(10) . . . .
One stop
E + 6.25%(c)
9.61%
05/2028
500
485
—
500
Consilio Midco Limited+(8)(9)(10) . . . .
One stop
E + 6.25%(c)
9.61%
05/2028
222
215
—
222
Consilio Midco Limited+(8)(10) . . . . . .
One stop
SF + 5.75%(i)
10.50%
05/2028
168
167
—
168
Consilio Midco Limited+(8)(9)(10) . . . .
One stop
E + 6.25%(c)
9.61%
05/2028
130
127
—
130
Consilio Midco Limited+(8)(9)(10) . . . .
One stop
E + 6.25%(c)
9.61%
05/2028
127
123
—
127
Consilio Midco Limited+(8)(9)(10) . . . .
One stop
E + 6.25%(c)
9.61%
05/2028
95
92
—
95
Consilio Midco Limited+(8)(9)(10) . . . .
One stop
E + 6.25%(c)
9.61%
05/2028
114
111
—
114
Consilio Midco Limited+(8)(9)(10) . . . .
One stop
E + 6.25%(c)
9.61%
05/2028
60
58
—
60
Consilio Midco Limited+(8)(10) . . . . . .
One stop
SF + 5.50%(i)
10.10%
05/2028
143
139
—
140
Consilio Midco Limited+(8)(10) . . . . . .
One stop
SF + 5.75%
N/A(6)
05/2028
—
—
—
—
Consilio Midco Limited+(8)(10) . . . . . .
One stop
SF + 5.50%(i)
10.10%
05/2028
74
62
—
58
CVP Holdco, Inc.+ . . . . . . . . . . . . .
One stop
SF + 5.00%(h)
9.85%
06/2031
13,529
13,399
0.4
13,529
CVP Holdco, Inc.+(5) . . . . . . . . . . . .
One stop
SF + 7.50%
N/A(6)
06/2030
—
(14)
—
—
CVP Holdco, Inc.+(5) . . . . . . . . . . . .
One stop
SF + 7.50%
N/A(6)
06/2031
—
(17)
—
—
Cycle Gear, Inc.*#+ . . . . . . . . . . . . .
One stop
SF + 6.75%(i)
12.15%
01/2026
46,529
46,463
1.1
45,133
PetVet Care Centers LLC~+. . . . . . . .
One stop
SF + 6.00%(h)
10.85%
11/2030
4,740
4,779
0.1
4,503
PetVet Care Centers LLC+(5) . . . . . . .
One stop
SF + 6.00%
N/A(6)
11/2029
—
(2)
—
(4)
PetVet Care Centers LLC+(5) . . . . . . .
One stop
SF + 6.00%
N/A(6)
11/2030
—
(6)
—
—
PPV Intermediate Holdings,
LLC#~<+ . . . . . . . . . . . . . . . . . .
One stop
SF + 5.75%(i)
10.81%
08/2029
14,189
14,110
0.4
14,189
PPV Intermediate Holdings,
LLC+(25) . . . . . . . . . . . . . . . . . .
One stop
N/A
14.75% PIK
08/2030
8,929
8,997
0.2
9,108
PPV Intermediate Holdings,
LLC+(25) . . . . . . . . . . . . . . . . . .
One stop
N/A
13.75% PIK
08/2030
1,799
1,766
0.1
1,799
PPV Intermediate Holdings,
LLC+(25) . . . . . . . . . . . . . . . . . .
One stop
N/A
13.75% PIK
08/2030
416
410
—
416
PPV Intermediate Holdings,
LLC+(25) . . . . . . . . . . . . . . . . . .
One stop
N/A
13.75% PIK
08/2030
76
75
—
76
PPV Intermediate Holdings,
LLC+(25) . . . . . . . . . . . . . . . . . .
One stop
N/A
13.75% PIK
08/2030
75
71
—
75
PPV Intermediate Holdings, LLC+(5) . .
One stop
SF + 5.75%
N/A(6)
08/2029
—
(9)
—
—
PPV Intermediate Holdings, LLC+(5) . .
One stop
SF + 5.25%
N/A(6)
08/2029
—
(68)
—
(70)
Radiance Borrower, LLC+(25). . . . . . .
One stop
SF + 5.75%(h)
7.85% cash/
2.75% PIK
06/2031
21,558
21,403
0.5
21,558
Radiance Borrower, LLC+. . . . . . . . .
One stop
SF + 5.25%(h)
10.10%
06/2031
410
393
—
410
Salon Lofts Group, LLC<+ . . . . . . . . Senior secured SF + 5.75%(i)
10.35%
08/2028
5,256
5,261
0.1
5,256
Salon Lofts Group, LLC+(25) . . . . . . .
Second lien
SF + 9.00%(i)
13.60% PIK
09/2029
3,045
3,014
0.1
3,045
Salon Lofts Group, LLC+(25) . . . . . . .
Second lien
SF + 9.00%(i)
13.60% PIK
09/2029
1,615
1,598
—
1,615
Salon Lofts Group, LLC+(25) . . . . . . .
Second lien
SF + 9.00%(i)(j)
14.30% PIK
09/2029
578
572
—
578
Salon Lofts Group, LLC+ . . . . . . . . . Senior secured SF + 5.75%(i)
10.35%
09/2029
540
538
—
540
Salon Lofts Group, LLC+(25) . . . . . . .
Second lien
SF + 9.00%(i)(j)
14.11% PIK
09/2029
786
762
—
786
Salon Lofts Group, LLC+ . . . . . . . . . Senior secured SF + 5.75%(i)
10.35%
08/2028
349
347
—
349
Salon Lofts Group, LLC+ . . . . . . . . . Senior secured SF + 5.75%(i)
10.35%
08/2028
344
342
—
344
Salon Lofts Group, LLC+ . . . . . . . . . Senior secured SF + 5.75%(i)
10.35%
08/2028
272
271
—
272
Salon Lofts Group, LLC+ . . . . . . . . . Senior secured SF + 5.75%(i)
10.35%
08/2028
156
155
—
156
Salon Lofts Group, LLC+(25) . . . . . . .
Second lien
SF + 9.00%(i)
13.60% PIK
09/2029
150
148
—
150
Salon Lofts Group, LLC+ . . . . . . . . . Senior secured SF + 5.75%(i)
10.35%
08/2028
114
113
—
114
Salon Lofts Group, LLC+ . . . . . . . . . Senior secured SF + 5.75%(i)
10.35%
08/2028
105
104
—
105
Salon Lofts Group, LLC+ . . . . . . . . . Senior secured SF + 5.75%(i)
10.35%
08/2028
86
86
—
86
Salon Lofts Group, LLC+ . . . . . . . . . Senior secured SF + 5.75%(i)
10.35%
08/2028
80
80
—
80
160

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Specialty Retail - (continued)
Salon Lofts Group, LLC+(5) . . . . . . . Senior secured SF + 5.75%
N/A(6)
08/2028
$
—
$
(4)
—%
$
—
Salon Lofts Group, LLC+(5) . . . . . . . Senior secured SF + 5.75%
N/A(6)
08/2028
—
(2)
—
—
Salon Lofts Group, LLC+(5) . . . . . . . Senior secured SF + 5.75%
N/A(6)
08/2028
—
(6)
—
—
Salon Lofts Group, LLC+(25) . . . . . . .
Second lien
SF + 9.00%(i)
13.60% PIK
09/2029
304
266
—
304
Salon Lofts Group, LLC+ . . . . . . . . . Senior secured SF + 5.75%(i)
10.35%
08/2028
170
169
—
170
Surewerx Purchaser III, Inc. & Jet
Equipment & Tools Ltd.~^&<+(8) . . .
One stop
SF + 5.25% (i)
9.85%
12/2029
29,510
29,234
0.7
29,510
Surewerx Purchaser III, Inc. & Jet
Equipment & Tools Ltd.<+(8)(9). . . .
One stop
CA + 5.25%(l)
9.18%
12/2029
8,039
7,938
0.2
8,039
Surewerx Purchaser III, Inc. & Jet
Equipment & Tools Ltd.+(8). . . . . .
One stop
SF + 5.25%(i)
9.85%
12/2028
501
495
—
501
Surewerx Purchaser III, Inc. & Jet
Equipment & Tools Ltd.+(5)(8) . . . .
One stop
SF + 5.25%
N/A(6)
12/2029
—
(60)
—
—
Titan Fitness, LLC*#<+(25) . . . . . . . . .
One stop
SF + 7.25%(h)
10.05% cash/
2.50% PIK
10/2026
38,898
38,338
0.8
33,063
Titan Fitness, LLC+(25). . . . . . . . . . .
One stop
SF + 7.25%(h)
10.05% cash/
2.50% PIK
10/2026
2,822
2,749
0.1
2,398
Titan Fitness, LLC+(25). . . . . . . . . . .
One stop
SF + 7.25%(h)
9.92% cash/
2.50% PIK
10/2026
423
400
—
300
Vermont Aus Pty Ltd+(8)(9)(11) . . . . . .
One stop
A + 5.75%(e)
10.23%
03/2028
9,465
9,969
0.2
9,465
Vermont Aus Pty Ltd+(8)(9)(11) . . . . . .
One stop
A + 5.75%(e)
10.23%
03/2028
10,081
10,081
0.3
10,081
VSG Acquisition Corp. and Sherrill,
Inc.&+. . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(i)
11.01%
04/2028
12,113
11,918
0.3
11,749
VSG Acquisition Corp. and Sherrill,
Inc.+. . . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(i)
11.01%
04/2028
1,617
1,571
—
1,569
VSG Acquisition Corp. and Sherrill,
Inc.+(5) . . . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
04/2028
—
(6)
—
(6)
353,762
351,918
8.6
345,415
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.<+(8)(10) . .
One stop
SF + 6.00%(j)
10.58%
03/2028
2,347
2,325
0.1
2,112
Dollfus Mieg Company, Inc.<+(8)(10) . .
One stop
SF + 6.00%(j)
10.58%
03/2028
1,170
1,159
—
1,052
Dollfus Mieg Company, Inc.<+(8)(10) . .
One stop
SF + 6.00%(j)
10.58%
03/2028
1,027
1,018
—
925
Elite Sportswear, L.P.+(25) . . . . . . . . . Senior secured SF + 7.25%(i)
11.12% cash/
1.00% PIK
09/2025
9,951
9,913
0.3
9,951
Elite Sportswear, L.P.+(25) . . . . . . . . . Senior secured SF + 7.25%(i)
11.12% cash/
1.00% PIK
09/2025
3,999
3,983
0.1
3,999
Elite Sportswear, L.P.+(25) . . . . . . . . . Senior secured SF + 7.25%(i)
11.12% cash/
1.00% PIK
09/2025
2,058
2,050
0.1
2,058
Elite Sportswear, L.P.*+(25) . . . . . . . . Senior secured SF + 7.25%(i)
11.12% cash/
1.00% PIK
09/2025
683
680
—
683
Elite Sportswear, L.P.+(25) . . . . . . . . . Senior secured SF + 7.25%(i)
11.12% cash/
1.00% PIK
09/2025
312
311
—
312
Elite Sportswear, L.P.*+(25) . . . . . . . . Senior secured SF + 7.25%(i)
11.12% cash/
1.00% PIK
09/2025
298
298
—
298
Elite Sportswear, L.P.+(25) . . . . . . . . . Senior secured SF + 7.25%(i)
11.12% cash/
1.00% PIK
09/2025
115
111
—
115
Elite Sportswear, L.P.+(25) . . . . . . . . . Senior secured SF + 7.25%(i)
11.12% cash/
1.00% PIK
09/2025
4
4
—
4
Georgica Pine Clothiers, LLC+ . . . . .
One stop
SF + 5.50%(i)
10.25%
11/2024
9,211
9,207
0.2
9,235
Georgica Pine Clothiers, LLC+ . . . . .
One stop
SF + 5.50%(i)
10.25%
11/2024
6,375
6,371
0.2
6,391
Georgica Pine Clothiers, LLC+ . . . . .
One stop
SF + 5.50%(i)
10.25%
11/2024
987
986
—
989
Georgica Pine Clothiers, LLC+ . . . . .
One stop
SF + 5.50%(i)
10.25%
11/2024
886
886
—
889
Georgica Pine Clothiers, LLC+ . . . . .
One stop
SF + 5.50%(i)
10.25%
11/2024
622
622
—
623
Georgica Pine Clothiers, LLC+ . . . . .
One stop
SF + 5.50%(i)
10.25%
11/2024
2
2
—
2
Shoes For Crews Global, LLC+ . . . . . Senior secured SF + 6.50%(h)
11.82%
07/2029
1,302
1,302
—
1,302
Shoes For Crews Global, LLC+(25) . . . Senior secured SF + 7.00%(h)
7.32% cash/
5.00% PIK
07/2029
718
690
—
688
161

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Textiles, Apparel & Luxury Goods -
(continued)
Shoes For Crews Global, LLC+ . . . . . Senior secured SF + 6.50%(h)
11.82%
07/2029
$
421 $
421
—%
$
421
Shoes For Crews Global, LLC+(5). . . . Senior secured SF + 6.50%
N/A(6)
07/2029
—
(34)
—
—
42,488
42,305
1.0
42,049
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.<+ . . .
One stop
SF + 6.25%(i)
11.73%
06/2028
20,073
19,822
0.5
17,915
Marcone Yellowstone Buyer Inc.&<+ . .
One stop
SF + 6.25%(i)
11.73%
06/2028
20,821
20,421
0.5
18,583
Marcone Yellowstone Buyer Inc.<+ . . .
One stop
SF + 6.50%(i)
11.98%
06/2028
6,181
6,035
0.2
5,563
Marcone Yellowstone Buyer Inc.<+ . . .
One stop
SF + 6.25%(i)
11.72%
06/2028
2,548
2,463
0.1
2,274
Marcone Yellowstone Buyer Inc.&+. . .
One stop
SF + 6.25%(i)
11.73%
06/2028
6,670
6,425
0.1
5,953
56,293
55,166
1.4
50,288
Water Utilities
S.J. Electro Systems, LLC+. . . . . . . . Senior secured SF + 4.75%(i)
9.85%
06/2027
24,409
24,228
0.6
24,226
S.J. Electro Systems, LLC~&< . . . . . . Senior secured SF + 4.75%(i)
10.15%
06/2027
18,775
18,722
0.5
18,635
S.J. Electro Systems, LLC<+ . . . . . . . Senior secured SF + 4.75%(i)
10.15%
06/2027
1,184
1,175
—
1,176
S.J. Electro Systems, LLC+(5) . . . . . . Senior secured SF + 4.75%
N/A(6)
06/2027
—
(63)
—
(63)
Vessco Midco Holdings, LLC+. . . . . .
One stop
SF + 5.25%(h)(j)
10.22%
07/2031
22,500
22,281
0.6
22,275
Vessco Midco Holdings, LLC+. . . . . .
One stop
SF + 5.25%(j)
9.54%
07/2031
1,100
1,064
—
1,025
Vessco Midco Holdings, LLC+(5) . . . .
One stop
SF + 5.25%
N/A(6)
07/2031
—
(24)
—
(25)
67,968
67,383
1.7
67,249
Total non-controlled/non-affiliate company debt investments . . . . . . . . . . . . . . . . . . .
7,686,718
7,639,077
188.0
7,546,848
162

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Equity investments(21)(22)
Aerospace & Defense
PPW Aero Buyer, Inc.+ . . . . . . . .
LP units
N/A
N/A
02/2023
N/A
93
$
948
—%
$
771
Tronair Parent, Inc.+ . . . . . . . . . .
LLC units
N/A
N/A
07/2021
N/A
—
40
—
66
988
—
837
Auto Components
Polk Acquisition Corp.+. . . . . . . .
LP interest
N/A
N/A
06/2016
N/A
5
314
—
—
Automobiles
CAP-KSI Holdings, LLC+ . . . . . . Preferred stock N/A
N/A
06/2024
N/A
645
645
—
645
CAP-KSI Holdings, LLC+ . . . . . .
LP units
N/A
N/A
06/2024
N/A
645
—
—
—
CG Group Holdings, LLC+ . . . . .
LP units
N/A
N/A
07/2021
N/A
1
983
—
645
Go Car Wash Parent, Corp.+(23). . . Preferred stock N/A
17.00%
Non-Cash
04/2022
N/A
—
3,202
0.1
3,136
Go Car Wash Parent, Corp.+. . . . . Common stock N/A
N/A
04/2022
N/A
—
554
—
19
MOP GM Holding, LLC+ . . . . . .
LP units
N/A
N/A
11/2020
N/A
—
499
—
546
MOP GM Holding, LLC+ . . . . . . Preferred stock N/A
N/A
06/2024
N/A
—
34
—
36
National Express Wash Parent
Holdco, LLC+ . . . . . . . . . . . .
LP units
N/A
N/A
07/2022
N/A
1
103
—
134
POY Holdings, LLC+ . . . . . . . . .
LLC units
N/A
N/A
11/2022
N/A
446
820
—
966
Quick Quack Car Wash Holdings,
LLC+. . . . . . . . . . . . . . . . . .
LP units
N/A
N/A
06/2024
N/A
1,085
1,085
0.1
1,143
Quick Quack Car Wash Holdings,
LLC+. . . . . . . . . . . . . . . . . .
LLC units
N/A
N/A
06/2024
N/A
215
215
—
226
Yorkshire Parent, Inc.+ . . . . . . . .
LP units
N/A
N/A
12/2023
N/A
—
544
—
577
8,684
0.2
8,073
Biotechnology. . . . . . . . . . . . . . . .
Cobepa BlueSky Aggregator,
SCSp+ . . . . . . . . . . . . . . . . .
LP units
N/A
N/A
10/2023
N/A
4
40
—
41
Cobepa BlueSky Aggregator,
SCSp+(23) . . . . . . . . . . . . . . . Preferred stock N/A
15.00%
Non-Cash
04/2024
N/A
5
54
—
53
Cobepa BlueSky Aggregator,
SCSp+ . . . . . . . . . . . . . . . . .
LP interest
N/A
N/A
12/2021
N/A
219
1,899
—
670
1,993
—
764
Building Products . . . . . . . . . . . . .
BECO Holding Company,
Inc.+(23) . . . . . . . . . . . . . . . . Preferred stock N/A
11.75%
Non-Cash
11/2021
N/A
132
17,967
0.5
17,976
BECO Holding Company, Inc.+. . .
LP interest
N/A
N/A
11/2021
N/A
10
1,218
—
987
19,185
0.5
18,963
Chemicals
Inhance Technologies Holdings,
LLC+. . . . . . . . . . . . . . . . . . Preferred stock N/A
N/A
12/2021
N/A
12
7,283
0.1
4,902
Inhance Technologies Holdings,
LLC+. . . . . . . . . . . . . . . . . .
LLC units
N/A
N/A
07/2018
N/A
—
124
—
—
7,407
0.1
4,902
Commercial Services & Supplies. . .
CI (Quercus) Intermediate
Holdings, LLC+ . . . . . . . . . . .
LP interest
N/A
N/A
10/2021
N/A
773
836
—
996
FR Vision Holdings, Inc.+ . . . . . .
LP units
N/A
N/A
01/2024
N/A
—
461
—
471
Franchise Brands
plc+(8)(9)(10)(23)(24) . . . . . . . . . . Common stock N/A
N/A
04/2023
N/A
51
113
—
118
North Haven Stack Buyer, LLC . .
LLC units
N/A
N/A
07/2021
N/A
516
637
—
846
PT Intermediate Holdings III,
LLC+. . . . . . . . . . . . . . . . . .
LLC units
N/A
N/A
12/2021
N/A
16
1,787
0.1
1,879
Radwell Parent, LLC+. . . . . . . . .
LP units
N/A
N/A
03/2022
N/A
4
477
—
465
4,311
0.1
4,775
163

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Containers & Packaging
Chase Intermediate+ . . . . . . . . . .
LP units
N/A
N/A
04/2022
N/A
217
$ 209
—%
$
337
Diversified Consumer Services
CHHJ Midco, LLC+(23) . . . . . . . .
LLC units
N/A
N/A
01/2021
N/A
27
311
—
419
CHVAC Services Investment,
LLC+. . . . . . . . . . . . . . . . . . Common stock N/A
N/A
05/2024
N/A
105
267
—
301
DP Flores Holdings, LLC+ . . . . . .
LLC units
N/A
N/A
09/2022
N/A
106
119
—
137
EMS LINQ, LLC+ . . . . . . . . . . .
LP interest
N/A
N/A
12/2021
N/A
761
758
—
748
EWC Growth Partners LLC+ . . . .
LLC interest
N/A
N/A
03/2020
N/A
—
12
—
—
HS Spa Holdings, Inc.+ . . . . . . . . Common stock N/A
N/A
05/2022
N/A
729
732
—
730
Liminex, Inc.+ . . . . . . . . . . . . . . Common stock N/A
N/A
11/2020
N/A
17
634
—
681
NSG Buyer, Inc.+(8) . . . . . . . . . .
LP units
N/A
N/A
11/2022
N/A
3
2,992
0.1
3,616
PADI Holdco, Inc.+ . . . . . . . . . .
LLC interest
N/A
N/A
07/2017
N/A
1
987
0.1
868
Project Alpha Intermediate
Holdings, Inc.+(23) . . . . . . . . . Preferred stock N/A
9.00%
Non-Cash
08/2016
N/A
—
1,148
0.1
1,646
Project Alpha Intermediate
Holdings, Inc.+ . . . . . . . . . . . Common stock N/A
N/A
08/2016
N/A
202
329
—
755
Virginia Green Acquisition,
LLC+. . . . . . . . . . . . . . . . . .
LP units
N/A
N/A
12/2023
N/A
397
407
—
454
8,696
0.3
10,355
Electronic Equipment, Instruments
& Components
Inventus Power, Inc.+ . . . . . . . . . Preferred stock N/A
N/A
03/2014
N/A
—
372
—
20
Inventus Power, Inc.+ . . . . . . . . .
LLC units
N/A
N/A
04/2018
N/A
—
88
—
276
Inventus Power, Inc.+ . . . . . . . . .
LP interest
N/A
N/A
05/2019
N/A
—
20
—
61
Inventus Power, Inc.+ . . . . . . . . . Common stock N/A
N/A
03/2014
N/A
—
—
—
—
480
—
357
Food & Staples Retailing
Hopdoddy Holdings, LLC+. . . . . .
LLC units
N/A
N/A
08/2015
N/A
44
217
—
217
Hopdoddy Holdings, LLC+. . . . . .
LLC units
N/A
N/A
02/2016
N/A
20
61
—
48
Mendocino Farms, LLC+(23) . . . . . Common stock N/A
N/A
06/2018
N/A
227
1,041
—
1,433
PDI TA Holdings, Inc.+ . . . . . . . . Preferred stock N/A
N/A
02/2023
N/A
135
4,613
0.2
5,660
Ruby Slipper Cafe LLC, The+. . . .
LLC units
N/A
N/A
06/2024
N/A
3
47
—
49
Ruby Slipper Cafe LLC, The+. . . .
LLC interest
N/A
N/A
01/2018
N/A
38
423
—
174
Ruby Slipper Cafe LLC, The+. . . .
LLC interest
N/A
N/A
08/2020
N/A
2
28
—
46
6,430
0.2
7,627
Food Products
Borrower R365 Holdings, LLC+ . . Preferred stock N/A
N/A
06/2021
N/A
107
195
—
302
Borrower R365 Holdings, LLC+ . . Preferred stock N/A
N/A
05/2023
N/A
6
14
—
15
Borrower R365 Holdings, LLC+ . .
LLC units
N/A
N/A
01/2022
N/A
4
9
—
11
Borrower R365 Holdings, LLC+ . . Common stock N/A
N/A
06/2022
N/A
1
3
—
4
Borrower R365 Holdings, LLC+ . . Preferred stock N/A
N/A
06/2022
N/A
2
4
—
6
Borrower R365 Holdings, LLC+ . . Preferred stock N/A
N/A
05/2023
N/A
1
3
—
4
Borrower R365 Holdings, LLC+ . .
LP units
N/A
N/A
05/2023
N/A
—
1
—
1
Borrower R365 Holdings, LLC+ . . Preferred stock N/A
N/A
04/2024
N/A
21
73
—
68
Kodiak Cakes, LLC+(23). . . . . . . . Common stock N/A
N/A
06/2021
N/A
—
557
—
842
Louisiana Fish Fry Products,
Ltd.+ . . . . . . . . . . . . . . . . . . Common stock N/A
N/A
07/2021
N/A
—
599
—
331
Louisiana Fish Fry Products,
Ltd.+ . . . . . . . . . . . . . . . . . . Preferred stock N/A
N/A
09/2022
N/A
—
24
—
36
P&P Food Safety Holdings,
Inc.+ . . . . . . . . . . . . . . . . . . Preferred stock N/A
N/A
03/2024
N/A
—
32
—
35
P&P Food Safety Holdings,
Inc.+ . . . . . . . . . . . . . . . . . . Common stock N/A
N/A
12/2020
N/A
5
434
—
238
Purfoods, LLC+ . . . . . . . . . . . . .
LLC interest
N/A
N/A
05/2016
N/A
—
945
0.2
4,991
2,893
0.2
6,884
164

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+. . .
LP interest
N/A
N/A
06/2019
N/A
—
$
98
—%
$
111
Blue River Pet Care, LLC+ . . . . . Common stock N/A
N/A
08/2019
N/A
—
734
0.1
856
CCSL Holdings, LLC+(8) . . . . . . .
LP interest
N/A
N/A
12/2020
N/A
—
499
—
680
CMI Parent Inc.+ . . . . . . . . . . . . Common stock N/A
N/A
08/2019
N/A
—
557
—
626
CMI Parent Inc.+ . . . . . . . . . . . . Common stock N/A
N/A
08/2019
N/A
8
483
—
716
G & H Wire Company, Inc.+ . . . .
LLC interest
N/A
N/A
09/2017
N/A
335
269
—
—
JHC Investment Intermediate
Holdings, LLC+ . . . . . . . . . . .
LLC units
N/A
N/A
03/2024
N/A
5,293
—
—
188
2,640
0.1
3,177
Healthcare Providers & Services
Active Day, Inc.+ . . . . . . . . . . . .
LLC interest
N/A
N/A
12/2015
N/A
2
1,099
0.1
1,217
Acuity Eyecare Holdings, LLC+ . .
LLC interest
N/A
N/A
03/2017
N/A
1,632
2,235
0.1
4,614
Acuity Eyecare Holdings, LLC+ . .
LLC units
N/A
N/A
05/2021
N/A
889
1,023
0.1
2,919
ADCS Clinics Intermediate
Holdings, LLC+ . . . . . . . . . . . Preferred stock N/A
N/A
05/2016
N/A
2
1,119
0.1
1,300
ADCS Clinics Intermediate
Holdings, LLC+ . . . . . . . . . . . Common stock N/A
N/A
05/2016
N/A
—
6
—
—
AVG Intermediate Holdings &
AVG Subsidiary Holdings
LLC+. . . . . . . . . . . . . . . . . .
LLC units
N/A
N/A
03/2021
N/A
180
192
—
184
CRH Healthcare Purchaser, Inc.+. .
LP interest
N/A
N/A
12/2018
N/A
531
456
—
625
DCA Investment Holding,
LLC(23) . . . . . . . . . . . . . . . . Preferred stock N/A
8.00%
Non-Cash
12/2022
N/A
1,142
659
—
783
DCA Investment Holding, LLC. . . Common stock N/A
N/A
12/2022
N/A
12
5
—
—
Emerge Intermediate, Inc.+. . . . . .
LLC units
N/A
N/A
02/2021
N/A
—
749
—
435
Emerge Intermediate, Inc.+. . . . . .
LLC units
N/A
N/A
02/2021
N/A
—
79
—
108
Emerge Intermediate, Inc.+. . . . . .
LLC units
N/A
N/A
02/2021
N/A
11
4
—
—
Encorevet Group LLC+ . . . . . . . . Preferred stock N/A
N/A
05/2024
N/A
3
261
—
203
Krueger-Gilbert Health Physics,
LLC+. . . . . . . . . . . . . . . . . . Common stock N/A
N/A
05/2019
N/A
239
324
—
621
Midwest Veterinary Partners,
LLC+(23). . . . . . . . . . . . . . . . Preferred stock N/A
12.00%
Non-Cash
08/2021
N/A
1
1,984
0.1
2,123
Midwest Veterinary Partners,
LLC+. . . . . . . . . . . . . . . . . .
Warrant
N/A
N/A
07/2019
N/A
9
152
—
482
Midwest Veterinary Partners,
LLC+(23). . . . . . . . . . . . . . . . Preferred stock N/A
10.00%
Non-Cash
07/2019
N/A
—
57
—
68
MWD Management, LLC &
MWD Services, Inc.+ . . . . . . .
LLC interest
N/A
N/A
06/2017
N/A
412
335
—
660
NDX Parent, LLC+. . . . . . . . . . . Common stock N/A
N/A
06/2021
N/A
—
278
—
11
NDX Parent, LLC+. . . . . . . . . . . Preferred stock N/A
N/A
01/2023
N/A
84
88
—
82
New Look (Delaware) Corporation
and NL1 AcquireCo,
Inc.+(8)(9)(12) . . . . . . . . . . . . . Common stock N/A
N/A
05/2021
N/A
—
407
—
311
Pinnacle Treatment Centers,
Inc.+ . . . . . . . . . . . . . . . . . .
LLC interest
N/A
N/A
08/2016
N/A
—
528
—
866
Pinnacle Treatment Centers,
Inc.+ . . . . . . . . . . . . . . . . . .
LLC interest
N/A
N/A
08/2016
N/A
4
74
—
1,036
Pyramid Healthcare Acquisition
Corp.+ . . . . . . . . . . . . . . . . . Common stock N/A
N/A
05/2021
N/A
257
310
—
385
Radiology Partners, Inc.+ . . . . . . .
LLC units
N/A
N/A
02/2018
N/A
11
68
—
86
Radiology Partners, Inc.+ . . . . . . .
LLC interest
N/A
N/A
09/2014
N/A
43
55
—
340
Sage Dental Management, LLC+ . .
LLC units
N/A
N/A
10/2012
N/A
—
249
—
617
Sage Dental Management, LLC+ . .
LLC units
N/A
N/A
10/2012
N/A
3
3
—
—
Suveto Buyer, LLC+ . . . . . . . . . . Common stock N/A
N/A
11/2021
N/A
8
727
—
534
13,526
0.5
20,610
165

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Technology
Amberfield Acquisition Co.+. . . . .
LLC units
N/A
N/A
05/2024
N/A
446
$
449
—%
$
447
Connexin Software, Inc.+. . . . . . .
LLC interest
N/A
N/A
02/2018
N/A
180
228
—
301
Connexin Software, Inc.+. . . . . . .
LLC units
N/A
N/A
02/2024
N/A
12
16
—
23
HSI Halo Acquisition, Inc.+(23) . . . Preferred stock N/A
10.00%
Non-Cash
10/2019
N/A
—
102
—
233
HSI Halo Acquisition, Inc.+ . . . . .
LP interest
N/A
N/A
10/2019
N/A
—
14
—
58
Symplr Software, Inc.+(23) . . . . . . Preferred stock N/A
11.00%
Non-Cash
10/2021
N/A
15
18,931
0.5
19,043
Symplr Software, Inc.+(23) . . . . . . Preferred stock
SF +
10.50%(i)
15.10%
Non-Cash
11/2018
N/A
3
5,513
0.2
6,675
Symplr Software, Inc.+(23) . . . . . . Preferred stock N/A
11.00%
Non-Cash
12/2020
N/A
2
2,373
0.1
2,527
Symplr Software, Inc.+(23) . . . . . . Preferred stock N/A
11.00%
Non-Cash
06/2021
N/A
1
1,433
—
1,478
Symplr Software, Inc.+ . . . . . . . .
LLC units
N/A
N/A
09/2021
N/A
—
161
—
185
Symplr Software, Inc.+ . . . . . . . . Common stock N/A
N/A
11/2018
N/A
219
237
—
1,064
Tebra Technologies, Inc.+. . . . . . .
LLC interest
N/A
N/A
07/2022
N/A
348
2,824
0.1
2,972
Tebra Technologies, Inc.+. . . . . . .
Warrant
N/A
N/A
03/2019
N/A
169
871
—
547
Tebra Technologies, Inc.+. . . . . . .
Warrant
N/A
N/A
06/2017
N/A
53
162
—
56
Tebra Technologies, Inc.+. . . . . . . Preferred stock N/A
N/A
09/2018
N/A
1
8
—
11
33,322
0.9
35,620
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+. . . . . . . . Common stock N/A
N/A
09/2017
N/A
5
603
—
760
Freddy’s Frozen Custard LLC+ . . .
LP interest
N/A
N/A
03/2021
N/A
287
384
—
648
Harri US LLC+ . . . . . . . . . . . . .
LLC units
N/A
N/A
02/2022
N/A
119
892
—
711
Harri US LLC+ . . . . . . . . . . . . . Preferred stock N/A
N/A
10/2021
N/A
102
649
—
587
Harri US LLC+ . . . . . . . . . . . . .
Warrant
N/A
N/A
10/2021
N/A
34
171
—
196
Harri US LLC+ . . . . . . . . . . . . . Preferred stock N/A
N/A
10/2023
N/A
96
1,141
0.1
1,342
Harri US LLC+ . . . . . . . . . . . . .
Warrant
N/A
N/A
03/2024
N/A
9
69
—
132
LMP TR Holdings, LLC . . . . . . .
LLC units
N/A
N/A
05/2013
N/A
712
712
0.1
1,691
PB Group Holdings, LLC+. . . . . .
LP units
N/A
N/A
08/2024
N/A
383
886
—
886
SSRG Holdings, LLC+(23) . . . . . .
LP interest
N/A
N/A
11/2019
N/A
46
604
—
566
6,111
0.2
7,519
Insurance
Accession Risk Management
Group, Inc.+(23) . . . . . . . . . . . Preferred stock N/A
13.25%
Non-Cash
08/2023
N/A
9
9,987
0.3
9,988
Majesco+(23) . . . . . . . . . . . . . . . Preferred stock N/A
9.00%
Non-Cash
09/2020
N/A
—
534
—
611
Majesco+ . . . . . . . . . . . . . . . . .
LP interest
N/A
N/A
09/2020
N/A
97
94
—
324
Oakbridge Insurance Agency
LLC+. . . . . . . . . . . . . . . . . .
LP units
N/A
N/A
11/2023
N/A
20
404
—
412
11,019
0.3
11,335
Internet & Direct Marketing Retail
Revalize, Inc.+. . . . . . . . . . . . . . Preferred stock N/A
N/A
12/2021
N/A
25
26,215
0.8
30,067
Revalize, Inc.+. . . . . . . . . . . . . . Preferred stock N/A
N/A
12/2021
N/A
15
15,735
0.4
18,046
Revalize, Inc.+. . . . . . . . . . . . . . Preferred stock N/A
N/A
12/2022
N/A
11
11,050
0.3
11,768
Revalize, Inc.+. . . . . . . . . . . . . . Preferred stock N/A
N/A
04/2022
N/A
4
4,285
0.1
4,481
57,285
1.6
64,362
IT Services
Appriss Health Intermediate
Holdings, Inc+(23) . . . . . . . . . . Preferred stock N/A
11.00%
Non-Cash
05/2021
N/A
3
3,664
0.1
3,777
Arctic Wolf Networks, Inc. and
Arctic Wolf Networks Canada,
Inc.+ . . . . . . . . . . . . . . . . . . Preferred stock N/A
N/A
02/2020
N/A
804
2,398
0.2
7,470
166

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
IT Services - (continued)
Arctic Wolf Networks, Inc. and
Arctic Wolf Networks Canada,
Inc.+ . . . . . . . . . . . . . . . . . . Preferred stock N/A
N/A
10/2020
N/A
211
$
931
0.1%
$ 1,959
Arctic Wolf Networks, Inc. and
Arctic Wolf Networks Canada,
Inc.+ . . . . . . . . . . . . . . . . . . Preferred stock N/A
N/A
07/2021
N/A
48
407
—
449
Arctic Wolf Networks, Inc. and
Arctic Wolf Networks Canada,
Inc.+ . . . . . . . . . . . . . . . . . .
Warrant
N/A
N/A
08/2020
N/A
277
779
0.1
2,393
Critical Start, Inc.+ . . . . . . . . . . . Common stock N/A
N/A
05/2022
N/A
343
379
—
175
Kentik Technologies, Inc.+ . . . . . . Preferred stock N/A
N/A
09/2021
N/A
275
1,587
—
1,578
Netwrix Corporation+ . . . . . . . . .
LLC units
N/A
N/A
06/2022
N/A
7
19
—
18
Optimizely North America, Inc.+ . . Common stock N/A
N/A
10/2018
N/A
92
1,089
—
1,528
Saturn Borrower Inc.+ . . . . . . . . .
LP units
N/A
N/A
09/2020
N/A
485
418
—
267
11,671
0.5
19,614
Leisure Products
Massage Envy, LLC+ . . . . . . . . .
LLC interest
N/A
N/A
09/2012
N/A
749
210
0.1
1,682
Movement Holdings, LLC+ . . . . .
LLC units
N/A
N/A
03/2024
N/A
—
152
—
136
WBZ Investment, LLC+ . . . . . . .
LLC interest
N/A
N/A
09/2018
N/A
82
141
—
119
WBZ Investment, LLC+ . . . . . . .
LLC interest
N/A
N/A
09/2018
N/A
56
96
—
82
WBZ Investment, LLC+ . . . . . . .
LLC interest
N/A
N/A
09/2018
N/A
47
78
—
66
WBZ Investment, LLC+ . . . . . . .
LLC interest
N/A
N/A
09/2018
N/A
41
70
—
59
WBZ Investment, LLC+ . . . . . . .
LLC interest
N/A
N/A
09/2018
N/A
18
29
—
25
WBZ Investment, LLC+ . . . . . . .
LLC interest
N/A
N/A
09/2018
N/A
2
2
—
2
778
0.1
2,171
Life Sciences Tools & Services
Celerion Buyer, Inc.+ . . . . . . . . .
LP units
N/A
N/A
11/2022
N/A
1,302
1,309
—
1,302
Celerion Buyer, Inc.+ . . . . . . . . .
LP units
N/A
N/A
11/2022
N/A
1,302
188
—
982
PAS Parent Inc.+ . . . . . . . . . . . .
LP interest
N/A
N/A
12/2021
N/A
15
1,651
0.1
1,618
PAS Parent Inc.+ . . . . . . . . . . . . Preferred stock N/A
N/A
03/2023
N/A
2
267
—
299
Reaction Biology Corporation+ . . .
LLC units
N/A
N/A
03/2022
N/A
—
321
—
4
3,736
0.1
4,205
Oil, Gas & Consumable Fuels
W3 Co.+. . . . . . . . . . . . . . . . . .
LLC interest
N/A
N/A
03/2017
N/A
3
1,633
—
1,679
W3 Co.+. . . . . . . . . . . . . . . . . . Preferred stock N/A
N/A
01/2019
N/A
—
224
—
252
1,857
—
1,931
Paper & Forest Products
Messenger, LLC+ . . . . . . . . . . . .
LLC units
N/A
N/A
12/2021
N/A
8
667
—
620
Messenger, LLC+ . . . . . . . . . . . .
LLC units
N/A
N/A
12/2021
N/A
1
—
—
—
667
—
620
Pharmaceuticals
Amalthea Parent, Inc.+(8) . . . . . . .
LP interest
N/A
N/A
03/2021
N/A
701
606
—
390
Cobalt Buyer Sub, Inc.+(23). . . . . . Preferred stock N/A
13.75%
Non-Cash
10/2021
N/A
11
15,926
0.4
17,048
Cobalt Buyer Sub, Inc.+. . . . . . . . Preferred stock N/A
N/A
10/2021
N/A
—
246
—
306
Cobalt Buyer Sub, Inc.+. . . . . . . . Common stock N/A
N/A
10/2021
N/A
3
2
—
27
16,780
0.4
17,771
Professional Services
Eclipse Buyer, Inc.+(23) . . . . . . . . Preferred stock N/A
12.50%
Non-Cash
09/2024
N/A
—
1,609
0.1
1,595
Enboarder, Inc.+(8)(11) . . . . . . . . . Preferred stock N/A
N/A
01/2022
N/A
83
859
—
567
Filevine, Inc.+ . . . . . . . . . . . . . . Preferred stock N/A
N/A
04/2022
N/A
362
2,867
0.1
3,992
Filevine, Inc.+ . . . . . . . . . . . . . .
Warrant
N/A
N/A
04/2022
N/A
54
224
—
485
Filevine, Inc.+ . . . . . . . . . . . . . . Preferred stock N/A
N/A
05/2024
N/A
21
176
—
234
167

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Professional Services - (continued)
Net Health Acquisition Corp.+ . . .
LP interest
N/A
N/A
12/2017
N/A
14
$ 1,684
0.1%
$ 2,311
Procure Acquireco, Inc.+ . . . . . . .
LP interest
N/A
N/A
12/2021
N/A
—
901
—
1,150
8,320
0.3
10,334
Real Estate Management &
Development
Inhabit IQ Inc.+ . . . . . . . . . . . . . Common stock N/A
N/A
01/2018
N/A
73
595
—
1,488
SC Landco Parent, LLC+ . . . . . . . Common stock N/A
N/A
09/2022
N/A
2
274
—
260
869
—
1,748
Road & Rail
Internet Truckstop Group, LLC+ . .
LP interest
N/A
N/A
04/2019
N/A
554
587
—
402
Software
Anaplan, Inc.+ . . . . . . . . . . . . . .
LP interest
N/A
N/A
06/2022
N/A
962
1,254
0.1
1,492
Aras Corporation+(23) . . . . . . . . . Preferred stock N/A
12.00%
Non-Cash
04/2021
N/A
1
1,937
0.2
2,108
Aras Corporation+ . . . . . . . . . . .
LP interest
N/A
N/A
04/2021
N/A
427
446
—
531
Astute Holdings, Inc.+. . . . . . . . .
LP interest
N/A
N/A
04/2019
N/A
—
520
—
547
Auvik Networks Inc.+(8)(12). . . . . . Preferred stock N/A
N/A
07/2021
N/A
37
405
—
504
Auvik Networks Inc.+(8)(12). . . . . . Preferred stock N/A
N/A
02/2023
N/A
4
46
—
57
Bayshore Intermediate #2, L.P.+ . . Common stock N/A
N/A
10/2021
N/A
5,841
5,890
0.2
6,231
Calabrio, Inc.+. . . . . . . . . . . . . .
LP interest
N/A
N/A
04/2021
N/A
1
1,157
—
1,135
Calabrio, Inc.+. . . . . . . . . . . . . .
LP interest
N/A
N/A
04/2021
N/A
134
0
—
0
CB Buyer, Inc.+. . . . . . . . . . . . .
LP units
N/A
N/A
07/2024
N/A
258
258
—
258
Cloudbees, Inc.+ . . . . . . . . . . . . Preferred stock N/A
N/A
11/2021
N/A
179
2,008
0.1
2,021
Cloudbees, Inc.+ . . . . . . . . . . . .
Warrant
N/A
N/A
05/2018
N/A
158
445
—
1,157
Cloudbees, Inc.+ . . . . . . . . . . . . Preferred stock N/A
N/A
06/2018
N/A
86
602
—
797
Cynet Security Ltd.+(8)(15) . . . . . . Preferred stock N/A
N/A
08/2022
N/A
220
855
—
1,008
Denali Bidco Limited+(8)(10) . . . . .
LP interest
N/A
N/A
08/2023
N/A
431
610
—
824
Diligent Corporation+(23) . . . . . . . Preferred stock N/A
10.50%
Non-Cash
04/2021
N/A
24
30,108
0.8
31,231
Diligent Corporation+ . . . . . . . . . Preferred stock N/A
N/A
04/2016
N/A
415
912
0.1
2,543
FirstUp, Inc.+ . . . . . . . . . . . . . . Common stock N/A
N/A
07/2021
N/A
305
661
—
346
GS Acquisitionco, Inc.+(23) . . . . . . Preferred stock N/A
11.00%
Non-Cash
04/2021
N/A
35
44,899
1.2
46,202
GS Acquisitionco, Inc.+(23) . . . . . . Preferred stock N/A
11.00%
Non-Cash
11/2021
N/A
5
5,740
0.1
5,741
GS Acquisitionco, Inc.+ . . . . . . . .
LP interest
N/A
N/A
09/2021
N/A
1
363
—
952
GS Acquisitionco, Inc.+(23) . . . . . . Preferred stock
SF +
10.50%(i)
15.10%
Non-Cash
08/2023
N/A
—
120
—
120
GTY Technology Holdings, Inc.+. .
LP units
N/A
N/A
07/2022
N/A
73
91
—
140
Gurobi Optimization, LLC+ . . . . . Common stock N/A
N/A
09/2024
N/A
—
709
—
709
Impartner, Inc.+ . . . . . . . . . . . . . Preferred stock N/A
N/A
10/2021
N/A
39
307
—
217
Kaseya Inc.+(23) . . . . . . . . . . . . . Preferred stock
SF +
10.75%(i)
15.35%
Non-Cash
06/2022
N/A
5
5,750
0.2
5,787
Kaseya Inc.+ . . . . . . . . . . . . . . .
LP interest
N/A
N/A
06/2022
N/A
250
252
—
267
Ministry Brands Holdings LLC+ . .
LP interest
N/A
N/A
12/2021
N/A
799
773
—
704
mParticle, Inc.+ . . . . . . . . . . . . . Preferred stock N/A
N/A
09/2021
N/A
227
1,429
—
1,120
mParticle, Inc.+ . . . . . . . . . . . . .
Warrant
N/A
N/A
08/2020
N/A
115
143
—
382
Onapsis, Inc., Virtual Forge
GMBH and Onapsis GMBH+ . .
Warrant
N/A
N/A
10/2019
N/A
6
17
—
20
Onit, Inc.+(23) . . . . . . . . . . . . . . Preferred stock N/A
15.00%
Non-Cash
02/2023
N/A
—
117
—
128
Onit, Inc.+ . . . . . . . . . . . . . . . .
Warrant
N/A
N/A
02/2023
N/A
—
14
—
20
Panzura, LLC+. . . . . . . . . . . . . .
LLC units
N/A
N/A
09/2023
N/A
2
6
—
—
Personify, Inc.+ . . . . . . . . . . . . .
LP interest
N/A
N/A
09/2018
N/A
879
1,396
0.1
2,303
Pluralsight, LLC+. . . . . . . . . . . .
LLC units
N/A
N/A
08/2024
N/A
1,988
3,663
0.1
3,663
168

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Software - (continued)
QAD, Inc.+(23) . . . . . . . . . . . . . . Preferred stock N/A
9.00%
Non-Cash
11/2021
N/A
1 $
1,243
—% $
1,147
QAD, Inc.+ . . . . . . . . . . . . . . . . Common stock N/A
N/A
11/2021
N/A
68
134
—
0
RegEd Aquireco, LLC+ . . . . . . . .
LP interest
N/A
N/A
12/2018
N/A
—
358
—
163
RegEd Aquireco, LLC+ . . . . . . . . Preferred stock N/A
N/A
07/2023
N/A
—
27
—
32
RegEd Aquireco, LLC+ . . . . . . . .
LP interest
N/A
N/A
12/2018
N/A
4
21
—
0
Riskonnect Parent, LLC+(23) . . . . . Preferred stock N/A
11.00%
Non-Cash
04/2022
N/A
26
32,359
0.8
31,936
Riskonnect Parent, LLC+ . . . . . . .
LP interest
N/A
N/A
11/2021
N/A
1,382
1,412
—
1,513
Riskonnect Parent, LLC+(23) . . . . . Preferred stock
SF +
10.50%(i)
15.10%
Non-Cash
07/2022
N/A
—
920
—
934
Riskonnect Parent, LLC+(23) . . . . . Preferred stock N/A
10.50%
Non-Cash
06/2024
N/A
—
51
—
52
SnapLogic, Inc.+ . . . . . . . . . . . . Preferred stock N/A
N/A
09/2019
N/A
344
1,028
—
1,707
SnapLogic, Inc.+ . . . . . . . . . . . .
Warrant
N/A
N/A
09/2019
N/A
131
162
—
439
Spartan Buyer Acquisition Co.+. . . Common stock N/A
N/A
12/2020
N/A
1
794
—
584
Spartan Buyer Acquisition Co.+. . . Preferred stock N/A
N/A
12/2022
N/A
—
110
—
132
Telesoft Holdings LLC+. . . . . . . .
LP interest
N/A
N/A
12/2019
N/A
137
129
—
123
Templafy APS and Templafy,
LLC+(8)(18) . . . . . . . . . . . . . .
Warrant
N/A
N/A
07/2022
N/A
—
82
—
96
Togetherwork Holdings, LLC+ . . . Preferred stock N/A
N/A
07/2024
N/A
307
1,342
—
1,355
Workforce Software, LLC+(23). . . . Common stock N/A
N/A
07/2019
N/A
—
973
0.1
1,524
Workforce Software, LLC+. . . . . . Common stock N/A
N/A
01/2022
N/A
—
36
—
48
Zendesk, Inc.+ . . . . . . . . . . . . . .
LP units
N/A
N/A
11/2022
N/A
63
708
—
602
155,792
4.1
163,652
Specialty Retail
Ave Holdings III, Corp+(23) . . . . . Preferred stock N/A
11.50%
Non-Cash
02/2022
N/A
15
18,188
0.5
17,541
Ave Holdings III, Corp+ . . . . . . .
LP units
N/A
N/A
02/2022
N/A
2
1,737
—
936
Batteries Plus Holding
Corporation+ . . . . . . . . . . . . .
LP interest
N/A
N/A
07/2016
N/A
10
1,287
—
1,239
Cycle Gear, Inc.+ . . . . . . . . . . . .
LLC units
N/A
N/A
02/2016
N/A
2,002
481
—
183
Cycle Gear, Inc.+ . . . . . . . . . . . . Preferred stock N/A
N/A
01/2023
N/A
75
75
—
150
Pet Holdings ULC+(8)(12)(23) . . . . .
LP interest
N/A
N/A
04/2015
N/A
677
383
—
657
Salon Lofts Group, LLC+ . . . . . .
LP units
N/A
N/A
08/2022
N/A
—
129
—
112
Southern Veterinary Partners,
LLC+(23). . . . . . . . . . . . . . . . Preferred stock N/A
12.00%
Non-Cash
06/2021
N/A
5
6,397
0.2
7,200
Southern Veterinary Partners,
LLC+(23). . . . . . . . . . . . . . . . Preferred stock N/A
10.00%
Non-Cash
05/2018
N/A
—
899
—
1,360
Southern Veterinary Partners,
LLC+. . . . . . . . . . . . . . . . . .
LLC interest
N/A
N/A
05/2018
N/A
148
188
0.2
5,022
VSG Acquisition Corp. and
Sherrill, Inc.+ . . . . . . . . . . . .
LP units
N/A
N/A
04/2022
N/A
—
57
—
47
29,821
0.9
34,447
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(23) .
LLC interest
N/A
N/A
11/2015
N/A
20
239
—
369
Georgica Pine Clothiers, LLC+ . . . Common stock N/A
N/A
08/2020
N/A
—
—
—
2
MakerSights, Inc.+ . . . . . . . . . . . Preferred stock N/A
N/A
06/2021
N/A
56
265
—
104
Shoes For Crews Global, LLC+. . .
LLC units
N/A
N/A
06/2024
N/A
2
1,083
—
1,109
1,587
—
1,584
Total non-controlled/non-affiliate company equity investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
417,958
11.6
464,976
Total non-controlled/non-affiliate company investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,057,035
199.6
8,011,824
169

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Non-controlled/affiliate company
investments(27)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(25). . .
One stop
SF + 1.00%(i)
5.60% PIK
06/2026
$
7,188
$
7,071
0.1%
$
4,888
Abita Brewing Co., L.L.C.+(7)(25). . .
Second lien
SF + 8.00%(i)
12.60% PIK
06/2026
4,834
3,725
—
435
Abita Brewing Co., L.L.C.+(25) . . . .
One stop
SF + 1.00%(i)(j)
5.81% PIK
06/2026
783
783
—
677
12,805
11,579
0.1
6,000
Energy, Equipment & Services
Benetech, Inc.+(7)(25) . . . . . . . . . . .
One stop
SF + 6.00%(i)
10.75% PIK
08/2026
4,645
3,623
0.1
1,626
Benetech, Inc.+(7)(25) . . . . . . . . . . .
One stop
SF + 6.00%(i)
10.75% PIK
08/2026
1,210
920
—
167
5,855
4,543
0.1
1,793
Healthcare Providers & Services
Bayside Opco, LLC+(25). . . . . . . . .
One stop
SF + 7.25%(i)
12.00%
06/2026
12,845
12,782
0.3
12,845
Bayside Opco, LLC+(25). . . . . . . . .
Subordinated
debt
SF + 10.00%(i)
14.75% PIK
06/2026
5,047
4,613
0.1
4,995
Bayside Opco, LLC+(25). . . . . . . . .
One stop
SF + 7.25%(i)
12.00%
06/2026
4,543
4,410
0.1
4,499
Bayside Opco, LLC+. . . . . . . . . . .
One stop
SF + 7.00%
N/A(6)
06/2026
—
—
—
—
Elite Dental Partners LLC+(7)(25) . . .
One stop
SF + 5.25%(i)
9.85% PIK
09/2025
16,683
13,029
0.2
5,505
Elite Dental Partners LLC+(7)(25) . . .
One stop
SF + 12.00%(i)
16.60% PIK
09/2025
9,762
7,226
0.1
4,393
Elite Dental Partners LLC+(25) . . . .
One stop
SF + 5.25%(i)
9.85% PIK
09/2025
1,798
1,798
—
1,798
Opening Day Borrower 111 LLC+ . .
One stop
SF + 6.25%
N/A(6)
05/2027
—
—
—
—
Opening Day Borrower 111 LLC+ . .
One stop
SF + 6.25%
N/A(6)
05/2027
—
—
—
—
SPF Borrower LLC+(25) . . . . . . . . .
One stop
SF + 6.25%(i)
9.00% cash/
2.00% PIK
02/2028
16,191
16,191
0.4
16,191
SPF Borrower LLC+(25) . . . . . . . . .
One stop
SF + 9.50%(i)
4.75% cash/
9.50% PIK
02/2028
8,333
8,333
0.2
8,333
SPF Borrower LLC+ . . . . . . . . . . .
One stop
SF + 6.25%
N/A(6)
02/2028
—
—
—
—
75,202
68,382
1.4
58,559
Software
Switchfly LLC+(25) . . . . . . . . . . . .
One stop
N/A
1.00% PIK
10/2026
710
709
—
526
Specialty Retail
Imperial Optical Midco Inc.+ . . . . .
One stop
SF + 1.00% (i)
5.60%
06/2029
45,065
40,793
1.0
40,558
Imperial Optical Midco Inc.+(5) . . . .
One stop
SF + 1.00%
N/A(6)
06/2029
—
—
—
(282)
Imperial Optical Midco Inc.+(5) . . . .
One stop
SF + 1.00%
N/A(6)
06/2029
—
—
—
(1,502)
45,065
40,793
1.0
38,774
Total non-controlled/affiliate company debt investments . . . . . . . . . . . . . . . . . . . . . . . .
139,637
126,006
2.6
105,652
170

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Equity investments(21)(22)
Beverages
Abita Brewing Co., L.L.C.+ . . . . .
Warrant
N/A
N/A
02/2021
N/A
210
$
—
—% $
—
Healthcare Providers & Services
Bayside Opco, LLC+. . . . . . . . . .
LLC units
N/A
N/A
05/2023
N/A
6
2,592
0.2
6,788
Elite Dental Partners LLC . . . . . . LLC interest
N/A
N/A
09/2020
N/A
—
2,902
—
—
Elite Dental Partners LLC . . . . . . LLC interest
N/A
N/A
09/2020
N/A
—
1,250
—
—
Elite Dental Partners LLC . . . . . .
LLC units
N/A
N/A
09/2020
N/A
—
—
—
—
Opening Day Borrower 111
LLC+. . . . . . . . . . . . . . . . . .
Preferred
stock
N/A
N/A
09/2024
N/A
181
21,172
0.5
21,172
Opening Day Borrower 111 LLC+ .
LLC units
N/A
N/A
04/2023
N/A
181
7,836
0.1
3,764
SPF Borrower LLC+ . . . . . . . . . .
LLC units
N/A
N/A
02/2024
N/A
—
9,347
0.3
12,129
45,099
1.1
43,853
Software
Switchfly LLC+ . . . . . . . . . . . . . LLC interest
N/A
N/A
09/2018
N/A
98,370
2,321
—
860
Switchfly LLC+ . . . . . . . . . . . . .
Preferred
stock
N/A
N/A
09/2024
N/A
7,275
5,375
0.1
5,375
Switchfly LLC+ . . . . . . . . . . . . .
LLC units
N/A
N/A
03/2022
N/A
950
950
—
552
8,646
0.1
6,787
Specialty Retail
Imperial Optical Midco Inc.+ . . . .
LLC units
N/A
N/A
06/2024
N/A
189
53,764
1.4
55,090
Total non-controlled/affiliate company equity investments . . . . . . . . . . . . . . . . . . . . . . .
107,509
2.6
105,730
Total non-controlled/affiliate company investments . . . . . . . . . . . . . . . . . . . . . . . . . . . .
233,515
5.2
211,382
Controlled affiliate company
investments(28)
Debt investments
IT Services
MMan Acquisition Co.+(25). . . . . .
One stop
N/A
8.00% PIK
03/2026
1,971
1,971
0.1%
1,813
MMan Acquisition Co.+(25). . . . . .
One stop
N/A
12.00% PIK
03/2026
1,073
1,073
—
1,073
MMan Acquisition Co.+(25). . . . . .
One stop
N/A
12.00% PIK
03/2026
1,153
1,153
—
1,153
MMan Acquisition Co.+(25). . . . . .
One stop
N/A
12.00% PIK
03/2026
334
334
—
334
Total controlled affiliate company debt investments. . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,531
4,531
0.1
4,373
Equity investments(21)(22)
IT Services
MMan Acquisition Co.+ . . . . . . .
Preferred
stock
N/A
N/A
09/2024
N/A
—
7,832
0.2
7,832
Total controlled affiliate equity investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,832
0.2
7,832
Total controlled affiliate company investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,363
0.3
12,205
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,302,913
205.1
8,235,411
171

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
Investment
Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Money market funds (included in cash and cash equivalents
and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund Institutional Shares
(CUSIP 09248U718) . . . . . . . . . . . . . . . . . . . . . . . 4.83%(29)
$ 103,410
2.6% $ 103,410
Morgan Stanley Institutional Liquidity Funds - Treasury
Portfolio Institutional Share Class (CUSIP
61747C582). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.78%(29)
1,599
—
1,599
Morgan Stanley Institutional Liquidity Funds -
Government Portfolio Institutional Share Class (CUSIP
61747C707). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.85%(29)
7,465
0.2
7,465
Morgan Stanley US Dollar Liquidity Fund Institutional
Distributing Share Class (CUSIP L64887109). . . . . . . 4.98%(29)
10,658
0.3
10,658
Allspring Government Money Market Fund Select Share
Class (CUSIP 949921126) . . . . . . . . . . . . . . . . . . . 4.86%(29)
2,616
0.1
2,616
Morgan Stanley Institutional Liquidity Funds - Treasury
Securities Portfolio Institutional Share Class (CUSIP
61747C525). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.88%(29)
87,353
2.2
87,353
Total money market funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
213,101
5.4
213,101
Total investments and money market funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,516,014
210.5% $8,448,512
*
Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in
Note 7).
~
Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2021 Debt Securitization (as defined in
Note 7).
^
Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022 Debt Securitization (as defined in
Note 7).
&
Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022-2 Debt Securitization (as defined in
Note 7).
<
Denotes that all or a portion of the loan collateralizes the GBDC 3 DB Credit Facility (as defined in Note 7).
+
Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).
(1)
The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured
Overnight Financing Rate (‘‘SOFR’’ or ‘‘SF’’), Euro Interbank Offered Rate (‘‘EURIBOR’’ or ‘‘E’’), Prime (‘‘P’’), Sterling
Overnight Index Average (‘‘SONIA’’ or ‘‘SN’’), Australian Interbank Rate (‘‘AUD’’ or ‘‘A’’) or Canadian Overnight Repo
Rate Average (‘‘CORRA’’ or ‘‘CA’’) which reset daily, monthly, quarterly, semiannually, or annually. For each, the
Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of
September 30, 2024. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a
reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding
contract is shown. Listed below are the index rates as of September 30, 2024, which was the last business day of the
period on which the applicable index rates were determined. The actual index rate for each loan listed could not be the
applicable index rate outstanding as of September 30, 2024, as the loan could have priced or repriced based on an index
rate prior to September 30, 2024.
(a)
Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.00% as of September 30, 2024.
(b)
Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.35% as of
September 30, 2024.
172

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
(c)
Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.28% as of
September 30, 2024.
(d)
Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.11% as of
September 30, 2024.
(e)
Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.43% as of
September 30, 2024.
(f)
Denotes that all or a portion of the contract was indexed to SONIA, which was 4.95% as of September 30, 2024.
(g)
Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.96% as of September 30, 2024.
(h)
Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.85% as of
September 30, 2024.
(i)
Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.59% as of
September 30, 2024.
(j)
Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.25% as of
September 30, 2024.
(k)
Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 4.30% as of September 30,
2024.
(l)
Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 3.92% as of
September 30, 2024.
(2)
For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in
effect as of September 30, 2024.
(3)
The total principal amount is presented for debt investments while the number of shares or units owned is presented for
equity investments.
(4)
The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See ‘‘Note 6.
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, 2024. As such, no interest is being earned on this investment.
The investment could be subject to an unused facility fee.
(7)
Loan was on non-accrual status as of September 30, 2024, meaning that the Company has ceased recognizing interest
income on the loan.
(8)
The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as
amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time
the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2024,
total non-qualifying assets at fair value represented 13.3% of the Company’s total assets calculated in accordance with the
1940 Act.
(9)
Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the
transaction. See ‘‘Note 2. 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.
173

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
(12) The headquarters of this portfolio company is located in Canada.
(13) The headquarters of this portfolio company is located in Luxembourg.
(14) The headquarters of this portfolio company is located in Netherlands.
(15) The headquarters of this portfolio company is located in Israel.
(16) The headquarters of this portfolio company is located in Finland.
(17) The headquarters of this portfolio company is located in Sweden.
(18) The headquarters of this portfolio company is located in Denmark.
(19) The headquarters of this portfolio company is located in Germany.
(20) The headquarters of this portfolio company is located in France.
(21) Equity investments are non-income producing securities unless otherwise noted.
(22) Ownership of certain equity investments occurs through a holding company or partnership.
(23) The Company holds an equity investment that is income producing.
(24) The fair value of this investment was valued using Level 1 inputs. See ‘‘Note 6. Fair Value Measurements’’.
(25) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with
the terms of the credit agreement during the year ended September 30, 2024.
(26) The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (‘‘PIK’’) interest.
(27) As defined in the 1940 Act, the Company is deemed to be an ‘‘affiliated person’’ of the portfolio company as the
Company owns five percent or more of the portfolio company’s voting securities (‘‘non-controlled affiliate’’). Transactions
related to investments in non-controlled affiliates for the year ended September 30, 2024 were as follows:
Portfolio Company
Fair value as of
September 30,
2023
Gross
Additions(a)
Gross
Reductions(b)
Net change in
unrealized
appreciation
(depreciation)
Net realized
gain (loss)
Fair value as of
September 30,
2024
Interest,
dividend and
fee income
Abita Brewing Co. LLC . . . . . . . . . . . .
$ 6,536
$
2,166
$
(709)
$(1,993)
$
—
$
6,000
$ 575
Bayside Opco, LLC. . . . . . . . . . . . . . .
22,044
2,758
(699)
5,024
—
29,127
3,660
Benetech, Inc. . . . . . . . . . . . . . . . . . .
1,353
780
(843)
503
—
1,793
9
Elite Dental Partners LLC. . . . . . . . . . .
13,396
5,845
(3,013)
(4,532)
—
11,696
180
Imperial Optical Midco Inc. . . . . . . . . .
—
94,556
—
(692)
—
93,864
1,008
Opening Day Borrower 111 LLC . . . . . .
24,438
27,853
(23,040)
(4,272)
(43)
24,936
629
Rubio’s Restaurants, Inc. . . . . . . . . . . .
12,063
3,759
(3,929)
6,624
(18,517)
—
1,187
SPF Borrower LLC . . . . . . . . . . . . . . .
—
34,008
(136)
2,781
—
36,653
2,112
Switchfly LLC . . . . . . . . . . . . . . . . . .
7,254
6,180
(5,378)
1,157
(1,900)
7,313
88
Total Non-Controlled Affiliates . . . . . .
$87,084
$177,905
$(37,747)
$ 4,600
$(20,460)
$211,382
$9,448
(a)
Gross additions could include increases in the cost basis of investments resulting from new investments, amounts
related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of
discounts, the exchange of one or more existing investments for one or more new investments and the movement of
an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal collections related
to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual
positions and the exchange of one or more existing securities for one or more new securities.
174

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2024
(Dollar and share amounts in thousands)
(28) As defined in the 1940 Act, the Company is deemed to be both an ‘‘affiliated person’’ of and ‘‘control’’ this portfolio
company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power
to exercise control over management or policies of such portfolio company (including through a management agreement)
(‘‘controlled affiliate’’). Transactions related to investments in controlled affiliates for the year ended September 30, 2024
were as follows:
Portfolio Company
Fair value as of
September 30,
2023
Gross
Additions(a)
Gross
Reductions(b)
Net change in
unrealized
appreciation
(depreciation)
Net realized
gain (loss)
Fair value as of
September 30,
2024
Interest,
dividend and
fee income
MMan Acquisition Co. . . . . . . . . . . . . . .
$12,790
$11,979
$(11,344)
$10,406
$(11,626)
$12,205
$439
Total Controlled Affiliates . . . . . . . . . . .
$12,790
$11,979
$(11,344)
$10,406
$(11,626)
$12,205
$439
(a)
Gross additions could include increases in the cost basis of investments resulting from new investments, amounts
related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of
discounts, the exchange of one or more existing investments for one or more new investments and the movement of
an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal collections related
to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual
positions and the exchange of one or more existing securities for one or more new securities.
(29) The rate shown is the annualized seven-day yield as of September 30, 2024.
175

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Investments
Non-controlled/non-affiliate company
investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.+. . . . . . .
One stop
SF + 7.00%(k)(m)
12.33%
02/2029
$
24,825 $
24,157
1.0%
$
24,825
PPW Aero Buyer, Inc.+(5) . . . . .
One stop
SF + 7.00%
N/A(6)
02/2029
—
(1)
—
—
24,825
24,156
1.0
24,825
Airlines
Accelya Lux Finco
S.A.R.L.+(8)(13) . . . . . . . . . .
One stop
SF + 6.00%(l)
11.49%
12/2026
965
955
—
917
Auto Components
COP CollisionRight Holdings,
Inc.#+ . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(l)
10.79%
04/2028
9,810
9,680
0.4
9,711
COP CollisionRight Holdings,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(l)
10.79%
04/2028
36
35
—
35
Covercraft Parent III, Inc.+ . . . . Senior secured
SF + 4.50%(l)(m)
10.10%
08/2027
4,840
4,809
0.2
4,647
Covercraft Parent III, Inc.+ . . . . Senior secured
SF + 4.50%(m)
10.09%
08/2027
977
960
—
938
Covercraft Parent III, Inc.+ . . . . Senior secured
SF + 4.50%(m)
10.03%
08/2027
13
12
—
9
North Haven Falcon Buyer,
LLC+(23) . . . . . . . . . . . . . .
One stop
SF + 8.00%(l)
9.78% cash/
3.75% PIK
05/2027
6,243
6,141
0.2
5,493
North Haven Falcon Buyer,
LLC+(23) . . . . . . . . . . . . . .
One stop
SF + 8.00%(l)
9.82% cash/
3.75% PIK
05/2027
1,048
1,037
0.1
922
Polk Acquisition Corp.*#+(23) . . . Senior secured
SF + 7.00%(k)
10.67% cash/
1.75% PIK
12/2024
18,092
18,078
0.7
17,731
Polk Acquisition Corp.+(23) . . . . Senior secured
SF + 7.00%(k)
10.67% cash/
1.75% PIK
12/2024
60
61
—
57
Polk Acquisition Corp.+(23) . . . . Senior secured
SF + 7.00%(k)
10.67% cash/
1.75% PIK
12/2024
107
107
—
105
41,226
40,920
1.6
39,648
Automobiles
CG Group Holdings,
LLC*#+(23) . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
12.14% cash/
2.00% PIK
07/2027
31,764
31,300
1.2
30,493
CG Group Holdings, LLC+(23) . .
One stop
SF + 8.75%(k)
12.07% cash/
2.00% PIK
07/2026
345
340
—
333
Denali Midco 2, LLC*#+ . . . . . .
One stop
SF + 6.25%(k)
11.67%
12/2027
42,433
42,132
1.6
41,583
Denali Midco 2, LLC+(5). . . . . .
One stop
SF + 6.25%
N/A(6)
12/2027
—
(4)
—
(10)
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.25%(k)
11.67%
12/2027
196
194
—
192
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.25%(k)
11.67%
12/2027
99
98
—
97
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.25%(k)
11.67%
12/2027
79
78
—
77
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.25%(k)
11.67%
12/2027
79
78
—
77
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.25%(k)
11.67%
12/2027
65
65
—
64
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.50%(k)
11.92%
12/2027
968
945
—
959
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.25%(k)
11.67%
12/2027
653
649
—
640
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.25%(k)
11.67%
12/2027
119
118
—
116
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.25%(k)
11.67%
12/2027
113
112
—
111
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.25%(k)
11.67%
12/2027
81
81
—
80
Denali Midco 2, LLC+(5). . . . . .
One stop
SF + 6.50%
N/A(6)
12/2027
—
(7)
—
(3)
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.50%(k)
11.92%
12/2027
129
126
—
128
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.50%(k)
11.92%
12/2027
65
63
—
64
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.50%(k)
11.92%
12/2027
221
215
—
218
Denali Midco 2, LLC+ . . . . . . .
One stop
SF + 6.50%(k)
11.92%
12/2027
261
255
—
258
176
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Automobiles - (continued)
JHCC Holdings LLC+ . . . . . . .
One stop
SF + 5.25%(l)
10.79%
09/2025
$15,156
$15,026
0.6%
$14,929
JHCC Holdings LLC+ . . . . . . .
One stop
SF + 5.25%(l)
10.79%
09/2025
491
487
—
483
JHCC Holdings LLC+ . . . . . . .
One stop
SF + 5.25%(l)
10.79%
09/2025
292
290
—
287
JHCC Holdings LLC+(5) . . . . . .
One stop
SF + 5.25%
N/A(6)
09/2025
—
(1)
—
(2)
JHCC Holdings LLC+ . . . . . . .
One stop
SF + 5.25%(l)
10.79%
09/2025
3,309
3,286
0.1
3,259
JHCC Holdings LLC+ . . . . . . .
One stop
SF + 6.75%(l)
12.29%
09/2025
1,109
1,090
—
1,114
MOP GM Holding, LLC*#+ . . . .
One stop
SF + 5.75%(l)
11.29%
11/2026
23,733
23,574
0.9
22,785
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(m)
11.03%
11/2026
2,602
2,587
0.1
2,498
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(l)
11.32%
11/2026
2,573
2,545
0.1
2,470
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(m)
11.03%
11/2026
2,552
2,535
0.1
2,450
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(l)
11.29%
11/2026
1,891
1,879
0.1
1,815
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(l)
11.27%
11/2026
1,555
1,546
0.1
1,493
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(m)
11.03%
11/2026
1,433
1,416
0.1
1,376
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(l)
11.29%
11/2026
522
519
—
501
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(l)
11.29%
11/2026
355
352
—
341
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(l)
11.29%
11/2026
146
145
—
140
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(l)
11.29%
11/2026
59
59
—
57
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(l)(m)
11.34%
11/2026
186
185
—
178
MOP GM Holding, LLC+(5). . . .
One stop
SF + 5.75%
N/A(6)
11/2026
—
(16)
—
(93)
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(l)
11.27%
11/2026
178
177
—
171
MOP GM Holding, LLC+ . . . . .
One stop
SF + 5.75%(l)
11.27%
11/2026
59
59
—
57
POY Holdings, LLC# . . . . . . . .
One stop
SF + 5.50%(l)
11.04%
11/2027
9,447
9,316
0.4
9,447
POY Holdings, LLC+(5) . . . . . .
One stop
SF + 5.50%
N/A(6)
11/2027
—
(3)
—
—
POY Holdings, LLC+(5) . . . . . .
One stop
SF + 5.50%
N/A(6)
11/2027
—
(1)
—
—
POY Holdings, LLC+. . . . . . . .
One stop
SF + 5.50%(l)
11.04%
11/2027
81
80
—
81
National Express Wash Parent
Holdco, LLC+. . . . . . . . . . .
One stop
SF + 5.50%(l)(m)
10.89%
07/2029
4,980
4,939
0.2
4,781
National Express Wash Parent
Holdco, LLC+. . . . . . . . . . .
One stop
SF + 5.50%(m)
10.96%
07/2029
105
103
—
97
National Express Wash Parent
Holdco, LLC+(5) . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
07/2029
—
(3)
—
(15)
Quick Quack Car Wash
Holdings, LLC*# . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2026
12,682
12,538
0.5
12,555
Quick Quack Car Wash
Holdings, LLC+ . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2026
9,675
9,565
0.4
9,578
Quick Quack Car Wash
Holdings, LLC#+ . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2026
2,289
2,263
0.1
2,266
Quick Quack Car Wash
Holdings, LLC*+ . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2026
1,998
1,988
0.1
1,979
Quick Quack Car Wash
Holdings, LLC*+ . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2026
1,336
1,328
0.1
1,323
Quick Quack Car Wash
Holdings, LLC*+ . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2026
1,089
1,076
—
1,078
Quick Quack Car Wash
Holdings, LLC+ . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2026
94
90
—
93
Quick Quack Car Wash
Holdings, LLC+(5) . . . . . . . .
One stop
SF + 6.50%
N/A(6)
10/2026
—
(2)
—
(2)
Quick Quack Car Wash
Holdings, LLC+ . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2026
50
48
—
49
Quick Quack Car Wash
Holdings, LLC+ . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2026
342
336
—
338
Quick Quack Car Wash
Holdings, LLC+ . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2026
103
99
—
102
177
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Automobiles - (continued)
Quick Quack Car Wash
Holdings, LLC+ . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2026
$
3,293
$
3,242
0.1%
$
3,260
Quick Quack Car Wash
Holdings, LLC+ . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2026
94
92
—
93
Quick Quack Car Wash
Holdings, LLC+ . . . . . . . . .
One stop
SF + 6.50%(k)
11.92%
10/2026
1,500
1,485
0.1
1,485
Quick Quack Car Wash
Holdings, LLC+(5) . . . . . . . .
One stop
SF + 6.50%
N/A(6)
10/2026
—
(35)
—
(35)
Spotless Brands, LLC+ . . . . . . .
One stop
SF + 6.50%(l)
12.00%
07/2028
8,306
8,173
0.3
8,223
Spotless Brands, LLC+ . . . . . . .
One stop
SF + 6.50%(l)
12.02%
07/2028
903
896
0.1
894
Spotless Brands, LLC+ . . . . . . .
One stop
SF + 6.50%
N/A(6)
07/2028
—
—
—
—
Spotless Brands, LLC+ . . . . . . .
One stop
SF + 6.50%(l)
11.99%
07/2028
670
665
—
663
TWAS Holdings, LLC#+ . . . . . .
One stop
SF + 6.75%(k)
12.17%
12/2026
40,051
39,793
1.6
39,651
TWAS Holdings, LLC*+ . . . . . .
One stop
SF + 6.75%(k)
12.17%
12/2026
30,255
30,045
1.2
29,953
TWAS Holdings, LLC+. . . . . . .
One stop
SF + 6.75%(k)
12.17%
12/2026
7,854
7,801
0.3
7,775
TWAS Holdings, LLC+. . . . . . .
One stop
SF + 6.75%(k)
12.17%
12/2026
603
599
—
597
TWAS Holdings, LLC+. . . . . . .
One stop
SF + 6.75%(k)
12.17%
12/2026
383
381
—
379
TWAS Holdings, LLC+(5) . . . . .
One stop
SF + 6.75%
N/A(6)
12/2026
—
(2)
—
(4)
274,054
271,473
10.5
268,470
Beverages
Financial Information
Technologies, LLC+ . . . . . . .
One stop
SF + 6.50%(l)
11.89%
06/2030
22,623
22,295
0.9
22,396
Financial Information
Technologies, LLC+(23) . . . . .
One stop
N/A
14.00% PIK
06/2031
11,182
10,869
0.4
10,847
Financial Information
Technologies, LLC+(5) . . . . .
One stop
SF + 6.50%
N/A(6)
06/2030
—
—
—
(1)
Watermill Express, LLC+ . . . . .
One stop
SF + 5.00%(l)
10.54%
04/2027
2,221
2,208
0.1
2,221
Watermill Express, LLC+ . . . . .
One stop
SF + 5.00%(k)
10.42%
04/2027
8
7
—
8
Watermill Express, LLC+ . . . . .
One stop
SF + 5.00%(l)
10.54%
04/2027
214
214
—
214
Winebow Holdings, Inc.+ . . . . .
One stop
SF + 6.25%(k)
11.67%
07/2025
7,720
7,671
0.3
7,566
43,968
43,264
1.7
43,251
Building Products
BECO Holding Company,
Inc.#+ . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(l)
10.79%
11/2028
7,462
7,407
0.3
7,313
BECO Holding Company,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(k)
10.67%
11/2027
20
17
—
12
BECO Holding Company,
Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
11/2028
—
(14)
—
(39)
Jensen Hughes, Inc.+ . . . . . . . . Senior secured
SF + 5.75%(k)(l)
11.22%
03/2025
4,063
4,045
0.2
4,063
Jensen Hughes, Inc.+ . . . . . . . . Senior secured
SF + 5.75%(k)(l)
11.22%
03/2025
1,374
1,373
0.1
1,374
Jensen Hughes, Inc.+ . . . . . . . . Senior secured
SF + 5.75%(k)(l)
11.22%
03/2025
886
883
—
886
Jensen Hughes, Inc.+ . . . . . . . . Senior secured
SF + 5.75%(k)(l)
11.22%
03/2025
835
830
—
835
Jensen Hughes, Inc.+ . . . . . . . . Senior secured
SF + 5.75%(k)(l)
11.22%
03/2025
425
425
—
425
Jensen Hughes, Inc.+ . . . . . . . . Senior secured
SF + 5.75%(k)(l)
11.22%
03/2025
271
270
—
271
Jensen Hughes, Inc.+ . . . . . . . . Senior secured SF + 5.75%(k)(l)(m)
11.23%
03/2025
1,450
1,441
0.1
1,450
Jensen Hughes, Inc.+ . . . . . . . . Senior secured
SF + 5.75%(k)(l)
11.22%
03/2025
211
211
—
211
Jensen Hughes, Inc.+ . . . . . . . . Senior secured
SF + 5.75%(k)(l)
11.22%
03/2025
113
112
—
113
17,110
17,000
0.7
16,914
178
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Chemicals
Inhance Technologies Holdings
LLC#+. . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.40%
07/2024
$12,314
$12,341
0.5%
$11,637
Inhance Technologies Holdings
LLC# . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.40%
07/2024
9,813
9,783
0.3
9,273
Inhance Technologies Holdings
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.40%
07/2024
1,871
1,869
0.1
1,768
Inhance Technologies Holdings
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)(l)
11.42%
07/2024
199
200
—
187
PHM NL SP Bidco
B.V.+(8)(9)(14). . . . . . . . . . . .
One stop
E + 6.25%(e)
10.39%
09/2028
33,496
36,220
1.2
29,476
PHM NL SP Bidco B.V.+(8)(14) . .
One stop
SF + 6.25%(j)
11.55%
09/2028
13,766
13,593
0.5
12,114
PHM NL SP Bidco
B.V.+(8)(9)(14). . . . . . . . . . . .
One stop
SN + 6.25%(i)
11.44%
09/2028
7,335
7,919
0.2
6,455
PHM NL SP Bidco
B.V.+(8)(9)(14). . . . . . . . . . . .
One stop
E + 6.25%(e)
10.01%
09/2028
3,540
3,720
0.1
3,116
82,334
85,645
2.9
74,026
Commercial Services & Supplies
CI (Quercus) Intermediate
Holdings, LLC*#+ . . . . . . . .
One stop
SF + 5.25%(k)(l)
10.79%
10/2028
17,792
17,614
0.7
17,792
CI (Quercus) Intermediate
Holdings, LLC+ . . . . . . . . .
One stop
SF + 5.25%(k)
10.67%
10/2028
10
8
—
10
CI (Quercus) Intermediate
Holdings, LLC+(5) . . . . . . . .
One stop
SF + 5.25%
N/A(6)
10/2028
—
(3)
—
—
Kleinfelder Intermediate, LLC+ .
One stop
SF + 6.25%(l)
11.66%
09/2030
3,754
3,679
0.2
3,679
Kleinfelder Intermediate, LLC+ .
One stop
SF + 6.25%(l)
11.66%
09/2028
59
50
—
50
Kleinfelder Intermediate,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.25%
N/A(6)
09/2030
—
(7)
—
(8)
North Haven Stack Buyer,
LLC*#. . . . . . . . . . . . . . . . Senior secured
SF + 5.50%(l)
11.02%
07/2027
8,678
8,568
0.3
8,569
North Haven Stack Buyer,
LLC+(5) . . . . . . . . . . . . . . . Senior secured
SF + 5.50%
N/A(6)
07/2027
—
(18)
—
(20)
North Haven Stack Buyer,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.50%(b)(l)
11.40%
07/2027
66
65
—
64
North Haven Stack Buyer,
LLC# . . . . . . . . . . . . . . . . Senior secured
SF + 5.50%(l)
11.02%
07/2027
2,923
2,905
0.1
2,887
North Haven Stack Buyer,
LLC# . . . . . . . . . . . . . . . . Senior secured
SF + 5.50%(l)
11.02%
07/2027
964
958
0.1
952
North Haven Stack Buyer,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.50%(l)
11.02%
07/2027
968
962
0.1
956
North Haven Stack Buyer,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.50%(l)
11.02%
07/2027
142
141
—
140
North Haven Stack Buyer,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.50%(l)
11.02%
07/2027
71
70
—
70
North Haven Stack Buyer,
LLC+(5) . . . . . . . . . . . . . . . Senior secured
SF + 5.50%
N/A(6)
07/2027
—
(61)
—
(46)
North Haven Stack Buyer,
LLC+(5) . . . . . . . . . . . . . . .
Second lien
N/A
N/A(6)
01/2028
—
(35)
—
(35)
Profile Products LLC+ . . . . . . .
One stop
SF + 5.75%(l)
11.22%
11/2027
6,293
6,199
0.3
6,167
Profile Products LLC+(8) . . . . . .
One stop
SF + 5.75%(l)
11.22%
11/2027
1,275
1,258
—
1,250
Profile Products LLC+ . . . . . . .
One stop
SF + 5.75%(b)(k)
11.42%
11/2027
42
41
—
41
Profile Products LLC+ . . . . . . .
One stop
P + 4.75%(b)
13.25%
11/2027
8
8
—
8
PT Intermediate Holdings III,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.98%(l)
11.52%
11/2028
29,225
28,846
1.1
29,225
179
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Commercial Services & Supplies -
(continued)
PT Intermediate Holdings III,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.98%(l)
11.52%
11/2028
$ 20,664
$ 20,504
0.8%
$ 20,664
PT Intermediate Holdings III,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.98%(l)
11.52%
11/2028
9,800
9,696
0.4
9,800
PT Intermediate Holdings III,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.50%(l)
11.89%
11/2028
2,243
2,214
0.1
2,260
PT Intermediate Holdings III,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
11/2028
—
(8)
—
—
Radwell Parent, LLC+ . . . . . . .
One stop
SF + 6.53%(l)
12.02%
03/2029
18,885
18,644
0.7
18,885
Radwell Parent, LLC+ . . . . . . .
One stop
SF + 6.75%(l)
12.14%
03/2028
69
64
—
69
Radwell Parent, LLC+(5) . . . . . .
One stop
SF + 6.53%
N/A(6)
03/2029
—
(7)
—
—
Radwell Parent, LLC#+. . . . . . .
One stop
SF + 6.75%(l)
12.14%
03/2029
24,763
24,118
1.0
24,824
Trinity Air Consultants Holdings
Corporation+ . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.10%
06/2027
2,458
2,427
0.1
2,458
Trinity Air Consultants Holdings
Corporation+(5) . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
06/2027
—
(3)
—
—
Trinity Air Consultants Holdings
Corporation+ . . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
06/2027
—
—
—
—
Trinity Air Consultants Holdings
Corporation+ . . . . . . . . . . .
One stop
SF + 5.75%(m)
11.27%
06/2027
35
35
—
35
WRE Holding Corp.*# . . . . . . . Senior secured
SF + 5.00%(k)(m)
10.50%
01/2025
2,204
2,200
0.1
2,204
WRE Holding Corp.+ . . . . . . . . Senior secured
SF + 5.00%(k)
10.43%
01/2025
911
908
—
911
WRE Holding Corp.+ . . . . . . . . Senior secured
SF + 5.00%(m)
10.19%
01/2025
668
667
—
668
WRE Holding Corp.+ . . . . . . . . Senior secured
SF + 5.00%(m)
10.19%
01/2025
395
394
—
395
WRE Holding Corp.+ . . . . . . . . Senior secured
SF + 5.00%(m)
10.19%
01/2025
127
127
—
127
WRE Holding Corp.+ . . . . . . . . Senior secured
SF + 5.00%(m)
10.19%
01/2025
23
23
—
23
WRE Holding Corp.+ . . . . . . . . Senior secured
SF + 5.00%(k)
10.57%
01/2025
353
345
—
353
WRE Holding Corp.+ . . . . . . . . Senior secured
SF + 5.25%
N/A(6)
01/2025
—
—
—
—
WRE Holding Corp.+ . . . . . . . . Senior secured SF + 5.00%(k)(l)(m)
10.38%
01/2025
150
149
—
150
156,018
153,745
6.1
155,577
Communications Equipment
Lightning Finco Limited+(8)(10). .
One stop
SF + 5.75%(l)
11.13%
09/2028
10,349
10,204
0.4
10,246
Lightning Finco
Limited+(8)(9)(10) . . . . . . . . .
One stop
E + 5.75%(d)
9.53%
09/2028
1,123
1,244
—
1,112
11,472
11,448
0.4
11,358
Containers & Packaging
AmerCareRoyal LLC+(23) . . . . . Senior secured
SF + 7.00%(k)
11.98% cash/
0.50% PIK
11/2025
743
737
0.1
743
AmerCareRoyal LLC+(23) . . . . . Senior secured
SF + 7.00%(k)
11.98% cash/
0.50% PIK
11/2025
159
157
—
159
AmerCareRoyal LLC+(23) . . . . . Senior secured
SF + 7.00%(k)
11.98% cash/
0.50% PIK
11/2025
154
153
—
154
AmerCareRoyal LLC+(8)(23) . . . . Senior secured
SF + 7.00%(k)(l)
11.98% cash/
0.50% PIK
11/2025
133
132
—
133
Chase Intermediate#+ . . . . . . . .
One stop
SF + 5.25%(k)(l)(m)
10.95%
10/2028
10,818
10,743
0.4
10,601
Chase Intermediate+. . . . . . . . .
One stop
SF + 5.25%(m)
11.00%
10/2028
120
117
—
113
Chase Intermediate+(5) . . . . . . .
One stop
SF + 5.25%
N/A(6)
10/2028
—
(1)
—
(4)
Chase Intermediate+(5) . . . . . . .
One stop
SF + 5.75%
N/A(6)
10/2028
—
(5)
—
(5)
Fortis Solutions Group,
LLC*#+ . . . . . . . . . . . . . . .
One stop
SF + 5.50%(l)
10.99%
10/2028
34,402
33,976
1.3
33,370
Fortis Solutions Group,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
10/2027
—
(4)
—
(8)
180
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Containers & Packaging -
(continued)
Fortis Solutions Group, LLC+ . .
One stop
SF + 5.50%(l)
10.99%
10/2028
$
98
$
17
—%
$
95
Fortis Solutions Group, LLC+ . .
One stop
SF + 5.50%(l)
10.99%
10/2028
358
325
—
190
46,985
46,347
1.8
45,541
Diversified Consumer Services
Certus Pest, Inc.#. . . . . . . . . . .
One stop
SF + 7.50%(l)
13.04%
02/2026
1,573
1,547
0.1
1,557
Certus Pest, Inc.#. . . . . . . . . . .
One stop
SF + 7.50%(l)
13.04%
02/2026
1,508
1,471
0.1
1,493
Certus Pest, Inc.+ . . . . . . . . . .
One stop
SF + 7.50%(l)
13.04%
02/2026
1,088
1,084
0.1
1,077
Certus Pest, Inc.#. . . . . . . . . . .
One stop
SF + 7.50%(l)
13.04%
02/2026
1,074
1,064
0.1
1,064
Certus Pest, Inc.+ . . . . . . . . . .
One stop
SF + 7.50%(l)
13.04%
02/2026
745
732
—
738
Certus Pest, Inc.#. . . . . . . . . . .
One stop
SF + 7.50%(l)
13.04%
02/2026
657
632
—
650
Certus Pest, Inc.+ . . . . . . . . . .
One stop
SF + 7.50%(l)
13.04%
02/2026
640
635
—
634
Certus Pest, Inc.+ . . . . . . . . . .
One stop
SF + 7.50%(l)
13.04%
02/2026
378
371
—
374
Certus Pest, Inc.+ . . . . . . . . . .
One stop
SF + 7.50%(l)
13.04%
02/2026
237
226
—
235
Certus Pest, Inc.+ . . . . . . . . . .
One stop
SF + 7.50%(l)
13.04%
02/2026
129
111
—
128
Certus Pest, Inc.+ . . . . . . . . . .
One stop
SF + 7.50%(l)
13.04%
02/2026
54
50
—
54
Certus Pest, Inc.+(5) . . . . . . . . .
One stop
SF + 7.50%
N/A(6)
02/2026
—
(1)
—
(1)
CHHJ Midco, LLC#. . . . . . . . . Senior secured
SF + 5.00%(k)
10.42%
01/2026
2,695
2,682
0.1
2,695
CHHJ Midco, LLC+. . . . . . . . . Senior secured
SF + 5.00%
N/A(6)
01/2026
—
—
—
—
COP Exterminators Acquisitions,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 5.50%(l)
11.02%
07/2029
2,864
2,830
0.1
2,829
COP Exterminators Acquisitions,
Inc.+(5) . . . . . . . . . . . . . . . Senior secured
SF + 5.50%
N/A(6)
07/2029
—
(1)
—
(1)
COP Exterminators Acquisitions,
Inc.+(5) . . . . . . . . . . . . . . . Senior secured
SF + 5.50%
N/A(6)
07/2029
—
(26)
—
(20)
COP Hometown Acquisitions,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 4.50%(l)
9.90%
07/2027
1,695
1,685
0.1
1,695
COP Hometown Acquisitions,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 4.50%(l)
9.90%
07/2027
1,652
1,636
0.1
1,652
COP Hometown Acquisitions,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 4.50%(l)
9.92%
07/2027
1,083
1,073
0.1
1,083
COP Hometown Acquisitions,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 4.50%(l)
9.98%
07/2027
765
758
—
765
COP Hometown Acquisitions,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 4.50%(l)
9.90%
07/2027
197
195
—
197
COP Hometown Acquisitions,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 4.75%(l)
10.31%
07/2027
119
117
—
119
COP Hometown Acquisitions,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 4.50%
N/A(6)
07/2027
—
—
—
—
DP Flores Holdings, LLC# . . . .
One stop
SF + 6.25%(m)
11.59%
09/2028
2,574
2,536
0.1
2,574
DP Flores Holdings, LLC+(5) . . .
One stop
SF + 6.25%
N/A(6)
09/2028
—
(1)
—
—
DP Flores Holdings, LLC+(5) . . .
One stop
SF + 6.25%
N/A(6)
09/2028
—
(12)
—
—
EMS LINQ, LLC+. . . . . . . . . .
One stop
SF + 6.25%(k)
11.67%
12/2027
9,591
9,524
0.4
9,304
EMS LINQ, LLC+(5) . . . . . . . .
One stop
SF + 6.25%
N/A(6)
12/2027
—
(1)
—
(4)
EWC Growth Partners LLC+ . . .
One stop
SF + 6.00%(l)
11.54%
03/2026
920
914
0.1
920
EWC Growth Partners LLC+ . . .
One stop
SF + 6.00%
N/A(6)
03/2026
—
—
—
—
EWC Growth Partners LLC+ . . .
One stop
SF + 6.00%(l)
11.54%
03/2026
14
14
—
14
EWC Growth Partners LLC+ . . .
One stop
SF + 6.00%(l)
11.54%
03/2026
73
73
—
73
Excelligence Learning
Corporation#+ . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.54%
01/2024
10,176
10,157
0.4
10,176
FPG Intermediate Holdco,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.57%
03/2027
7,668
7,563
0.3
7,592
181
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Diversified Consumer Services -
(continued)
FPG Intermediate Holdco,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.57%
03/2027
$
484
$
474
—%
$
479
FPG Intermediate Holdco,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(b)(l)
12.16%
03/2027
33
32
—
32
FPG Intermediate Holdco,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
03/2027
—
(12)
—
—
FSS Buyer LLC+. . . . . . . . . . .
One stop
SF + 5.75%(l)
11.24%
08/2028
5,436
5,360
0.2
5,436
FSS Buyer LLC+(5) . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
08/2027
—
(1)
—
—
HS Spa Holdings, Inc.+ . . . . . .
One stop
SF + 5.75%(m)
11.07%
06/2029
7,704
7,579
0.3
7,627
HS Spa Holdings, Inc.+ . . . . . .
One stop
SF + 5.75%(k)(l)
11.07%
06/2028
13
11
—
12
Learn-it Systems, LLC+(23) . . . . Senior secured
SF + 5.25%(l)
8.04% cash/
2.75% PIK
09/2026
2,536
2,550
0.1
2,333
Learn-it Systems, LLC+(23) . . . . Senior secured
SF + 5.25%(l)
8.04% cash/
2.75% PIK
09/2026
1,364
1,363
—
1,256
Learn-it Systems, LLC+(23) . . . . Senior secured
SF + 5.25%(l)
8.04% cash/
2.75% PIK
09/2026
615
612
—
565
Learn-it Systems, LLC+(5)(23) . . . Senior secured
L + 4.75%(a)
10.40%
09/2026
—
—
—
(3)
Liminex, Inc.+ . . . . . . . . . . . .
One stop
SF + 7.25%(l)
12.79%
11/2026
25,462
25,126
1.0
25,462
Liminex, Inc.+ . . . . . . . . . . . .
One stop
SF + 7.25%(l)
12.79%
11/2026
20,000
19,795
0.8
20,000
Liminex, Inc.+ . . . . . . . . . . . .
One stop
SF + 7.25%(l)
12.79%
11/2026
800
793
—
800
Liminex, Inc.+(5) . . . . . . . . . . .
One stop
SF + 7.25%
N/A(6)
11/2026
—
(2)
—
—
Liminex, Inc.+ . . . . . . . . . . . .
One stop
SF + 7.25%(l)
12.79%
11/2026
15,837
15,558
0.6
15,837
Litera Bidco LLC+ . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
05/2026
5,660
5,622
0.2
5,660
Litera Bidco LLC+ . . . . . . . . .
One stop
SF + 5.25%(k)
10.67%
05/2026
3,636
3,647
0.1
3,636
Litera Bidco LLC+ . . . . . . . . .
One stop
SF + 5.25%(k)
10.67%
05/2026
682
694
—
682
Litera Bidco LLC+ . . . . . . . . .
One stop
SF + 5.25%(k)
10.67%
05/2026
682
694
—
682
Litera Bidco LLC+ . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
05/2026
512
509
—
512
Litera Bidco LLC+ . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
05/2025
—
—
—
—
Mario Purchaser, LLC+. . . . . . .
One stop
SF + 5.75%(k)
11.17%
04/2029
7,577
7,457
0.3
7,274
Mario Purchaser, LLC+(23). . . . .
One stop
SF + 10.75%(k)
16.17% PIK
04/2032
1,784
1,749
0.1
1,748
Mario Purchaser, LLC+(5) . . . . .
One stop
SF + 5.75%
N/A(6)
04/2028
—
(1)
—
(3)
Mario Purchaser, LLC+. . . . . . .
One stop
SF + 5.75%(k)
11.17%
04/2029
169
165
—
154
Mathnasium, LLC# . . . . . . . . .
One stop
SF + 5.00%(l)
10.51%
11/2027
9,168
9,105
0.4
9,168
Mathnasium, LLC+ . . . . . . . . .
One stop
SF + 5.00%(l)
10.52%
11/2027
11
11
—
11
NSG Buyer, Inc.*#+ . . . . . . . . .
One stop
SF + 6.50%(k)
11.92%
11/2029
20,821
20,423
0.8
20,821
NSG Buyer, Inc.+(5) . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
11/2029
—
(35)
—
—
NSG Buyer, Inc.+ . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
11/2028
—
—
—
—
PADI Holdco, Inc.*#(23). . . . . . .
One stop
SF + 6.25%(l)
11.82%
01/2027
21,582
21,242
0.8
21,582
PADI Holdco, Inc.+(8)(9)(23) . . . .
One stop
E + 6.25%(d)
10.03%
01/2027
19,322
20,594
0.8
19,322
PADI Holdco, Inc.+(23) . . . . . . .
One stop
SF + 6.25%(l)
11.79%
01/2027
832
819
—
832
PADI Holdco, Inc.+(23) . . . . . . .
One stop
SF + 6.25%(l)
11.79%
01/2027
172
169
—
172
PADI Holdco, Inc.+ . . . . . . . . .
One stop
SF + 6.25%(l)
11.77%
01/2027
54
50
—
54
Provenance Buyer LLC*#+. . . . .
One stop
SF + 5.00%(k)
10.42%
06/2027
18,094
17,864
0.7
18,094
Provenance Buyer LLC# . . . . . .
One stop
SF + 5.00%(k)
10.42%
06/2027
9,875
9,801
0.4
9,875
Provenance Buyer LLC+(5) . . . .
One stop
SF + 5.00%
N/A(6)
06/2027
—
(2)
—
—
RW AM Holdco LLC#+ . . . . . .
One stop
SF + 5.25%(m)
10.82%
04/2028
17,551
17,418
0.7
17,025
RW AM Holdco LLC+(5). . . . . .
One stop
SF + 5.25%
N/A(6)
04/2028
—
(1)
—
(5)
268,637
266,870
10.5
266,798
182
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Diversified Financial Services
Adenza Group, Inc.+ . . . . . . . .
One stop
SF + 5.75%(k)
11.18%
12/2027
$ 3,975
$ 3,923
0.1%
$ 3,975
Adenza Group, Inc.+ . . . . . . . .
One stop
SF + 5.75%
N/A(6)
12/2025
—
—
—
—
Avalara, Inc.+ . . . . . . . . . . . . .
One stop
SF + 7.25%(l)
12.64%
10/2028
11,941
11,690
0.5
11,941
Avalara, Inc.+(5). . . . . . . . . . . .
One stop
SF + 7.25%
N/A(6)
10/2028
—
(3)
—
—
Banker’s Toolbox, Inc.+ . . . . . .
One stop
SF + 5.25%(l)
10.72%
07/2027
7,936
7,873
0.3
7,936
Banker’s Toolbox, Inc.+ . . . . . .
One stop
SF + 5.25%
N/A(6)
07/2027
—
—
—
—
Banker’s Toolbox, Inc.+ . . . . . .
One stop
SF + 5.25%(l)
10.72%
07/2027
1,478
1,478
—
1,478
Finastra USA, Inc.+(8). . . . . . . .
One stop
SF + 7.25%(m)
12.71%
09/2029
4,950
4,852
0.2
4,851
Finastra USA, Inc.+(8). . . . . . . .
One stop
SF + 7.25%(k)
12.58%
09/2029
11
10
—
10
Flash Topco, Inc.* . . . . . . . . . .
One stop
SF + 5.75%(l)
11.22%
10/2028
9,721
9,649
0.4
9,235
Flash Topco, Inc.+ . . . . . . . . . .
One stop
SF + 6.50%(l)
11.87%
10/2028
41
40
—
38
Flash Topco, Inc.+ . . . . . . . . . .
One stop
SF + 6.50%(l)
11.87%
12/2024
19
19
—
19
Higginbotham Insurance Agency,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
11/2028
4,530
4,494
0.2
4,507
Higginbotham Insurance Agency,
Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
11/2028
—
(25)
—
(25)
Higginbotham Insurance Agency,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
11/2028
183
183
—
182
44,785
44,183
1.7
44,147
Diversified Telecommunication
Services
NTI Connect, LLC+ . . . . . . . . . Senior secured
SF + 4.75%(l)
10.29%
12/2024
1,612
1,601
0.1
1,612
Electronic Equipment,
Instruments & Components
CST Holding Company+ . . . . . .
One stop
SF + 6.50%(k)
11.92%
11/2028
24,533
23,910
1.0
24,533
CST Holding Company+(5) . . . .
One stop
SF + 6.50%
N/A(6)
11/2028
—
(1)
—
—
24,533
23,909
1.0
24,533
Food & Staples Retailing
Cafe Rio Holding, Inc.*#. . . . . .
One stop
SF + 5.25%(k)
10.67%
09/2028
18,034
18,034
0.7
18,034
Cafe Rio Holding, Inc.#+. . . . . .
One stop
SF + 5.25%(k)
10.67%
09/2028
3,244
3,224
0.1
3,244
Cafe Rio Holding, Inc.#+. . . . . .
One stop
SF + 5.25%(k)
10.67%
09/2028
2,179
2,179
0.1
2,179
Cafe Rio Holding, Inc.*#. . . . . .
One stop
SF + 5.25%(k)
10.67%
09/2028
1,383
1,383
0.1
1,383
Cafe Rio Holding, Inc.#+. . . . . .
One stop
SF + 5.25%(k)
10.67%
09/2028
1,222
1,222
0.1
1,222
Cafe Rio Holding, Inc.+ . . . . . .
One stop
SF + 5.25%(k)
10.67%
09/2028
101
101
—
101
Cafe Rio Holding, Inc.+ . . . . . .
One stop
SF + 5.25%(k)
10.67%
09/2028
176
176
—
176
Cafe Rio Holding, Inc.+ . . . . . .
One stop
SF + 5.25%(k)
10.67%
09/2028
50
50
—
50
Cafe Rio Holding, Inc.+ . . . . . .
One stop
SF + 5.25%(k)
10.67%
09/2028
79
79
—
79
Cafe Rio Holding, Inc.+ . . . . . .
One stop
SF + 5.25%(k)
10.67%
09/2028
100
99
—
100
Mendocino Farms, LLC+ . . . . .
One stop
SF + 6.25%(k)
11.67%
06/2025
923
918
0.1
923
Mendocino Farms, LLC+ . . . . .
One stop
SF + 6.25%(k)
11.67%
06/2025
726
722
—
726
Mendocino Farms, LLC+ . . . . .
One stop
SF + 6.25%(k)
11.67%
06/2025
712
708
—
712
Mendocino Farms, LLC+ . . . . .
One stop
SF + 6.25%(k)
11.67%
06/2025
351
349
—
351
Mendocino Farms, LLC+ . . . . .
One stop
SF + 6.25%(k)
11.67%
06/2025
350
347
—
350
Mendocino Farms, LLC+ . . . . .
One stop
SF + 6.25%(k)
11.67%
06/2025
173
172
—
173
Mendocino Farms, LLC+ . . . . .
One stop
SF + 6.25%(k)
11.67%
06/2025
105
104
—
105
Mendocino Farms, LLC+ . . . . .
One stop
SF + 6.25%(k)
11.67%
06/2025
824
817
—
824
Mendocino Farms, LLC+ . . . . .
One stop
SF + 6.25%(k)
11.67%
06/2025
307
306
—
307
Mendocino Farms, LLC+ . . . . .
One stop
SF + 6.25%(k)
11.67%
06/2025
514
511
—
514
Ruby Slipper Cafe LLC, The*+. .
One stop
SF + 7.50%(l)
13.04%
06/2024
2,003
2,003
0.1
2,003
Ruby Slipper Cafe LLC, The+ . .
One stop
SF + 7.50%(l)
13.04%
06/2024
406
406
—
406
183
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Food & Staples Retailing -
(continued)
Ruby Slipper Cafe LLC, The+ . .
One stop
SF + 7.50%(l)
13.04%
06/2024
$
289
$
288
—%
$
289
Ruby Slipper Cafe LLC, The+ . .
One stop
SF + 7.50%(l)
13.04%
06/2024
—
—
—
—
Ruby Slipper Cafe LLC, The+ . .
One stop
SF + 7.50%(l)
13.04%
06/2024
28
28
—
28
Wineshipping.com LLC+. . . . . .
One stop
SF + 5.75%(l)
11.32%
10/2027
6,725
6,679
0.3
6,456
Wineshipping.com LLC+. . . . . .
One stop
SF + 5.75%(l)
11.20%
10/2027
184
177
—
177
Wineshipping.com LLC+. . . . . .
One stop
SF + 5.75%(b)(l)
11.47%
10/2027
63
63
—
60
41,251
41,145
1.6
40,972
Food Products
Borrower R365 Holdings,
LLC+(23) . . . . . . . . . . . . . .
One stop
SF + 6.50%(l)
12.04%
06/2027
13,669
13,510
0.5
13,669
Borrower R365 Holdings,
LLC+(23) . . . . . . . . . . . . . .
One stop
SF + 6.50%(l)
12.04%
06/2027
1,127
1,112
—
1,127
Borrower R365 Holdings,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
06/2027
—
(1)
—
—
Borrower R365 Holdings,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
06/2027
—
(1)
—
—
Borrower R365 Holdings,
LLC+(23) . . . . . . . . . . . . . .
One stop
SF + 6.50%(l)
12.04%
06/2027
43
43
—
43
Flavor Producers, LLC#+(23). . . . Senior secured
SF + 6.50%(b)(l)
10.24% cash/
1.75% PIK
12/2024
5,035
5,028
0.2
4,682
Flavor Producers, LLC+(5) . . . . . Senior secured
SF + 6.50%
N/A(6)
09/2024
—
—
—
(2)
Kodiak Cakes, LLC*#+ . . . . . . . Senior secured
SF + 8.75%(l)
14.14%
06/2027
12,338
12,048
0.5
11,998
Kodiak Cakes, LLC+ . . . . . . . . Senior secured
SF + 8.75%(l)
14.14%
06/2026
150
146
—
146
Louisiana Fish Fry Products,
Ltd.*+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
07/2027
9,678
9,616
0.4
9,387
Louisiana Fish Fry Products,
Ltd.+. . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(b)(k)(l)
12.06%
07/2027
76
75
—
72
MAPF Holdings, Inc.*#+ . . . . . .
One stop
SF + 5.00%(l)
10.54%
12/2026
37,594
37,388
1.5
37,594
MAPF Holdings, Inc.+ . . . . . . .
One stop
SF + 5.00%(l)
10.54%
12/2026
120
118
—
120
P&P Food Safety Holdings,
Inc.*+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.54%
12/2026
17,579
17,449
0.7
17,052
P&P Food Safety Holdings,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.55%
12/2026
19
18
—
16
P&P Food Safety Holdings,
Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
12/2026
—
(4)
—
(16)
Purfoods, LLC+(23) . . . . . . . . .
One stop
N/A
7.00% PIK
05/2026
66
68
—
66
Ultimate Baked Goods Midco
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(k)
11.67%
08/2027
6,604
6,551
0.3
6,604
Ultimate Baked Goods Midco
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.25%
N/A(6)
08/2027
—
(22)
—
—
Whitebridge Pet Brands,
LLC*#+ . . . . . . . . . . . . . . .
One stop
SF + 4.75%(k)
10.17%
07/2027
20,777
20,530
0.8
20,777
Whitebridge Pet Brands,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
07/2027
—
(2)
—
—
Wizard Bidco Limited+(8)(9)(10) . .
One stop
SN + 5.25%(i)
10.44%
03/2029
6,631
7,077
0.2
6,366
Wizard Bidco Limited+(8)(9)(10) . .
One stop
SN + 5.25%(i)
10.44%
09/2028
91
90
—
88
Wizard Bidco Limited+(8)(10) . . .
One stop
SF + 6.50%(l)
11.89%
03/2029
16,243
15,955
0.6
16,283
Wizard Bidco Limited+(8)(9)(10) . .
One stop
SN + 6.50%(i)
11.69%
03/2029
5,424
5,389
0.2
5,438
Wizard Bidco
Limited+(5)(8)(9)(10) . . . . . . . .
One stop
SN + 6.50%
N/A(6)
03/2029
—
(52)
—
—
153,264
152,129
5.9
151,510
184
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Equipment &
Supplies
Aspen Medical Products,
LLC#+. . . . . . . . . . . . . . . .
One stop
SF + 5.25%(l)
10.76%
06/2025
$
4,115
$
4,141
0.2%
$
4,115
Aspen Medical Products,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(l)
10.76%
06/2025
263
262
—
263
Aspen Medical Products,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
06/2025
—
—
—
—
Baduhenna Bidco
Limited+(8)(10) . . . . . . . . . . .
One stop
SF + 5.95%(j)
11.51%
08/2028
5,415
5,363
0.2
5,415
Baduhenna Bidco
Limited+(8)(9)(10) . . . . . . . . .
One stop
E + 5.95%(d)
9.72%
08/2028
3,063
3,396
0.1
3,063
Baduhenna Bidco
Limited+(8)(9)(10) . . . . . . . . .
One stop
SN + 5.95%(i)
11.26%
08/2028
863
947
—
863
Baduhenna Bidco
Limited+(8)(9)(10) . . . . . . . . .
One stop
E + 5.95%(d)
9.92%
08/2028
731
760
—
731
Baduhenna Bidco
Limited+(5)(8)(9)(10) . . . . . . . .
One stop
SN + 5.95%
N/A(6)
08/2028
—
(14)
—
—
Belmont Instrument, LLC*# . . . .
One stop
SF + 6.25%(l)
11.64%
08/2028
9,801
9,722
0.4
9,801
Belmont Instrument, LLC+ . . . .
One stop
SF + 6.25%(l)
11.64%
08/2028
33
32
—
33
Blades Buyer, Inc.#+. . . . . . . . . Senior secured
SF + 5.00%(l)(m)
10.45%
03/2028
9,958
9,880
0.4
9,859
Blades Buyer, Inc.+(5). . . . . . . . Senior secured
SF + 4.75%
N/A(6)
03/2028
—
(1)
—
(3)
Blades Buyer, Inc.+ . . . . . . . . . Senior secured
SF + 5.00%(k)
10.33%
03/2028
317
316
—
314
Blades Buyer, Inc.+ . . . . . . . . . Senior secured
SF + 5.25%(k)
10.68%
03/2028
1,301
1,283
0.1
1,301
Blue River Pet Care, LLC*#+ . . .
One stop
SF + 5.75%(l)
11.27%
07/2026
50,675
50,449
2.0
50,167
Blue River Pet Care, LLC+ . . . .
One stop
SF + 5.75%(k)(l)
11.24%
08/2025
124
122
—
120
Blue River Pet Care, LLC+(5). . .
One stop
SF + 5.75%
N/A(6)
07/2026
—
(1)
—
(2)
Blue River Pet Care, LLC+ . . . .
One stop
SF + 5.75%(l)
11.27%
07/2026
178
177
—
176
Blue River Pet Care, LLC+ . . . .
One stop
SF + 5.75%(l)
11.27%
07/2026
171
170
—
170
Blue River Pet Care, LLC+ . . . .
One stop
SF + 5.75%(l)
11.27%
07/2026
764
759
—
757
Blue River Pet Care, LLC+ . . . .
One stop
SF + 5.75%(l)
11.27%
07/2026
170
169
—
168
CCSL Holdings, LLC*#(8) . . . . .
One stop
SF + 6.00%(k)
11.42%
12/2026
15,241
14,986
0.6
15,089
CCSL Holdings, LLC+(8). . . . . .
One stop
SF + 6.00%(k)
11.42%
12/2026
4,114
4,048
0.2
4,073
CCSL Holdings, LLC+(8)(9) . . . .
One stop
SN + 6.00%(i)
11.29%
12/2026
2,354
2,385
0.1
2,330
CCSL Holdings, LLC+(5)(8) . . . .
One stop
SF + 6.00%
N/A(6)
12/2026
—
(3)
—
(3)
CCSL Holdings, LLC+(5)(8) . . . .
One stop
SF + 6.00%
N/A(6)
12/2026
—
(44)
—
(26)
CCSL Holdings, LLC+(5)(8) . . . .
One stop
SF + 6.00%
N/A(6)
12/2028
—
(27)
—
(27)
CMI Parent Inc.*# . . . . . . . . . . Senior secured
SF + 4.75%(k)
10.17%
08/2025
6,432
6,474
0.3
6,432
CMI Parent Inc.*. . . . . . . . . . . Senior secured
SF + 4.75%(k)
10.17%
08/2025
3,094
3,080
0.1
3,094
CMI Parent Inc.+(5) . . . . . . . . . Senior secured
SF + 4.75%
N/A(6)
08/2025
—
(2)
—
—
CMI Parent Inc.*. . . . . . . . . . . Senior secured
SF + 4.75%(k)
10.17%
08/2025
2,903
2,884
0.1
2,903
G & H Wire Company,
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 9.00%(l)
8.07% cash/
6.50% PIK
12/2024
11,846
11,798
0.4
9,477
G & H Wire Company,
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 9.00%(l)
8.07% cash/
6.50% PIK
12/2024
100
98
—
70
Joerns Healthcare, LLC+(7)(23) . .
One stop
SF + 18.00%(l)
23.64% PIK
01/2024
1,560
1,470
—
515
Joerns Healthcare, LLC+(23). . . .
One stop
SF + 18.00%(l)
23.64% PIK
01/2024
310
310
—
310
135,896
135,389
5.2
131,548
Healthcare Providers & Services
AAH TOPCO, LLC+ . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
12/2027
8,245
8,187
0.3
7,997
AAH TOPCO, LLC+(23) . . . . . .
Subordinated
debt
N/A
11.50% PIK
12/2031
1,211
1,195
0.1
1,114
AAH TOPCO, LLC+(5). . . . . . .
One stop
SF + 5.50%
N/A(6)
12/2027
—
—
—
(2)
AAH TOPCO, LLC+ . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
12/2027
472
468
—
454
185
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Providers & Services -
(continued)
Active Day, Inc.#+ . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
02/2025
$17,566
$17,462
0.7%
$17,216
Active Day, Inc.#+ . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
02/2025
1,356
1,348
0.1
1,328
Active Day, Inc.*# . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
02/2025
874
869
—
856
Active Day, Inc.+ . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
02/2025
696
692
—
682
Active Day, Inc.+ . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
02/2025
615
610
—
602
Active Day, Inc.*# . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
02/2025
604
600
—
592
Active Day, Inc.+(5) . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
02/2025
—
(2)
—
(4)
Active Day, Inc.+ . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
02/2025
—
—
—
—
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.55%
03/2026
16,343
16,198
0.6
16,343
Acuity Eyecare Holdings,
LLC+(23) . . . . . . . . . . . . . .
One stop
N/A
16.50%
06/2027
12,165
12,007
0.5
12,165
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
03/2026
4,036
4,012
0.2
4,036
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.80%
03/2026
3,596
3,570
0.2
3,596
Acuity Eyecare Holdings,
LLC#+. . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
03/2026
3,504
3,484
0.2
3,504
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
03/2026
3,171
3,185
0.1
3,171
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.53%
03/2026
2,027
1,999
0.1
2,027
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
03/2026
1,849
1,866
0.1
1,849
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
03/2026
447
445
—
447
Acuity Eyecare Holdings,
LLC+(23) . . . . . . . . . . . . . .
One stop
SF + 13.00%(l)
11.79% cash/
6.75% PIK
03/2026
264
263
—
268
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
03/2026
165
164
—
165
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.52%
03/2026
30
27
—
30
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 6.25%(l)
11.79%
03/2026
109
108
—
109
Acuity Eyecare Holdings,
LLC+(23) . . . . . . . . . . . . . .
One stop
SF + 13.00%(l)
11.79% cash/
6.75% PIK
03/2026
102
102
—
102
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
03/2026
1
1
—
1
Acuity Eyecare Holdings,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.25%
N/A(6)
03/2026
—
(2)
—
—
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.55%
03/2026
1,033
1,024
0.1
1,033
AVG Intermediate Holdings &
AVG Subsidiary Holdings
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.13%(l)
11.65%
03/2027
4,661
4,625
0.2
4,661
AVG Intermediate Holdings &
AVG Subsidiary Holdings
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.13%(l)
11.65%
03/2027
3,896
3,855
0.2
3,896
AVG Intermediate Holdings &
AVG Subsidiary Holdings
LLC+(23) . . . . . . . . . . . . . .
Subordinated
debt
SF + 10.50%(k)
15.92%
03/2028
2,213
2,192
0.1
2,213
AVG Intermediate Holdings &
AVG Subsidiary Holdings
LLC+(23) . . . . . . . . . . . . . .
Subordinated
debt
SF + 10.50%(k)
15.92%
03/2028
846
840
—
846
AVG Intermediate Holdings &
AVG Subsidiary Holdings
LLC+(23) . . . . . . . . . . . . . .
Subordinated
debt
SF + 10.50%(k)
15.92%
03/2028
264
262
—
264
186
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Providers & Services -
(continued)
AVG Intermediate Holdings &
AVG Subsidiary Holdings
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(k)
11.67%
03/2027
$
153
$
151
—%
$
153
AVG Intermediate Holdings &
AVG Subsidiary Holdings
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
03/2027
—
(1)
—
—
AVG Intermediate Holdings &
AVG Subsidiary Holdings
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(k)(l)
11.68%
03/2027
72
72
—
72
Bamboo US Bidco LLC+ . . . . .
One stop
SF + 6.00%(k)
11.32%
09/2030
2,424
2,352
0.1
2,352
Bamboo US Bidco LLC+(8)(9). . .
One stop
E + 6.00%(c)
9.86%
09/2030
1,595
1,547
0.1
1,547
Bamboo US Bidco LLC+(5) . . . .
One stop
SF + 6.00%
N/A(6)
09/2029
—
(15)
—
(15)
Bamboo US Bidco LLC+(5) . . . .
One stop
SF + 6.00%
N/A(6)
09/2030
—
(6)
—
(6)
Community Care Partners,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)
11.43%
06/2026
2,325
2,311
0.1
2,186
Community Care Partners,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
06/2026
—
(2)
—
—
CRH Healthcare Purchaser,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 4.75%(l)
10.29%
12/2024
19,501
19,500
0.8
19,209
CRH Healthcare Purchaser,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 4.75%(l)
10.29%
12/2024
5,145
5,126
0.2
5,068
CRH Healthcare Purchaser,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 4.75%(l)
10.29%
12/2024
4,070
4,063
0.2
4,008
CRH Healthcare Purchaser,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 4.75%(l)
10.29%
12/2024
3,485
3,471
0.1
3,433
CRH Healthcare Purchaser,
Inc.+ . . . . . . . . . . . . . . . . . Senior secured
SF + 4.75%(l)
10.29%
12/2024
200
199
—
196
Datix Bidco Limited+(8)(9)(10) . . . Senior secured
SN + 4.50%(i)
9.69%
04/2025
54,300
60,233
2.1
53,757
Datix Bidco Limited+(8)(9)(10) . . .
Second lien
SN + 7.75%(i)
12.94%
04/2026
19,268
21,320
0.8
19,171
Emerge Intermediate, Inc.*#(23) . .
One stop
SF + 7.25%(k)
11.42% cash/
1.25% PIK
05/2024
19,231
19,186
0.8
19,231
Emerge Intermediate, Inc.+(23) . .
One stop
SF + 7.25%(k)
11.42% cash/
1.25% PIK
05/2024
1,741
1,736
0.1
1,741
Emerge Intermediate, Inc.+(23) . .
One stop
SF + 7.25%(k)
11.43% cash/
1.25% PIK
05/2024
134
132
—
134
Encorevet Group LLC+. . . . . . .
One stop
SF + 6.75%(l)
12.32%
11/2024
975
972
—
945
Encorevet Group LLC+. . . . . . .
One stop
SF + 6.75%(l)
12.32%
11/2024
613
611
—
594
Encorevet Group LLC+. . . . . . .
One stop
SF + 6.75%(l)
12.32%
11/2024
304
303
—
295
Encorevet Group LLC+. . . . . . .
One stop
SF + 6.75%(l)
12.32%
11/2024
291
290
—
282
Encorevet Group LLC+. . . . . . .
One stop
SF + 6.75%(l)
12.32%
11/2024
263
262
—
256
Encorevet Group LLC+. . . . . . . Senior secured
SF + 6.75%(l)
12.32%
11/2024
242
241
—
235
Encorevet Group LLC+. . . . . . .
One stop
SF + 6.75%(l)
12.32%
11/2024
161
161
—
156
Encorevet Group LLC+. . . . . . .
One stop
SF + 6.75%(l)
12.32%
11/2024
113
113
—
110
Encorevet Group LLC+. . . . . . . Senior secured
SF + 6.75%(l)
12.32%
11/2024
109
109
—
105
Encorevet Group LLC+. . . . . . . Senior secured
SF + 6.75%(l)
12.32%
11/2024
68
67
—
66
Encorevet Group LLC+. . . . . . . Senior secured
SF + 6.75%(l)
12.32%
11/2024
56
56
—
54
Encorevet Group LLC+. . . . . . .
One stop
SF + 6.75%(l)
12.32%
11/2024
55
55
—
54
Encorevet Group LLC+. . . . . . .
One stop
SF + 6.75%(l)
12.32%
11/2024
32
32
—
31
Encorevet Group LLC+. . . . . . . Senior secured
SF + 6.75%(l)
12.32%
11/2024
10
10
—
9
Encorevet Group LLC+. . . . . . . Senior secured
SF + 6.75%(l)
12.28%
11/2024
47
47
—
45
ERC Topco Holdings, LLC+ . . .
One stop
SF + 5.50%(l)
11.15%
11/2028
9,116
9,063
0.3
7,566
ERC Topco Holdings, LLC+ . . .
One stop
SF + 5.50%(l)
11.10%
11/2027
60
59
—
37
FYI Optical Acquisitions, Inc. &
FYI USA, Inc.+(8)(9)(12) . . . . .
One stop
C + 5.75%(h)
11.25%
03/2027
10,516
10,592
0.4
10,516
187
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Providers & Services -
(continued)
FYI Optical Acquisitions, Inc. &
FYI USA, Inc.+(8)(9)(12) . . . . .
One stop
C + 5.75%(h)
11.25%
03/2027
$
82
$
80
—%
$
82
FYI Optical Acquisitions, Inc. &
FYI USA, Inc.+(8)(9)(12) . . . . .
One stop
C + 5.75%(h)
11.25%
03/2027
471
499
—
471
FYI Optical Acquisitions, Inc. &
FYI USA, Inc.+(8)(9)(12) . . . . .
One stop
C + 5.75%(h)
11.25%
03/2027
166
170
—
166
FYI Optical Acquisitions, Inc. &
FYI USA, Inc.+(8)(12) . . . . . .
One stop
SF + 5.75%(l)
11.27%
03/2027
70
69
—
70
FYI Optical Acquisitions, Inc. &
FYI USA, Inc.+(8)(12) . . . . . .
One stop
SF + 5.75%(l)
11.27%
03/2027
94
93
—
94
FYI Optical Acquisitions, Inc. &
FYI USA, Inc.+(8)(9)(12) . . . . .
One stop
C + 5.75%(h)
11.25%
03/2027
690
715
—
690
Heartland Veterinary Partners
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 4.75%(k)
10.17%
12/2026
836
830
—
819
Heartland Veterinary Partners
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 4.75%(k)
10.17%
12/2026
161
160
—
158
Heartland Veterinary Partners
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 4.75%
N/A(6)
12/2026
—
—
—
—
Klick Inc.+(8)(12) . . . . . . . . . . . Senior secured
SF + 4.50%(l)
9.99%
03/2028
9,896
9,832
0.4
9,896
Klick Inc.+(5)(8)(12) . . . . . . . . . . Senior secured
SF + 4.50%
N/A(6)
03/2026
—
(1)
—
—
Krueger-Gilbert Health Physics,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.25%(l)
10.79%
05/2025
2,287
2,283
0.1
2,287
Krueger-Gilbert Health Physics,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.25%(l)
10.79%
05/2025
1,840
1,832
0.1
1,840
Krueger-Gilbert Health Physics,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.25%(l)
10.79%
05/2025
1,080
1,093
—
1,080
Krueger-Gilbert Health Physics,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.25%(l)
10.79%
05/2025
60
60
—
60
Krueger-Gilbert Health Physics,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.25%(l)
10.79%
05/2025
1,086
1,077
—
1,086
New Look (Delaware)
Corporation and NL1
AcquireCo, Inc.+(8)(9)(12) . . . .
One stop
C + 5.50%(h)
11.01%
05/2028
17,876
19,826
0.7
16,983
New Look (Delaware)
Corporation and NL1
AcquireCo, Inc.#(8)(12). . . . . .
One stop
SF + 5.50%(l)
11.04%
05/2028
4,282
4,242
0.2
4,068
New Look (Delaware)
Corporation and NL1
AcquireCo, Inc.#(8)(12). . . . . .
One stop
SF + 5.50%(l)
11.04%
05/2028
2,787
2,768
0.1
2,648
New Look (Delaware)
Corporation and NL1
AcquireCo, Inc.+(8)(9)(12) . . . .
One stop
C + 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 stop
C + 5.50%(h)
11.01%
05/2028
568
595
—
539
New Look (Delaware)
Corporation and NL1
AcquireCo, Inc.+(8)(9)(12) . . . .
One stop
C + 5.50%(h)
11.01%
05/2026
182
184
—
177
New Look (Delaware)
Corporation and NL1
AcquireCo, Inc.+(8)(12) . . . . .
One stop
SF + 5.50%(l)
11.04%
05/2026
80
79
—
77
New Look (Delaware)
Corporation and NL1
AcquireCo, Inc.+(8)(12) . . . . .
One stop
SF + 5.50%(l)
11.04%
05/2028
18
17
—
17
Oliver Street Dermatology
Holdings, LLC+(7)(23) . . . . . .
One stop
SF + 11.33%(l)
16.87%
11/2023
26,731
16,786
0.7
18,178
Oliver Street Dermatology
Holdings, LLC+(23) . . . . . . .
One stop
SF + 6.25%(l)
11.79%
11/2023
15,083
15,083
0.6
15,083
188
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Providers & Services -
(continued)
Oliver Street Dermatology
Holdings, LLC+(23) . . . . . . .
One stop
SF + 6.25%(l)
11.79%
11/2023
$
388
$
388
—%
$
388
Pinnacle Treatment Centers,
Inc.*# . . . . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.32%
01/2026
18,532
18,201
0.7
18,532
Pinnacle Treatment Centers,
Inc.* . . . . . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.32%
01/2026
7,476
7,349
0.3
7,476
Pinnacle Treatment Centers,
Inc.#+ . . . . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.32%
01/2026
1,523
1,497
0.1
1,523
Pinnacle Treatment Centers,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.32%
01/2026
688
676
—
688
Pinnacle Treatment Centers,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.32%
01/2026
182
178
—
182
Pinnacle Treatment Centers,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.32%
01/2026
197
193
—
197
Pinnacle Treatment Centers,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.32%
01/2026
104
102
—
104
Pinnacle Treatment Centers,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.32%
01/2026
37
36
—
37
Pinnacle Treatment Centers,
Inc.# . . . . . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.32%
01/2026
2,181
2,144
0.1
2,181
Pinnacle Treatment Centers,
Inc.# . . . . . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.32%
01/2026
1,147
1,127
—
1,147
Suveto Buyer, LLC+ . . . . . . . .
One stop
SF + 4.25%(k)
9.67%
09/2027
19,672
19,543
0.7
19,082
Suveto Buyer, LLC+ . . . . . . . .
One stop
SF + 4.25%(k)
9.67%
09/2027
24
23
—
19
388,703
374,314
14.7
374,314
Healthcare Technology
Alegeus Technologies Holdings
Corp.+. . . . . . . . . . . . . . . . Senior secured
SF + 8.25%(m)
13.36%
09/2024
374
373
—
374
Coding Solutions Acquisition,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.82%
05/2028
5,196
5,155
0.2
5,014
Coding Solutions Acquisition,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.82%
05/2028
14
14
—
12
Coding Solutions Acquisition,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(k)
11.57%
05/2028
1,571
1,558
0.1
1,516
Coding Solutions Acquisition,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.32%
05/2028
632
616
—
616
Coding Solutions Acquisition,
Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
05/2028
—
(28)
—
(28)
Color Intermediate, LLC+ . . . . .
One stop
SF + 5.50%(l)
10.99%
10/2029
11,665
11,465
0.4
11,315
Connexin Software, Inc.+ . . . . .
One stop
SF + 8.50%(l)
13.89%
02/2024
9,465
9,470
0.4
9,465
Connexin Software, Inc.+ . . . . .
One stop
SF + 8.50%(l)
13.89%
02/2024
20
20
—
20
Crow River Buyer, Inc.+ . . . . . .
One stop
SF + 7.75%(l)
13.12%
01/2029
4,631
4,548
0.2
4,631
Crow River Buyer, Inc.+(5) . . . .
One stop
SF + 7.75%
N/A(6)
01/2029
—
(1)
—
—
ESO Solution, Inc.+ . . . . . . . . .
One stop
SF + 7.00%(l)
12.40%
05/2027
7,549
7,495
0.3
7,474
ESO Solution, Inc.+ . . . . . . . . .
One stop
SF + 7.00%(l)
12.33%
03/2027
43
42
—
42
HSI Halo Acquisition, Inc.+. . . .
One stop
SF + 5.75%(m)
11.19%
08/2026
6,122
6,104
0.2
6,046
HSI Halo Acquisition, Inc.+. . . .
One stop
SF + 5.75%(m)
11.19%
08/2026
2,919
2,897
0.1
2,883
HSI Halo Acquisition, Inc.+. . . .
One stop
SF + 5.75%(m)
11.32%
08/2026
1,923
1,913
0.1
1,899
HSI Halo Acquisition, Inc.+. . . .
One stop
SF + 5.75%(m)
11.19%
08/2026
1,341
1,327
0.1
1,325
HSI Halo Acquisition, Inc.+. . . .
One stop
SF + 5.75%(m)
11.19%
08/2026
628
626
—
620
HSI Halo Acquisition, Inc.+. . . .
One stop
SF + 5.75%(b)(m)
11.59%
09/2025
76
76
—
76
HSI Halo Acquisition, Inc.+. . . .
One stop
SF + 5.75%(m)
11.19%
08/2026
131
130
—
129
HSI Halo Acquisition, Inc.+. . . .
One stop
SF + 6.25%(m)
11.82%
08/2026
485
480
—
485
189
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Technology -
(continued)
Neptune Holdings, Inc.+ . . . . . .
One stop
SF + 6.00%(m)
11.50%
09/2030
$
4,950
$
4,877
0.2%
$
4,888
Neptune Holdings, Inc.+(5). . . . .
One stop
SF + 6.00%
N/A(6)
08/2029
—
(1)
—
(1)
Plasma Buyer LLC+. . . . . . . . .
One stop
SF + 5.75%(l)
11.14%
05/2029
5,349
5,263
0.2
4,921
Plasma Buyer LLC+. . . . . . . . .
One stop
SF + 5.75%(l)
11.14%
05/2028
11
10
—
7
Plasma Buyer LLC+(5) . . . . . . .
One stop
SF + 5.75%
N/A(6)
05/2029
—
(11)
—
—
QF Holdings, Inc.+ . . . . . . . . .
One stop
SF + 6.25%(l)
11.72%
12/2027
626
619
—
626
Qgenda Intermediate Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(l)
10.49%
06/2025
14,813
14,813
0.6
14,517
Qgenda Intermediate Holdings,
LLC# . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(l)
10.49%
06/2025
12,070
12,023
0.5
11,829
Qgenda Intermediate Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(l)
10.49%
06/2025
1,440
1,436
0.1
1,411
Qgenda Intermediate Holdings,
LLC# . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(l)
10.49%
06/2025
962
963
—
943
Qgenda Intermediate Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.00%(l)
10.49%
06/2025
200
200
—
196
Tebra Technologies, Inc.+(23) . . .
One stop
SF + 8.00%(k)
9.92% cash/
3.50% PIK
06/2025
10,760
10,687
0.4
10,814
Tebra Technologies, Inc.+(23) . . .
One stop
SF + 8.00%(k)
9.92% cash/
3.50% PIK
06/2025
10,474
10,159
0.4
10,526
Tebra Technologies, Inc.+(23) . . .
One stop
SF + 8.00%(k)
9.92% cash/
3.50% PIK
06/2025
6,901
6,854
0.3
6,935
Tebra Technologies, Inc.+(23) . . .
One stop
SF + 8.00%(k)
9.92% cash/
3.50% PIK
06/2025
1,774
1,762
0.1
1,783
Tebra Technologies, Inc.+(23) . . .
One stop
SF + 8.00%(k)
9.92% cash/
3.50% PIK
06/2025
1,577
1,567
0.1
1,585
Tebra Technologies, Inc.+(23) . . .
One stop
SF + 8.00%(k)
9.92% cash/
3.50% PIK
06/2025
1,183
1,175
—
1,189
Tebra Technologies, Inc.+(23) . . .
One stop
SF + 8.00%(k)
9.92% cash/
3.50% PIK
06/2025
986
979
—
990
Tebra Technologies, Inc.+(23) . . .
One stop
SF + 8.00%(k)
9.92% cash/
3.50% PIK
06/2025
789
783
—
793
Tebra Technologies, Inc.+(23) . . .
One stop
SF + 8.00%(k)
9.92% cash/
3.50% PIK
06/2025
157
156
—
158
Tebra Technologies, Inc.+(23) . . .
One stop
SF + 8.00%(k)
9.92% cash/
3.50% PIK
06/2025
84
84
—
84
Transaction Data Systems,
Inc.*#+ . . . . . . . . . . . . . . .
One stop
SF + 4.50%(l)
10.04%
02/2026
65,427
64,881
2.6
65,427
Transaction Data Systems,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 4.50%(k)
9.93%
02/2026
180
178
—
180
Veranex, Inc.+. . . . . . . . . . . . . Senior secured
SF + 5.25%(m)
10.64%
04/2028
3,146
3,122
0.1
2,674
Veranex, Inc.+. . . . . . . . . . . . . Senior secured
SF + 5.25%(m)
10.63%
04/2028
50
50
—
43
Veranex, Inc.+. . . . . . . . . . . . . Senior secured
SF + 5.25%(m)
10.54%
04/2028
25
25
—
21
198,719
196,934
7.7
196,453
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC# . . . .
One stop
SF + 6.00%(l)
11.57%
08/2028
7,602
7,540
0.3
7,602
Barteca Restaurants, LLC+(5) . . .
One stop
SF + 6.00%
N/A(6)
08/2028
—
(1)
—
—
Barteca Restaurants, LLC+ . . . .
One stop
SF + 6.00%(l)
11.57%
08/2028
510
493
—
510
BJH Holdings III Corp.*#+. . . . .
One stop
SF + 4.50%(l)
9.90%
08/2025
50,191
50,681
2.0
49,690
BJH Holdings III Corp.+. . . . . .
One stop
SF + 4.50%(k)(l)
9.92%
08/2025
280
277
—
272
Davidson Hotel Company,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(k)
10.67%
07/2025
5,468
5,568
0.2
5,468
Davidson Hotel Company,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(k)
10.67%
07/2025
844
840
—
844
190
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Hotels, Restaurants & Leisure -
(continued)
Davidson Hotel Company,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
07/2025
$
—
$
—
—%
$
—
EOS Fitness Opco Holdings,
LLC*#+ . . . . . . . . . . . . . . .
One stop
SF + 4.75%(m)
10.34%
01/2026
9,295
9,298
0.4
9,156
EOS Fitness Opco Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(m)
10.34%
01/2026
887
887
—
874
EOS Fitness Opco Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(b)(l)(m)
11.00%
01/2026
104
104
—
104
EOS Fitness Opco Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 4.75%(l)
10.29%
01/2026
883
875
—
869
ESN Venture Holdings, LLC* . .
One stop
SF + 6.00%(l)
11.39%
10/2028
3,625
3,582
0.2
3,625
ESN Venture Holdings, LLC+ . .
One stop
SF + 6.00%(l)
11.39%
10/2028
16
14
—
16
ESN Venture Holdings, LLC+ . .
One stop
SF + 6.00%(l)(m)
11.27%
10/2028
168
142
—
168
Harri US LLC+(23). . . . . . . . . .
One stop
SF + 10.00%(l)
11.57% cash/
4.00% PIK
08/2026
840
778
—
845
Harri US LLC+. . . . . . . . . . . .
One stop
SF + 10.00%
N/A(6)
08/2026
—
—
—
—
Harri US LLC+(23). . . . . . . . . .
One stop
SF + 10.00%(l)
11.57% cash/
4.00% PIK
08/2026
552
549
—
558
Harri US LLC+(23). . . . . . . . . .
One stop
SF + 10.00%(l)
11.57% cash/
4.00% PIK
08/2026
568
567
—
573
Health Buyer, LLC+. . . . . . . . . Senior secured
SF + 5.25%(b)(l)
10.80%
04/2029
2,578
2,547
0.1
2,487
Health Buyer, LLC+(5) . . . . . . . Senior secured
SF + 5.25%
N/A(6)
04/2028
—
—
—
(1)
Health Buyer, LLC+. . . . . . . . . Senior secured
SF + 5.50%(l)
10.89%
04/2029
1,171
1,143
0.1
1,142
Health Buyer, LLC+(5) . . . . . . . Senior secured
SF + 5.50%
N/A(6)
04/2029
—
(7)
—
(7)
SSRG Holdings, LLC+ . . . . . . .
One stop
SF + 4.75%(l)
10.29%
11/2025
990
983
—
990
SSRG Holdings, LLC+ . . . . . . .
One stop
SF + 4.75%(l)
10.29%
11/2025
20
20
—
20
Tropical Smoothie Cafe
Holdings, LLC+ . . . . . . . . .
One stop
SF + 4.75%(l)
10.27%
09/2026
19,466
19,333
0.8
19,466
Tropical Smoothie Cafe
Holdings, LLC*# . . . . . . . . .
One stop
SF + 4.75%(k)(l)
10.30%
09/2026
12,214
12,109
0.5
12,214
Tropical Smoothie Cafe
Holdings, LLC# . . . . . . . . .
One stop
SF + 4.75%(l)
10.27%
09/2026
5,338
5,298
0.2
5,338
Tropical Smoothie Cafe
Holdings, LLC+(5) . . . . . . . .
One stop
SF + 4.75%
N/A(6)
09/2026
—
(1)
—
—
YE Brands Holding, LLC+ . . . .
One stop
SF + 5.75%(k)
11.18%
10/2027
4,950
4,901
0.2
4,901
YE Brands Holding, LLC+(5) . . .
One stop
SF + 5.50%
N/A(6)
10/2027
—
—
—
(1)
128,560
128,520
5.0
127,723
Household Durables
Groundworks LLC+ . . . . . . . . .
One stop
SF + 6.50%(l)
11.81%
03/2030
6,891
6,706
0.3
6,891
Groundworks LLC+(5) . . . . . . .
One stop
SF + 6.50%
N/A(6)
03/2030
—
(17)
—
—
Groundworks LLC+(5) . . . . . . .
One stop
SF + 6.50%
N/A(6)
03/2029
—
(1)
—
—
6,891
6,688
0.3
6,891
Household Products
WU Holdco, Inc.#+ . . . . . . . . .
One stop
SF + 5.50%(l)
11.04%
03/2026
3,703
3,738
0.1
3,592
WU Holdco, Inc.+ . . . . . . . . . .
One stop
SF + 5.50%(l)
11.04%
03/2026
1,305
1,305
0.1
1,266
WU Holdco, Inc.+ . . . . . . . . . .
One stop
SF + 5.50%(l)
11.04%
03/2026
339
337
—
329
WU Holdco, Inc.+ . . . . . . . . . .
One stop
SF + 5.50%(l)
11.04%
03/2025
30
30
—
30
5,377
5,410
0.2
5,217
191
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Industrial Conglomerates
Arch Global CCT Holdings
Corp.#+ . . . . . . . . . . . . . . . Senior secured
SF + 4.75%(l)
10.22%
04/2026
$ 2,331
$ 2,364
0.1%
$ 2,284
Arch Global CCT Holdings
Corp.+. . . . . . . . . . . . . . . . Senior secured
SF + 4.75%(l)
10.24%
04/2026
134
133
—
131
Arch Global CCT Holdings
Corp.+. . . . . . . . . . . . . . . . Senior secured
SF + 4.75%(l)
10.23%
04/2026
148
148
—
145
Arch Global CCT Holdings
Corp.+. . . . . . . . . . . . . . . . Senior secured
SF + 4.75%
N/A(6)
04/2025
—
—
—
—
Dwyer Instruments, Inc.+ . . . . .
One stop
SF + 5.75%(b)(l)
11.25%
07/2027
3,883
3,824
0.1
3,883
Dwyer Instruments, Inc.+ . . . . .
One stop
SF + 5.75%(k)(l)
11.23%
07/2027
12
11
—
12
Dwyer Instruments, Inc.+(5) . . . .
One stop
SF + 5.75%
N/A(6)
07/2027
—
(7)
—
—
Essential Services Holdings
Corporation+ . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.15%
11/2026
1,485
1,476
0.1
1,455
Essential Services Holdings
Corporation+(5) . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
11/2025
—
(1)
—
(2)
Excelitas Technologies Corp.+ . .
One stop
SF + 5.75%(l)
11.21%
08/2029
7,555
7,431
0.3
7,480
Excelitas Technologies
Corp.+(8)(9) . . . . . . . . . . . . .
One stop
E + 5.75%(d)
9.54%
08/2029
1,237
1,187
—
1,224
Excelitas Technologies Corp.+ . .
One stop
SF + 5.75%(l)
11.27%
08/2028
132
130
—
130
Excelitas Technologies
Corp.+(5) . . . . . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
08/2029
—
(12)
—
(9)
Specialty Measurement Bidco
Limited+(8)(10) . . . . . . . . . . .
One stop
SF + 6.00%(j)
11.57%
11/2027
7,961
7,831
0.3
7,961
Specialty Measurement Bidco
Limited+(8)(9)(10) . . . . . . . . .
One stop
E + 6.00%(d)
9.78%
11/2027
7,073
7,859
0.3
7,073
Specialty Measurement Bidco
Limited+(8)(9)(10) . . . . . . . . .
One stop
E + 6.00%(d)
9.78%
11/2027
3,479
3,442
0.1
3,479
Specialty Measurement Bidco
Limited+(8)(10) . . . . . . . . . . .
One stop
SF + 6.25%(j)
11.81%
11/2027
2,510
2,466
0.1
2,516
Specialty Measurement Bidco
Limited+(8)(9)(10) . . . . . . . . .
One stop
E + 6.25%(d)
10.03%
11/2027
1,291
1,324
0.1
1,294
Specialty Measurement Bidco
Limited+(5)(8)(9)(10) . . . . . . . .
One stop
SN + 6.25%
N/A(6)
11/2027
—
(36)
—
—
39,231
39,570
1.5
39,056
Insurance
Accession Risk Management
Group, Inc.+(5) . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
10/2026
—
(72)
—
(75)
Accession Risk Management
Group, Inc.*#+. . . . . . . . . . .
One stop
SF + 5.50%(l)
11.02%
10/2026
25,373
25,125
1.0
24,738
Accession Risk Management
Group, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.50%(l)
11.03%
10/2026
6,494
6,293
0.3
6,332
Accession Risk Management
Group, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.50%(l)
11.04%
10/2026
1,503
1,494
0.1
1,465
Accession Risk Management
Group, Inc.+(5) . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
10/2026
—
(1)
—
(2)
Accession Risk Management
Group, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.50%(l)
11.07%
10/2026
5,565
5,526
0.2
5,426
Alera Group, Inc.+. . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
10/2028
25,114
24,934
1.0
24,863
Alera Group, Inc.+. . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
10/2028
7,137
7,059
0.3
7,066
Alera Group, Inc.+. . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
10/2028
608
604
—
602
AMBA Buyer, Inc.+ . . . . . . . . .
One stop
SF + 5.25%(l)
10.74%
07/2027
3,156
3,136
0.1
3,125
AMBA Buyer, Inc.+ . . . . . . . . .
One stop
SF + 5.25%(l)
10.74%
07/2027
940
937
—
930
AMBA Buyer, Inc.+ . . . . . . . . .
One stop
SF + 5.25%(l)
10.74%
07/2027
782
776
—
774
AMBA Buyer, Inc.+ . . . . . . . . .
One stop
SF + 5.25%(k)
10.67%
07/2027
4
4
—
4
AMBA Buyer, Inc.+(5) . . . . . . .
One stop
SF + 5.25%
N/A(6)
07/2027
—
—
—
(1)
192
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Insurance - (continued)
Captive Resources Midco,
LLC+(23) . . . . . . . . . . . . . .
One stop
SF + 5.25%(k)
5.29% cash/
5.78% PIK
07/2029
$10,130
$ 9,969
0.4%
$10,130
Captive Resources Midco,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
07/2028
—
(3)
—
—
Disco Parent, Inc.+ . . . . . . . . .
One stop
SF + 7.50%(l)
12.92%
03/2029
4,069
3,976
0.2
3,968
Disco Parent, Inc.+(5) . . . . . . . .
One stop
SF + 7.50%
N/A(6)
03/2029
—
(1)
—
(1)
Integrated Specialty Coverages,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)(l)(m)
11.38%
07/2030
3,289
3,209
0.1
3,207
Integrated Specialty Coverages,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
07/2029
—
(1)
—
(1)
Integrated Specialty Coverages,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
07/2030
—
(9)
—
(9)
Integrity Marketing Acquisition,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 6.05%(l)
11.57%
08/2026
3,016
2,983
0.1
3,001
Integrity Marketing Acquisition,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.80%(l)
11.32%
08/2026
2,396
2,379
0.1
2,366
Integrity Marketing Acquisition,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 6.05%(l)
11.57%
08/2026
1,502
1,485
0.1
1,494
Integrity Marketing Acquisition,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.80%(l)
11.32%
08/2026
765
762
—
756
Integrity Marketing Acquisition,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.80%(l)
11.32%
08/2026
463
461
—
457
Integrity Marketing Acquisition,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 6.05%(l)
11.57%
08/2026
242
240
—
240
Integrity Marketing Acquisition,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 6.02%(l)
11.54%
08/2026
182
181
—
181
Integrity Marketing Acquisition,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
08/2026
—
—
—
—
Integrity Marketing Acquisition,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.02%(l)
11.53%
08/2026
2,133
2,100
0.1
2,111
Integrity Marketing Acquisition,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
08/2026
—
(24)
—
(50)
J.S. Held Holdings, LLC#+ . . . .
One stop
SF + 5.50%(l)
11.04%
07/2025
6,355
6,343
0.2
6,292
J.S. Held Holdings, LLC+ . . . . .
One stop
SF + 5.50%(l)
11.04%
07/2025
1,463
1,451
0.1
1,448
J.S. Held Holdings, LLC+ . . . . .
One stop
SF + 5.50%(l)
11.04%
07/2025
1,416
1,400
0.1
1,401
J.S. Held Holdings, LLC+ . . . . .
One stop
SF + 5.50%(l)
11.04%
07/2025
146
144
—
143
J.S. Held Holdings, LLC+ . . . . .
One stop
SF + 5.50%(l)
11.04%
07/2025
96
94
—
92
J.S. Held Holdings, LLC+ . . . . .
One stop
SF + 5.50%(l)
11.04%
07/2025
271
270
—
269
Keystone Agency Partners
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.50%(l)
11.04%
05/2027
2,821
2,790
0.1
2,821
Keystone Agency Partners
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.50%(l)
11.04%
05/2027
181
179
—
181
Keystone Agency Partners
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 5.50%(l)
11.04%
05/2027
742
732
—
742
Illumifin Corporation+(23) . . . . .
One stop
SF + 7.00%(l)
6.58% cash/
6.00% PIK
09/2027
3,022
2,983
0.1
2,599
Majesco*# . . . . . . . . . . . . . . .
One stop
SF + 7.38%(l)
12.77%
09/2027
18,560
18,379
0.7
18,560
Majesco+(5) . . . . . . . . . . . . . .
One stop
SF + 7.38%
N/A(6)
09/2026
—
(2)
—
—
Norvax, LLC+(8) . . . . . . . . . . . Senior secured
SF + 7.50%(k)
12.92%
09/2025
31,733
31,547
1.2
31,733
Norvax, LLC+(8) . . . . . . . . . . . Senior secured
SF + 7.50%(k)
12.92%
09/2025
9,607
9,503
0.4
9,607
Paisley Bidco Limited+(8)(9)(10) . .
One stop
E + 6.50%(d)
10.21%
03/2028
1,404
1,393
0.1
1,404
Paisley Bidco
Limited+(5)(8)(9)(10) . . . . . . . .
One stop
SN + 6.75%
N/A(6)
03/2028
—
(52)
—
—
Pareto Health Intermediate
Holdings, Inc.+ . . . . . . . . . .
One stop
SF + 6.50%(m)
11.97%
05/2030
14,460
14,184
0.6
14,460
193
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Insurance - (continued)
Pareto Health Intermediate
Holdings, Inc.+ . . . . . . . . . .
One stop
SF + 6.50%(m)
11.97%
05/2030
$
4,820
$
4,728
0.2%
$
4,820
Pareto Health Intermediate
Holdings, Inc.+(5). . . . . . . . .
One stop
SF + 6.50%
N/A(6)
06/2029
—
(1)
—
—
Patriot Growth Insurance
Services, LLC+ . . . . . . . . . .
One stop
SF + 5.75%(l)
11.28%
10/2028
10,951
10,872
0.4
10,732
Patriot Growth Insurance
Services, LLC+(5) . . . . . . . .
One stop
SF + 5.75%
N/A(6)
10/2028
—
—
—
(1)
Patriot Growth Insurance
Services, LLC+ . . . . . . . . . .
One stop
SF + 5.75%(b)(l)
11.29%
10/2028
1,449
1,431
0.1
1,404
People Corporation+(8)(9)(12) . . . .
One stop
C + 6.25%(h)
11.75%
02/2028
13,608
14,424
0.5
13,608
People Corporation+(8)(9)(12) . . . .
One stop
C + 6.25%(h)
11.75%
02/2028
4,442
4,834
0.2
4,442
People Corporation+(8)(9)(12) . . . .
One stop
C + 5.75%(h)
11.21%
02/2028
11,352
11,485
0.4
11,152
People Corporation+(5)(8)(9)(12) . .
One stop
C + 6.25%
N/A(6)
02/2027
—
(1)
—
(3)
People Corporation+(8)(9)(12) . . . .
One stop
C + 6.00%(g)
11.44%
02/2028
178
154
—
129
Sunstar Insurance Group,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 6.00%(l)
11.54%
10/2026
767
760
—
767
Sunstar Insurance Group,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 6.00%(l)
11.54%
10/2026
914
909
—
914
Sunstar Insurance Group,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 6.00%(l)
11.54%
10/2026
389
385
—
389
Sunstar Insurance Group,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 6.00%(k)
11.42%
10/2026
2
2
—
2
246,012
244,842
9.5
243,204
Internet & Catalog Retail
Revalize, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
04/2027
14,860
14,773
0.5
13,969
Revalize, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
04/2027
8,698
8,646
0.3
8,176
Revalize, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
04/2027
4,313
4,287
0.2
4,054
Revalize, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
04/2027
2,598
2,583
0.1
2,442
Revalize, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
04/2027
1,674
1,663
0.1
1,574
Revalize, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
04/2027
393
391
—
370
Revalize, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.30%
04/2027
29
27
—
15
Revalize, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.24%
04/2027
43
41
—
40
32,608
32,411
1.2
30,640
IT Services
Acquia, Inc.+ . . . . . . . . . . . . .
One stop
L + 7.00%(a)
12.34%
10/2025
9,578
9,532
0.4
9,578
Acquia, Inc.+ . . . . . . . . . . . . .
One stop
SF + 7.00%(l)(m)
12.67%
10/2025
27
27
—
27
CivicPlus, LLC+(23) . . . . . . . . .
One stop
SF + 6.50%(l)
9.57% cash/
2.50% PIK
08/2027
6,319
6,267
0.3
6,256
CivicPlus, LLC+(23) . . . . . . . . .
One stop
SF + 6.50%(l)
9.57% cash/
2.50% PIK
08/2027
3,732
3,705
0.2
3,695
CivicPlus, LLC+(23) . . . . . . . . .
One stop
SF + 6.50%(l)
9.57% cash/
2.50% PIK
08/2027
2,962
2,938
0.1
2,932
CivicPlus, LLC+(23) . . . . . . . . .
One stop
SF + 11.75%(m)
17.00% PIK
06/2034
234
229
—
232
CivicPlus, LLC+ . . . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
08/2027
6
6
—
6
Critical Start, Inc.+(23) . . . . . . .
One stop
SF + 6.75%(l)
8.46% cash/
3.63% PIK
05/2028
3,343
3,318
0.1
3,310
Critical Start, Inc.+(23) . . . . . . .
One stop
SF + 6.75%(l)
8.46% cash/
3.63% PIK
05/2028
1,525
1,498
0.1
1,510
Critical Start, Inc.+(5) . . . . . . . .
One stop
SF + 6.75%
N/A(6)
05/2028
—
(1)
—
(1)
Delinea Inc.+ . . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
03/2028
16,412
16,257
0.6
16,084
Delinea Inc.# . . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
03/2028
9,488
9,395
0.4
9,299
Delinea Inc.+(5) . . . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
03/2027
—
(2)
—
(4)
194
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
IT Services - (continued)
Optimizely North America,
Inc.#+ . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(l)
11.04%
04/2026
$21,277
$21,112
0.8%
$20,850
Optimizely North America,
Inc.+(8)(9) . . . . . . . . . . . . . .
One stop
E + 5.75%(d)
9.69%
04/2026
18,752
19,978
0.7
18,377
Optimizely North America,
Inc.*# . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(l)
11.04%
04/2026
11,813
11,839
0.5
11,577
Optimizely North America,
Inc.* . . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(l)
11.04%
04/2026
6,535
6,479
0.3
6,404
Optimizely North America,
Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
04/2026
—
(2)
—
(11)
Optimizely North America,
Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
04/2026
—
(2)
—
(10)
Goldcup 31018 AB+(8)(9)(17)(23). .
One stop
E + 6.50%(e)
10.43% PIK
07/2029
8,621
8,132
0.3
8,535
Goldcup 31018 AB+(5)(8)(9)(17) . .
One stop
E + 6.25%
N/A(6)
01/2029
—
(2)
—
(1)
Goldcup 31018 AB+(8)(9)(17)(23). .
One stop
E + 6.50%(e)
10.43% PIK
07/2029
804
793
—
790
Infinisource, Inc.*#. . . . . . . . . .
One stop
SF + 4.50%(m)
10.09%
10/2026
27,517
27,273
1.1
27,517
Infinisource, Inc.+ . . . . . . . . . .
One stop
SF + 4.50%(m)
10.09%
10/2026
8,318
8,267
0.3
8,318
Infinisource, Inc.+ . . . . . . . . . .
One stop
SF + 4.50%(m)
10.09%
10/2026
2,006
1,979
0.1
2,006
Infinisource, Inc.+ . . . . . . . . . .
One stop
SF + 4.50%(m)
10.09%
10/2026
301
299
—
301
Infinisource, Inc.+ . . . . . . . . . .
One stop
SF + 4.50%(m)
10.09%
10/2026
213
212
—
213
Infinisource, Inc.+ . . . . . . . . . .
One stop
SF + 4.50%(m)
10.09%
10/2026
104
104
—
104
Infinisource, Inc.+ . . . . . . . . . .
One stop
SF + 4.50%(l)
10.06%
10/2026
32
29
—
32
Infinisource, Inc.+(5). . . . . . . . .
One stop
SF + 4.50%
N/A(6)
10/2026
—
(1)
—
—
Infinisource, Inc.+ . . . . . . . . . .
One stop
SF + 4.50%(m)
10.09%
10/2026
85
77
—
85
Infinisource, Inc.+ . . . . . . . . . .
One stop
SF + 4.50%(m)
10.09%
10/2026
484
481
—
484
Infinisource, Inc.+ . . . . . . . . . .
One stop
SF + 4.50%(m)
10.09%
10/2026
285
278
—
285
Netwrix Corporation*+ . . . . . . .
One stop
SF + 5.00%(l)(m)
10.37%
06/2029
4,196
4,168
0.2
4,112
Netwrix Corporation+. . . . . . . .
One stop
SF + 5.00%(m)
10.47%
06/2029
44
42
—
40
Netwrix Corporation+(5) . . . . . .
One stop
SF + 5.00%
N/A(6)
06/2029
—
(6)
—
(24)
PCS Intermediate II Holdings,
LLC# . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(l)
10.77%
01/2026
14,056
14,001
0.6
14,056
PCS Intermediate II Holdings,
LLC# . . . . . . . . . . . . . . . .
One stop
SF + 5.25%(l)
10.77%
01/2026
2,029
2,019
0.1
2,029
PCS Intermediate II Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
01/2026
—
—
—
—
Recordxtechnologies, LLC#(23) . .
One stop
SF + 6.50%(l)
11.89%
12/2025
729
724
—
714
Recordxtechnologies, LLC+(23) . .
One stop
SF + 6.50%(l)
11.89%
12/2025
114
113
—
112
Recordxtechnologies, LLC+(23) . .
One stop
SF + 6.50%(l)
11.89%
12/2025
62
61
—
60
Red Dawn SEI Buyer,
Inc.+(8)(9) . . . . . . . . . . . . . . Senior secured
SN + 4.50%(i)
9.69%
11/2025
20,842
23,302
0.8
20,634
Red Dawn SEI Buyer, Inc.+. . . . Senior secured
SF + 4.50%(l)
9.99%
11/2025
5,486
5,461
0.2
5,431
Red Dawn SEI Buyer, Inc.+. . . . Senior secured
SF + 4.25%(l)
9.74%
11/2025
729
726
—
718
Red Dawn SEI Buyer, Inc.+. . . . Senior secured
SF + 4.25%(l)
9.74%
11/2025
130
129
—
128
Red Dawn SEI Buyer, Inc.+(5) . . Senior secured
SF + 4.50%
N/A(6)
11/2025
—
—
—
(1)
Red Dawn SEI Buyer, Inc.+. . . . Senior secured
SF + 4.25%(l)
9.74%
11/2025
13
13
—
12
Red Dawn SEI Buyer, Inc.+. . . . Senior secured
SF + 4.50%(l)
9.99%
11/2025
318
317
—
315
ReliaQuest Holdings, LLC+ . . . .
One stop
SF + 10.75%(l)
16.12%
10/2026
1,098
1,083
0.1
1,098
ReliaQuest Holdings, LLC+ . . . .
One stop
SF + 10.75%(l)
16.12%
10/2026
266
266
—
266
ReliaQuest Holdings, LLC+ . . . .
One stop
SF + 10.75%(l)
16.12%
10/2026
82
81
—
82
Saturn Borrower Inc.+(23) . . . . .
One stop
SF + 6.50%(l)
12.04%
09/2026
19,897
19,596
0.7
19,101
Saturn Borrower Inc.+ . . . . . . .
One stop
SF + 6.50%(l)
12.04%
09/2026
103
101
—
99
WPEngine, Inc.+ . . . . . . . . . . .
One stop
SF + 6.50%(m)
11.92%
08/2029
3,522
3,453
0.1
3,469
195
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
IT Services - (continued)
WPEngine, Inc.+(5). . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
08/2029
$
—
$
(1)
—%
$
(1)
Zarya Holdco, Inc.+ . . . . . . . . .
One stop
SF + 6.50%(l)
11.92%
07/2027
4,777
4,777
0.2
4,777
Zarya Holdco, Inc.+ . . . . . . . . .
One stop
SF + 6.50%(l)
11.91%
07/2027
20
20
—
20
239,286
240,940
9.3
236,027
Leisure Products
WBZ Investment LLC#+(23) . . . .
One stop
SF + 6.50%(l)
11.04% cash/
1.00% PIK
09/2024
8,425
8,444
0.3
8,425
WBZ Investment LLC+(23) . . . .
One stop
SF + 6.50%(l)
11.04% cash/
1.00% PIK
09/2024
1,240
1,237
0.1
1,240
WBZ Investment LLC+(23) . . . .
One stop
SF + 6.50%(l)
11.04% cash/
1.00% PIK
09/2024
861
868
—
861
WBZ Investment LLC+(23) . . . .
One stop
SF + 6.50%(l)
11.04% cash/
1.00% PIK
09/2024
449
452
—
449
WBZ Investment LLC+ . . . . . .
One stop
SF + 6.50%
N/A(6)
09/2024
—
—
—
—
10,975
11,001
0.4
10,975
Life Sciences Tools & Services
Celerion Buyer, Inc.*# . . . . . . .
One stop
SF + 6.50%(m)
11.93%
11/2029
21,380
20,918
0.9
21,380
Celerion Buyer, Inc.+(5). . . . . . .
One stop
SF + 6.50%
N/A(6)
11/2028
—
(1)
—
—
Celerion Buyer, Inc.+(5). . . . . . .
One stop
SF + 6.50%
N/A(6)
11/2029
—
(73)
—
—
Covaris Intermediate 3, LLC+ . .
One stop
SF + 5.25%(l)
10.79%
01/2028
5,850
5,807
0.2
5,557
Covaris Intermediate 3,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
01/2028
—
—
—
(3)
Covaris Intermediate 3, LLC+ . .
One stop
SF + 5.25%(l)
10.79%
01/2028
39
37
—
25
PAS Parent Inc.*#+. . . . . . . . . .
One stop
SF + 5.25%(k)
10.68%
12/2028
33,571
33,063
1.3
32,898
PAS Parent Inc.+(5) . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
12/2027
—
(7)
—
(7)
PAS Parent Inc.+(5) . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
12/2028
—
(4)
—
(2)
Reaction Biology Corporation#. .
One stop
SF + 5.25%(l)
10.79%
03/2029
7,943
7,880
0.3
7,546
Reaction Biology
Corporation+(5) . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
03/2029
—
(2)
—
(10)
Reaction Biology Corporation+. .
One stop
SF + 5.25%(l)
10.79%
03/2029
75
74
—
68
Reaction Biology Corporation+. .
One stop
SF + 5.25%(m)
10.87%
03/2029
182
180
—
173
Reaction Biology Corporation+. .
One stop
SF + 5.25%(l)
10.79%
03/2029
121
120
—
115
Unchained Labs, LLC+. . . . . . . Senior secured
SF + 5.50%(k)
10.87%
08/2027
989
982
—
979
Unchained Labs, LLC+. . . . . . . Senior secured
SF + 5.50%(k)
10.87%
08/2027
835
824
—
827
Unchained Labs, LLC+. . . . . . . Senior secured
SF + 5.50%
N/A(6)
08/2027
—
—
—
—
70,985
69,798
2.7
69,546
Machinery
Bad Boy Mowers Acquisition,
LLC+ . . . . . . . . . . . . . . . . Senior secured
SF + 4.25%(k)
9.68%
03/2028
1,866
1,863
0.1
1,866
Blackbird Purchaser, Inc.*+ . . . . Senior secured
SF + 4.25%(k)
9.67%
04/2026
19,174
19,259
0.8
19,174
Blackbird Purchaser, Inc.+ . . . . . Senior secured
SF + 4.25%
N/A(6)
10/2025
—
—
—
—
Chase Industries, Inc.+(23)(24) . . . Senior secured
SF + 7.00%(l)
11.04% cash/
1.50% PIK
05/2025
12,059
12,059
0.4
11,004
Chase Industries, Inc.+(23)(24) . . . Senior secured
SF + 7.00%(l)
11.04% cash/
1.50% PIK
05/2025
985
985
—
900
Chase Industries, Inc.+(23)(24) . . . Senior secured
SF + 7.00%(l)
11.04% cash/
1.50% PIK
05/2025
170
170
—
138
34,254
34,336
1.3
33,082
196
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Marine
Project Nike Purchaser, LLC+ . .
One stop
SF + 6.00%(l)
11.39%
04/2029
$ 19,572
$ 19,417
0.7%
$ 18,985
Project Nike Purchaser, LLC+ . .
One stop
SF + 6.00%(l)
11.39%
04/2029
75
73
—
68
19,647
19,490
0.7
19,053
Media
Triple Lift, Inc.+ . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.30%
05/2028
5,289
5,220
0.2
5,077
Triple Lift, Inc.+ . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.30%
05/2028
1,122
1,105
—
1,077
Triple Lift, Inc.+ . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.20%
05/2028
27
26
—
25
6,438
6,351
0.2
6,179
Multiline Retail
Mills Fleet Farm Group
LLC*#+ . . . . . . . . . . . . . . .
One stop
SF + 6.50%(l)
12.02%
10/2024
45,138
45,113
1.8
45,138
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12). . . .
One stop
SF + 6.50%(k)
11.92%
05/2025
20,210
20,261
0.8
20,210
3ES Innovation, Inc.+(8)(12) . . . .
One stop
SF + 6.50%(k)
11.92%
05/2025
80
79
—
80
Envernus, Inc.*#+. . . . . . . . . . . Senior secured
SF + 4.25%(k)
9.67%
07/2025
38,453
38,575
1.5
38,259
Envernus, Inc.+ . . . . . . . . . . . . Senior secured
SF + 4.50%(k)
9.92%
07/2025
16,960
16,791
0.7
16,960
Envernus, Inc.+ . . . . . . . . . . . . Senior secured
SF + 4.50%(k)
9.92%
09/2026
66
61
—
66
Project Power Buyer, LLC*#+. . .
One stop
SF + 7.00%(l)
12.39%
05/2026
40,066
39,553
1.5
40,066
Project Power Buyer, LLC+(5) . .
One stop
SF + 7.00%
N/A(6)
05/2025
—
(1)
—
—
115,835
115,319
4.5
115,641
Paper & Forest Products
Messenger, LLC#+ . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
12/2027
10,074
10,001
0.4
9,670
Messenger, LLC+ . . . . . . . . . .
One stop
SF + 5.75%(l)
11.27%
12/2027
99
98
—
95
Messenger, LLC+ . . . . . . . . . .
One stop
SF + 5.75%(l)
11.29%
12/2027
49
49
—
47
Messenger, LLC+ . . . . . . . . . .
One stop
P + 4.75%(b)
13.25%
12/2027
21
21
—
19
10,243
10,169
0.4
9,831
Personal Products
IMPLUS Footcare, LLC+(23) . . .
One stop
SF + 8.75%(l)
13.30% cash/
1.00% PIK
07/2024
30,496
30,574
1.2
28,852
IMPLUS Footcare, LLC+(23) . . .
One stop
SF + 8.75%(l)
13.30% cash/
1.00% PIK
07/2024
5,208
5,222
0.2
4,927
IMPLUS Footcare, LLC*+(23). . .
One stop
SF + 8.75%(l)
13.30% cash/
1.00% PIK
07/2024
751
755
—
710
36,455
36,551
1.4
34,489
Pharmaceuticals
ACP Ulysses Buyer, Inc.*# . . . .
One stop
SF + 5.50%(l)
11.04%
02/2026
25,232
25,089
1.0
23,970
ACP Ulysses Buyer, Inc.* . . . . .
One stop
SF + 5.50%(l)
11.04%
02/2026
1,091
1,076
—
1,036
Amalthea Parent, Inc.*#+(8)(12) . .
One stop
SF + 5.00%(k)
10.43%
03/2027
58,695
58,287
2.1
53,997
Amalthea Parent, Inc.+(5)(8)(12) . .
One stop
SF + 5.00%
N/A(6)
03/2027
—
(2)
—
(22)
Apothecary Products, LLC+. . . . Senior secured
SF + 6.50%(m)
12.10%
07/2025
2,632
2,608
0.1
2,632
Apothecary Products, LLC+(5) . . Senior secured
SF + 6.50%
N/A(6)
07/2025
—
(7)
—
—
Caerus Midco 3
S.A.R.L.+(8)(13) . . . . . . . . . .
One stop
SF + 5.50%(l)
10.89%
05/2029
17,007
16,733
0.7
16,497
Caerus Midco 3
S.A.R.L.+(8)(13) . . . . . . . . . .
One stop
SF + 5.75%(k)
11.07%
05/2029
74
69
—
68
Caerus Midco 3
S.A.R.L.+(8)(13) . . . . . . . . . .
One stop
SF + 5.75%(m)
11.21%
05/2029
1,148
1,117
—
1,096
Caerus Midco 3
S.A.R.L.+(8)(13) . . . . . . . . . .
One stop
SF + 5.75%(l)
11.14%
05/2029
2,814
2,766
0.1
2,758
197
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Pharmaceuticals - (continued)
Caerus Midco 3
S.A.R.L.+(8)(13) . . . . . . . . . .
One stop
SF + 5.75%(m)
11.21%
05/2029
$
182
$
177
—%
$
174
Cobalt Buyer Sub, Inc.+ . . . . . .
One stop
SF + 6.00%(k)
11.43%
10/2028
10,520
10,370
0.4
10,310
Cobalt Buyer Sub, Inc.+ . . . . . .
One stop
SF + 6.00%(k)
11.43%
10/2027
12
11
—
10
Cobalt Buyer Sub, Inc.+ . . . . . .
One stop
SF + 6.00%(k)
11.43%
10/2028
3,527
3,475
0.1
3,457
Cobalt Buyer Sub, Inc.+ . . . . . .
One stop
SF + 6.00%(k)
11.43%
10/2028
2,658
2,570
0.1
2,604
Spark Bidco Limited+(8)(9)(10) . . . Senior secured
SN + 4.75%(i)
9.94%
08/2028
23,923
26,689
0.9
22,129
Spark Bidco Limited+(8)(9)(10) . . . Senior secured
SN + 4.75%(i)
9.94%
08/2028
2,537
2,505
0.1
2,347
Spark Bidco Limited+(5)(8)(9)(10) . Senior secured
SN + 4.75%
N/A(6)
02/2028
—
(2)
—
(6)
Spark Bidco Limited+(8)(9)(10) . . . Senior secured
SN + 6.00%(i)
11.19%
08/2028
3,320
3,257
0.1
3,221
Spark Bidco Limited+(8)(9)(10) . . . Senior secured
SN + 4.75%(i)
9.94%
08/2028
2,900
2,689
0.1
2,682
Spark Bidco Limited+(8)(10) . . . . Senior secured
SF + 6.00%(l)
11.39%
08/2028
2,613
2,568
0.1
2,535
160,885
162,045
5.9
151,495
Professional Services
ALKU Intermediate Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(k)
11.57%
05/2029
4,444
4,382
0.2
4,389
bswift, LLC+ . . . . . . . . . . . . .
One stop
SF + 6.63%(l)
11.91%
11/2028
5,100
4,964
0.2
5,100
Citrin Cooperman Advisors
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.14%
10/2027
4,203
4,160
0.2
4,203
Citrin Cooperman Advisors
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.25%
N/A(6)
10/2027
—
(9)
—
—
Citrin Cooperman Advisors
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(m)
11.70%
10/2027
2,329
2,267
0.1
2,334
DISA Holdings Corp.+ . . . . . . . Senior secured
SF + 5.50%(k)
10.83%
09/2028
3,477
3,419
0.1
3,477
DISA Holdings Corp.+ . . . . . . . Senior secured
SF + 5.50%(k)
10.83%
09/2028
7
6
—
7
DISA Holdings Corp.+ . . . . . . . Senior secured
SF + 5.50%(k)
10.83%
09/2028
220
215
—
220
DISA Holdings Corp.+ . . . . . . .
One stop
SF + 5.50%(k)
10.83%
09/2028
151
145
—
151
DISA Holdings Corp.+(23) . . . . .
Subordinated
debt
SF + 10.00%(k)
13.33% cash/
2.00% PIK
03/2029
51
49
—
51
Eliassen Group, LLC+ . . . . . . .
One stop
SF + 5.50%(m)
10.84%
04/2028
1,430
1,419
0.1
1,430
Eliassen Group, LLC+ . . . . . . .
One stop
SF + 5.50%(k)(l)
10.86%
04/2028
9
9
—
9
Filevine, Inc.+(23). . . . . . . . . . .
One stop
SF + 6.50%(l)(m)
9.13% cash/
2.50% PIK
04/2027
5,400
5,347
0.2
5,454
Filevine, Inc.+. . . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
04/2027
—
—
—
—
IG Investments Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)(l)
11.45%
09/2028
6,468
6,380
0.3
6,468
IG Investments Holdings,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
09/2027
—
(1)
—
—
IG Investments Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.47%
09/2028
553
545
—
553
NBG Acquisition Corp. and
NBG-P Acquisition Corp.#. . .
One stop
SF + 5.25%(l)
10.77%
11/2028
7,517
7,477
0.3
7,291
NBG Acquisition Corp. and
NBG-P Acquisition
Corp.+(5) . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
11/2028
—
(12)
—
—
NBG Acquisition Corp. and
NBG-P Acquisition Corp.+ . .
One stop
SF + 5.25%(l)
10.78%
11/2028
157
156
—
150
NBG Acquisition Corp. and
NBG-P Acquisition
Corp.+(5) . . . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
11/2028
—
(15)
—
—
Net Health Acquisition Corp.+ . .
One stop
SF + 5.75%(k)
11.17%
12/2025
13,101
13,041
0.5
12,839
Net Health Acquisition Corp.*#. .
One stop
SF + 5.75%(k)
11.17%
12/2025
8,290
8,275
0.3
8,124
Net Health Acquisition Corp.* . .
One stop
SF + 5.75%(k)
11.17%
12/2025
6,637
6,662
0.3
6,504
198
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Professional Services -
(continued)
Net Health Acquisition Corp.# . .
One stop
SF + 5.75%(k)
11.17%
12/2025
$
4,194
$
4,167
0.2%
$
4,110
Net Health Acquisition Corp.*#. .
One stop
SF + 5.75%(k)
11.17%
12/2025
1,159
1,156
—
1,135
Net Health Acquisition Corp.+ . .
One stop
SF + 5.75%(k)
11.17%
12/2025
86
86
—
80
PlanSource Holdings, Inc.+ . . . .
One stop
SF + 6.25%(m)
11.90%
04/2025
11,416
11,446
0.4
11,416
PlanSource Holdings, Inc.+ . . . .
One stop
SF + 6.25%(m)
11.90%
04/2025
1,932
1,925
0.1
1,932
PlanSource Holdings, Inc.+ . . . .
One stop
SF + 6.25%(m)
11.90%
04/2025
139
138
—
139
PlanSource Holdings, Inc.+ . . . .
One stop
SF + 6.25%
N/A(6)
04/2025
—
—
—
—
Procure Acquireco, Inc.#+ . . . . .
One stop
SF + 5.00%(l)
10.57%
12/2028
17,456
17,326
0.7
17,456
Procure Acquireco, Inc.+(5) . . . .
One stop
SF + 5.00%
N/A(6)
12/2028
—
(1)
—
—
Procure Acquireco, Inc.+(5) . . . .
One stop
SF + 5.00%
N/A(6)
12/2028
—
(2)
—
—
Teaching Company, The+ . . . . .
One stop
SF + 5.75%(l)
11.27%
01/2026
13,791
13,791
0.5
13,791
Teaching Company, The+ . . . . .
One stop
SF + 5.75%(b)(l)
11.76%
01/2026
80
80
—
80
119,797
118,993
4.7
118,893%
Real Estate Management &
Development
Inhabit IQ Inc.+ . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
07/2025
21,533
21,433
0.8
21,533
Inhabit IQ Inc.#+ . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
07/2025
19,232
19,227
0.8
19,232
Inhabit IQ Inc.+ . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
07/2025
13,254
13,208
0.5
13,254
Inhabit IQ Inc.*. . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
07/2025
12,242
12,185
0.5
12,242
Inhabit IQ Inc.*# . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
07/2025
6,450
6,453
0.3
6,450
Inhabit IQ Inc.+ . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
07/2025
3,143
3,167
0.1
3,143
Inhabit IQ Inc.#+ . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
07/2025
1,381
1,383
0.1
1,381
Inhabit IQ Inc.#+ . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
07/2025
1,169
1,171
0.1
1,169
Inhabit IQ Inc.#+ . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
07/2025
1,152
1,154
—
1,152
Inhabit IQ Inc.+ . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
07/2025
922
920
—
922
Inhabit IQ Inc.+ . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
07/2025
486
487
—
486
Inhabit IQ Inc.+ . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
07/2025
130
130
—
130
MRI Software LLC*+ . . . . . . . .
One stop
SF + 5.50%(l)
10.99%
02/2026
14,211
14,156
0.5
13,927
MRI Software LLC+ . . . . . . . .
One stop
SF + 5.50%(l)
10.99%
02/2026
5,350
5,317
0.2
5,243
MRI Software LLC+(5) . . . . . . .
One stop
SF + 5.50%
N/A(6)
02/2026
—
(1)
—
(5)
RPL Bidco Limited+(8)(9)(10). . . .
One stop
SN + 5.50%(i)
10.69%
08/2028
17,820
20,075
0.7
17,152
RPL Bidco Limited+(8)(9)(10). . . .
One stop
A + 5.50%(f)
9.63%
08/2028
1,920
2,177
0.1
1,848
RPL Bidco Limited+(5)(8)(9)(10) . .
One stop
SN + 5.50%
N/A(6)
02/2028
—
—
—
(2)
RPL Bidco Limited+(8)(9)(10). . . .
One stop
A + 6.75%(f)
10.93%
08/2028
7,910
8,138
0.3
7,949
128,305
130,780
5.0
127,206
Road & Rail
Channelside Acquisitona Co,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.38%(k)
11.79%
07/2028
4,229
4,158
0.2
4,229
Channelside Acquisitona Co,
Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.75%
N/A(6)
07/2026
—
(2)
—
—
Channelside Acquisitona Co,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.75%(k)
12.08%
07/2028
3,948
3,847
0.2
3,968
Channelside Acquisitona Co,
Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.75%
N/A(6)
07/2028
—
(2)
—
—
Internet Truckstop Group
LLC*#. . . . . . . . . . . . . . . .
One stop
SF + 5.00%(l)
10.54%
04/2025
21,118
21,278
0.8
21,118
199
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Road & Rail - (continued)
Internet Truckstop
Group LLC+. . . . . . . . . . . .
One stop
SF + 5.00%(l)
10.54%
04/2025
$ 9,248
$ 9,196
0.3%
$ 9,248
Internet Truckstop Group
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
04/2025
—
(1)
—
—
38,543
38,474
1.5
38,563
Software
Anaplan, Inc.+ . . . . . . . . . . . .
One stop
SF + 6.50%(k)
11.82%
06/2029
9,840
9,760
0.4
9,840
Anaplan, Inc.+(5) . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
06/2028
—
(1)
—
—
Appfire Technologies, LLC#+. . .
One stop
SF + 5.50%(l)
11.06%
03/2027
39,442
39,102
1.5
38,653
Appfire Technologies, LLC+(5) . .
One stop
SF + 5.50%
N/A(6)
03/2027
—
(2)
—
(5)
Appfire Technologies, LLC+(5) . .
One stop
SF + 5.50%
N/A(6)
03/2027
—
(30)
—
(68)
Aras Corporation+(23) . . . . . . . .
One stop
SF + 6.75%(l)
8.95% cash/
3.25% PIK
04/2027
14,687
14,605
0.6
14,541
Aras Corporation+ . . . . . . . . . .
One stop
SF + 6.50%(b)(l)
12.14%
04/2027
67
67
—
66
Armstrong Bidco
Limited+(8)(9)(10) . . . . . . . . .
One stop
SN + 5.00%(i)
10.19%
06/2029
3,496
3,420
0.1
3,321
Armstrong Bidco
Limited+(8)(9)(10) . . . . . . . . .
One stop
SN + 5.00%(i)
10.19%
06/2029
1,824
1,734
0.1
1,733
Arrow Buyer, Inc.+ . . . . . . . . .
One stop
SF + 6.50%(l)
11.89%
06/2030
16,360
15,943
0.6
16,155
Arrow Buyer, Inc.+(5) . . . . . . . .
One stop
SF + 6.50%
N/A(6)
06/2030
—
(23)
—
(47)
Auvik Networks Inc.+(8)(12)(23) . .
One stop
SF + 5.75%(l)
8.52% cash/
2.75% PIK
07/2027
7,232
7,189
0.3
7,124
Auvik Networks Inc.+(8)(12)(23) . .
One stop
SF + 6.25%(l)
8.52% cash/
3.25% PIK
07/2027
1,293
1,283
0.1
1,293
Auvik Networks Inc.+(5)(8)(12). . .
One stop
SF + 3.00%
N/A(6)
07/2027
—
—
—
(1)
Axiom Merger Sub Inc.+. . . . . .
One stop
L + 5.25%(a)
10.60%
04/2026
5,677
5,695
0.2
5,677
Axiom Merger Sub Inc.+(8)(9) . . .
One stop
E + 5.50%(d)(e)
8.90%
04/2026
2,215
2,347
0.1
2,215
Axiom Merger Sub Inc.+. . . . . .
One stop
L + 5.25%(a)
10.60%
04/2026
269
267
—
269
Axiom Merger Sub Inc.+. . . . . .
One stop
SF + 5.25%(m)
10.86%
04/2026
39
38
—
39
Axiom Merger Sub Inc.+. . . . . .
One stop
SF + 5.25%
N/A(6)
10/2025
—
—
—
—
Bayshore Intermediate #2,
L.P.+(23). . . . . . . . . . . . . . .
One stop
SF + 7.50%(l)
13.00%
10/2028
73,822
72,859
2.9
73,822
Bayshore Intermediate #2,
L.P.+. . . . . . . . . . . . . . . . .
One stop
SF + 6.50%(l)
11.87%
10/2027
33
31
—
33
Bonterra LLC+ . . . . . . . . . . . .
One stop
SF + 7.25%(l)
12.64%
09/2027
65,427
64,789
2.5
63,465
Bonterra LLC+(5). . . . . . . . . . .
One stop
SF + 7.25%
N/A(6)
09/2027
—
(2)
—
(6)
Bonterra LLC+ . . . . . . . . . . . .
One stop
SF + 8.00%(l)
13.39%
09/2027
2,855
2,812
0.1
2,769
Bottomline Technologies, Inc.+. .
One stop
SF + 5.25%(k)
10.57%
05/2029
27,881
27,434
1.1
26,696
Bottomline Technologies,
Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.00%
N/A(6)
05/2028
—
(3)
—
(7)
Bullhorn, Inc.*#+ . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.24%
09/2026
65,269
64,735
2.5
64,616
Bullhorn, Inc.+(8)(9) . . . . . . . . .
One stop
SN + 6.00%(i)
11.19%
09/2026
11,553
11,556
0.4
11,438
Bullhorn, Inc.+(8)(9) . . . . . . . . .
One stop
E + 5.75%(d)
9.69%
09/2026
4,523
4,640
0.2
4,478
Bullhorn, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.24%
09/2026
212
210
—
209
Bullhorn, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.24%
09/2026
95
94
—
94
Bullhorn, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.24%
09/2026
76
75
—
75
Bullhorn, Inc.+(5) . . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
09/2026
—
(2)
—
(2)
Burning Glass Intermediate
Holdings Company, Inc.#+. . .
One stop
SF + 5.00%(k)
10.42%
06/2028
9,720
9,588
0.4
9,720
Burning Glass Intermediate
Holdings Company, Inc.+ . . .
One stop
SF + 5.00%(k)
10.42%
06/2026
21
20
—
21
Bynder BidCo, Inc.& Bynder
BidCo B.V.+(8)(14) . . . . . . . .
One stop
SF + 7.25%(l)
12.60%
01/2029
5,437
5,291
0.2
5,437
200
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Software - (continued)
Bynder BidCo, Inc.& Bynder
BidCo B.V.+(8)(14) . . . . . . . .
One stop
SF + 7.25%(l)
12.60%
01/2029
$ 1,438
$ 1,399
0.1%
$ 1,438
Bynder BidCo, Inc.& Bynder
BidCo B.V.+(8)(14) . . . . . . . .
One stop
SF + 7.25%
N/A(6)
01/2029
—
—
—
—
Bynder BidCo, Inc.& Bynder
BidCo B.V.+(5)(8)(14) . . . . . . .
One stop
SF + 7.25%
N/A(6)
01/2029
—
(1)
—
—
Calabrio, Inc.+ . . . . . . . . . . . .
One stop
SF + 7.13%(k)
12.44%
04/2027
53,683
53,207
2.1
53,683
Calabrio, Inc.+ . . . . . . . . . . . .
One stop
SF + 7.13%(k)
12.45%
04/2027
135
132
—
135
Camelia Bidco
Limited+(8)(9)(10) . . . . . . . . .
One stop
SN + 6.25%(i)
11.44%
08/2030
3,125
3,193
0.1
3,078
Camelia Bidco
Limited+(8)(9)(10) . . . . . . . . .
One stop
A + 6.25%(f)
10.39%
08/2030
204
201
—
201
Camelia Bidco
Limited+(5)(8)(9)(10) . . . . . . . .
One stop
SN + 6.25%
N/A(6)
08/2030
—
(20)
—
(20)
Community Brands Parentco
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(l)
11.02%
02/2028
14,052
13,846
0.6
13,771
Community Brands Parentco
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
02/2028
—
(1)
—
(1)
Community Brands Parentco
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
02/2028
—
(1)
—
(2)
Coupa Holdings, LLC+. . . . . . .
One stop
SF + 7.50%(k)
12.82%
02/2030
22,905
22,382
0.9
22,332
Coupa Holdings, LLC+(5) . . . . .
One stop
SF + 7.50%
N/A(6)
02/2029
—
(1)
—
(1)
Coupa Holdings, LLC+(5) . . . . .
One stop
SF + 7.50%
N/A(6)
02/2030
—
(23)
—
(51)
Daxko Acquisition
Corporation+ . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
10/2028
27,431
27,233
1.0
26,334
Daxko Acquisition
Corporation+ . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
10/2028
2,313
2,289
0.1
2,221
Daxko Acquisition
Corporation+ . . . . . . . . . . .
One stop
P + 4.50%(b)
13.00%
10/2027
22
21
—
17
Daxko Acquisition
Corporation+(5) . . . . . . . . . .
One stop
SF + 5.50%
N/A(6)
10/2028
—
(8)
—
(44)
Denali Bidco Limited+(8)(9)(10) . .
One stop
SN + 6.00%(i)
11.19%
08/2030
2,917
2,948
0.1
2,844
Denali Bidco Limited+(8)(9)(10) . .
One stop
E + 6.00%(c)
9.86%
08/2030
732
735
—
714
Denali Bidco
Limited+(5)(8)(9)(10) . . . . . . . .
One stop
SN + 6.00%
N/A(6)
08/2030
—
(13)
—
(13)
Diligent Corporation*#+. . . . . . .
One stop
SF + 6.25%(l)
11.77%
08/2025
85,408
85,363
3.3
84,553
Diligent Corporation+. . . . . . . .
One stop
SF + 5.75%(l)
11.27%
08/2025
5,904
5,879
0.2
5,800
Diligent Corporation+. . . . . . . .
One stop
SF + 6.25%(l)
11.77%
08/2025
133
133
—
130
Dragon UK Bidco
Limited+(8)(9)(10) . . . . . . . . .
One stop
SN + 5.75%(i)
10.94%
02/2029
14,139
15,100
0.6
13,715
Dragon UK Bidco
Limited+(8)(9)(10) . . . . . . . . .
One stop
C + 5.75%(h)
11.26%
02/2029
282
294
—
274
Dragon UK Bidco
Limited+(5)(8)(9)(10) . . . . . . . .
One stop
SN + 5.75%
N/A(6)
02/2029
—
—
—
(3)
Evergreen IX Borrower 2023,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(l)
11.39%
09/2030
4,506
4,393
0.2
4,393
Evergreen IX Borrower 2023,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
10/2029
—
(12)
—
(12)
FirstUp, Inc.+(23) . . . . . . . . . . .
One stop
SF + 6.75%(l)
8.64% cash/
3.50% PIK
07/2027
9,236
9,160
0.4
9,120
FirstUp, Inc.+(5)(23). . . . . . . . . .
One stop
SF + 7.50%
N/A(6)
07/2027
—
(1)
—
(1)
FirstUp, Inc.+(23) . . . . . . . . . . .
One stop
SF + 7.50%(l)
8.64% cash/
4.25% PIK
07/2027
876
863
—
865
Gainsight, Inc.+(23). . . . . . . . . .
One stop
SF + 6.75%(l)
12.27% PIK
07/2027
11,106
11,001
0.4
10,995
Gainsight, Inc.+(23). . . . . . . . . .
One stop
SF + 6.75%(l)
12.27% PIK
07/2027
56
55
—
55
GS Acquisitionco, Inc.*#+ . . . . .
One stop
SF + 5.75%(l)
11.29%
05/2026
83,759
83,809
3.3
82,920
201
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Software - (continued)
GS Acquisitionco, Inc.+(5) . . . . .
One stop
SF + 5.75%
N/A(6)
05/2026
$
—
$
—
—%
$
(2)
GTIV, LLC+. . . . . . . . . . . . . .
One stop
SF + 5.25%(k)
10.67%
02/2029
73,471
72,908
2.9
73,471
GTIV, LLC+(5) . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
02/2029
—
(2)
—
—
GTY Technology Holdings,
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 6.87%(l)
7.97% cash/
4.30% PIK
07/2029
3,237
3,187
0.1
3,205
GTY Technology Holdings,
Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.25%
N/A(6)
07/2029
—
(2)
—
(1)
GTY Technology Holdings,
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 6.88%(l)
7.97% cash/
4.30% PIK
07/2029
2,114
2,076
0.1
2,093
GTY Technology Holdings,
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 6.88%(l)
7.97% cash/
4.30% PIK
07/2029
387
384
—
384
Hyland Software, Inc.+ . . . . . . .
One stop
SF + 6.00%(k)
11.32%
09/2030
4,950
4,876
0.2
4,876
Hyland Software, Inc.+(5) . . . . .
One stop
SF + 6.00%
N/A(6)
09/2029
—
(1)
—
(1)
ICIMS, Inc.+(23) . . . . . . . . . . .
One stop
SF + 7.25%(l)
8.76% cash/
3.88% PIK
08/2028
8,009
7,899
0.3
7,849
ICIMS, Inc.+ . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.14%
08/2028
27
26
—
24
ICIMS, Inc.+(5) . . . . . . . . . . . .
One stop
SF + 7.25%
N/A(6)
08/2028
—
—
—
(37)
IQN Holding Corp.#+ . . . . . . . .
One stop
SF + 5.25%(l)
10.67%
05/2029
14,613
14,497
0.6
14,321
IQN Holding Corp.+(5) . . . . . . .
One stop
SF + 5.25%
N/A(6)
05/2028
—
(1)
—
(2)
IQN Holding Corp.+(5) . . . . . . .
One stop
SF + 5.25%
N/A(6)
05/2029
—
(25)
—
(3)
Island Bidco AB+(8)(9)(17)(23) . . .
One stop
E + 7.25%(e)
3.93% cash/
7.25% PIK
07/2028
6,275
6,149
0.2
6,275
Island Bidco AB+(8)(17)(23) . . . . .
One stop
SF + 7.00%(m)
8.84% cash/
3.50% PIK
07/2028
3,051
3,028
0.1
3,051
Island Bidco AB+(8)(17) . . . . . . .
One stop
SF + 6.50%
N/A(6)
07/2028
—
—
—
—
Island Bidco AB+(5)(8)(9)(17) . . . .
One stop
E + 6.50%
N/A(6)
07/2028
—
(1)
—
—
Juvare, LLC* . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.82%
10/2026
7,526
7,478
0.3
7,150
Juvare, LLC+ . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.82%
10/2026
1,737
1,726
0.1
1,650
Juvare, LLC+ . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.82%
10/2026
548
540
—
541
Juvare, LLC+ . . . . . . . . . . . . .
One stop
SF + 6.25%(b)(l)
12.01%
04/2026
50
50
—
48
Kaseya Inc.+(23). . . . . . . . . . . .
One stop
SF + 6.25%(l)
9.12% cash/
2.50% PIK
06/2029
9,197
9,084
0.4
9,105
Kaseya Inc.+(23). . . . . . . . . . . .
One stop
SF + 6.25%(k)
9.07% cash/
2.50% PIK
06/2029
68
65
—
65
Kaseya Inc.+(23). . . . . . . . . . . .
One stop
SF + 6.25%(l)
9.12% cash/
2.50% PIK
06/2029
34
29
—
28
LeadsOnline, LLC+ . . . . . . . . .
One stop
SF + 6.25%(k)
11.58%
02/2028
4,208
4,104
0.2
4,102
LeadsOnline, LLC+ . . . . . . . . .
One stop
SF + 6.25%(k)
11.58%
02/2028
743
724
—
724
LeadsOnline, LLC+(5). . . . . . . .
One stop
SF + 6.25%
N/A(6)
02/2028
—
(1)
—
(1)
Mindbody, Inc.+ . . . . . . . . . . .
One stop
SF + 7.00%(l)
12.52%
02/2025
49,911
50,159
2.0
49,911
Mindbody, Inc.+ . . . . . . . . . . .
One stop
SF + 7.00%(l)
12.52%
02/2025
3,929
3,906
0.2
3,929
Mindbody, Inc.+ . . . . . . . . . . .
One stop
SF + 7.00%
N/A(6)
02/2025
—
—
—
—
Ministry Brands Holdings
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
12/2028
21,760
21,597
0.8
20,890
Ministry Brands Holdings
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(k)
10.92%
12/2027
81
80
—
75
Ministry Brands Holdings
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 5.50%(k)(l)
10.99%
12/2028
96
91
—
72
Neo Bidco GMBH+(8)(9)(13)(23) . .
One stop
E + 6.00%(e)
9.95%
07/2028
6,913
7,640
0.3
6,913
Neo Bidco GMBH+(8)(13) . . . . .
One stop
SF + 6.00%
N/A(6)
01/2028
—
—
—
—
Neo Bidco GMBH+(8)(9)(13) . . . .
One stop
E + 6.00%(d)(e)
9.95%
01/2028
63
66
—
63
Naviga Inc.+. . . . . . . . . . . . . . Senior secured
SF + 7.00%(l)
12.49%
12/2023
109
108
—
109
Panzura, LLC+(23) . . . . . . . . . .
One stop
N/A
2.00% cash/
13.00% PIK
08/2027
50
44
—
44
202
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Software - (continued)
PDI TA Holdings, Inc.+ . . . . . .
One stop
SF + 4.50%(l)
9.98%
10/2024
$ 8,323
$ 8,282
0.3%
$ 8,323
PDI TA Holdings, Inc.+ . . . . . .
Second lien
SF + 8.50%(l)
14.03%
10/2025
3,424
3,391
0.1
3,424
PDI TA Holdings, Inc.+ . . . . . .
One stop
SF + 4.50%(l)
9.98%
10/2024
1,107
1,105
—
1,107
PDI TA Holdings, Inc.+ . . . . . .
One stop
SF + 4.50%(l)
9.98%
10/2024
683
680
—
683
PDI TA Holdings, Inc.+ . . . . . .
Second lien
SF + 8.71%(1)
14.24%
10/2025
640
638
—
640
PDI TA Holdings, Inc.+ . . . . . .
Second lien
SF + 8.53%(1)
14.06%
10/2025
377
375
—
377
PDI TA Holdings, Inc.+(8)(9). . . .
One stop
SN + 4.50%(i)
9.81%
10/2024
84
93
—
84
PDI TA Holdings, Inc.+ . . . . . .
One stop
SF + 4.50%(l)
9.98%
10/2024
148
148
—
148
PDI TA Holdings, Inc.+ . . . . . .
Second lien
SF + 8.50%(l)
14.03%
10/2025
3,333
3,270
0.1
3,333
Personify, Inc.*#+. . . . . . . . . . .
One stop
SF + 5.25%(l)
10.64%
09/2024
13,084
13,146
0.5
13,084
Personify, Inc.# . . . . . . . . . . . .
One stop
SF + 5.25%(l)
10.64%
09/2024
8,083
8,060
0.3
8,083
Personify, Inc.+ . . . . . . . . . . . .
One stop
SF + 5.25%
N/A(6)
09/2024
—
—
—
—
PING Identity Holding Corp.+ . .
One stop
SF + 7.00%(k)
12.32%
10/2029
9,953
9,824
0.4
9,953
PING Identity Holding
Corp.+(5) . . . . . . . . . . . . . .
One stop
SF + 7.00%
N/A(6)
10/2028
—
(1)
—
—
Pluralsight, LLC+ . . . . . . . . . .
One stop
SF + 8.00%(l)
13.45%
04/2027
23,748
23,582
0.9
23,511
Pluralsight, LLC+ . . . . . . . . . .
One stop
SF + 8.00%(l)
13.47%
04/2027
63
62
—
62
ProcessUnity Holdings, LLC+ . .
One stop
SF + 6.75%(k)
12.07%
09/2028
4,221
4,190
0.2
4,221
ProcessUnity Holdings,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.75%
N/A(6)
09/2028
—
(1)
—
—
ProcessUnity Holdings, LLC+ . .
One stop
SF + 6.75%(l)
12.14%
09/2028
844
838
—
844
ProcessUnity Holdings, LLC+ . .
One stop
SF + 6.75%(l)
12.14%
09/2028
1,996
1,968
0.1
1,996
Pyramid Healthcare Acquisition
Corp.#+ . . . . . . . . . . . . . . .
One stop
SF + 4.75%(l)
10.27%
05/2027
18,186
18,077
0.7
18,186
Pyramid Healthcare Acquisition
Corp.+. . . . . . . . . . . . . . . .
One stop
SF + 4.75%(l)
10.32%
05/2027
864
859
—
864
Pyramid Healthcare Acquisition
Corp.+. . . . . . . . . . . . . . . .
One stop
SF + 4.75%(l)
10.27%
05/2027
534
531
—
534
Pyramid Healthcare Acquisition
Corp.+. . . . . . . . . . . . . . . .
One stop
SF + 4.75%(l)
10.27%
05/2027
178
176
—
178
Pyramid Healthcare Acquisition
Corp.+. . . . . . . . . . . . . . . .
One stop
SF + 4.75%(l)
10.27%
05/2027
156
155
—
156
Pyramid Healthcare Acquisition
Corp.+. . . . . . . . . . . . . . . .
One stop
SF + 4.75%(l)
10.27%
05/2027
146
145
—
146
Pyramid Healthcare Acquisition
Corp.+. . . . . . . . . . . . . . . .
One stop
SF + 4.75%(l)
10.32%
05/2027
146
145
—
146
Pyramid Healthcare Acquisition
Corp.+. . . . . . . . . . . . . . . .
One stop
SF + 4.75%(l)
10.27%
05/2027
1,880
1,857
0.1
1,880
Pyramid Healthcare Acquisition
Corp.+. . . . . . . . . . . . . . . .
One stop
SF + 4.75%(l)
10.27%
05/2027
58
57
—
58
Pyramid Healthcare Acquisition
Corp.+(5) . . . . . . . . . . . . . .
One stop
SF + 4.75%
N/A(6)
05/2027
—
(1)
—
—
Pyramid Healthcare Acquisition
Corp.+. . . . . . . . . . . . . . . .
One stop
SF + 4.75%(l)
10.30%
05/2027
1,571
1,562
0.1
1,571
Pyramid Healthcare Acquisition
Corp.+. . . . . . . . . . . . . . . .
One stop
SF + 4.75%(l)
10.28%
05/2027
791
786
—
791
QAD, Inc.+ . . . . . . . . . . . . . .
One stop
SF + 5.38%(k)
10.69%
11/2027
9,393
9,329
0.4
9,393
QAD, Inc.+(5) . . . . . . . . . . . . .
One stop
SF + 5.38%
N/A(6)
11/2027
—
(3)
—
—
Quant Buyer, Inc.+. . . . . . . . . .
One stop
SF + 6.00%(m)
11.30%
06/2029
2,466
2,446
0.1
2,411
Quant Buyer, Inc.+. . . . . . . . . .
One stop
SF + 6.00%(m)
11.30%
06/2029
2,928
2,904
0.1
2,862
Quant Buyer, Inc.+(5) . . . . . . . .
One stop
SF + 6.00%
N/A(6)
06/2029
—
(1)
—
(3)
Quant Buyer, Inc.+. . . . . . . . . .
One stop
SF + 6.00%(m)
11.30%
06/2029
2,006
1,990
0.1
1,961
Quant Buyer, Inc.+(5) . . . . . . . .
One stop
SF + 6.50%
N/A(6)
06/2029
—
(74)
—
—
203
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Software - (continued)
Rainforest Bidco
Limited+(8)(9)(10)(23) . . . . . . .
One stop
SN + 5.50%(i)
8.69% cash/
2.00% PIK
07/2029
$ 7,352
$ 7,015
0.3%
$ 7,022
Rainforest Bidco
Limited+(8)(9)(10)(23) . . . . . . .
One stop
SN + 5.50%(i)
8.69% cash/
2.00% PIK
07/2029
540
516
—
516
Rainforest Bidco
Limited+(8)(10)(23) . . . . . . . . .
One stop
SF + 5.50%(j)
8.80% cash/
2.00% PIK
07/2029
1,423
1,407
0.1
1,356
Rainforest Bidco
Limited+(5)(8)(9)(10) . . . . . . . .
One stop
SN + 6.50%
N/A(6)
07/2029
—
(64)
—
(64)
RegEd Aquireco, LLC+. . . . . . . Senior secured
SF + 4.25%(k)(m)
9.86%
12/2024
11,067
11,071
0.4
10,514
RegEd Aquireco, LLC+. . . . . . . Senior secured
SF + 4.25%(l)(m)
9.94%
12/2024
236
236
—
224
Riskonnect Parent, LLC*+ . . . . .
One stop
SF + 5.50%(l)
11.04%
12/2028
10,102
10,027
0.4
9,900
Riskonnect Parent, LLC+ . . . . .
One stop
SF + 5.50%(l)
11.04%
12/2028
140
138
—
133
Riskonnect Parent, LLC+(5) . . . .
One stop
SF + 5.50%
N/A(6)
12/2028
—
(5)
—
(13)
Rodeo Buyer Company &
Absorb Software Inc.+ . . . . .
One stop
SF + 6.25%(k)
11.67%
05/2027
4,541
4,514
0.2
4,541
Rodeo Buyer Company &
Absorb Software Inc.+ . . . . .
One stop
SF + 6.25%(k)
11.67%
05/2027
27
26
—
27
SailPoint Technologies Holdings,
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(k)
11.58%
08/2029
9,827
9,661
0.4
9,729
SailPoint Technologies Holdings,
Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.25%
N/A(6)
08/2028
—
(1)
—
(2)
Sapphire Bidco Oy+(8)(9)(16) . . . .
One stop
E + 5.75%(d)
9.41%
07/2029
32,488
30,455
1.3
32,488
Sapphire Bidco Oy+(8)(9)(16) . . . .
One stop
E + 5.75%
N/A(6)
07/2029
—
—
—
—
Sonatype, Inc.+ . . . . . . . . . . . .
One stop
SF + 6.75%(k)
12.18%
12/2025
40,459
40,288
1.6
40,459
Sonatype, Inc.+ . . . . . . . . . . . .
One stop
SF + 6.75%(k)
12.18%
12/2025
851
847
—
851
Sonatype, Inc.+(5) . . . . . . . . . .
One stop
SF + 6.75%
N/A(6)
12/2025
—
(1)
—
—
Spartan Buyer Acquisition
Co.*#+(23) . . . . . . . . . . . . . .
One stop
SF + 8.50%(k)
11.82% cash/
2.00% PIK
12/2026
31,705
31,376
1.2
30,754
Spartan Buyer Acquisition
Co.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.50%(k)
11.82% cash/
2.00% PIK
12/2026
2,015
1,983
0.1
1,955
Spartan Buyer Acquisition
Co.+(5)(23). . . . . . . . . . . . . .
One stop
P + 7.50%(b)
14.00% cash/
2.00% PIK
12/2026
1
(1)
—
(1)
Tahoe Bidco B.V. +(8)(14). . . . . .
One stop
SF + 6.00%(k)
11.42%
09/2028
12,058
11,972
0.5
11,696
Tahoe Bidco B.V. +(5)(8)(14) . . . .
One stop
SF + 6.00%
N/A(6)
10/2027
—
(1)
—
(2)
Telesoft Holdings LLC+ . . . . . .
One stop
SF + 5.75%(k)
11.17%
12/2025
877
870
—
864
Telesoft Holdings LLC+ . . . . . .
One stop
SF + 5.75%(k)
11.17%
12/2025
8
8
—
7
Telesoft Holdings LLC+ . . . . . .
One stop
SF + 6.25%(k)
11.67%
08/2028
64
64
—
64
Templafy APS and Templafy,
LLC+(8)(18) . . . . . . . . . . . . .
One stop
SF + 6.00%(m)
11.68%
07/2028
3,171
3,103
0.1
3,171
Templafy APS and Templafy,
LLC+(8)(18) . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
07/2028
—
—
—
—
Templafy APS and Templafy,
LLC+(5)(8)(18) . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
07/2028
—
(14)
—
—
TI Intermediate Holdings,
LLC+ . . . . . . . . . . . . . . . . Senior secured
L + 4.50%(a)
9.87%
12/2024
3,409
3,423
0.1
3,341
TI Intermediate Holdings,
LLC+ . . . . . . . . . . . . . . . . Senior secured
L + 4.25%(a)
9.62%
12/2024
901
894
—
883
TI Intermediate Holdings,
LLC+ . . . . . . . . . . . . . . . . Senior secured
L + 4.25%(a)(b)
9.63%
12/2024
425
422
—
416
TI Intermediate Holdings,
LLC+ . . . . . . . . . . . . . . . . Senior secured
L + 4.50%(a)(m)
9.91%
12/2024
565
562
—
554
TI Intermediate Holdings,
LLC+ . . . . . . . . . . . . . . . . Senior secured
L + 4.50%(a)
9.87%
12/2024
156
155
—
153
TI Intermediate Holdings,
LLC+(5) . . . . . . . . . . . . . . . Senior secured
SF + 4.50%
N/A(6)
12/2024
—
—
—
(2)
204
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Software - (continued)
Togetherwork Holdings,
LLC*#. . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
03/2025
$
15,085 $
15,118
0.6%
$
15,085
Togetherwork Holdings, LLC+ . .
One stop
SF + 6.00%(k)
11.42%
03/2025
6,823
6,774
0.3
6,823
Togetherwork Holdings, LLC+ . .
One stop
SF + 6.00%(k)
11.42%
03/2025
4,139
4,121
0.2
4,139
Togetherwork Holdings, LLC+ . .
One stop
SF + 6.00%(k)
11.42%
03/2025
1,748
1,767
0.1
1,748
Togetherwork Holdings,
LLC#+. . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
03/2025
1,697
1,714
0.1
1,697
Togetherwork Holdings,
LLC*#. . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
03/2025
1,654
1,671
0.1
1,654
Togetherwork Holdings,
LLC#+. . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
03/2025
1,598
1,608
0.1
1,598
Togetherwork Holdings,
LLC*+ . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
03/2025
1,539
1,556
0.1
1,539
Togetherwork Holdings,
LLC#+. . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
03/2025
1,436
1,450
0.1
1,436
Togetherwork Holdings,
LLC*# . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
03/2025
1,175
1,181
—
1,175
Togetherwork Holdings,
LLC#+. . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
03/2025
647
654
—
647
Togetherwork Holdings,
LLC+ . . . . . . . . . . . . . . . .
One stop
SF + 6.00%(k)
11.42%
03/2025
448
446
—
448
Togetherwork Holdings, LLC+ . .
One stop
SF + 6.00%(k)
11.42%
03/2025
434
432
—
434
Togetherwork Holdings, LLC+ . .
One stop
SF + 6.00%(k)
11.42%
03/2025
250
249
—
250
Togetherwork Holdings, LLC+ . .
One stop
SF + 6.00%(k)
11.42%
03/2025
62
63
—
62
Togetherwork Holdings, LLC+ . .
One stop
SF + 6.00%(k)
11.42%
03/2025
57
58
—
57
Togetherwork Holdings,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.00%
N/A(6)
03/2025
—
(2)
—
—
Togetherwork Holdings, LLC+ . .
One stop
SF + 6.00%(k)
11.42%
03/2025
1,326
1,318
0.1
1,326
Togetherwork Holdings, LLC+ . .
One stop
SF + 6.00%(k)
11.42%
03/2025
5,954
5,880
0.2
5,954
Vector CS Midco Limited &
Cloudsense Ltd.+(8)(9)(10)(23) . .
One stop
N/A
4.50% cash/
8.38% PIK
05/2024
8,587
8,980
0.3
7,986
Vector CS Midco Limited &
Cloudsense Ltd.+(8)(9)(10)(23) . .
One stop
N/A
4.50% cash/
8.38% PIK
05/2024
140
150
—
130
Vendavo, Inc.*#+ . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.25%
09/2027
19,413
19,300
0.7
18,442
Vendavo, Inc.+ . . . . . . . . . . . .
One stop
P + 4.75%(b)
13.25%
09/2027
85
84
—
78
WebPT, Inc.+ . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.27%
01/2028
626
619
—
620
Workforce Software, LLC+(23) . .
One stop
SF + 7.25%(l)
9.82% cash/
3.00% PIK
07/2025
29,044
29,280
1.1
28,754
Workforce Software, LLC+(23) . .
One stop
SF + 7.25%(l)
9.82% cash/
3.00% PIK
07/2025
5,140
5,119
0.2
5,088
Workforce Software, LLC+(23) . .
One stop
SF + 7.25%(l)
9.82% cash/
3.00% PIK
07/2025
3,640
3,605
0.1
3,604
Workforce Software, LLC+(5) . . .
One stop
SF + 6.50%
N/A(6)
07/2025
—
(1)
—
(2)
Workforce Software, LLC+(23) . .
One stop
SF + 7.25%(l)
9.82% cash/
3.00% PIK
07/2025
107
106
—
106
Zendesk, Inc.+(23) . . . . . . . . . .
One stop
SF + 6.75%(l)
8.90% cash/
3.25% PIK
11/2028
20,311
19,969
0.8
20,311
Zendesk, Inc.+(5) . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
11/2028
—
(1)
—
—
Zendesk, Inc.+(5) . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
11/2028
—
(43)
—
—
1,365,871
1,356,325
52.9
1,347,754
Specialty Retail
Ave Holdings III, Corp*+ . . . . .
One stop
SF + 5.50%(l)
11.04%
02/2028
25,635
25,256
1.0
24,866
Ave Holdings III, Corp+(5). . . . .
One stop
SF + 5.50%
N/A(6)
02/2028
—
(2)
—
(4)
Ave Holdings III, Corp+ . . . . . .
One stop
SF + 5.50%(l)
11.04%
02/2028
57
49
—
36
205
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Specialty Retail - (continued)
Ave Holdings III, Corp+ . . . . . .
One stop
SF + 5.50%(l)
11.04%
02/2028
$
460
$
456
—%
$
446
Consilio Midco Limited+(8)(10) . .
One stop
SF + 5.75%(l)
11.29%
05/2028
11,421
11,268
0.5
11,307
Consilio Midco Limited#(8)(10) . .
One stop
SF + 5.75%(l)
11.29%
05/2028
9,875
9,799
0.4
9,776
Consilio Midco
Limited+(8)(9)(10) . . . . . . . . .
One stop
E + 6.25%(d)
10.20%
05/2028
8,908
9,416
0.3
8,819
Consilio Midco Limited#(8)(10) . .
One stop
SF + 5.75%(l)
11.29%
05/2028
2,136
2,108
0.1
2,115
Consilio Midco Limited#(8)(10) . .
One stop
SF + 5.75%(l)
11.29%
05/2028
1,421
1,409
0.1
1,406
Consilio Midco Limited+(8)(10) . .
One stop
SF + 5.75%(l)
11.29%
05/2028
726
712
—
719
Consilio Midco Limited+(8)(10) . .
One stop
SF + 5.75%(l)
11.29%
05/2028
100
99
—
99
Consilio Midco
Limited+(5)(8)(9)(10) . . . . . . . .
One stop
E + 6.25%
N/A(6)
05/2028
—
(2)
—
(1)
Consilio Midco Limited+(8)(10) . .
One stop
SF + 5.75%(l)
11.29%
05/2028
8
8
—
8
Consilio Midco
Limited+(8)(9)(10) . . . . . . . . .
One stop
E + 6.25%(d)
10.20%
05/2028
7
7
—
7
Consilio Midco
Limited+(8)(9)(10) . . . . . . . . .
One stop
E + 6.25%(d)
10.20%
05/2028
64
64
—
64
Consilio Midco
Limited+(8)(9)(10) . . . . . . . . .
One stop
E + 6.25%(d)
10.20%
05/2028
15
15
—
15
Consilio Midco
Limited+(8)(9)(10) . . . . . . . . .
One stop
E + 6.25%(d)
10.20%
05/2028
28
28
—
28
Consilio Midco
Limited+(8)(9)(10) . . . . . . . . .
One stop
E + 6.25%(d)
10.20%
05/2028
17
18
—
17
Cycle Gear, Inc.*#+ . . . . . . . . .
One stop
SF + 5.50%(l)
11.04%
01/2026
46,953
46,848
1.7
44,135
Imperial Optical
Midco Inc.+(23) . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
21,847
21,796
0.8
20,827
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
3,796
3,786
0.2
3,618
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
2,889
2,950
0.1
2,754
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
3,156
3,149
0.1
3,009
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 13.00%(l)
8.02% cash/
10.50% PIK
05/2024
3,851
3,796
0.2
3,845
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
5,593
5,699
0.2
5,332
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
37,604
37,739
1.4
35,849
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
5,079
5,067
0.2
4,842
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
134
133
—
128
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
79
79
—
76
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
2,539
2,533
0.1
2,420
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
42
41
—
40
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
524
523
—
500
Imperial Optical Midco
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 8.75%(l)
6.52% cash/
7.75% PIK
05/2024
1,256
1,253
0.1
1,198
Imperial Optical Midco Inc.+ . . .
One stop
SF + 13.00%
N/A(6)
05/2024
—
—
—
231
PPV Intermediate Holdings,
LLC#+. . . . . . . . . . . . . . . .
One stop
SF + 5.75%(l)
11.17%
08/2029
9,613
9,470
0.4
9,469
PPV Intermediate Holdings,
LLC+(23) . . . . . . . . . . . . . .
One stop
N/A
13.50% PIK
08/2030
1,046
1,026
—
983
206
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Specialty Retail - (continued)
PPV Intermediate Holdings,
LLC+(5) . . . . . . . . . . . . . . .
One stop
SF + 5.75%
N/A(6)
08/2029
$
—
$
(7)
—%
$
(6)
PPV Intermediate Holdings,
LLC+(23) . . . . . . . . . . . . . .
One stop
N/A
13.50% PIK
08/2030
44
40
—
41
PPV Intermediate Holdings,
LLC+(23) . . . . . . . . . . . . . .
One stop
N/A
13.50% PIK
08/2030
242
239
—
227
PPV Intermediate Holdings,
LLC+(23) . . . . . . . . . . . . . .
One stop
N/A
13.50% PIK
08/2030
44
44
—
42
PPV Intermediate Holdings,
LLC+(23) . . . . . . . . . . . . . .
One stop
N/A
14.25% PIK
08/2030
2,743
2,663
0.1
2,660
Salon Lofts Group, LLC+ . . . . . Senior secured
SF + 6.25%(m)
11.59%
08/2028
3,540
3,511
0.2
3,505
Salon Lofts Group, LLC+ . . . . . Senior secured
SF + 6.25%(m)
11.60%
08/2028
75
73
—
73
Salon Lofts Group, LLC+(5). . . . Senior secured
SF + 6.25%
N/A(6)
08/2028
—
(8)
—
(10)
Salon Lofts Group, LLC+ . . . . . Senior secured
SF + 6.25%(l)
11.64%
08/2028
58
57
—
57
Salon Lofts Group, LLC+ . . . . . Senior secured
SF + 6.25%(m)
11.59%
08/2028
231
229
—
229
Salon Lofts Group, LLC+ . . . . . Senior secured
SF + 6.25%(l)
11.64%
08/2028
183
182
—
181
Salon Lofts Group, LLC+ . . . . . Senior secured
SF + 6.25%(l)
11.64%
08/2028
76
76
—
76
Salon Lofts Group, LLC+ . . . . .
Second lien
SF + 9.00%(m)
14.45%
09/2029
902
830
—
848
Salon Lofts Group, LLC+ . . . . . Senior secured
SF + 6.25%(m)
11.68%
08/2028
239
237
—
236
Salon Lofts Group, LLC+ . . . . . Senior secured
SF + 6.25%(m)
11.63%
08/2028
54
53
—
53
Salon Lofts Group, LLC+(5). . . . Senior secured
SF + 6.25%
N/A(6)
08/2028
—
(6)
—
(6)
SureWerx Purchaser III,
Inc.+(8) . . . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
12.14%
12/2029
20,594
20,134
0.8
20,594
SureWerx Purchaser III,
Inc.+(8) . . . . . . . . . . . . . . .
One stop
SF + 6.75%(k)(l)
12.07%
12/2028
29
28
—
29
SureWerx Purchaser III,
Inc.+(5)(8) . . . . . . . . . . . . . .
One stop
SF + 6.75%
N/A(6)
12/2029
—
(57)
—
—
Titan Fitness, LLC*#+(23). . . . . .
One stop
SF + 6.75%(k)(l)(m)
10.45% cash/
2.00% PIK
02/2025
31,131
31,236
1.1
28,639
Titan Fitness, LLC+(23) . . . . . . .
One stop
L + 6.75%(a)
10.00% cash/
2.00% PIK
02/2025
1,939
1,932
0.1
1,784
Titan Fitness, LLC+(23) . . . . . . .
One stop
L + 6.75%(a)
10.00% cash/
2.00% PIK
02/2025
500
499
—
458
Vermont Aus Pty Ltd+(8)(11) . . . .
One stop
SF + 5.50%(l)
11.04%
03/2028
8,258
8,165
0.3
8,258
Vermont Aus Pty Ltd+(8)(9)(11). . .
One stop
A + 5.75%(f)
9.94%
03/2028
7,244
8,312
0.3
7,244
VSG Acquisition Corp. and
Sherrill, Inc.+ . . . . . . . . . . .
One stop
SF + 5.50%(m)
11.40%
04/2028
8,225
8,132
0.3
7,896
VSG Acquisition Corp. and
Sherrill, Inc.+ . . . . . . . . . . .
One stop
SF + 5.50%(b)(l)
11.34%
04/2028
10
9
—
6
VSG Acquisition Corp. and
Sherrill, Inc.+ . . . . . . . . . . .
One stop
SF + 5.50%(m)
11.31%
04/2028
106
102
—
101
293,346
293,301
11.1
282,194
Technology Hardware, Storage &
Peripherals
Agility Recovery Solutions
Inc.+(23) . . . . . . . . . . . . . . .
One stop
SF + 6.75%(l)
11.54% cash/
0.75% PIK
12/2024
22,200
22,200
0.9
22,375
Agility Recovery Solutions
Inc.+(23) . . . . . . . . . . . . . . .
One stop
P + 5.50%(b)(l)
12.47% cash/
0.75% PIK
12/2024
742
742
—
752
22,942
22,942
0.9
23,127
207
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Textiles, Apparel & Luxury
Goods
Dollfus Mieg Company,
Inc.+(8)(10) . . . . . . . . . . . . .
One stop
L + 6.00%(a)
11.90%
03/2028
$ 1,954
$ 1,936
0.1%
$ 1,856
Dollfus Mieg Company,
Inc.+(8)(10) . . . . . . . . . . . . .
One stop
L + 6.00%(a)
11.90%
03/2028
974
965
—
925
Dollfus Mieg Company,
Inc.+(8)(10) . . . . . . . . . . . . .
One stop
L + 6.00%(a)
11.90%
03/2028
855
848
—
813
Dollfus Mieg Company,
Inc.+(8)(9)(10) . . . . . . . . . . . .
One stop
E + 6.00%
N/A(6)
03/2028
—
—
—
—
Elite Sportswear, L.P.+(23) . . . . . Senior secured
SF + 7.75%(l)
11.90% cash/
1.50% PIK
09/2025
9,976
9,898
0.4
9,577
Elite Sportswear, L.P.+(23) . . . . . Senior secured
SF + 7.75%(l)
11.90% cash/
1.50% PIK
09/2025
4,009
3,978
0.2
3,848
Elite Sportswear, L.P.+(23) . . . . . Senior secured
SF + 7.75%(l)
11.90% cash/
1.50% PIK
09/2025
2,063
2,047
0.1
1,981
Elite Sportswear, L.P.+(23) . . . . . Senior secured
SF + 7.75%(l)
11.90% cash/
1.50% PIK
09/2025
113
105
—
70
Elite Sportswear, L.P.*+(23). . . . . Senior secured
SF + 7.75%(l)
11.90% cash/
1.50% PIK
09/2025
684
680
—
657
Elite Sportswear, L.P.+(23) . . . . . Senior secured
SF + 7.75%(l)
11.90% cash/
1.50% PIK
09/2025
314
311
—
301
Elite Sportswear, L.P.*+(23). . . . . Senior secured
SF + 7.75%(l)
11.90% cash/
1.50% PIK
09/2025
300
297
—
288
Elite Sportswear, L.P.+(23) . . . . . Senior secured
SF + 7.75%(l)
11.90% cash/
1.50% PIK
09/2025
4
4
—
2
Georgica Pine Clothiers, LLC+. .
One stop
SF + 5.50%(l)
11.04%
11/2023
9,512
9,504
0.4
9,538
Georgica Pine Clothiers, LLC+. .
One stop
SF + 5.50%(l)
11.04%
11/2023
6,440
6,434
0.3
6,458
Georgica Pine Clothiers, LLC+. .
One stop
SF + 5.50%(l)
11.04%
11/2023
997
996
—
999
Georgica Pine Clothiers, LLC+. .
One stop
SF + 5.50%(l)
11.04%
11/2023
895
895
—
898
Georgica Pine Clothiers, LLC+. .
One stop
SF + 5.50%(l)
11.04%
11/2023
628
628
—
630
Georgica Pine Clothiers, LLC+. .
One stop
SF + 5.50%(l)
11.04%
11/2023
2
2
—
2
SHO Holding I Corporation+ . . . Senior secured
SF + 5.25%(l)
10.88%
04/2024
3,918
3,920
0.2
3,644
SHO Holding I Corporation+ . . . Senior secured
SF + 5.23%(l)
10.86%
04/2024
56
56
—
52
SHO Holding I Corporation+ . . . Senior secured
SF + 5.00%(l)
10.61%
04/2024
84
84
—
78
SHO Holding I Corporation+ . . . Senior secured
SF + 4.00%(l)
9.63%
04/2024
50
50
—
50
SHO Holding I Corporation+ . . . Senior secured
SF + 4.00%(l)
9.65%
04/2024
—
—
—
—
SHO Holding I Corporation+ . . . Senior secured
SF + 5.23%(l)
10.83%
04/2024
—
—
—
—
43,828
43,638
1.7
42,667
Trading Companies &
Distributors
Marcone Yellowstone Buyer
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
06/2028
18,924
18,668
0.7
17,789
Marcone Yellowstone Buyer
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
06/2028
15,093
14,871
0.6
14,187
Marcone Yellowstone Buyer
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.81%
06/2028
451
444
—
424
Marcone Yellowstone Buyer
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
06/2028
453
447
—
426
Marcone Yellowstone Buyer
Inc.+ . . . . . . . . . . . . . . . . .
One stop
SF + 6.50%(l)
12.04%
06/2028
4,113
4,009
0.2
3,908
Marcone Yellowstone Buyer
Inc.+(5) . . . . . . . . . . . . . . .
One stop
SF + 6.50%
N/A(6)
06/2028
—
(36)
—
—
39,034
38,403
1.5
36,734
208
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Water Utilities
S.J. Electro Systems, LLC+ . . . . Senior secured
SF + 4.75%(l)
10.27%
06/2027
$
16,836 $
16,732
0.6%
$
15,995
S.J. Electro Systems, LLC+ . . . . Senior secured
SF + 4.75%(l)
10.27%
06/2027
58
57
—
51
S.J. Electro Systems, LLC+ . . . . Senior secured
SF + 4.75%(l)
10.27%
06/2027
79
79
—
75
Vessco Midco Holdings, LLC+. . Senior secured
SF + 4.50%(a)(m)
10.04%
11/2026
2,101
2,082
0.1
2,101
Vessco Midco Holdings,
LLC+(5) . . . . . . . . . . . . . . . Senior secured
SF + 4.00%
N/A(6)
11/2026
—
(6)
—
—
Vessco Midco Holdings, LLC+. . Senior secured
SF + 4.50%(k)
9.92%
11/2026
206
204
—
206
Vessco Midco Holdings, LLC+. . Senior secured
SF + 4.50%
N/A(6)
10/2026
—
—
—
—
19,280
19,148
0.7
18,428
Total non-controlled/non-affiliate company debt investments . . . . . . . . . . . . . . . . . . . .
5,236,123
5,214,755
201.4
5,132,167
209
See Notes to Consolidated Financial Statements.

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)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Equity investments(19)(20)
Aerospace & Defense
PPW Aero Buyer, Inc.+ . . . .
LP units
N/A
N/A
02/2023
N/A
66
$ 664
—%
$ 694
Tronair Parent, Inc.+ . . . . . .
LLC units
N/A
N/A
07/2021
N/A
—
40
—
38
704
—
732
Auto Components
Polk Acquisition Corp.+. . . .
LP interest
N/A
N/A
06/2016
N/A
5
314
—
—
Automobiles
CG Group Holdings, LLC+. .
LP units
N/A
N/A
07/2021
N/A
1
730
—
487
Go Car Wash Parent,
Corp.+(21). . . . . . . . . . . Preferred stock
N/A
17.00%
Non-Cash
04/2022
N/A
—
88
—
92
Go Car Wash Parent,
Corp.+ . . . . . . . . . . . . Common stock
N/A
N/A
04/2022
N/A
—
50
—
40
MOP GM Holding, LLC+ . .
LP units
N/A
N/A
11/2020
N/A
—
330
—
357
National Express Wash
Parent Holdco, LLC+ . . .
LP units
N/A
N/A
07/2022
N/A
1
61
—
70
POY Holdings, LLC+ . . . . .
LLC units
N/A
N/A
11/2022
N/A
141
141
—
354
Quick Quack Car Wash
Holdings, LLC . . . . . . .
LLC interest
N/A
N/A
04/2018
N/A
—
508
0.1
728
1,908
0.1
2,128
Biotechnology
Cobepa BlueSky Aggregator,
SCSp+ . . . . . . . . . . . .
LP interest
N/A
N/A
12/2021
N/A
177
1,769
0.1
1,315
Building Products
BECO Holding Company,
Inc.+(21) . . . . . . . . . . . . Preferred stock
N/A
11.75%
Non-Cash
11/2021
N/A
10
1,086
0.1
1,163
BECO Holding Company,
Inc.+. . . . . . . . . . . . . .
LP interest
N/A
N/A
11/2021
N/A
2
196
—
201
1,282
0.1
1,364
Chemicals
Inhance Technologies
Holdings LLC+ . . . . . . . Preferred stock
N/A
N/A
12/2021
N/A
2
1,960
0.1
1,785
Inhance Technologies
Holdings LLC+ . . . . . . .
LLC units
N/A
N/A
07/2018
N/A
—
124
—
40
2,084
0.1
1,825
Commercial Services &
Supplies
CI (Quercus) Intermediate
Holdings, LLC+. . . . . . .
LP interest
N/A
N/A
10/2021
N/A
540
540
—
625
EGD Security Systems,
LLC +. . . . . . . . . . . . . Common stock
N/A
N/A
12/2021
N/A
855
578
0.1
1,224
Franchise Brands
plc+(8)(9)(10)(22) . . . . . . . . Common stock
N/A
N/A
04/2023
N/A
51
113
—
100
North Haven Stack Buyer,
LLC. . . . . . . . . . . . . .
LLC units
N/A
N/A
07/2021
N/A
359
360
—
515
PT Intermediate Holdings
III, LLC+(21) . . . . . . . . .
LLC units
N/A
N/A
12/2021
N/A
8
767
—
898
Radwell Parent, LLC+(21) . . .
LP units
N/A
N/A
03/2022
N/A
2
233
—
293
2,591
0.1
3,655
Containers & Packaging
Chase Intermediate+ . . . . . .
LP units
N/A
N/A
04/2022
N/A
49
25
—
56
210
See Notes to Consolidated Financial Statements.

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)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Diversified Consumer Services
CHHJ Midco, LLC+(21) . . . .
LLC units
N/A
N/A
01/2021
N/A
19
$ 193
—%
$ 302
DP Flores Holdings, LLC+ . .
LLC units
N/A
N/A
09/2022
N/A
70
70
—
79
EMS LINQ, LLC+ . . . . . . .
LP interest
N/A
N/A
12/2021
N/A
525
525
—
408
EWC Growth Partners
LLC+ . . . . . . . . . . . . .
LLC interest
N/A
N/A
03/2020
N/A
—
12
—
2
HS Spa Holdings, Inc.+ . . . . Common stock
N/A
N/A
05/2022
N/A
479
479
—
496
Liminex, Inc.+. . . . . . . . . . Common stock
N/A
N/A
11/2020
N/A
12
434
0.1
699
NSG Buyer, Inc. +(8). . . . . .
LP units
N/A
N/A
11/2022
N/A
2
1,860
0.1
1,812
PADI Holdco, Inc.+ . . . . . .
LLC interest
N/A
N/A
07/2017
N/A
1
987
—
755
4,560
0.2
4,553
Electronic Equipment,
Instruments & Components
Inventus Power, Inc.+ . . . . . Preferred stock
N/A
N/A
03/2014
N/A
—
372
—
97
Inventus Power, Inc.+ . . . . .
LLC units
N/A
N/A
04/2018
N/A
—
88
—
276
Inventus Power, Inc.+ . . . . .
LP interest
N/A
N/A
05/2019
N/A
—
20
—
61
Inventus Power, Inc.+ . . . . . Common stock
N/A
N/A
03/2014
N/A
—
—
—
—
480
—
434
Food & Staples Retailing
Benihana, Inc.+ . . . . . . . . .
LLC units
N/A
N/A
08/2012
N/A
43
699
—
896
Cafe Rio Holding, Inc.+. . . . Common stock
N/A
N/A
09/2017
N/A
5
604
—
987
Hopdoddy Holdings, LLC+. .
LLC units
N/A
N/A
08/2015
N/A
44
217
—
5
Hopdoddy Holdings, LLC+. .
LLC units
N/A
N/A
02/2016
N/A
20
61
—
1
Mendocino Farms, LLC+ . . . Common stock
N/A
N/A
06/2018
N/A
168
770
0.1
1,535
Ruby Slipper Cafe LLC,
The+. . . . . . . . . . . . . .
LLC interest
N/A
N/A
01/2018
N/A
32
389
—
183
Ruby Slipper Cafe LLC,
The+. . . . . . . . . . . . . .
LLC interest
N/A
N/A
08/2020
N/A
2
20
—
33
2,760
0.1
3,640
Food Products
Borrower R365 Holdings,
LLC+ . . . . . . . . . . . . . Preferred stock
N/A
N/A
06/2021
N/A
77
102
—
173
Borrower R365 Holdings,
LLC+ . . . . . . . . . . . . .
LLC units
N/A
N/A
01/2022
N/A
3
5
—
7
Borrower R365 Holdings,
LLC+ . . . . . . . . . . . . . Common stock
N/A
N/A
06/2022
N/A
1
2
—
2
Borrower R365 Holdings,
LLC+ . . . . . . . . . . . . . Preferred stock
N/A
N/A
06/2022
N/A
1
2
—
3
Borrower R365 Holdings,
LLC+ . . . . . . . . . . . . . Preferred stock
N/A
N/A
05/2023
N/A
4
9
—
9
Borrower R365 Holdings,
LLC+ . . . . . . . . . . . . . Preferred stock
N/A
N/A
05/2023
N/A
1
2
—
2
Borrower R365 Holdings,
LLC+ . . . . . . . . . . . . .
LP units
N/A
N/A
05/2023
N/A
—
1
—
1
C. J. Foods, Inc.+. . . . . . . . Preferred stock
N/A
N/A
11/2014
N/A
—
75
0.1
1,285
Kodiak Cakes, LLC+ . . . . . Common stock
N/A
N/A
06/2021
N/A
—
472
—
299
Louisiana Fish Fry Products,
Ltd.+ . . . . . . . . . . . . . Common stock
N/A
N/A
07/2021
N/A
—
483
—
346
Louisiana Fish Fry Products,
Ltd.+ . . . . . . . . . . . . . Preferred stock
N/A
N/A
09/2022
N/A
—
13
—
25
P&P Food Safety Holdings,
Inc.+. . . . . . . . . . . . . . Common stock
N/A
N/A
12/2020
N/A
4
356
—
220
Purfoods, LLC+. . . . . . . . .
LLC interest
N/A
N/A
05/2016
N/A
—
945
0.2
4,430
2,467
0.3
6,802
211
See Notes to Consolidated Financial Statements.

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)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Equipment &
Supplies
Aspen Medical Products,
LLC+ . . . . . . . . . . . . .
LP interest
N/A
N/A
06/2019
N/A
—
$
77
—%
$
88
Blue River Pet Care, LLC+. . Common stock
N/A
N/A
08/2019
N/A
—
76
—
211
CCSL Holdings, LLC+(8) . . .
LP interest
N/A
N/A
12/2020
N/A
—
337
—
315
CMI Parent Inc.+ . . . . . . . . Common stock
N/A
N/A
08/2019
N/A
—
132
—
186
CMI Parent Inc.+ . . . . . . . . Common stock
N/A
N/A
08/2019
N/A
3
3
—
275
G & H Wire Company,
Inc.+. . . . . . . . . . . . . .
LLC interest
N/A
N/A
09/2017
N/A
335
269
—
54
894
—
1,129
Healthcare Providers &
Services
Active Day, Inc.+. . . . . . . .
LLC interest
N/A
N/A
12/2015
N/A
2
1,099
—
156
Acuity Eyecare Holdings,
LLC+(21) . . . . . . . . . . .
LLC interest
N/A
N/A
03/2017
N/A
1,632
2,235
0.2
4,917
Acuity Eyecare Holdings,
LLC+ . . . . . . . . . . . . .
LLC units
N/A
N/A
05/2021
N/A
889
1,023
0.1
2,950
ADCS Clinics Intermediate
Holdings, LLC+. . . . . . . Preferred stock
N/A
N/A
05/2016
N/A
2
1,119
0.1
1,562
ADCS Clinics Intermediate
Holdings, LLC+. . . . . . . Common stock
N/A
N/A
05/2016
N/A
—
6
—
—
AVG Intermediate Holdings
& AVG Subsidiary
Holdings LLC+ . . . . . . .
LLC units
N/A
N/A
03/2021
N/A
129
132
—
202
CRH Healthcare Purchaser,
Inc.+. . . . . . . . . . . . . .
LP interest
N/A
N/A
12/2018
N/A
429
327
—
631
DCA Investment Holding,
LLC(21) . . . . . . . . . . . . Preferred stock
N/A
8.00%
Non-Cash
12/2022
N/A
1,142
558
0.1
1,214
DCA Investment Holding,
LLC. . . . . . . . . . . . . . Common stock
N/A
N/A
12/2022
N/A
12
5
—
22
Emerge Intermediate, Inc.+ . .
LLC units
N/A
N/A
02/2021
N/A
—
648
—
507
Emerge Intermediate, Inc.+ . .
LLC units
N/A
N/A
02/2021
N/A
—
61
—
76
Emerge Intermediate, Inc.+ . .
LLC units
N/A
N/A
02/2021
N/A
9
4
—
—
Encore GC Acquisition,
LLC+ . . . . . . . . . . . . .
LLC interest
N/A
N/A
01/2015
N/A
26
272
—
—
Encore GC Acquisition,
LLC+ . . . . . . . . . . . . .
LLC units
N/A
N/A
01/2015
N/A
26
52
—
—
Encorevet Group LLC+ . . . . Common stock
N/A
N/A
04/2020
N/A
—
15
—
16
Encorevet Group LLC+ . . . .
LLC units
N/A
N/A
12/2020
N/A
—
11
—
9
Krueger-Gilbert Health
Physics, LLC+. . . . . . . . Common stock
N/A
N/A
05/2019
N/A
185
212
—
267
Midwest Veterinary Partners,
LLC+(21) . . . . . . . . . . . Preferred stock
N/A
12.00%
Non-Cash
08/2021
N/A
1
1,165
0.1
1,222
Midwest Veterinary Partners,
LLC+ . . . . . . . . . . . . .
Warrant
N/A
N/A
07/2019
N/A
6
—
—
342
Midwest Veterinary Partners,
LLC+(21) . . . . . . . . . . . Preferred stock
N/A
10.00%
Non-Cash
07/2019
N/A
—
30
—
43
MWD Management, LLC &
MWD Services, Inc.+ . . .
LLC interest
N/A
N/A
06/2017
N/A
412
335
—
617
NDX Parent, LLC+ . . . . . . Common stock
N/A
N/A
06/2021
N/A
—
272
—
39
NDX Parent, LLC+ . . . . . . Preferred stock
N/A
N/A
01/2023
N/A
40
40
—
45
New Look (Delaware)
Corporation and NL1
AcquireCo, Inc.+(8)(9)(12). . Common stock
N/A
N/A
05/2021
N/A
—
321
—
311
Oliver Street Dermatology
Holdings, LLC+. . . . . . .
LLC interest
N/A
N/A
05/2016
N/A
452
234
—
—
Pinnacle Treatment Centers,
Inc.+. . . . . . . . . . . . . .
LLC interest
N/A
N/A
08/2016
N/A
—
528
0.1
799
212
See Notes to Consolidated Financial Statements.

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)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Healthcare Providers &
Services - (continued)
Pinnacle Treatment Centers,
Inc.+. . . . . . . . . . . . . .
LLC interest
N/A
N/A
08/2016
N/A
4
$
74
—%
$
407
Radiology Partners, Inc.+ . . .
LLC units
N/A
N/A
02/2018
N/A
11
68
—
85
Radiology Partners, Inc.+ . . .
LLC interest
N/A
N/A
09/2014
N/A
43
55
—
338
Sage Dental Management,
LLC+ . . . . . . . . . . . . .
LLC units
N/A
N/A
10/2012
N/A
—
249
—
448
Sage Dental Management,
LLC+ . . . . . . . . . . . . .
LLC units
N/A
N/A
10/2012
N/A
3
3
—
—
Suveto Buyer, LLC+ . . . . . . Common stock
N/A
N/A
11/2021
N/A
6
562
—
378
11,715
0.7
17,603
Healthcare Technology
Connexin Software, Inc.+ . . .
LLC interest
N/A
N/A
02/2018
N/A
154
193
—
222
HSI Halo Acquisition,
Inc.+(21) . . . . . . . . . . . . Preferred stock
N/A
10.00%
Non-Cash
10/2019
N/A
—
303
—
435
HSI Halo Acquisition,
Inc.+. . . . . . . . . . . . . .
LP interest
N/A
N/A
10/2019
N/A
—
5
—
130
Symplr Software, Inc.+(21) . . Preferred stock
N/A
11.00%
Non-Cash
10/2021
N/A
12
13,373
0.5
13,369
Symplr Software, Inc.+(21) . . Preferred stock
SF + 10.50%(l)
15.74%
Non-Cash
11/2018
N/A
2
3,391
0.2
4,605
Symplr Software, Inc.+(21) . . Preferred stock
N/A
11.00%
Non-Cash
12/2020
N/A
2
1,635
0.1
1,774
Symplr Software, Inc.+(21) . . Preferred stock
N/A
11.00%
Non-Cash
06/2021
N/A
1
1,002
0.1
1,037
Symplr Software, Inc.+ . . . .
LLC units
N/A
N/A
09/2021
N/A
—
161
—
173
Symplr Software, Inc.+ . . . . Common stock
N/A
N/A
11/2018
N/A
177
—
—
801
Tebra Technologies, Inc.+. . .
Warrant
N/A
N/A
03/2019
N/A
169
871
—
681
Tebra Technologies, Inc.+. . .
Warrant
N/A
N/A
06/2017
N/A
53
162
—
179
Tebra Technologies, Inc.+. . .
LLC interest
N/A
N/A
07/2022
N/A
348
2,824
0.1
3,113
Tebra Technologies, Inc.+. . . Preferred stock
N/A
N/A
09/2018
N/A
1
8
—
12
23,928
1.0
26,531
Hotels, Restaurants & Leisure
Freddy’s Frozen Custard
LLC+(21) . . . . . . . . . . .
LP interest
N/A
N/A
03/2021
N/A
206
188
—
369
Harri US LLC+ . . . . . . . . .
LLC units
N/A
N/A
02/2022
N/A
83
658
—
609
Harri US LLC+ . . . . . . . . . Preferred stock
N/A
N/A
10/2021
N/A
71
455
—
512
Harri US LLC+ . . . . . . . . .
Warrant
N/A
N/A
10/2021
N/A
24
106
—
162
LMP TR Holdings,
LLC(21) . . . . . . . . . . . .
LLC units
N/A
N/A
05/2013
N/A
712
712
0.1
2,437
SSRG Holdings, LLC+ . . . .
LP interest
N/A
N/A
11/2019
N/A
6
61
—
86
Tropical Smoothie Cafe
Holdings, LLC+. . . . . . .
LP interest
N/A
N/A
09/2020
N/A
5
246
0.1
1,074
2,426
0.2
5,249
Insurance
Accession Risk Management
Group, Inc.+(21) . . . . . . . Preferred stock
N/A
13.25%
Non-Cash
08/2023
N/A
3
2,667
0.1
2,619
Majesco+(21) . . . . . . . . . . . Preferred stock
N/A
9.00%
Non-Cash
09/2020
N/A
—
316
—
398
Majesco+ . . . . . . . . . . . . .
LP interest
N/A
N/A
09/2020
N/A
69
—
—
203
2,983
0.1
3,220
213
See Notes to Consolidated Financial Statements.

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)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Internet & Direct Marketing
Retail
Revalize, Inc.+ . . . . . . . . . Preferred stock
N/A
N/A
12/2021
N/A
17
$17,025
0.8%
$19,463
Revalize, Inc.+ . . . . . . . . . Preferred stock
N/A
N/A
12/2021
N/A
10
10,219
0.5
11,682
Revalize, Inc.+ . . . . . . . . . Preferred stock
N/A
N/A
04/2022
N/A
1
1,104
—
1,218
Revalize, Inc.+ . . . . . . . . . Preferred stock
N/A
N/A
12/2022
N/A
7
7,034
0.3
7,225
35,382
1.6
39,588
IT Services
Appriss Health Intermediate
Holdings, Inc+(21). . . . . . Preferred stock
N/A
11.00%
Non-Cash
05/2021
N/A
2
2,272
0.1
2,285
Arctic Wolf Networks, Inc.
and Arctic Wolf Networks
Canada, Inc.+ . . . . . . . . Preferred stock
N/A
N/A
02/2020
N/A
587
462
0.2
4,260
Arctic Wolf Networks, Inc.
and Arctic Wolf Networks
Canada, Inc.+ . . . . . . . . Preferred stock
N/A
N/A
10/2020
N/A
154
423
0.1
1,117
Arctic Wolf Networks, Inc.
and Arctic Wolf Networks
Canada, Inc.+ . . . . . . . . Preferred stock
N/A
N/A
07/2021
N/A
35
291
—
256
Arctic Wolf Networks, Inc.
and Arctic Wolf Networks
Canada, Inc.+ . . . . . . . .
Warrant
N/A
N/A
08/2020
N/A
202
159
0.1
1,361
Critical Start, Inc.+ . . . . . . . Common stock
N/A
N/A
05/2022
N/A
225
225
—
269
Optimizely North America,
Inc.+. . . . . . . . . . . . . . Common stock
N/A
N/A
10/2018
N/A
75
807
—
683
Kentik Technologies, Inc.+ . . Preferred stock
N/A
N/A
09/2021
N/A
192
1,103
—
1,103
Netwrix Corporation+(21) . . .
LLC units
N/A
N/A
06/2022
N/A
5
10
—
16
PCS Intermediate II
Holdings, LLC+. . . . . . .
LLC interest
N/A
N/A
01/2020
N/A
37
367
—
574
Red Dawn SEI Buyer,
Inc.+. . . . . . . . . . . . . .
LP interest
N/A
N/A
04/2018
N/A
13
13
—
22
Saturn Borrower Inc.+ . . . . .
LP units
N/A
N/A
09/2020
N/A
346
346
—
114
6,478
0.5
12,060
Leisure Products
Massage Envy, LLC+ . . . . .
LLC interest
N/A
N/A
09/2012
N/A
749
210
0.1
1,783
WBZ Investment LLC+ . . . .
LLC interest
N/A
N/A
09/2018
N/A
67
117
—
137
WBZ Investment LLC+ . . . .
LLC interest
N/A
N/A
09/2018
N/A
46
80
—
93
WBZ Investment LLC+ . . . .
LLC interest
N/A
N/A
09/2018
N/A
38
65
—
77
WBZ Investment LLC+ . . . .
LLC interest
N/A
N/A
09/2018
N/A
33
58
—
67
WBZ Investment LLC+ . . . .
LLC interest
N/A
N/A
09/2018
N/A
15
24
—
28
WBZ Investment LLC+ . . . .
LLC interest
N/A
N/A
09/2018
N/A
2
2
—
2
556
0.1
2,187
Life Sciences Tools & Services
Celerion Buyer, Inc.+ . . . . .
LP units
N/A
N/A
11/2022
N/A
930
930
0.1
930
Celerion Buyer, Inc.+ . . . . .
LP units
N/A
N/A
11/2022
N/A
930
—
—
287
PAS Parent Inc.+ . . . . . . . .
LP interest
N/A
N/A
12/2021
N/A
9
933
—
879
PAS Parent Inc.+ . . . . . . . . Preferred stock
N/A
N/A
03/2023
N/A
1
139
—
162
Reaction Biology
Corporation+. . . . . . . . .
LLC units
N/A
N/A
03/2022
N/A
—
265
—
273
2,267
0.1
2,531
Oil, Gas & Consumable Fuels
W3 Co.+ . . . . . . . . . . . . .
LLC interest
N/A
N/A
03/2017
N/A
3
1,633
0.1
2,002
W3 Co.+ . . . . . . . . . . . . . Preferred stock
N/A
N/A
01/2019
N/A
—
224
—
254
1,857
0.1
2,256
214
See Notes to Consolidated Financial Statements.

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)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Paper & Forest Products
Messenger, LLC+. . . . . . . .
LLC units
N/A
N/A
12/2021
N/A
3
$
312
—%
$
160
Messenger, LLC+. . . . . . . .
LLC units
N/A
N/A
12/2021
N/A
—
—
—
—
312
—
160
Pharmaceuticals
Amalthea Parent,
Inc.+(8)(12) . . . . . . . . . .
LP interest
N/A
N/A
03/2021
N/A
502
502
—
432
Cobalt Buyer Sub, Inc.+(21). . Preferred stock
SF + 10.00%(l)
15.24%
Non-Cash
10/2021
N/A
8
9,066
0.4
10,241
Cobalt Buyer Sub, Inc.+. . . . Preferred stock
N/A
N/A
10/2021
N/A
—
168
—
167
Cobalt Buyer Sub, Inc.+. . . . Common stock
N/A
N/A
10/2021
N/A
2
2
—
—
9,738
0.4
10,840
Professional Services
Brandmuscle, Inc.+. . . . . . .
LLC interest
N/A
N/A
12/2015
N/A
—
216
—
233
Enboarder, Inc.+(8)(11) . . . . . Preferred stock
N/A
N/A
01/2022
N/A
56
573
—
573
Filevine, Inc.+. . . . . . . . . . Preferred stock
N/A
N/A
04/2022
N/A
221
1,402
0.1
1,598
Filevine, Inc.+. . . . . . . . . .
Warrant
N/A
N/A
04/2022
N/A
33
49
—
171
Filevine, Inc.+. . . . . . . . . .
Warrant
N/A
N/A
07/2023
N/A
90
90
—
92
Net Health Acquisition
Corp.+ . . . . . . . . . . . .
LP interest
N/A
N/A
12/2017
N/A
13
1,509
0.1
1,636
Procure Acquireco, Inc.+ . . .
LP interest
N/A
N/A
12/2021
N/A
—
486
—
611
4,325
0.2
4,914
Real Estate Management &
Development
Inhabit IQ Inc.+. . . . . . . . . Common stock
N/A
N/A
01/2018
N/A
62
434
0.1
1,023
SC Landco Parent, LLC+ . . . Common stock
N/A
N/A
09/2022
N/A
2
274
—
254
708
0.1
1,277
Road & Rail
Internet Truckstop Group
LLC+ . . . . . . . . . . . . .
LP interest
N/A
N/A
04/2019
N/A
408
447
—
484
Software
Anaplan, Inc.+. . . . . . . . . .
LP interest
N/A
N/A
06/2022
N/A
385
385
—
547
Aras Corporation+(21) . . . . . Preferred stock
N/A
12.00%
Non-Cash
04/2021
N/A
1
1,155
0.1
1,238
Aras Corporation+ . . . . . . .
LP interest
N/A
N/A
04/2021
N/A
306
306
—
409
Astute Holdings, Inc.+. . . . .
LP interest
N/A
N/A
04/2019
N/A
—
304
—
731
Auvik Networks Inc.+(8)(12) . . Preferred stock
N/A
N/A
07/2021
N/A
26
256
—
316
Auvik Networks Inc.+(8)(12) . . Preferred stock
N/A
N/A
02/2023
N/A
3
29
—
36
Bayshore Intermediate #2,
L.P.+. . . . . . . . . . . . . . Common stock
N/A
N/A
10/2021
N/A
4,095
4,095
0.2
3,596
Calabrio, Inc.+ . . . . . . . . .
LP interest
N/A
N/A
04/2021
N/A
1
769
—
711
Calabrio, Inc.+ . . . . . . . . .
LP interest
N/A
N/A
04/2021
N/A
96
0
—
0
Cloudbees, Inc.+ . . . . . . . . Preferred stock
N/A
N/A
11/2021
N/A
149
1,663
0.1
1,665
Cloudbees, Inc.+ . . . . . . . .
Warrant
N/A
N/A
05/2018
N/A
131
247
0.1
986
Cloudbees, Inc.+ . . . . . . . . Preferred stock
N/A
N/A
06/2018
N/A
71
466
—
688
Cynet Security Ltd.+(8)(15). . . Preferred stock
N/A
N/A
08/2022
N/A
145
508
—
612
Denali Bidco Limited+(8)(10) . .
LP interest
N/A
N/A
08/2023
N/A
258
335
—
335
Diligent Corporation+(21) . . . Preferred stock
N/A
10.50%
Non-Cash
04/2021
N/A
17
18,782
0.8
19,404
Diligent Corporation+ . . . . . Preferred stock
N/A
N/A
04/2016
N/A
415
912
0.1
2,024
FirstUp, Inc.+ . . . . . . . . . . Common stock
N/A
N/A
07/2021
N/A
221
541
—
317
GS Acquisitionco, Inc.+(21) . . Preferred stock
N/A
11.00%
Non-Cash
04/2021
N/A
26
28,686
1.1
28,365
215
See Notes to Consolidated Financial Statements.

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)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Software - (continued)
GS Acquisitionco, Inc.+(21) . . Preferred stock
N/A
11.00%
Non-Cash
11/2021
N/A
2
$ 1,727
0.1%
$
1,660
GS Acquisitionco, Inc.+ . . . .
LP interest
N/A
N/A
09/2021
N/A
1
170
0.1
1,044
GS Acquisitionco, Inc.+(21) . . Preferred stock
SF + 10.50%(l)
15.88%
Non-Cash
08/2023
N/A
—
49
—
49
GTY Technology Holdings,
Inc.+. . . . . . . . . . . . . .
LP units
N/A
N/A
07/2022
N/A
48
48
—
62
Impartner, Inc.+ . . . . . . . . . Preferred stock
N/A
N/A
10/2021
N/A
28
226
—
215
Kaseya Inc.+(21) . . . . . . . . . Preferred stock
N/A
11.75%
Non-Cash
06/2022
N/A
2
1,877
0.1
1,912
Kaseya Inc.+. . . . . . . . . . .
LP interest
N/A
N/A
06/2022
N/A
100
100
—
110
MetricStream, Inc.+ . . . . . .
Warrant
N/A
N/A
05/2019
N/A
168
263
—
163
Ministry Brands Holdings
LLC+ . . . . . . . . . . . . .
LP interest
N/A
N/A
12/2021
N/A
438
439
—
386
mParticle, Inc.+ . . . . . . . . . Preferred stock
N/A
N/A
09/2021
N/A
162
1,060
—
911
mParticle, Inc.+ . . . . . . . . .
Warrant
N/A
N/A
08/2020
N/A
75
16
—
286
Onapsis, Inc., Virtual Forge
GMBH and Onapsis
GMBH+ . . . . . . . . . . .
Warrant
N/A
N/A
10/2019
N/A
4
9
—
20
Panzura, LLC+ . . . . . . . . .
LLC units
N/A
N/A
09/2023
N/A
1
4
—
4
PDI TA Holdings, Inc.+ . . . . Preferred stock
N/A
N/A
02/2023
N/A
92
2,846
0.1
3,224
Personify, Inc.+ . . . . . . . . .
LP interest
N/A
N/A
09/2018
N/A
716
942
0.1
1,779
Project Alpha Intermediate
Holding, Inc.+(21) . . . . . . Preferred stock
N/A
9.00%
Non-Cash
08/2016
N/A
—
999
0.1
1,515
Project Alpha Intermediate
Holding, Inc.+. . . . . . . . Common stock
N/A
N/A
08/2016
N/A
202
329
—
396
Pyramid Healthcare
Acquisition Corp.+ . . . . . Common stock
N/A
N/A
05/2021
N/A
184
184
—
315
QAD, Inc.+(21). . . . . . . . . . Preferred stock
N/A
9.00%
Non-Cash
11/2021
N/A
—
227
—
251
QAD, Inc.+ . . . . . . . . . . . Common stock
N/A
N/A
11/2021
N/A
15
0
—
20
Onit, Inc.+(21) . . . . . . . . . . Preferred stock
N/A
15.00%
Non-Cash
02/2023
N/A
—
46
—
50
Onit, Inc.+ . . . . . . . . . . . .
Warrant
N/A
N/A
02/2023
N/A
—
6
—
7
RegEd Aquireco, LLC+ . . . .
LP interest
N/A
N/A
12/2018
N/A
—
331
—
58
RegEd Aquireco, LLC+ . . . .
LP interest
N/A
N/A
12/2018
N/A
3
21
—
0
RegEd Aquireco, LLC+ . . . . Preferred stock
N/A
N/A
07/2023
N/A
—
20
—
21
Riskonnect Parent,
LLC+(21) . . . . . . . . . . . Preferred stock
N/A
11.00%
Non-Cash
04/2022
N/A
18
20,254
0.8
19,444
Riskonnect Parent, LLC+ . . .
LP interest
N/A
N/A
11/2021
N/A
857
859
—
1,125
Riskonnect Parent, LLC+(21) . Preferred stock
SF + 10.50%(l)
15.92%
Non-Cash
07/2022
N/A
—
378
—
394
SnapLogic, Inc.+ . . . . . . . . Preferred stock
N/A
N/A
09/2019
N/A
278
695
0.1
1,349
SnapLogic, Inc.+ . . . . . . . .
Warrant
N/A
N/A
09/2019
N/A
106
75
—
345
Spartan Buyer Acquisition
Co.+ . . . . . . . . . . . . . . Common stock
N/A
N/A
12/2020
N/A
1
623
—
328
Spartan Buyer Acquisition
Co.+ . . . . . . . . . . . . . . Preferred stock
N/A
N/A
12/2022
N/A
—
38
—
44
Telesoft Holdings LLC+. . . .
LP interest
N/A
N/A
12/2019
N/A
6
6
—
5
Templafy APS and Templafy,
LLC+(8)(18) . . . . . . . . . .
Warrant
N/A
N/A
07/2022
N/A
—
62
—
45
Workforce Software, LLC+. . Common stock
N/A
N/A
07/2019
N/A
—
973
—
668
Workforce Software, LLC+. . Common stock
N/A
N/A
01/2022
N/A
—
36
—
41
Zendesk, Inc.+. . . . . . . . . .
LP units
N/A
N/A
11/2022
N/A
45
454
—
629
95,831
4.0
100,855
216
See Notes to Consolidated Financial Statements.

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)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Specialty Retail
Ave Holdings III, Corp+(21). . Preferred stock
N/A
11.50%
Non-Cash
02/2022
N/A
9
$
9,639
0.4% $
9,288
Ave Holdings III, Corp+ . . .
LP units
N/A
N/A
02/2022
N/A
1
1,129
—
1,077
Batteries Plus Holding
Corporation+. . . . . . . . .
LP interest
N/A
N/A
07/2016
N/A
10
1,287
0.1
1,415
Cycle Gear, Inc.+ . . . . . . . .
LLC units
N/A
N/A
02/2016
N/A
2,002
481
—
—
Cycle Gear, Inc.+ . . . . . . . . Preferred stock
N/A
N/A
01/2023
N/A
50
50
—
79
Imperial Optical Midco
Inc.+. . . . . . . . . . . . . . Preferred stock
N/A
N/A
08/2020
N/A
—
122
—
50
Imperial Optical Midco
Inc.+. . . . . . . . . . . . . . Preferred stock
N/A
N/A
11/2020
N/A
—
46
—
18
Imperial Optical Midco
Inc.+. . . . . . . . . . . . . . Common stock
N/A
N/A
01/2023
N/A
—
—
—
80
Pet Holdings
ULC+(8)(12)(21) . . . . . . . .
LP interest
N/A
N/A
04/2015
N/A
677
450
—
1,035
Salon Lofts Group, LLC+. . .
LP units
N/A
N/A
08/2022
N/A
—
87
—
69
Southern Veterinary Partners,
LLC+(21) . . . . . . . . . . . Preferred stock
N/A
12.00%
Non-Cash
06/2021
N/A
5
5,629
0.2
6,002
Southern Veterinary Partners,
LLC+(21) . . . . . . . . . . . Preferred stock
N/A
10.00%
Non-Cash
05/2018
N/A
—
751
0.1
1,237
Southern Veterinary Partners,
LLC+ . . . . . . . . . . . . .
LLC interest
N/A
N/A
05/2018
N/A
148
188
0.2
5,558
VSG Acquisition Corp. and
Sherrill, Inc.+ . . . . . . . .
LP units
N/A
N/A
04/2022
N/A
—
37
—
24
19,896
1.0
25,932
Technology Hardware, Storage
& Peripherals
Agility Recovery Solutions
Inc.+. . . . . . . . . . . . . .
LLC interest
N/A
N/A
03/2015
N/A
97
604
—
223
Textiles, Apparel & Luxury
Goods
Georgica Pine Clothiers,
LLC+(21) . . . . . . . . . . .
LLC interest
N/A
N/A
11/2015
N/A
20
239
—
525
Georgica Pine Clothiers,
LLC+ . . . . . . . . . . . . . Common stock
N/A
N/A
08/2020
N/A
—
—
—
2
MakerSights, Inc.+ . . . . . . . Preferred stock
N/A
N/A
06/2021
N/A
40
218
—
218
R.G. Barry Corporation+ . . . Preferred stock
N/A
N/A
09/2014
N/A
—
161
—
284
618
—
1,029
Total non-controlled/non-affiliate company equity investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
241,909
11.2
284,572
Total non-controlled/non-affiliate company investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,456,664
212.6
5,416,739
217
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Non-controlled/affiliate company
investments(25)
Debt investments
Beverages
Abita Brewing Co.,
L.L.C.+(23) . . . . . . . . . . . .
One stop
SF + 8.00%(m)
13.03%
04/2024
$
6,410
$
6,397
0.2%
$
5,128
Abita Brewing Co.,
L.L.C.+(7)(23). . . . . . . . . . .
Second lien
SF + 8.00%(m)
13.37%
04/2024
4,229
3,725
0.1
1,396
Abita Brewing Co., L.L.C.+. . .
One stop
SF + 8.00%
N/A(6)
04/2024
—
—
—
—
10,639
10,122
0.3
6,524
Energy, Equipment & Services
Benetech, Inc.+(7)(23) . . . . . . .
One stop
SF + 6.00%(l)
11.54%
08/2024
4,138
3,623
—
1,242
Benetech, Inc.+(7)(23) . . . . . . .
One stop
SF + 6.00%(l)
11.54%
08/2024
1,147
982
—
111
5,285
4,605
—
1,353
Food & Staples Retailing
Rubio’s Restaurants, Inc.+(23) . .
Senior secured
SF + 8.00%(l)
13.55%
12/2024
13,600
13,494
0.5
10,880
Rubio’s Restaurants,
Inc.+(7)(23) . . . . . . . . . . . .
Senior secured
SF + 14.00%(l)
19.56%
12/2024
1,630
1,553
—
391
Rubio’s Restaurants, Inc.+(23) . .
Senior secured
SF + 8.00%(k)
13.42%
12/2024
930
923
—
649
16,160
15,970
0.5
11,920
Healthcare Providers & Services
Bayside Opco, LLC+(23) . . . . .
One stop
SF + 7.25%(l)
12.79%
06/2026
12,108
12,005
0.5
11,866
Bayside Opco, LLC+(7)(23). . . .
Subordinated
debt
SF + 10.00%(l)
15.54%
06/2026
4,322
3,328
0.1
3,457
Bayside Opco, LLC+(23) . . . . .
One stop
SF + 7.25%(l)
12.79%
06/2026
4,283
4,064
0.2
4,026
Bayside Opco, LLC+(23) . . . . .
One stop
SF + 7.00%(l)
6.54% cash/
6.00% PIK
06/2026
350
350
—
350
Elite Dental Partners
LLC+(7)(23) . . . . . . . . . . . .
One stop
SF + 5.25%(l)
10.79% PIK
09/2024
12,988
12,337
0.3
7,533
Elite Dental Partners
LLC+(7)(23) . . . . . . . . . . . .
One stop
SF + 12.00%(l)
17.54% PIK
09/2024
5,950
5,483
0.2
4,463
Elite Dental Partners
LLC+(23) . . . . . . . . . . . . .
One stop
SF + 5.25%(l)
10.79% PIK
09/2024
1,400
1,400
—
1,400
Opening Day Borrower 111
LLC+(7)(23) . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
05/2027
13,492
12,217
0.5
12,143
Opening Day Borrower 111
LLC+(7)(23) . . . . . . . . . . . .
One stop
SF + 6.25%(l)
11.79%
05/2027
5,156
4,783
0.2
4,640
Opening Day Borrower 111
LLC+(5)(7) . . . . . . . . . . . .
One stop
SF + 6.25%
N/A(6)
05/2027
—
—
—
(163)
60,049
55,967
2.0
49,715
Software
Switchfly LLC+(23) . . . . . . . .
One stop
N/A
1.00% PIK
10/2024
6,593
6,590
0.1
4,351
Switchfly LLC+(23) . . . . . . . .
One stop
N/A
1.00% PIK
10/2024
550
550
—
363
Switchfly LLC+(23) . . . . . . . .
One stop
N/A
1.00% PIK
10/2024
42
42
—
28
Switchfly LLC+(5) . . . . . . . . .
One stop
L + 8.50%(a)
14.05%
10/2024
2
2
—
(28)
7,187
7,184
0.1
4,714
Total non-controlled/affiliate company debt investments . . . . . . . . . . . . . . . . . . . . . .
99,320
93,848
2.9
74,226
218
See Notes to Consolidated Financial Statements.

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)
Acquisition
Date
Maturity
Date
Principal
($) /
Shares(3)
Amortized
Cost
Percentage
of Net
Assets
Fair
Value(4)
Equity investments(19)(20)
Beverages
Abita Brewing Co.,
L.L.C.+ . . . . . . . . . .
Warrant
N/A
N/A
02/2021
N/A
210
$
—
—%
$
12
Food & Staples Retailing
Rubio’s Restaurants,
Inc.+ . . . . . . . . . . . .
Preferred stock
N/A
N/A
12/2020
N/A
2,779
2,276
—
143
Rubio’s Restaurants,
Inc.+ . . . . . . . . . . . .
Common stock
N/A
N/A
12/2020
N/A
27,241
278
—
—
Rubio’s Restaurants,
Inc.+ . . . . . . . . . . . .
Common stock
N/A
N/A
12/2020
N/A
6,321
131
—
—
Rubio’s Restaurants,
Inc.+ . . . . . . . . . . . .
Common stock
N/A
N/A
12/2020
N/A
1,056
9
—
—
Rubio’s Restaurants,
Inc.+ . . . . . . . . . . . .
Common stock
N/A
N/A
12/2020
N/A
1,829
10
—
—
Rubio’s Restaurants,
Inc.+ . . . . . . . . . . . .
Common stock
N/A
N/A
12/2020
N/A
246
1
—
—
Rubio’s Restaurants,
Inc.+ . . . . . . . . . . . .
Common stock
N/A
N/A
12/2020
N/A
246
1
—
—
Rubio’s Restaurants,
Inc.+ . . . . . . . . . . . .
Common stock
N/A
N/A
12/2020
N/A
492
2
—
—
Rubio’s Restaurants,
Inc.+ . . . . . . . . . . . .
Common stock
N/A
N/A
12/2020
N/A
568
2
—
—
Rubio’s Restaurants,
Inc.+ . . . . . . . . . . . .
Common stock
N/A
N/A
12/2020
N/A
543
2
—
—
Rubio’s Restaurants,
Inc.+ . . . . . . . . . . . .
Common stock
N/A
N/A
12/2020
N/A
1,490
5
—
—
2,717
—
143
Healthcare Providers &
Services
Bayside Opco, LLC+ . . .
LLC units
N/A
N/A
05/2023
N/A
6
2,592
0.1
2,345
Elite Dental Partners
LLC . . . . . . . . . . . .
LLC interest
N/A
N/A
09/2020
N/A
—
2,902
—
—
Elite Dental Partners
LLC . . . . . . . . . . . .
LLC interest
N/A
N/A
09/2020
N/A
—
1,250
—
—
Elite Dental Partners
LLC . . . . . . . . . . . .
LLC units
N/A
N/A
09/2020
N/A
—
—
—
—
Opening Day Borrower
111 LLC+. . . . . . . . .
LLC units
N/A
N/A
04/2023
N/A
163
7,238
0.3
7,818
13,982
0.4
10,163
Software
Switchfly LLC+. . . . . . .
LLC interest
N/A
N/A
09/2018
N/A
98,370
2,321
0.1
2,088
Switchfly LLC+. . . . . . .
LLC units
N/A
N/A
03/2022
N/A
950
950
—
452
3,271
0.1
2,540
Total non-controlled/affiliate company equity investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,970
0.5
12,858
Total non-controlled/affiliate company investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113,818
3.4
87,084
219
See Notes to Consolidated Financial Statements.

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
Cost
Percentage
of Net
Assets
Fair
Value(4)
Controlled affiliate company
investments(26)
Debt investments
IT Services
MMan Acquisition Co.+(7)(23) . .
One stop
N/A
10.00% PIK
08/2024
$
33,449 $
19,458
0.4%
$
9,031
MMan Acquisition Co.+(23) . . .
One stop
N/A
8.00% PIK
08/2024
1,716
1,716
0.1
1,579
MMan Acquisition Co.+(23) . . .
One stop
N/A
12.00% PIK
08/2024
952
952
—
952
MMan Acquisition Co.+(23) . . .
One stop
N/A
12.00% PIK
08/2024
275
275
—
275
MMan Acquisition Co.+(23) . . .
One stop
N/A
12.00% PIK
08/2024
953
953
—
953
Total controlled affiliate company debt investments. . . . . . . . . . . . . . . . . . . . . . . .
37,345
23,354
0.5
12,790
Total controlled affiliate company investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23,354
0.5
12,790
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,593,836
216.5
5,516,613
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
Institutional Share Class (CUSIP 94975H296) . . . . . . . . . . . .
5.22%(27)
6,670
0.3
6,670
Morgan Stanley Institutional Liquidity Funds - Treasury Securities
Portfolio Institutional Share Class (CUSIP 61747C525). . . . . .
5.21%(27)
37,378
1.5
37,378
Total money market funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72,822
2.9
72,822
Total investments and money market funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 5,666,658
219.4%
$ 5,589,435
*
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 could not be the applicable index rate outstanding as of September 30, 2023, as the loan could
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.
220
See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2023
(Dollar and share amounts in thousands)
(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 could 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.
221
See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2023
(Dollar and share amounts in thousands)
(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’’.
(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.
222
See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2023
(Dollar and share amounts in thousands)
(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
Company
Fair 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,
2023
Interest,
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 LLC. .
20,689
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 LLC . .
7,697
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 could include increases in the cost basis of investments resulting from new
investments, amounts related to PIK interest capitalized and added to the principal balance of the
respective loans, the accretion of discounts, the exchange of one or more existing investments for one
or more new investments and the movement of an existing portfolio company into this affiliated
category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal
collections related to investment repayments and sales, the amortization of premiums, the reversal of
capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or
more new securities.
223
See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments — (continued)
September 30, 2023
(Dollar and share amounts in thousands)
(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
Company
Fair 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,
2023
Interest,
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 could include increases in the cost basis of investments resulting from new
investments, amounts related to PIK interest capitalized and added to the principal balance of the
respective loans, the accretion of discounts, the exchange of one or more existing investments for one
or more new investments and the movement of an existing portfolio company into this affiliated
category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal
collections related to investment repayments or sales, the amortization of premiums, the reversal of
capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or
more new securities.
(27) The rate shown is the annualized seven-day yield as of September 30, 2023.
224
See Notes to Consolidated Financial Statements.

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Note 1. Organization
Golub Capital BDC, Inc. (‘‘GBDC’’ and, collectively with its consolidated subsidiaries, the ‘‘Company’’) is an
externally managed, closed-end, non-diversified management investment company. GBDC has elected to be
regulated as a business development company (‘‘BDC’’) under the Investment Company Act of 1940, as
amended (the ‘‘1940 Act’’). In addition, for U.S. federal income tax purposes, GBDC has elected to be treated as
a regulated investment company (‘‘RIC’’) under Subchapter M of the Internal Revenue Code of 1986, as
amended (the ‘‘Code’’).
The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of
traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by
other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market
companies that are, in most cases, sponsored by private equity firms. The Company also selectively invests in
second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to
all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity
securities in, U.S. middle-market companies. The Company has entered into the Fifth Amended and Restated
Investment Advisory Agreement effective as of June 3, 2024 (the ‘‘Investment Advisory Agreement’’ or
‘‘Post-GBDC 3 Merger Advisory Agreement’’) with GC Advisors LLC (the ‘‘Investment Adviser’’), under which
the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the
Company. Under an administration agreement (the ‘‘Administration Agreement’’) the Company is provided with
certain services by an administrator (the ‘‘Administrator’’), which is currently Golub Capital LLC.
On September 16, 2019, the Company completed its acquisition of Golub Capital Investment Corporation
(‘‘GCIC’’), a Maryland corporation, 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.
On June 3, 2024, the Company completed its acquisition of Golub Capital BDC 3, Inc. (‘‘GBDC 3’’), a
Maryland corporation pursuant to that certain Agreement and Plan of Merger (as amended, the ‘‘GBDC 3 Merger
Agreement’’), dated as of January 16, 2024, by and among the Company, GBDC 3, Park Avenue Subsidiary Inc.,
a Maryland corporation and wholly owned subsidiary of the Company (‘‘Merger Sub’’), GC Advisors, a
Delaware limited liability company and investment adviser to each of the Company and GBDC 3, and, for
certain limited purposes, Golub Capital LLC. Pursuant to the GBDC 3 Merger Agreement, Merger Sub was first
merged with and into GBDC 3, with GBDC 3 as the surviving corporation (the ‘‘Initial GBDC 3 Merger’’), and
immediately following the Initial GBDC 3 Merger, GBDC 3 was then merged with and into the Company, with
the Company as the surviving company (the Initial GBDC 3 Merger and the subsequent merger, collectively, the
‘‘GBDC 3 Merger’’). Upon consummation of the GBDC 3 Merger, the Company entered into the Investment
Advisory Agreement. The Investment Advisory Agreement replaced the Fourth Amended and Restated
Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of July 1,
2023 (the ‘‘Prior Investment Advisory Agreement’’). Refer to Note 3 for more information on the Investment
Advisory Agreement and the Prior Investment Advisory Agreement and refer to Note 15. Acquisition of Golub
Capital BDC 3, Inc for discussion of the GBDC 3 Merger.
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 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 financial information and pursuant to
the requirements for reporting on Form 10-K and Regulation S-X. In the opinion of management, the
225

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
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.
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.
On August 2, 2024, the Company’s board of directors (the ‘‘Board’’) designated the Investment Adviser as the
Company’s valuation designee (‘‘Valuation Designee’’) in accordance with Rule 2a-5 under the 1940 Act. As of
such date, the Valuation Designee is responsible for determining the fair value of the Company’s portfolio
investments, subject to oversight of the Board. In accordance with ASC Topic 820, the Valuation Designee has
categorized the Company’s financial instruments carried at fair value, based on the priority of the valuation
technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the
perspective of the market participant who holds the financial instrument rather than an entity-specific measure.
Therefore, when market assumptions are not readily available, the Investment Adviser’s own assumptions are set
to reflect those that management believes market participants would use in pricing the financial instrument at the
measurement date.
The availability of observable inputs can vary depending on the financial instrument and is affected by a wide
variety of factors, including, for example, the type of product, whether the product is new, whether the product is
traded on an active exchange or in the secondary market and the current market conditions. To the extent that the
valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Valuation Designee
in determining fair value is greatest for financial instruments classified as Level 3.
Any changes to the valuation methodology are reviewed by management and the Board to confirm that the
changes are appropriate. As markets change, new products develop and the pricing for products becomes more or
less transparent, the Valuation Designee will continue to refine its valuation methodologies. See further
description of fair value methodology in Note 6 Fair Value Measurements.
Use of estimates: The preparation of the 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 listed in the table below in its consolidated financial
statements:
Entity Name
Abbreviation
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.
226

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Entity Name
Abbreviation
GCIC Quick Quack Coinvest LLC
GBDC Quick Quack Coinvest LLC
Golub Capital 3 Holdings LLC
(‘‘GBDC 3 Holdings’’)
GBDC 3 Funding LLC
(‘‘GBDC 3 Funding’’)
Golub Capital BDC 3 CLO 1 Depositor LLC
(‘‘GBDC 3 2021 CLO Depositor’’)
Golub Capital BDC 3 CLO 1 LLC
(‘‘GBDC 3 2021 Issuer’’)
Golub Capital BDC 3 ABS 2022-1 Depositor LLC
(‘‘GBDC 3 2022 ABS 2022-1 Depositor’’)
Golub Capital BDC 3 ABS 2022-1 LLC
(‘‘GBDC 3 2022 Issuer’’)
Golub Capital BDC 3 CLO 2 Depositor LLC
(‘‘GBDC 3 2022 CLO 2 Depositor’’)
Golub Capital BDC 3 CLO 2 LLC
(‘‘GBDC 3 2022-2 Issuer’’)
GBDC 3 Holdings Coinvest, Inc.
GBDC 3 Quick Quack Coinvest LLC
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, GCIC
2018 Issuer, GBDC 3 Holdings, GBDC 3 Funding, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer and the
GBDC 3 2022-2 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 year are valued at the
prevailing spot rates on the applicable transaction date and the related assets and liabilities are revalued at the
prevailing spot rates as of year-end.
Net assets and fair values are presented based on the applicable foreign exchange rates and fluctuations arising
from the translation of assets and liabilities are included with the net change in unrealized appreciation
(depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of
Operations.
Foreign security and currency transactions involve certain considerations and risks not typically associated with
investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations
and future adverse political, social and economic developments, which could cause investments in foreign
markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government
securities.
Derivative Instruments:
The Company follows the guidance in ASC Topic 815, Derivatives and Hedging (‘‘ASC Topic 815’’), when
accounting for derivative instruments.
227

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Forward currency contracts:A forward currency contract is an obligation between two parties to purchase or sell
a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to
economically hedge the currency exposure associated with certain foreign-denominated investments. The use of
forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company
owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these
contracts are measured by the difference in the exchange rates on the contract date and reporting date and are
recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed,
realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the
contracts are included in the Consolidated Statements of Operations. Unrealized appreciation (depreciation) on
forward currency contracts is recorded on the Consolidated Statements of Financial Condition by counterparty on
a net basis, not taking into account collateral posted which is recorded separately, if applicable.
The primary risks associated with forward currency contracts include failure of the counterparty to meet the
terms of the contract and the value of the foreign currency changing unfavorably. These risks can exceed the
amounts reflected in the Consolidated Statements of Financial Condition.
Refer to Note 5 for more information regarding the forward currency contracts.
Interest rate swaps:The Company designated interest rate swaps as the hedging instrument in qualifying fair
value hedge accounting relationships, and as a result, the change in fair value of the hedging instruments and
hedged items are recorded in interest expense and recognized as components of ‘‘interest expense’’ in the
Company’s Consolidated Statement of Operations. The fair value of the interest rate swaps is included as a
component of ‘‘Net unrealized appreciation on derivatives’’ on the Company’s Consolidated Statements of
Financial Condition. Refer to Note 5 for more information regarding the interest rate swaps.
Revenue recognition:
Investments and related investment income: Interest income is accrued based upon the outstanding principal
amount and contractual interest terms of debt investments.
Original issue discount, market discount or premium and certain loan origination or amendment fees that are
deemed to be an adjustment to yield (‘‘Loan Origination Fees’’) are capitalized and the Company accretes or
amortizes such amounts over the life of the loan as interest income (‘‘Discount Amortization’’). For the years
ended September 30, 2024, 2023 and 2022, the Company received Loan Origination Fees that were capitalized of
$19,817, $17,692, and $27,023, respectively. For the years ended September 30, 2024, 2023 and 2022, interest
income included $22,074, $19,951 and $24,679, respectively, of Discount Amortization.
For investments with contractual payment-in-kind (‘‘PIK’’) interest, which represents contractual interest accrued
and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK
interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the years ended
September 30, 2024, 2023 and 2022, investment income included $49,715, $40,590 and $23,354, respectively, of
PIK interest and the Company capitalized PIK interest of $52,552, $38,844 and $21,506, respectively, into the
principal balance of certain debt investments.
In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for
providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans.
The Company records these fees that are not deemed to be an adjustment to yield as fee income when earned.
For the years ended September 30, 2024, 2023 and 2022, fee income included $606, $79 and $3,040 from
non-recurring prepayment premiums, respectively. Other income is recorded into income when earned.
For the years ended September 30, 2024, 2023 and 2022, the Company received interest and fee income in cash,
which excludes capitalized loan origination fees, in the amounts of $626,622, $496,114 and $354,032,
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
228

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
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 years ended September 30, 2024 and 2023, the Company recognized PIK and non-cash dividend income
of $21,264 and $14,901, respectively, which were capitalized into the cost basis of certain preferred equity
investments. For the year ended September 30, 2022, the Company had no capitalized PIK and non-cash
dividends. For the years ended September 30, 2024 and 2023, the Company received $47 and $10, respectively,
of cash payments of accrued and capitalized preferred dividends. For the year ended September 30, 2022, the
Company received no cash payments of accrued and capitalized preferred dividends in cash.
Dividend income on common equity securities is recorded on the record date for private portfolio companies or
on the ex-dividend date for publicly traded portfolio companies. Each distribution received from 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 years ended September 30, 2024, 2023 and 2022, the Company recorded dividend income received in
cash of $691, $1,340 and $684, respectively, and return of capital distributions received in cash of $1,622, $373
and $1,146, respectively.
Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are
measured by the difference between the net proceeds from the disposition and the amortized cost basis of
investment, without regard to unrealized gains or losses previously recognized. The Company reports current
period changes in fair value of investments that are measured at fair value as a component of the net change in
unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.
Non-accrual loans: A loan can be left on accrual status during the year 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 $93,204 and $62,937 as of September 30, 2024 and
September 30, 2023, respectively.
Asset Acquisition: Pursuant to the GCIC Merger Agreement, the GCIC Merger Sub was first merged with and
into GCIC, with GCIC as the surviving company (the ‘‘Initial GCIC Merger’’), and, immediately following the
Initial GCIC Merger, GCIC was then merged with and into the Company, with the Company as the surviving
company (the Initial GCIC Merger and the subsequent merger, collectively, the ‘‘GCIC Merger’’). Pursuant to the
GBDC 3 Merger Agreement, the GBDC 3 Merger Sub was first merged with and into GBDC 3, with GBDC 3
as the surviving company in the Initial GBDC 3 Merger and, immediately following the Initial GBDC 3 Merger,
GBDC 3 was then merged with and into the Company, with the Company as the surviving company. The GCIC
Merger and the GBDC 3 Merger were accounted for under the asset acquisition method of accounting in
accordance with ASC 805 — Business Combinations — Related Issues (‘‘ASC Topic 805’’), also referred to as
‘‘asset acquisition.’’ Under the asset acquisition method of accounting, acquiring assets in groups not only
requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or
individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their
cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or
loss is recognized unless the fair value of non-cash assets given as consideration differs from the assets carrying
amounts on the acquiring entity’s books.
229

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or
liabilities assumed based on the relative fair values of net identifiable assets acquired other than
‘‘non-qualifying’’ assets (for example cash) and does not give rise to goodwill. To the extent that the
consideration paid to GCIC or GBDC 3’s stockholders exceeded the relative fair values of the net identifiable
assets of GCIC or GBDC 3 acquired other than ‘‘non-qualifying’’ assets, any such premium paid by the
Company was further allocated to the cost of the GCIC or GBDC 3 assets acquired by the Company pro-rata to
their relative fair value, other than ‘‘non-qualifying’’ assets. As both GCIC and GBDC 3 did not have any
‘‘qualifying’’ assets at the time of acquisition, the premium was allocated to ‘‘non-qualifying’’ assets, which are
GCIC and GBDC 3’s investments in loans and equity securities, including its investment in GCIC SLF.
Immediately following the acquisitions of GCIC and GBDC 3, the Company recorded its assets at their
respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC and
GBDC 3 assets acquired were immediately recognized as unrealized depreciation on the Company’s Consolidated
Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the
life of the loans through interest income, with a corresponding reversal of the unrealized depreciation on the
loans acquired from GCIC and GBDC 3 through their ultimate disposition. Amortization expense of purchase
premium for the years ended September 30, 2024, 2023 and 2022 was $11,671, $7,073 and $15,632, respectively.
The purchase premium allocated to investments in equity securities will not amortize over the life of the equity
securities through interest income and, assuming no subsequent change to the fair value of the equity securities
acquired from GCIC or GBDC 3 and disposition of such equity securities at fair value, the Company will
recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the
equity securities acquired from GCIC or GBDC 3.
Income taxes: The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in
a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a
RIC, among other things, the Company is required to meet certain source of income and asset diversification
requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an
amount generally at least equal to 90% of investment company taxable income, as defined by the Code and
determined without regard to any deduction for dividends paid, for each tax year. The Company has made, and
intends to continue to make, the requisite distributions to its stockholders, which will generally relieve the
Company from U.S. federal income taxes with respect to all income distributed to its stockholders.
Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable
income in excess of current year dividend distributions and distribute such taxable income in the next tax year.
The Company could then be required to incur a 4% excise tax on such income. To the extent that the Company
determines that its estimated current year annual taxable income, determined on a calendar year basis, could
exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on
estimated excess taxable income as taxable income is earned. For the years ended September 30, 2024 and 2023,
$1,124 and $3,682, respectively, was recorded for U.S. federal excise tax. For the year ended September 30,
2022, the Company did not record any 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 September 30, 2024. The Company’s tax returns for the 2021
through 2023 tax years remain subject to examination by U.S. federal and most state tax authorities.
230

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income
taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated
Statements of Operations. For the years ended September 30, 2024, 2023 and 2022, $71, $0 and $72,
respectively, was recorded for U.S. income taxes.
Dividends and distributions: Dividends and distributions to common stockholders are recorded on the
ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Board each
quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are
distributed at least annually, although the Company can retain such capital gains for investment in its discretion.
The Company has adopted a dividend reinvestment plan (‘‘DRIP’’) that provides for reinvestment of any
distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive
cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who
participate in the DRIP will have their cash distribution reinvested in additional shares of the Company’s
common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares
under the guidelines of the DRIP if the Company’s shares are trading at a premium to net asset value. The
Company can purchase shares in the open market in connection with the obligations under the plan, and in
particular, if the Company’s shares are trading at a significant discount to net asset value (‘‘NAV’’) and the
Company is otherwise permitted under applicable law to 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 2024 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 13 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 could offer and sell shares from time to time through,
or to, the Placement Agents, or to it. Sales of the shares, if any, could 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,
231

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Golub Capital LLC and SMBC Nikko Securities America, Inc. (the ‘‘2021 Equity Distribution Agreement’’).
During the years ended September 30, 2024, 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 September 30, 2024 and September 30, 2023, the
Company had deferred debt issuance costs of $25,361 and $15,613, respectively.
These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over
the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the years
ended September 30, 2024, 2023 and 2022 was $9,237, $7,380 and $7,337, 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.
Recent Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board (‘‘FASB’’)
issued Accounting Standards Update (‘‘ASU’’) No. 2023-07, Segment Reporting (Topic 280): Improvements to
Reportable Segment Disclosures. ASU No. 2023-07 enhances the disclosures required for reportable segments on
an annual and interim basis. ASU No. 2023-07 is effective on a retrospective basis for annual periods beginning
after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early
adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-07.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax
Disclosures. ASU No. 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate
reconciliation and additional details on income taxes paid. ASU No. 2023-09 is effective on a prospective basis,
with the option for retrospective application, for annual periods beginning after December 15, 2024 and early
adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-09.
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 approved the
Investment Advisory Agreement on January 16, 2024. The Investment Advisory Agreement amended the Prior
Investment Advisory Agreement in order to incorporate changes to the calculation of the incentive fee rates and
the incentive fee cap. Under the Investment Advisory Agreement, the incentive fee rates were reduced from
20.0% to 15.0%, and the incentive fee cap was reduced from 20.0% to 15.0%. None of the other material terms
changed in the Investment Advisory Agreement as compared to the Prior Investment Advisory Agreement,
including the services to be provided and the calculation of the base management fee. The Investment Advisory
Agreement was entered into and effective as of June 3, 2024, the closing of the GBDC 3 Merger. On August 3,
2023, effective as of July 1, 2023, the Board approved the Prior Investment Advisory Agreement, 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
232

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
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
described in Note 7), the GCIC 2018 Collateral Management Agreement (as described in Note 7), the
2021 Collateral Management Agreement (as described in Note 7), the 2022 Collateral Management Agreement
(as described in Note 7) and the 2022-2 Collateral Management Agreement (as described in Note 7). Fees
payable to the Investment Adviser for providing these services are offset against the base management fee
payable by the Company under the Investment Advisory Agreement.
The base management fee incurred for the years ended September 30, 2024 and 2023 was $62,514 and $70,802,
respectively. During the three months ended March 31, 2022, the Investment Adviser irrevocably waived $1,904
of base management fees. After taking into account the waiver by the Investment Adviser, the base management
fee incurred was $71,962 rather than $73,866 for the year ended September 30, 2022.
The Company has structured the calculation of the Incentive Fee to include a fee limitation such that an
Incentive Fee for any quarter can only be paid to the Investment Adviser if, after such payment, the cumulative
Incentive Fees paid to the Investment Adviser, calculated on a per share basis, since April 13, 2010, the effective
date of the Company’s election to become a BDC, would be less than or equal to 15.0% of the Company’s
Cumulative Pre-Incentive Fee Net Income (as defined below).
The Company accomplishes this limitation by subjecting each quarterly Incentive Fee payable under the Income
and Capital Gain Incentive Fee Calculation (as defined below) to a cap (the ‘‘Incentive Fee Cap’’). Under the
Investment Advisory Agreement, the Incentive Fee Cap in any quarter is equal to the difference between
(a) 15.0% of Cumulative Pre-Incentive Fee Net Income Per Share (as defined below) and (b) Cumulative
Incentive Fees Paid Per Share (as defined below). To the extent the Incentive Fee Cap is zero or a negative value
in any quarter, no Incentive Fee would be payable in that quarter. If, for any relevant period, the Incentive Fee
Cap calculation results in the Company paying less than the amount of the Incentive Fee calculated above, then
the difference between the Incentive Fee and the Incentive Fee Cap will not be paid by GBDC and will not be
received by the Investment Adviser as an Incentive Fee either at the end of such relevant period or at the end of
any future period. ‘‘Cumulative Pre-Incentive Fee Net Income Per Share’’ equals the sum of ‘‘Pre-Incentive Fee
Net Income Per Share’’ (as defined below) for each quarterly period since April 13, 2010. ‘‘Pre-Incentive Fee
Net Income Per Share’’ equals the sum of (i) Pre-Incentive Fee Net Investment Income (as defined below) and
(ii) Adjusted Capital Returns for the applicable period, divided by (b) the weighted average number of shares of
GBDC common stock outstanding during such period. ‘‘Adjusted Capital Returns’’ for any period is the sum of
the realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation
and aggregate unrealized capital appreciation for such period; provided that the calculation of realized aggregate
capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized
capital appreciation shall not include any realized capital gains, realized capital losses or unrealized capital
appreciation or depreciation resulting solely from the asset acquisition for any premium or discount paid for the
acquisition of assets in a merger. ‘‘Cumulative Incentive Fees Paid Per Share’’ is equal to the sum of Incentive
Fees Paid Per Share since April 13, 2010. ‘‘Incentive Fees Paid Per Share’’ for any period is equal to the
Incentive Fees accrued and/or payable to the Company for such period, divided by the weighted average number
of shares of common stock of GBDC during such period.
‘‘Pre-Incentive Fee Net Investment Income’’ means interest income, dividend income and any other income
(including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees
233

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
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 years ended September 30, 2024, 2023 and 2022, the Income Incentive Fee incurred was $77,163,
$74,066 and $17,756, respectively.
On January 16, 2024, the Investment Adviser 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 ‘‘GBDC 3 Merger Waiver’’) to
the Prior Investment Advisory Agreement. During the Waiver Period, as a result of the GBDC 3 Merger Waiver,
fees payable to the Investment Adviser under the Prior Investment Advisory Agreement, net of the GBDC 3
Merger Waiver, will equal those that would be payable under the Post-GBDC 3 Merger Advisory Agreement.
During the year ended September 30, 2024, the Investment Adviser irrevocably waived $5,157 of income
incentive fees under the GBDC 3 Merger Waiver.
In addition, the Investment Adviser unilaterally agreed to irrevocably waive 100% of the Income Incentive Fee
payable to the Investment Advisor under the Investment Advisory Agreement for the three months ended
June 30, 2024 and $7,767 for the three months ended September 30, 2024.
For the year ended September 30, 2024, the Investment Adviser irrevocably waived income incentive fees,
including the GBDC 3 Merger Waiver, of $27,324. For the years ended September 30, 2023 and 2022, the
Investment Adviser waived no income incentive fees.
The Investment Advisory Agreement excludes the impact of asset acquisition resulting from a merger, including
the GCIC Merger and GBDC 3 Merger, from the calculation of income subject to the Income Incentive Fee and
the calculation of the Incentive Fee Cap. As a result, under the Investment Advisory Agreement, Pre-Incentive
Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized
capital appreciation or depreciation or any amortization or accretion of any purchase premium or discount to
interest income solely from the asset acquisition for any premium or discount paid for the acquisition of assets in
a merger, such as the premium to net asset value paid for the shares of GCIC and GBDC 3 common stock in the
GCIC Merger and GBDC 3 Merger. Because of the structure of the Income Incentive Fee, it is possible that an
Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss.
For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as
defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value and an Incentive
Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital
losses unless the payment of such Incentive Fee would cause the Company to pay Incentive Fees on a
cumulative basis that exceed the Incentive Fee Cap.
234

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(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.
For periods ending on or before March 31, 2024, the Company calculates the Income Incentive Fee with respect
to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:
•
Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed
the hurdle rate;
•
100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such
Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% in
any calendar quarter. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which
exceeds the hurdle rate but is less than 2.5%) is referred to as the ‘‘catch-up’’ provision. The catch-up
is meant to provide the Investment Adviser with 20.0% of the Pre-Incentive Fee Net Investment
Income as if a hurdle rate did not apply if the Company’s Pre-Incentive Fee Net Investment Income
exceeds 2.5% in any calendar quarter; and
•
20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds
2.5% in any calendar quarter.
For periods ending after June 3, 2024, including the three months ended June 30, 2024, the Company calculates
the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as
follows:
•
Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed
the hurdle rate;
•
100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such
Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the
percentage at which amounts payable to the Adviser equals 15.0% of the Company’s Pre-Incentive Fee
Net Investment Income as if a hurdle rate did not apply. This portion of the Company’s Pre-Incentive
Fee Net Investment Income is referred to as the ‘‘catch-up’’ provision. The catch-up is meant to
provide the Investment Adviser with 15.0% of the Pre-Incentive Fee Net Investment Income as if a
hurdle rate did not apply; and
•
15.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds
the catch-up provision in any calendar quarter.
The Capital Gain Incentive Fee equals (a) 15.0% of the Company’s Capital Gain Incentive Fee Base (as defined
below), if any, calculated in arrears as of the end of each calendar year (or upon termination of the Investment
Advisory Agreement, as of the termination date), which commenced with the calendar year ending December 31,
2010, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Company’s ‘‘Capital
Gain Incentive Fee Base’’ equals (1) the sum of (A) realized capital gains, if any, on a cumulative positive basis
235

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
from the date the Company elected to become a BDC through the end of each calendar year, (B) all realized
capital losses on a cumulative basis and (C) all unrealized capital depreciation on a cumulative basis less (2) all
unamortized deferred debt issuance costs, if and to the extent such costs exceed all unrealized capital
appreciation on a cumulative basis.
•
The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which
(a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the
accreted or amortized cost basis of such investment.
•
The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive,
between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the
accreted or amortized cost basis of such investment.
•
The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative,
between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital
Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.
Realized capital gains and losses include gains and losses on investments, foreign currencies, including gains and
losses on borrowings in foreign currencies, derivative contracts and any income tax related to cumulative
aggregate realized gains and losses.
For the years ended September 30, 2024, 2023 and 2022, the Company did not accrue a Capital Gain Incentive
Fee. As of September 30, 2024 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
15% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain
incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for
such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative
amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount
is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be
realized in the future. For the years ended September 30, 2024, 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 September 30, 2024 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
236

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
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 $2,840 and $2,118 as of September 30, 2024 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 years ended September 30, 2024, 2023 and 2022 were
$12,959, $8,158 and $6,240, respectively.
As of September 30, 2024 and September 30, 2023, included in accounts payable and other liabilities were
$2,658 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 September 30, 2024 permits the Company to borrow a maximum of $200,000
and expires on June 15, 2025. As of September 30, 2023, the Company was permitted to borrow a maximum of
$100,000 under the Adviser Revolver. Refer to Note 7 Borrowings for discussion of the Adviser Revolver.
Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, an unsecured revolving credit
facility with the Investment Adviser (‘‘GBDC 3 Adviser Revolver’’) that had a credit limit of $100,000. The
GBDC 3 Adviser Revolver was terminated on June 11, 2024.
On June 3, 2024, the Company completed its acquisition of GBDC 3. Refer to Note 15 for more information
regarding the GBDC 3 Merger.
Note 4. Investments
Investments as of September 30, 2024 and September 30, 2023 consisted of the following:
As of September 30, 2024
As of September 30, 2023
Principal
Amortized
Cost
Fair
Value
Principal
Amortized
Cost
Fair
Value
Senior secured . . . . . . . . . . . . . . . . .
$ 510,503
$ 506,178
$ 502,386
$ 518,721
$ 527,449
$ 503,985
One stop . . . . . . . . . . . . . . . . . . . . .
7,271,543
7,216,368
7,110,258
4,812,987
4,763,128
4,678,099
Second lien . . . . . . . . . . . . . . . . . . .
18,430
17,125
14,054
32,173
33,514
29,154
Subordinated debt . . . . . . . . . . . . . .
30,410
29,943
30,175
8,907
7,866
7,945
Equity . . . . . . . . . . . . . . . . . . . . . . .
N/A
533,299
578,538
N/A
261,879
297,430
Total . . . . . . . . . . . . . . . . . . . . . .
$7,830,886
$8,302,913
$8,235,411
$5,372,788
$5,593,836
$5,516,613
237

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(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 September 30, 2024
As of September 30, 2023
Amortized Cost:
United States
Mid-Atlantic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,502,136
18.1% $ 936,563
16.7%
Midwest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,391,538
16.8
1,061,739
19.0
West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,133,878
13.7
895,353
16.0
Southeast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,638,221
19.7
1,092,833
19.6
Southwest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,041,814
12.5
487,270
8.7
Northeast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
713,024
8.6
461,711
8.3
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
182,002
2.2
170,492
3.1
United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
395,769
4.8
308,977
5.5
Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20,909
0.2
17,050
0.3
Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58,328
0.7
29,523
0.5
Netherlands. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
95,950
1.2
80,112
1.4
Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52,670
0.6
30,455
0.5
Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33,243
0.4
18,099
0.3
Israel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
855
0.0*
508
0.0*
Denmark. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,860
0.1
3,151
0.1
Germany. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,896
0.2
—
—
France. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17,820
0.2
—
—
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$8,302,913
100.0% $5,593,836
100.0%
Fair Value:
United States
Mid-Atlantic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,506,726
18.3% $ 937,002
17.0%
Midwest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,352,353
16.4
1,046,284
19.0
West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,130,497
13.7
887,364
16.1
Southeast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,634,599
19.8
1,094,393
19.8
Southwest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,020,950
12.4
484,949
8.8
Northeast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
713,123
8.7
448,383
8.1
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
178,003
2.2
161,668
2.9
United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
395,840
4.8
287,313
5.2
Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20,113
0.2
16,075
0.3
Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57,439
0.7
28,486
0.5
Netherlands. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89,708
1.1
69,730
1.3
Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56,608
0.7
32,488
0.6
Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34,709
0.4
18,650
0.3
Israel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,008
0.0*
612
0.0*
Denmark. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,896
0.1
3,216
0.1
Germany. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20,493
0.3
—
—
France. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18,346
0.2
—
—
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$8,235,411
100.0% $5,516,613
100.0%
*
Represents an amount less than 0.1%
238

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
The industry compositions of the portfolio at amortized cost and fair value as of September 30, 2024 and
September 30, 2023 were as follows:
As of September 30, 2024
As of September 30, 2023
Amortized Cost:
Aerospace & Defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
39,344
0.5%
$
24,860
0.4%
Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,808
0.1
955
0.0*
Auto Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48,377
0.6
41,234
0.7
Automobiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
390,804
4.7
273,381
4.9
Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,094
0.0*
—
—
Beverages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82,478
1.0
53,386
1.0
Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,993
0.0*
1,769
0.0*
Building Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60,815
0.7
18,282
0.3
Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,557
0.0*
—
—
Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
133,436
1.6
87,729
1.6
Commercial Services & Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
198,252
2.4
156,336
2.8
Communications Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16,519
0.2
11,448
0.2
Construction & Engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,042
0.1
—
—
Containers & Packaging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
102,694
1.3
46,372
0.8
Diversified Consumer Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
391,054
4.7
271,430
4.9
Diversified Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90,456
1.1
44,183
0.8
Diversified Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . .
1,521
0.0*
1,601
0.0*
Electrical Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,406
0.0*
—
—
Electronic Equipment, Instruments & Components . . . . . . . . . . . . . . . .
33,600
0.4
24,389
0.4
Energy Equipment & Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,543
0.1
4,605
0.1
Food and Staples Retailing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21,957
0.3
62,592
1.1
Food Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
260,340
3.1
154,596
2.8
Healthcare Equipment & Supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
270,891
3.3
136,283
2.4
Healthcare Providers & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
559,659
6.7
468,748
8.4
Healthcare Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
315,628
3.8
220,862
4.0
Hotels, Restaurants & Leisure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
271,416
3.3
130,946
2.3
Household Durables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
6,688
0.1
Household Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,636
0.1
5,410
0.1
Industrial Conglomerates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72,399
0.9
39,570
0.7
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
460,242
5.5
247,825
4.4
Internet & Direct Marketing Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103,829
1.3
67,793
1.2
IT Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
294,569
3.5
270,772
4.8
Leisure Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69,755
0.8
11,557
0.2
Life Sciences Tools & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115,691
1.4
72,065
1.3
Machinery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,586
0.4
34,336
0.6
Marine. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35,033
0.4
19,490
0.4
Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,883
0.2
6,351
0.1
Multiline Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43,416
0.5
45,113
0.8
Oil, Gas & Consumable Fuels. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
85,736
1.0
117,176
2.1
Paper & Forest Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18,771
0.2
10,481
0.2
Personal Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36,460
0.4
36,551
0.7
Pharmaceuticals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
257,011
3.1
171,783
3.1
Professional Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
217,009
2.6
123,318
2.2
Real Estate Management & Development . . . . . . . . . . . . . . . . . . . . . . .
211,484
2.6
131,488
2.4
Road & Rail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41,776
0.5
38,921
0.7
Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,229,206
26.9
1,462,611
26.2
Specialty Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
476,296
5.7
313,197
5.6
Technology Hardware, Storage & Peripherals . . . . . . . . . . . . . . . . . . . .
—
—
23,546
0.4
Textiles, Apparel & Luxury Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43,892
0.5
44,256
0.8
Trading Companies & Distributors . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55,166
0.7
38,403
0.7
Water Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67,383
0.8
19,148
0.3
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$8,302,913
100.0%
$5,593,836
100.0%
*
Represents an amount less than 0.1%.
239

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
As of September 30, 2024
As of September 30, 2023
Fair Value:
Aerospace & Defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
40,073
0.5% $
25,557
0.5%
Airlines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,547
0.1
917
0.0*
Auto Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45,376
0.6
39,648
0.7
Automobiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
389,281
4.7
270,598
4.9
Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,076
0.0*
—
—
Beverages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76,785
0.9
49,787
0.9
Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
764
0.0*
1,315
0.0*
Building Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59,962
0.7
18,278
0.3
Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,540
0.0*
—
—
Chemicals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
119,535
1.5
75,851
1.4
Commercial Services & Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . .
198,921
2.4
159,232
2.9
Communications Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16,494
0.2
11,358
0.2
Construction & Engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,050
0.0*
—
—
Containers & Packaging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
101,467
1.2
45,597
0.8
Diversified Consumer Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
385,797
4.7
271,351
4.9
Diversified Financial Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90,588
1.1
44,147
0.8
Diversified Telecommunication Services . . . . . . . . . . . . . . . . . . . . . .
1,529
0.0*
1,612
0.0*
Electrical Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,425
0.0*
—
—
Electronic Equipment, Instruments & Components . . . . . . . . . . . . . .
34,420
0.4
24,967
0.5
Energy Equipment & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,793
0.0*
1,353
0.0*
Food & Staples Retailing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22,811
0.3
56,675
1.0
Food Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
258,812
3.1
158,312
2.9
Healthcare Equipment & Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . .
264,737
3.2
132,677
2.4
Healthcare Providers & Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
545,927
6.6
451,795
8.2
Healthcare Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
317,594
3.9
222,984
4.1
Hotels, Restaurants & Leisure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
271,656
3.3
132,972
2.4
Household Durables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
6,891
0.1
Household Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,636
0.1
5,217
0.1
Industrial Conglomerates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72,439
0.9
39,056
0.7
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
458,447
5.6
246,424
4.5
Internet & Direct Marketing Retail. . . . . . . . . . . . . . . . . . . . . . . . . . .
108,880
1.3
70,228
1.3
IT Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
302,581
3.7
260,877
4.7
Leisure Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
71,152
0.9
13,162
0.3
Life Sciences Tools & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113,608
1.4
72,077
1.3
Machinery. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29,750
0.4
33,082
0.6
Marine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34,517
0.4
19,053
0.4
Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,717
0.2
6,179
0.1
Multiline Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31,866
0.4
45,138
0.8
Oil, Gas & Consumable Fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
85,689
1.0
117,897
2.2
Paper & Forest Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18,727
0.2
9,991
0.2
Personal Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32,813
0.4
34,489
0.6
Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
254,314
3.1
162,335
2.9
Professional Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
218,402
2.7
123,807
2.2
Real Estate Management & Development . . . . . . . . . . . . . . . . . . . . .
211,343
2.6
128,483
2.3
Road & Rail. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41,172
0.5
39,047
0.7
Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,229,502
27.1
1,455,863
26.4
Specialty Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
473,726
5.8
308,126
5.6
Technology Hardware, Storage & Peripherals . . . . . . . . . . . . . . . . . .
—
—
23,350
0.4
Textiles, Apparel & Luxury Goods. . . . . . . . . . . . . . . . . . . . . . . . . . .
43,633
0.5
43,696
0.8
Trading Companies & Distributors . . . . . . . . . . . . . . . . . . . . . . . . . . .
50,288
0.6
36,734
0.7
Water Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67,249
0.8
18,428
0.3
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$8,235,411
100.0% $5,516,613
100.0%
*
Represents an amount less than 0.1%.
240

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(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 September 30, 2024 and September 30, 2023 were as follows:
As of September 30, 2024
Counterparty
Currency to be
sold
Currency to be
purchased
Settlement
date
Unrealized
appreciation
Unrealized
depreciation
Macquarie Bank Limited . . . . . . . .
€14,650 EUR
$17,567 USD
11/12/2024
$1,225
$
—
Macquarie Bank Limited . . . . . . . .
$5,200 CAD
$4,245 USD
12/9/2024
390
—
Macquarie Bank Limited . . . . . . . .
€12,400 EUR
$14,586 USD
12/23/2024
732
—
Macquarie Bank Limited . . . . . . . .
€7,900 EUR
$8,682 USD
2/5/2025
—
(152)
Macquarie Bank Limited . . . . . . . .
€26,000 EUR
$31,803 USD
2/27/2025
2,654
—
Macquarie Bank Limited . . . . . . . .
£5,600 GBP
$7,321 USD
3/17/2025
—
(152)
Macquarie Bank Limited . . . . . . . .
£13,945 GBP
$19,149 USD
3/31/2025
522
—
Macquarie Bank Limited . . . . . . . .
$7,000 CAD
$5,386 USD
7/18/2025
172
—
Macquarie Bank Limited . . . . . . . .
£8,750 GBP
$10,667 USD
7/21/2025
—
(964)
Macquarie Bank Limited . . . . . . . .
€20,700 EUR
$22,363 USD
7/21/2025
—
(894)
Macquarie Bank Limited . . . . . . . .
€10,100 EUR
$10,918 USD
7/21/2025
—
(430)
Macquarie Bank Limited . . . . . . . .
€16,100 EUR
$17,902 USD
7/30/2025
—
(209)
Macquarie Bank Limited . . . . . . . .
€3,900 EUR
$4,371 USD
1/30/2026
—
(45)
Macquarie Bank Limited . . . . . . . .
€21,900 GBP
$27,811 USD
2/2/2026
—
(1,244)
Macquarie Bank Limited . . . . . . . .
€35,000 EUR
$39,008 USD
2/5/2026
—
(618)
Macquarie Bank Limited . . . . . . . .
€26,100 AUD
$17,179 USD
2/5/2026
—
(761)
5,695
(5,469)
SMBC Capital Markets, Inc. . . . . .
€22,000 EUR
$24,594 USD
1/20/2026
—
(387)
SMBC Capital Markets, Inc. . . . . .
€23,750 EUR
$26,543 USD
1/20/2026
—
(425)
SMBC Capital Markets, Inc. . . . . .
$7,400 CAD
$5,533 USD
2/2/2026
—
(4)
SMBC Capital Markets, Inc. . . . . .
£21,900 GBP
$27,811 USD
2/5/2026
—
(1,406)
$
—
$(2,222)
As of September 30, 2023
Counterparty
Currency to be sold
Currency to be
purchased
Settlement
date
Unrealized
appreciation
Unrealized
depreciation
Macquarie Bank Limited . . . . . . . .
$15,600 CAD
$12,236USD
8/27/2024
$
676
$ —
Macquarie Bank Limited . . . . . . . .
$30,000 CAD
$23,399USD
8/27/2024
1,174
—
Macquarie Bank Limited . . . . . . . .
£ 25,000 GBP
$34,298USD
8/27/2024
3,570
—
Macquarie Bank Limited . . . . . . . .
$22,600 CAD
$17,739USD
8/30/2024
991
—
Macquarie Bank Limited . . . . . . . .
£ 20,550 GBP
$28,297USD
9/3/2024
3,032
—
Macquarie Bank Limited . . . . . . . .
€ 26,000 EUR
$31,803USD
2/27/2025
3,397
—
Macquarie Bank Limited . . . . . . . .
£ 13,945 GBP
$19,149USD
3/31/2025
1,968
—
Macquarie Bank Limited . . . . . . . .
$7,000 CAD
$ 5,386USD
7/18/2025
203
—
Macquarie Bank Limited . . . . . . . .
€ 10,100 EUR
$10,918USD
7/21/2025
—
(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
241

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Agreement (‘‘ISDA Master Agreement’’) with each of its derivative counterparties, Macquarie Bank Limited
(‘‘Macquarie’’) and SMBC Capital Markets, Inc. (‘‘SMBC’’ and, together with Macquarie, the ‘‘Counterparties’’
and each a ‘‘Counterparty’’). Each ISDA Master Agreement is a bilateral agreement between the Company and
each Counterparty that governs over the counter (‘‘OTC’’) derivatives, including forward currency contracts, and
contains, among other things, collateral posting terms and netting provisions in the event of a default and/or
termination event. The provisions of each ISDA Master Agreements with each of the Counterparties permits a
single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or
insolvency of the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and
cash collateral received from either Counterparty, if any, is included in the Consolidated Statements of Financial
Condition as 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 September 30, 2024 and September 30, 2023.
As of September 30, 2024
Counterparty
Risk exposure
category
Unrealized
appreciation
on forward
currency
contracts
Unrealized
depreciation
on forward
currency
contracts
Net amounts
presented in the
Consolidated
Statement of
Financial
Condition
Collateral
(Received)
Pledged(1)
Net Amount(2)
Macquarie Bank Limited . . . . . . Foreign exchange
$5,695
$(5,469)
$
226
$—
$
226
SMBC Capital Markets, Inc. . . . Foreign exchange
—
(2,222)
(2,222)
—
(2,222)
$5,695
$(7,691)
$(1,996)
$(1,996)
As of September 30, 2023
Counterparty
Risk exposure
category
Unrealized
appreciation
on forward
currency
contracts
Unrealized
depreciation
on forward
currency
contracts
Net amounts
presented in the
Consolidated
Statement of
Financial
Condition
Collateral
(Received)
Pledged(1)
Net Amount(2)
Macquarie Bank Limited . . . . . . Foreign exchange
$15,011
$(70)
$14,941
$—
$14,941
(1)
The actual collateral pledged could be more than the amount shown due to over collateralization.
(2)
Represents the net amount due from/(to) counterparties in the event of default.
The impact of derivative transactions not designated as an effective hedge accounting relationship for the years
ended September 30, 2024, 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
Year ended September 30,
Risk exposure category
2024
2023
2022
Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,646
$2,711
$1,080
242

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Year ended September 30,
Risk exposure category
2024
2023
2022
Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(19,011)
$(17,392)
$32,243
The following table is a summary of the average outstanding daily volume for forward currency contracts for the
years ended September 30, 2024, 2023 and 2022:
Year ended September 30,
Average U.S. Dollar notional outstanding
2024
2023
2022
Forward currency contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$379,494
$221,448
$254,118
Interest Rate Swaps
In connection with the 2028 Notes (as defined in Note 7), the Company entered into interest rate swap
agreements to more closely align the interest rate of such liability with its investment portfolio, which consists
primarily of floating rate loans. Under the interest rate swap agreements, the Company (i) 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 and (ii) receives a fixed interest rate of 7.310% and pays a floating interest rate of one-month
SOFR plus 2.835% on the second $225,000 of the 2028 Notes. The Company designated these interest rate
swaps and the 2028 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more
information on the 2028 Notes.
In connection with the 2029 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 6.248% and pays a floating interest rate of one-month SOFR plus 2.444% on $600,000 of the
2029 Notes. The Company designated this interest rate swap and the 2029 Notes as a qualifying fair value hedge
accounting relationship. See Note 7 for more information on the 2029 Notes.
As of September 30, 2024, the counterparty to the Company’s interest rate swap agreements was 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 / (loss) related to the fair value
hedge was $4,598, which is included in ‘‘Interest and other debt financing expenses’’ in the Company’s
Consolidated Statement of Operations. The table below presents the components of the net gain /(loss) related to
the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the
2028 and 2029 Notes, from derivatives designated in a qualifying hedge accounting relationship for the year
ended September 30, 2024. There were no derivatives designated in a qualifying hedge accounting relationship
for the years ended September 30, 2023 and 2022.
Year ended September 30, 2024
Hedging Instruments (Interest rate swaps) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 31,486
Hedged items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(26,888)
Fair market value adjustments for hedge accounting recognized in interest
expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,598
243

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
The Statement of Financial Condition impact of fair valuing the interest rate swaps as of September 30, 2024 is
presented below:
Derivative Instrument
Notional
Amount
Maturity
Date
Gross Amount of
Recognized Assets
Gross Amount of
Recognized Liabilities
Statement of Financial Condition
Location of Amounts
Interest rate swap. . . . . $225,000 11/5/2028
$ 8,925
$—
Net unrealized appreciation on
derivatives
Interest rate swap. . . . . $225,000 11/5/2028
$13,298
$—
Net unrealized appreciation on
derivatives
Interest rate swap. . . . . $600,000 6/15/2029
$ 9,263
$—
Net unrealized appreciation on
derivatives
The table below presents the carrying value of the 2028 and 2029 Notes as of September 30, 2024 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:
Description
Carrying Value
Hedging Adjustment
2028 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$460,642
$14,675
2029 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
606,271
12,213
Exclusion of the Investment Adviser from Commodity Pool Operator Definition
Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company
could cause the Investment Adviser to fall within the definition of ‘‘commodity pool operator’’ under the
Commodity Exchange Act (the ‘‘CEA’’) and related Commodity Futures Trading Commission (the ‘‘CFTC’’)
regulations. The Investment Adviser has claimed an exclusion from the definition of the term ‘‘commodity pool
operator’’ under the CEA and the CFTC regulations in connection with its management of the Company and,
therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with
respect to its management of the Company.
Note 6. Fair Value Measurements
The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in
the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. Where available, fair value is based on observable market prices or parameters, or derived
from such prices or parameters. Where observable prices or inputs are not available, valuation models are
applied. These valuation models involve some level of estimation and judgment, the degree of which is
dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity.
Effective August 2, 2024, the Board designated the Investment Adviser as the Company’s Valuation Designee in
accordance with Rule 2a-5 under the 1940 Act. The Company’s fair value analysis, currently undertaken by the
Valuation Designee, includes an analysis of the value of any unfunded loan commitments. Assets and liabilities
are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to
measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the
valuation of the asset or liability as of the measurement date. The three levels are defined as follows:
Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the
measurement date.
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are
observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets
or liabilities.
Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations
where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of
fair value are based upon the best information available and require significant management judgment or
estimation.
244

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such
cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input
that is significant to the fair value measurement. The assessment of the significance of a particular input to the
fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Currently, the Valuation Designee assesses the levels of assets and liabilities at each measurement date, and
transfers between levels are recognized on the actual date of the event or change in circumstances that caused the
transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities
during the years ended September 30, 2024 and 2023. The following section describes the valuation techniques
used to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy
in which the assets and liabilities are categorized.
Investments
Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market
consensus prices that are corroborated by observable market data and quoted market prices for similar assets and
liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee,
based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged at
the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily
available market quotation at least every other quarter under a valuation policy and a consistently applied
valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio
investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately
50% (based on the fair value of the portfolio company investments) of the Company’s valuations of debt and
equity investments without readily available market quotations subject to review by an independent valuation
firm. All investments as of September 30, 2024 and September 30, 2023, with the exception of one portfolio
company investment (Level 1 investments), were valued using Level 3 inputs. As of September 30, 2024 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 interest rate swaps were
valued using Level 2 inputs.
When determining fair value of Level 3 debt and equity investments, the Valuation Designee takes into account
the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value
of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows,
the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes
in the interest rate environment and the credit markets generally that affect the price at which similar investments
are made and other relevant factors. The primary method for determining enterprise value uses a multiple
analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest
expense, income tax expense, depreciation and amortization (‘‘EBITDA’’). A portfolio company’s EBITDA can
include pro forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise
value analysis is performed to determine the value of equity investments and to determine if debt investments are
credit impaired. If debt investments are credit impaired, the Valuation Designee will use the enterprise value
analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be
credit impaired, the Valuation Designee uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Valuation Designee bases its valuation on indicative bid and ask
prices provided by an independent third party pricing service. Bid prices reflect the highest price that the
Company and others could be willing to pay. Ask prices represent the lowest price that the Company and others
could be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best
estimate of fair value of such investment.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily
available market value, the fair value of the investments could differ significantly from the values that would
have been used had a ready market existed for such investments and could differ materially from the values that
are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or
otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio
245

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
investment in a forced or liquidation sale, the Company could realize significantly less than the value at which
such investment had previously been recorded. The Company’s investments are subject to market risk. Market
risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the
volatility and liquidity in the markets in which the investments are traded.
The following tables present fair value measurements of the Company’s investments and indicate the fair value
hierarchy of the valuation techniques utilized to determine such fair value as of September 30, 2024 and
September 30, 2023:
As of September 30, 2024
Description
Fair Value Measurements Using
Level 1
Level 2
Level 3
Total
Assets, at fair value:
Debt investments(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
—
$
—
$7,656,873
$7,656,873
Equity investments(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118
—
578,420
578,538
Money market funds(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
213,101
—
—
213,101
Forward currency contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
5,695
—
5,695
Interest rate swaps. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
31,486
—
31,486
Total assets, at fair value:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$213,219
$37,181
$8,235,293
$8,485,693
Liabilities, at fair value:
Forward currency contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
—
$ (7,691) $
—
$
(7,691)
Total liabilities, at fair value: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
—
$ (7,691) $
—
$
(7,691)
As of September 30, 2023
Description
Fair Value Measurements Using
Level 1
Level 2
Level 3
Total
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 years ended September 30, 2024, 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 at the end of each year
was $(25,138), $1,324 and $(119,448), respectively.
246

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(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 year
ended September 30, 2024 and 2023:
For the year ended September 30, 2024
Debt
Investments
Equity
Investments
Total
Investments
Fair value, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,219,183
$297,330
$ 5,516,513
Net change in unrealized appreciation (depreciation) on investments . . . .
(41,723)
9,668
(32,055)
Net translation of investments in foreign currencies . . . . . . . . . . . . . . . . . .
41,755
2
41,757
Realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(82,925)
1,348
(81,577)
Realized gain (loss) on translation of investments in foreign currencies . .
(8,211)
—
(8,211)
Fundings of (proceeds from) revolving loans, net. . . . . . . . . . . . . . . . . . . .
2,596
—
2,596
Fundings of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,186,368
113,565
1,299,933
PIK interest and non-cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52,552
21,263
73,815
Proceeds from non-cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(47)
(47)
Proceeds from principal payments and sales of portfolio investments . . . .
(1,250,895)
(11,989)
(1,262,884)
Transfer in - GBDC 3 Merger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,527,770
147,280
2,675,050
Accretion of discounts and amortization of premiums . . . . . . . . . . . . . . . .
10,403
—
10,403
Fair value, end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 7,656,873
$578,420
$ 8,235,293
For the year ended September 30, 2023
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 . . . .
24,509
(10,231)
14,278
Net translation of investments in foreign currencies . . . . . . . . . . . . . . . . . .
31,666
94
31,760
Realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(48,084)
1,588
(46,496)
Realized gain (loss) on translation of investments in foreign currencies . .
(1,419)
—
(1,419)
Funding of (proceeds from) revolving loans, net. . . . . . . . . . . . . . . . . . . . .
381
—
381
Fundings of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
644,630
30,598
675,228
PIK interest and non-cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38,844
14,901
53,745
Proceeds from non-cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(10)
(10)
Proceeds from principal payments and sales of portfolio investments . . . .
(652,759)
(17,429)
(670,188)
Accretion of discounts and amortization of premiums . . . . . . . . . . . . . . . .
12,878
—
12,878
Fair value, end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$5,219,183
$297,330
$5,516,513
The following tables present quantitative information about the significant unobservable inputs of the Company’s
Level 3 investments as of September 30, 2024 and September 30, 2023.
Quantitative Information about Level 3 Fair Value Measurements
Fair value as of
September 30, 2024
Valuation Techniques
Unobservable Input
Range (Weighted
Average)(1)
Assets:
Senior secured loans(2) . .
$ 502,386
Yield analysis
Market interest rate
6.5% - 20.3% (10.5%)
Market comparable companies EBITDA multiples
1.5x - 24.0x (12.3x)
One stop loans(3)(4) . . . . .
$7,057,577
Yield analysis
Market interest rate
4.3% - 21.0% (9.9%)
Market comparable companies EBITDA multiples
2.8x - 53.2x (16.0x)
Revenue multiples
1.0x - 18.0x (7.9x)
52,681
Broker/dealer bids or quotes
Broker/dealer bids
or quotes
N/A
247

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Quantitative Information about Level 3 Fair Value Measurements
Fair value as of
September 30, 2024
Valuation Techniques
Unobservable Input
Range (Weighted
Average)(1)
Subordinated debt
and second lien
loans(5) . . . . . . . . . . . .
$ 44,229
Yield analysis
Market interest rate
10.0% - 15.5% (13.3%)
Market comparable companies EBITDA multiples
5.5x - 24.0x (16.0x)
Equity(6) . . . . . . . . . . . . .
$578,420
Market comparable companies EBITDA multiples
5.5x - 53.2x (18.2x)
Revenue multiples
1.2x - 18.0x (8.1x)
(1)
Unobservable inputs were weighted by the relative fair value of the instruments.
(2)
$2,807 of loans at fair value were valued using the market comparable companies approach only.
(3)
$64,786 of loans at fair value were valued using the market comparable companies approach only.
(4)
The Company valued $6,036,312 and $1,021,265 of one stop loans using EBITDA and revenue multiples,
respectively. All one stop loans were also valued using the market rate approach.
(5)
$435 of loans at fair value were valued using the market comparable companies approach only.
(6)
The Company valued $505,597 and $72,823 of equity investments using EBITDA and revenue multiples,
respectively.
Quantitative Information about Level 3 Fair Value Measurements
Fair value as of
September 30, 2023
Valuation Techniques
Unobservable Input
Range (Weighted
Average)(1)
Assets:
Senior secured
loans(2). . . . . . . . .
$ 503,985
Yield analysis
Market interest rate
8.0% - 17.8% (10.6%)
Market comparable companies
EBITDA multiples
5.2x - 24.0x (14.7x)
One stop
loans(3)(4) . . . . . . .
$4,678,099
Yield analysis
Market interest rate
7.3% - 26.3% (10.9%)
Market comparable companies
EBITDA multiples
4.0x - 34.0x (16.3x)
Revenue multiples
1.5x - 27.0x (7.7x)
Subordinated debt
and second lien
loans . . . . . . . . . .
$
37,099
Yield analysis
Market interest rate
10.3% - 24.5% (14.6%)
Market comparable companies
EBITDA multiples
8.3x - 22.0x (19.5x)
Equity(5). . . . . . . . . .
$ 297,330
Market comparable companies
EBITDA 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 Valuation Designee.
248

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity
investments are EBITDA multiples, revenue multiples and market interest rates. The Valuation Designee uses
EBITDA multiples and, to a lesser extent, revenue multiples on the Company’s debt and equity investments to
determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would have
resulted in a significantly lower or higher fair value measurement. The Valuation Designee uses market interest
rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type
of loan. If a loan’s effective yield was significantly less than the market yield for a similar loan with a similar
credit profile, then the resulting fair value of the loan could have been lower.
Other Financial Assets and Liabilities
ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate
such value. As a result, with the exception of the line item titled ‘‘debt’’ which is reported at cost, all assets and
liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short
maturity. The fair value of the Company’s 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 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 September 30, 2024 and
September 30, 2023.
As of September 30, 2024
As of September 30, 2023
Carrying Value
Fair Value
Carrying Value
Fair Value
Debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$4,624,791
$4,591,161
$3,133,332
$2,990,685
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 September 30, 2024, the Company’s asset coverage for borrowed amounts was 186.0%.
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 years ended September 30,
2024 and 2023, the Company had repayments on the 2018 Notes of $158,712 and $19,503, respectively. For the
year ended September 30, 2022, the Company had no repayments on the 2018 Notes. The 2018 Notes are
249

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
scheduled to mature on January 20, 2031. The Class A, Class B and Class C-1 2018 Notes are included in the
September 30, 2024 and September 30, 2023 Consolidated Statements of Financial Condition as debt of the
Company. As of September 30, 2024 and September 30, 2023, the Class C-2, Class D and Subordinated 2018
Notes were eliminated in consolidation.
As of September 30, 2024 and September 30, 2023, there were 44 and 65 portfolio companies, respectively, with
a total fair value of $351,446 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 September 30, 2024 based on the last interest rate reset was 5.3%.
For the years ended September 30, 2024, 2023 and 2022, the components of interest expense, cash paid for
interest, average stated interest rates and average outstanding balances for the 2018 Debt Securitization were as
follows:
Year ended September 30,
2024
2023
2022
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 24,042
$ 26,375
$ 10,542
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
161
421
Total interest and other debt financing expenses . . . . . . . . . . . . . . . . . . .
$ 24,044
$ 26,536
$ 10,963
Cash paid for interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 26,430
$ 24,271
$
8,410
Average stated interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.4%
6.5%
2.6%
Average outstanding balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$324,648
$403,098
$408,200
As of September 30, 2024, 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:
Description
Class A 2018 Notes
Class B 2018 Notes
Class C-1 2018 Notes
Type
Senior Secured Floating
Rate
Senior Secured Floating
Rate
Senior Secured Floating
Rate
Amount Outstanding. . . . . .
$148,785
$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
250

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
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 September 30, 2024 and September 30, 2023
Consolidated Statements of Financial Condition as debt of the Company. As of September 30, 2024 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 years ended
September 30, 2024 and 2023, the Company had repayments on the GCIC 2018 Notes of $260,755 and $32,973,
respectively.
For the year ended September 30, 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 September 30, 2024 and September 30, 2023, there were 58 and 87 portfolio companies, respectively, with
a total fair value of $524,168 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.
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 September 30, 2024 based on the last interest
rate reset was 5.3%.
For the years ended September 30, 2024, 2023 and 2022, the components of interest expense, cash paid for
interest, average stated interest rates and average outstanding balances for the GCIC 2018 Debt Securitization
were as follows:
Year ended September 30,
2024
2023
2022
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 28,062
$ 32,923
$ 13,422
Accretion of discounts on notes issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
544
1,789
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
21
68
Total interest and other debt financing expenses. . . . . . . . . . . . . . . . . . . . . . . .
$ 28,062
$ 33,488
$ 15,279
Cash paid for interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 31,909
$ 30,453
$ 10,757
Average stated interest rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.8%
6.1%
2.5%
Average outstanding balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$412,682
$537,754
$546,500
251

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
As of September 30, 2024, 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:
Description
Class A-1 GCIC 2018 Notes
Class A-2-R GCIC 2018 Notes
Class B-1 GCIC 2018 Notes
Type
Senior Secured Floating
Rate
Senior Secured Fixed Rate
Senior Secured Floating
Rate
Amount Outstanding. . . . . .
$196,272
$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%.
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 September 30, 2024, 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.
GBDC 3 2021 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3
Merger, a $398,850 term debt securitization (the ‘‘GBDC 3 2021 Debt Securitization’’). The GBDC 3 2021 Debt
Securitization was originally completed on March 11, 2021. The notes offered in the GBDC 3 2021 Debt
Securitization (the ‘‘GBDC 3 2021 Notes’’) were issued by the GBDC 3 2021 Issuer and are backed by a
diversified portfolio of senior secured and second lien loans. The GBDC 3 2021 Notes offered in the GBDC 3
2021 Debt Securitization consist of $224,000 of AAA Class A GBDC 3 2021 Notes, which bear interest at the
three-month SOFR plus 1.60%; $28,000 of AA Class B GBDC 3 2021 Notes, which bear interest at the
three-month SOFR plus 1.85%; $36,000 of A Class C-1 GBDC 3 2021 Notes, which bear interest at the
three-month SOFR plus 2.80%; $10,000 A Class C-2 GBDC 3 2021 Notes, which bear interest at 3.91%; up to
$28,000 of BBB- Class D GBDC 3 2021 Notes, which were unfunded on the closing date of the GBDC 3 2021
Debt Securitization and which, if funded, will bear interest at the three-month SOFR plus a spread set in
connection with the funding date but which in no event will be greater than 5.00% (the Class D GBDC 3 2021
Notes, together with the Class A GBDC 3 2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3
2021 Notes and the Class C-2 GBDC 3 2021 Notes are referred to as the ‘‘Secured GBDC 3 2021 Notes’’); and
approximately $100,850 of Subordinated GBDC 3 2021 Notes, which do not bear interest. The Class A GBDC 3
2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3 2021 Notes, and the Class C-2 GBDC 3
2021 Notes were issued through a private placement through Deutsche Bank Securities Inc. The GBDC 3 2021
Issuer indirectly retained all of the Class D GBDC 3 2021 Notes and Subordinated GBDC 3 2021 Notes which
were eliminated in consolidation. The Class A, Class B, Class C-1, and Class C-2 GBDC 3 2021 Notes are
included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company.
Through April 15, 2025, all principal collections received on the underlying collateral could be used by the
GBDC 3 2021 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as
collateral manager of the GBDC 3 2021 Issuer, in accordance with the Company’s investment strategy and
subject to customary conditions set forth in the documents governing the GBDC 3 2021 Debt Securitization,
allowing the Company to maintain the initial leverage in the GBDC 3 2021 Debt Securitization. The Secured
GBDC 3 2021 Notes are due on April 15, 2033. The Subordinated GBDC 3 2021 Notes are due in 2121.
252

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
As of September 30, 2024, there were 81 portfolio companies with total fair value of $395,682 securing the
GBDC 3 2021 Notes. The pool of loans in the GBDC 3 2021 Debt Securitization must meet certain
requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon,
minimum spread and sector diversity requirements.
The interest charged under the GBDC 3 2021 Debt Securitization is based on three-month SOFR plus a spread
adjustment of 0.26161%. The three-month term SOFR in effect as of September 30, 2024 based on the last
interest rate reset was 5.3%.
For the year ended September 30, 2024, the components of interest expense, cash paid for interest expense,
average stated interest rates and average outstanding balances for the GBDC 3 2021 Debt Securitization were as
follows:
Year ended September 30,
2024
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 7,181
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
Total interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 7,181
Cash paid for interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 2,520
Average stated interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.3%
Average outstanding balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$97,705
As of September 30, 2024, the classes, amounts, ratings and interest rates in effect (expressed as a spread to
three-month term SOFR, as applicable) of the Class A 2021 Notes, Class B 2021 Notes, Class C-1 2021 Notes
and the Class C-2 GBDC 3 2021 Notes were as follows:
Description
Class A GBDC 3 2021
Notes
Class B GBDC 3 2021
Notes
Class C-1 GBDC 3 2021
Notes
Class C-2 GBDC 3 2021
Notes
Type
Senior Secured
Floating Rate
Senior Secured
Floating Rate
Senior Secured
Floating Rate
Senior Secured
Floating Rate
Amount Outstanding.
$224,000
$28,000
$36,000
$10,000
S&P Rating . . . . . . . .
‘‘AAA’’
‘‘AA’’
‘‘A’’
‘‘A’’
Interest Rate(1). . . . . .
SOFR + 1.60%
SOFR + 1.85%
SOFR + 2.80%
3.91%
(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%.
GBDC 3 2022 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3
Merger, a $401,750 asset-backed securitization (the ‘‘GBDC 3 2022 Debt Securitization’’). The GBDC 3 2022
Debt Securitization was originally completed on January 25, 2022. The notes offered in the GBDC 3 2022 Debt
Securitization were issued by the GBDC 3 2022 Issuer and are backed by a diversified portfolio of senior
secured loans. The notes offered in the GBDC 3 2022 Debt Securitization consist of $252,000 of Class A Senior
Secured Floating Rate Notes, which bear interest at a benchmark interest rate, which will be based on
three-month term SOFR, plus 2.00% (the ‘‘Secured GBDC 3 2022 Notes’’) and $149,750 of Subordinated Notes,
which do not bear interest (the ‘‘Subordinated GBDC 3 2022 Notes’’ and, together with the Secured GBDC 3
2022 Notes, the ‘‘GBDC 3 2022 Notes’’). The Secured GBDC 3 2022 Notes were issued through a private
placement through Deutsche Bank Securities Inc. The GBDC 3 2022 Issuer indirectly retained all of the
Subordinated GBDC 3 2022 Notes, and the Subordinated GBDC 3 2022 Notes were eliminated in consolidation.
The Secured GBDC 3 2022 Notes are included in the September 30, 2024 Consolidated Statements of Financial
Condition as debt of the Company.
253

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Through January 25, 2024, the GBDC 3 2022 Issuer was permitted to use all principal collections received on
the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity
as collateral manager of the GBDC 3 2022 Issuer, in accordance with the Company’s investment strategy,
allowing the Company to maintain the initial leverage in the GBDC 3 2022 Debt Securitization. There were
repayments on the GBDC 3 2022 Notes of $14,751 during the period June 3, 2024 through September 30, 2024.
The Secured GBDC 3 2022 Notes are due on January 18, 2030. The Subordinated GBDC 3 2022 Notes are due
on January 25, 2122.
As of September 30, 2024, there were 55 portfolio companies with a total fair value of $377,755 securing the
GBDC 3 2022 Debt Securitization. The pool of loans in the GBDC 3 2022 Debt Securitization must meet certain
requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon,
minimum spread and sector diversity requirements.
The interest charged under the GBDC 3 2022 Debt Securitization is based on three-month term SOFR. The
three-month term SOFR rate in effect as of September 30, 2024 based on the last interest rate reset was 5.3%.
For the year ended September 30, 2024, the components of interest expense, cash paid for interest expense,
average stated interest rates and average outstanding balances for the GBDC 3 2022 Debt Securitization were as
follows:
Year ended September 30,
2024
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,909
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
Total interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,909
Cash paid for interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 2,508
Average stated interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.4%
Average outstanding balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$79,626
As of September 30, 2024, the class, amount, rating and interest rate (expressed as a spread to three-month term
SOFR, as applicable) of the GBDC 3 2022 Debt Securitization was as follows:
Description
Secured GBDC 3 2022 Notes
Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Senior Secured Floating Rate
Amount Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$236,836
Kroll Bond Rating Agency Rating . . . . . . . . . . . . . . . . . .
A
Interest Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SOFR + 2.0%
GBDC 3 2022-2 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3
Merger, a $386,600 term debt securitization (the ‘‘GBDC 3 2022-2 Debt Securitization’’). The GBDC 3 2022-2 Debt
Securitization was originally completed on December 14, 2022. The notes offered in the GBDC 3 2022-2 Debt
Securitization (the ‘‘GBDC 3 2022-2 Notes’’) were issued by the GBDC 3 2022-2 Issuer and are backed by a
diversified portfolio of senior secured and second lien loans. The GBDC 3 2022-2 Notes offered in the GBDC 3
2022-2 Debt Securitization consist of $140,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Notes due
2034, which bear interest at the three-month term SOFR plus 2.60%; $38,800 of AA Class B GBDC 3 Senior Secured
Floating Rate Notes due 2034, which bear interest at the three-month term SOFR plus 3.09% (the ‘‘Class B GBDC 3
2022-2 Notes’’ and, together with the Class A GBDC 3 2022-2 Notes, the ‘‘Secured GBDC 3 2022-2 Notes’’);
$85,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Loans maturing 2034, which bear interest at the
three-month term SOFR plus 2.60% (the ‘‘Class A GBDC 3 2022-2 Loans’’ and, together with the Secured GBDC 3
2022-2 Notes, the ‘‘Secured GBDC 3 2022-2 Debt’’); and $122,800 of Subordinated Notes due 2122 (the
‘‘Subordinated GBDC 3 2022-2 Notes’’), which do not bear interest. The GBDC 3 2022-2 Issuer indirectly retained all
254

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
of the Class B GBDC 3 2022-2 Notes and Subordinated GBDC 3 2022-2 Notes which were eliminated in
consolidation. The Class A GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans are included in the
September 30, 2024 Consolidated Statement of Financial Condition as debt of the Company.
Through January 18, 2026, all principal collections received on the underlying collateral could be used by the
GBDC 3 2022-2 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity
as collateral manager of the GBDC 3 2022-2 Issuer, in accordance with the Company’s investment strategy and
subject to customary conditions set forth in the documents governing the GBDC 3 2022-2 Debt Securitization,
allowing the Company to maintain the initial leverage in the GBDC 3 2022-2 Debt Securitization. The Secured
GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans are due on January 18, 2034. The Subordinated
GBDC 3 2022-2 Notes are due on December 14, 2122.
As of September 30, 2024, there were 73 portfolio companies with a total fair value of $377,471 securing the
GBDC 3 2022-2 Debt Securitization. The pool of loans in the GBDC 3 2022-2 Debt Securitization must meet
certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum
coupon, minimum spread and sector diversity requirements.
The interest charged under the GBDC 3 2022-2 Debt Securitization is based on three-month term SOFR. The
three-month term SOFR rate in effect as of September 30, 2024 based on the last interest rate reset was 5.3%.
For the year ended September 30, 2024, the components of interest expense, cash paid for interest expense,
average stated interest rates and average outstanding balances for the GBDC 3 2022-2 Debt Securitization were
as follows:
Year ended September 30,
2024
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,923
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
Total interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,923
Cash paid for interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 2,229
Average stated interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.0%
Average outstanding balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$73,770
As of September 30, 2024, the classes, amounts, ratings and interest rates (expressed as a spread to three-month
term SOFR, as applicable) of the Class A GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans were as
follows:
Description
Class A GBDC 3 2022-2 Notes
Class A GBDC 3 2022-2 Loans
Type
Senior Secured Floating Rate
Senior Secured Floating Rate
Amount Outstanding . . . . . . . . . . . . .
$140,000
$85,000
S&P Rating. . . . . . . . . . . . . . . . . . . . .
‘‘AAA’’
‘‘AAA’’
Interest Rate . . . . . . . . . . . . . . . . . . . .
SOFR + 2.60%
SOFR + 2.60%
The Investment Adviser serves as collateral manager to the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer,
GBDC 3 2022 Issuer and the GBDC 3 2022-2 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, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer and the GBDC 3 2022-2
Issuer for rendering such collateral management services.
GBDC 3 DB Credit Facility: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a
loan financing and servicing agreement (as amended, the ‘‘GBDC 3 DB Credit Facility’’), with the Company and
GBDC 3 Funding, as equity holder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG,
New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto
as securitization subsidiaries and Deutsche Bank Trust Company Americas, as collateral agent and as collateral
255

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
custodian. The GBDC 3 DB Credit Facility was originally entered into on September 10, 2019 (the ‘‘GBDC 3 DB
Credit Facility Effective Date’’). The period during which GBDC 3 Funding may request drawdowns under the
‘‘GBDC 3 DB Credit Facility (the ‘‘Revolving Period’’) commenced on the GBDC 3 DB Credit Facility Effective
Date and continues through April 10, 2025. As of September 30, 2024, the GBDC 3 DB Credit Facility allowed
GBDC 3 Funding to borrow up to $625,000, subject to leverage and borrowing base restrictions, and has a maturity
date of April 10, 2028.
As of September 30, 2024, the GBDC 3 DB Credit Facility bears interest at the applicable base rate plus 2.30% per
annum during the Revolving Period and 2.80% after the Revolving Period. The base rate under the GBDC 3 DB
Credit Facility is (i) the three-month Canadian Overnight Repo Rate Average (‘‘CORRA’’) plus an adjustment equal to
0.32138% with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR with respect
to any advances denominated in euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances
denominated in Australian dollars, (iv) the daily simple Sterling Overnight Index Average with respect to any advances
denominated U.K. pound sterling, the daily simple Swiss Average Rate Overnight with respect to any advances
denominated in Swiss francs, (v) the three-month Copenhagen Interbank Offered Rate with respect to any advances
denominated in Danish krones, (vi) the three-month Bank Bill Benchmark Rate with respect to any advances
denominated in New Zealand dollars, (vii) the three-month Norwegian Krone Interbank Offered Rate with respect to
any advances denominated in Norwegian krona, (viii) the three-month Stockholm Interbank Offered Rate with respect
to any advances denominated in Swedish krona, and (ix) the three-month term SOFR with respect to any other
advances. A syndication/agent fee is payable to the facility agent each quarter and is calculated based on the aggregate
commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate
commitments on each day. In addition, a non-usage fee of 0.25% per annum is payable on the undrawn amount under
the GBDC 3 DB Credit Facility, and, during the Revolving Period, an additional fee based on unfunded commitments
of the lenders could be payable if borrowings under the GBDC 3 DB Credit Facility do not exceed a minimum
utilization percentage threshold. A prepayment fee would be payable in the event of any permanent reduction in
commitments of the GBDC 3 DB Credit Facility in the amount of 0.50% or 0.25% of the amount of the reduction
during the first or second year after the Effective Date, respectively.
The GBDC 3 DB Credit Facility is secured by all of the assets held by GBDC 3 Funding. GBDC 3 Funding has made
customary representations and warranties and is required to comply with various covenants, reporting requirements and
other customary requirements for similar credit facilities. The borrowings of the Company, including under the
GBDC 3 DB Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.
The Company transfers certain loans and debt securities it has originated or acquired from time to time to
GBDC 3 Funding through a purchase and sale agreement and causes GBDC 3 Funding to originate or acquire
loans, consistent with the Company’s investment objectives.
As of September 30, 2024, the Company had outstanding debt under the GBDC 3 DB Credit Facility of $411,489.
For the year ended September 30, 2024, the components of interest expense, cash paid for interest expense, average
stated interest rates and average outstanding balances for the ‘‘GBDC 3 DB Credit Facility were as follows:
Year ended September 30,
2024
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 11,219
Facility fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
680
Accretion of discounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Total interest and other debt financing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 11,900
Cash paid for interest expense and facility fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,284
Average stated interest rate(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.6%
Average outstanding balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$148,365
(1)
The Average stated interest rate reflects the translation of the stated interest expense and borrowings in
foreign currencies to U.S. dollar.
256

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
MS Credit Facility II: On February 1, 2019, Funding II entered into a credit facility (as amended, the ‘‘MS
Credit Facility II’’) with Morgan Stanley, as the administrative agent, each of the lenders from time to time party
thereto, each of the securitization subsidiaries from time to time party thereto, and Wells Fargo Bank, N.A., as
collateral agent, account bank and collateral custodian. On September 16, 2022, all amounts outstanding under
the MS Credit Facility II were repaid, following which the agreements governing the MS Credit Facility II were
terminated. Prior to its termination, the MS Credit Facility II had a borrowing capacity of $75,000 and bore
interest at the applicable base rate plus 2.05%. The base rate under the MS Credit Facility II was (i) one-month
LIBOR with respect to any advances denominated in U.S. dollars or U.K. pound sterling, (ii) one-month
EURIBOR with respect to any advances denominated in euros, and (iii) one-month Canadian Dollar Offered Rate
with respect to any advances denominated in Canadian dollars. The scheduled maturity date of the MS Credit
Facility II was April 12, 2026. The MS Credit Facility II was subject to a non-usage fee of 0.50% per annum.
The MS Credit Facility II was secured by all of the assets held by Funding II. Both the Company and Funding II
made customary representations and warranties and were required to comply with various covenants, reporting
requirements and other customary requirements for similar credit facilities. The borrowings under the MS Credit
Facility II were subject to the leverage restrictions contained in the 1940 Act.
As of September 30, 2024, September 30, 2023 and September 30, 2022, the Company did not have any
outstanding debt under the MS Credit Facility II.
For the years ended September 30, 2024, 2023 and 2022, the components of interest expense, cash paid for
interest and facility fees, average interest rates and average outstanding balances for the MS Credit Facility II
were as follows:
Year ended September 30,
2024
2023
2022
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ —
$ —
$
702
Facility fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
529
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
535
Total interest and other debt financing expenses. . . . . . . . . . . . . . . . . . . . . . . .
$ —
$ —
$ 1,766
Cash paid for interest expense and facility fees . . . . . . . . . . . . . . . . . . . . . . . . . .
$ —
$ —
$ 1,421
Average stated interest rate¹ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
N/A
N/A
4.0%
Average outstanding balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ —
$ —
$17,452
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
September 30, 2024, allowed the Company to borrow up to $1,822,500 in U.S. dollars and certain agreed upon
foreign currencies, subject to leverage and borrowing base restrictions. Through a series of amendments, most
recently on August 6, 2024, the Company amended the JPM Credit Facility to, among other things, extend the
maturity date to August 6, 2029, decrease the adjustment to term SOFR for loans using such rate to 0.10%,
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 $177,500 of additional commitments and update the applicable reference
rate with respect to borrowings denominated in Canadian Dollars with CORRA.
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
257

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
respect to any advances denominated in U.K. pound sterling, (iii) one-month EURIBOR with respect to any
advances denominated in euros, (iv) CORRA with respect to any advances denominated in Canadian Dollars, and
(v) 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 August 6, 2029 and requires
mandatory prepayment of interest and principal upon certain events during the one year amortization period of
the facility.
As of September 30, 2024 and September 30, 2023, the Company had outstanding debt of $956,590 and
$784,374, respectively, and no letters of credit outstanding under the JPM Credit Facility.
For the years ended September 30, 2024, 2023 and 2022, the components of interest expense, cash paid for
interest and facility fees, average stated interest rates and average outstanding balances for the JPM Credit
Facility were as follows:
Year ended September 30,
2024
2023
2022
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 26,777
$ 41,821
$ 13,876
Facility fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,389
2,635
2,501
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,569
2,793
1,865
Total interest and other debt financing expenses. . . . . . . . . . . . . . . . . . . . . . . .
$ 34,735
$ 47,249
$ 18,242
Cash paid for interest expense and facility fees . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 27,612
$ 44,667
$ 14,948
Average stated interest rate(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.1%
6.2%
2.6%
Average outstanding balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$377,773
$678,560
$524,105
(1)
The average stated interest rate reflects the translation of the stated interest expense and borrowings in
foreign currencies to U.S. dollar.
2024 Notes: On October 2, 2020, the Company issued $400,000 in aggregate principal amount of unsecured notes (the
‘‘2024 Notes’’), and on October 15, 2021, the Company issued an additional $100,000 in aggregate principal amount
of 2024 Notes under the same terms of the original issuance. On April 8, 2024, the Company redeemed $500,000 in
aggregate principal amount of the 2024 Notes. The 2024 Notes were redeemed at 100% of the principal amount, plus
the accrued and unpaid interest thereon. As of September 30, 2023, the outstanding aggregate principal amount of the
2024 Notes was $500,000. The 2024 Notes bore interest at a rate of 3.375% per year payable semiannually in arrears
on April 15 and October 15 of each year, commencing on April 15, 2021.
The 2024 Notes were the Company’s general unsecured obligations that ranked senior in right of payment to all
of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of
payment to the 2024 Notes; equal in right of payment to the Company’s existing and future indebtedness or other
obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured
indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent
of the value of the assets securing such indebtedness; and structurally junior to all existing and future
indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing
vehicles or similar facilities.
258

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
For the years ended September 30, 2024, 2023 and 2022, the components of interest expense, cash paid for interest
and facility fees, average stated interest rates and average outstanding balances for the 2024 Notes were as follows:
Year ended September 30,
2024
2023
2022
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
8,766
$ 16,876
$ 16,745
Accretion of discounts and amortization of premiums on notes issued . . . . . . . .
(747)
(1,384)
(1,327)
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,140
1,986
1,932
Total interest and other debt financing expenses. . . . . . . . . . . . . . . . . . . . . . . .
$
9,159
$ 17,478
$ 17,350
Cash paid for interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 16,547
$ 16,876
$ 15,188
Average stated interest rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.4%
3.4%
3.4%
Average outstanding balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$259,563
$500,000
$496,164
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 September 30, 2024
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 could redeem some or all of the 2026 Notes at a redemption price
equal to the greater of (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the
present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest
to the date of redemption) on the 2026 Notes to be redeemed through July 24, 2026 (the date falling one month prior
to the maturity date of the 2026 Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case,
accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company
redeems any 2026 Notes on or after July 24, 2026 (the date falling one month prior to the maturity date of the 2026
Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to
be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is
provided for the 2026 Notes.
For the years ended September 30, 2024, 2023 and 2022, the components of interest expense, cash paid for interest
and facility fees, average stated interest rates and average outstanding balances for the 2026 Notes were as follows:
Year ended September 30,
2024
2023
2022
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 15,000
$ 15,000
$ 14,833
Accretion of discounts on notes issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
532
531
520
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,635
1,493
1,588
Total interest and other debt financing expenses. . . . . . . . . . . . . . . . . . . . . . . .
$ 17,167
$ 17,024
$ 16,941
Cash paid for interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 15,000
$ 15,000
$ 14,319
Average stated interest rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.5%
2.5%
2.5%
Average outstanding balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$600,000
$600,000
$593,425
259

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
2027 Notes: On August 3, 2021, the Company issued $350,000 in aggregate principal amount of unsecured notes
(the ‘‘2027 Notes’’). As of both September 30, 2024 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.
At any time or from time to time, the Company could redeem some or all of the 2027 Notes at a redemption
price equal to the greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed or (2) the sum
of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and
unpaid interest to the date of redemption) on the 2027 Notes to be redeemed through January 15, 2027 (the date
falling one month prior to the maturity date of the 2027 Notes), discounted to the redemption date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury
Rate plus 25 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the
redemption date; provided, however, that if the Company redeems any 2027 Notes on or after January 15, 2027
(the date falling one month prior to the maturity date of the 2027 Notes), the redemption price for the 2027
Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid
interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2027 Notes.
For the years ended September 30, 2024 and 2023, the components of interest expense, cash paid for interest and
facility fees, average stated interest rates and average outstanding balances for the 2027 Notes were as follows:
Year ended September 30,
2024
2023
2022
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
7,176
$
7,176
$
7,176
Accretion of discounts on notes issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
736
733
733
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,021
926
928
Total interest and other debt financing expenses. . . . . . . . . . . . . . . . . . . . . . . .
$
8,933
$
8,835
$
8,837
Cash paid for interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
7,176
$
7,174
$
7,415
Average stated interest rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.1%
2.1%
2.1%
Average outstanding balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$350,000
$350,000
$350,000
2028 Notes: On December 5, 2023, the Company issued $450,000 in aggregate principal amount of unsecured notes
(the ‘‘2028 Notes’’). As of September 30, 2024, the outstanding aggregate principal amount of the 2028 Notes was
$450,000. The 2028 Notes bear interest at a rate of 7.050% per year payable semi-annually in arrears on June 5 and
December 5 of each year, commencing on June 5, 2024. The 2028 Notes mature on December 5, 2028.
The 2028 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of
the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of
payment to the 2028 Notes; equal in right of payment to the Company’s existing and future indebtedness or other
obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured
indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent
of the value of the assets securing such indebtedness; and structurally junior to all existing and future
indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing
vehicles or similar facilities.
260

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
At any time or from time to time, the Company could redeem some or all of the 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
carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge
accounting relationship. See Note 5 for additional information.
On April 11, 2024, the Company entered into an interest rate swap on the 2028 Notes pursuant to which the
Company agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest
rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is
$225,000 and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an
adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional
information.
For the year ended September 30, 2024, the components of interest expense, cash paid for interest and facility
fees, average stated interest rates and average outstanding balances for the 2028 Notes were as follows:
Year ended September 30,
2024
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 26,084
Net contractual interest rate swap expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,775
Net (gain)/loss related to the fair value hedge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7,549)
Accretion of discounts on notes issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
795
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
975
Total interest and other debt financing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 24,080
Cash paid for interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 20,005
Average interest rate swap and stated interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.1%
Average outstanding balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$370,082
2029 Notes: On February 1, 2024, the Company issued $600,000 in aggregate principal amount of unsecured
notes (the ‘‘2029 Notes’’). As of September 30, 2024, the outstanding aggregate principal amount of the
2029 Notes was $600,000. The 2029 Notes bear interest at a rate of 6.000% per year payable semi-annually in
arrears on January 15 and July 15 of each year, commencing on July 15, 2024. The 2029 Notes mature on
July 15, 2029.
The 2029 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of
the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of
payment to the 2029 Notes; equal in right of payment to the Company’s existing and future indebtedness or other
obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured
indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent
of the value of the assets securing such indebtedness; and structurally junior to all existing and future
indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing
vehicles or similar facilities.
261

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
At any time or from time to time, the Company could redeem some or all of the 2029 Notes at a redemption
price equal to the greater of (1) 100% of the principal amount of the 2029 Notes to be redeemed or (2) the sum
of the present values of the remaining scheduled payments of principal and interest thereon discounted to the
redemption date on the 2029 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) using the applicable Treasury Rate plus 35 basis points less interest accrued to the date of redemption. If
the Company redeems any 2029 Notes on or after June 15, 2029 (the date falling one month prior to the maturity
date of the 2029 Notes), the redemption price for the 2029 Notes will be equal to 100% of the principal amount
of the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption
date. No sinking fund is provided for the 2029 Notes.
On February 1, 2024, the Company entered into an interest rate swap on the 2029 Notes with SMBC as the
counterparty. Under the terms of the agreement, the Company agreed to receive a fixed rate of 6.248% and pay
SMBC a rate of one-month Term SOFR + 2.444%. The interest rate swap is designated as an effective hedge
accounting instrument. The notional amount of the swap is $600,000 and terminates on June 15, 2029. The
carrying value of the 2029 Notes is inclusive of an adjustment for the change in fair value of an effective hedge
accounting relationship. See Note 5 for additional information.
For the year ended September 30, 2024, the components of interest expense, cash paid for interest and facility
fees, average stated interest rates and average outstanding balances for the 2029 Notes were as follows:
Year ended September 30,
2024
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 24,000
Net contractual interest rate swap expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,631
Net (gain)/loss related to the fair value hedge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,951
Accretion of discounts on notes issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
826
Amortization of debt issuance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
895
Total interest and other debt financing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 35,303
Cash paid for interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 23,846
Average interest rate swap and stated interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.7%
Average outstanding balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$398,361
Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to
which, as of September 30, 2024 and September 30, 2023, the Company was permitted to borrow up to $200,000
and $100,000, respectively, and which had a maturity date of June 15, 2025. The Adviser Revolver bears an
interest rate equal to the short-term Applicable Federal Rate (‘‘AFR’’). The short-term AFR as of September 30,
2024 was 4.5%. On June 11, 2024, the Company amended the revolving loan agreement to increase the
borrowing capacity under the Adviser Revolver from $100,000 to $200,000. As of both September 30, 2024 and
September 30, 2023, the Company had no outstanding debt under the Adviser Revolver.
For the years ended September 30, 2024, 2023 and 2022, the components of interest expense, cash paid for
interest, average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:
Year ended September 30,
2024
2023
2022
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ —
$ —
$ —
Cash paid for interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
Average stated interest rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
N/A
N/A
N/A
Average outstanding balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ —
$ —
$ —
For the years ended September 30, 2024, 2023 and 2022, the average total debt outstanding was $3,492,575,
$3,069,412 and $2,935,846, respectively.
For the year ended September 30, 2024, the effective average interest rate, which includes amortization of debt
financing costs, accretion of discounts and amortization of premiums on notes issued, non-usage facility fees and
262

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net gain/(loss)
related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on the Company’s
total debt was 6.2%. For the years ended September 30, 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 and non-usage facility fees, on the Company’s total debt was 4.9% and 3.0%, respectively.
A summary of the Company’s maturity requirements for borrowings as of September 30, 2024 is as follows:
Payments Due by Period
Total
Less Than
1 Year
1 – 3 Years
3 – 5 Years
More Than
5 Years
2018 Debt Securitization. . . . . . . . . . . . . . . .
$ 229,985
$—
$
—
$
—
$ 229,985
GCIC 2018 Debt Securitization . . . . . . . . . .
252,772
—
—
—
252,772
GBDC 3 2021 Debt Securitization(1) . . . . . .
297,952
—
—
—
297,952
GBDC 3 2022 Debt Securitization. . . . . . . .
236,836
—
—
—
236,836
GBDC 3 2022-2 Debt Securitization . . . . . .
225,000
—
—
—
225,000
GBDC 3 DB Credit Facility . . . . . . . . . . . . .
411,489
—
—
411,489
—
JPM Credit Facility . . . . . . . . . . . . . . . . . . . .
956,590
—
—
956,590
—
2026 Notes(2) . . . . . . . . . . . . . . . . . . . . . . . . .
598,993
—
598,993
—
—
2027 Notes(2) . . . . . . . . . . . . . . . . . . . . . . . . .
348,261
—
348,261
—
—
2028 Notes(2)(3) . . . . . . . . . . . . . . . . . . . . . . .
460,642
—
—
460,642
—
2029 Notes(2)(3) . . . . . . . . . . . . . . . . . . . . . . .
606,271
—
—
606,271
Total borrowings . . . . . . . . . . . . . . . . . . . . . .
$4,624,791
$—
$947,254
$2,434,992
$1,242,545
(1)
Includes $50 of discount recognized on the assumption of the GBDC 3 2021 Debt Securitization in the
GBDC 3 Merger.
(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. Federal Income Tax Matters
The Company has elected to be treated and intends to be subject to tax as a RIC under Subchapter M of the
Code. As a result, the Company must distribute substantially all of its net taxable income each tax year as
dividends to its stockholders which will generally relieve the Company from U.S. federal income tax.
Dividends from net investment income and distributions from net realized capital gains are determined in
accordance with U.S. federal tax regulations, which could differ from amounts determined in accordance with
GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent
in nature. Reclassifications due to permanent book-tax differences have no impact on net assets.
The following permanent differences were reclassified for tax purposes among the components of net assets for
the years ended September 30, 2024, 2023 and 2022:
Years ended September 30,
2024
2023
2022
Increase (decrease) in Paid in Capital in Excess of Par . . . . . . . . . . . . . . . . . . . .
$(45,385)
$(12,902)
$(750)
Increase (decrease) in Distributable Earnings (Losses). . . . . . . . . . . . . . . . . . . . .
45,385
12,902
750
Taxable income generally differs from net increase (decrease) in net assets resulting from operations for financial
reporting purposes due to temporary and permanent differences in the recognition of income and expenses and
generally excludes unrealized appreciation (depreciation) on investment transactions as investment gains and
losses are not included in taxable income until they are realized.
263

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
The following table reconciles net increase (decrease) in net assets resulting from operations to taxable income
for the years ended September 30, 2024, 2023 and 2022:
Years ended September 30,
2024
2023
2022
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . .
$273,785
$258,631
$153,440
Net change in unrealized (appreciation) depreciation on investment
transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29,371
(13,555)
61,898
Other income not currently taxable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(30,908)
(22,437)
(7,574)
Expenses not currently deductible . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,647
11,198
18,652
Other income for tax but not book . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,460
3,773
5,846
Other deductions/losses for tax not book. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(17,624)
(39,639)
(519)
Other realized gain/loss differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63,491
29,175
41,313
Taxable income before deductions for distributions . . . . . . . . . . . . . . . . . . . . . . .
$335,222
$227,146
$273,056
The tax character of distributions paid during the years ended September 30, 2024, 2023 and 2022 was as
follows:
Years ended September 30,
2024
2023
2022
Ordinary Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$372,957
$209,607
$204,806
Long-Term Capital Gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
28,785
—
The tax basis components of distributable earnings/(accumulated losses) and reconciliation to accumulated
earnings/(deficit) on a book basis for the years ended September 30, 2024, 2023 and 2022 were as follows:
As of September 30,
2024
2023
2022
Undistributed ordinary income – tax basis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
19,151 $
56,886 $
39,466
Undistributed realized gains – tax basis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
28,784
Net unrealized appreciation (depreciation) on investments. . . . . . . . . . . . . . . . . .
(155,498)
(160,673)
(204,442)
Other temporary differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(16,646)
4,583
3,847
Total accumulated earnings (deficit) – book basis . . . . . . . . . . . . . . . . . . . . . . . . $(152,993) $ (99,204) $(132,345)
Capital losses in excess of capital gains earned in a tax year may generally be carried forward and used to offset
capital gains, subject to certain limitations. Capital losses incurred by the Company in tax years beginning after
September 30, 2011 are not subject to expiration and retain their character as either short-term or long-term
capital losses. As of September 30, 2024, the Company estimates that it will have $22,399 of capital loss
carryforward available for use in subsequent tax years.
For tax purposes, the Company may elect to defer any portion of a post-October capital loss or late-year ordinary
loss to the first day of the following fiscal year. As of September 30, 2024, September 30, 2023 and
September 30, 2022, the Company did not elect to defer ordinary losses, short-term capital losses or long-term
capital losses.
For the tax year ended September 30, 2024, the Company estimates taxable income in excess of the distributions
made from such taxable income during the tax year, and therefore, the Company has elected to carry forward the
excess for distribution to stockholders in the tax year ended September 30, 2025. The amount carried forward to
the tax year ended September 30, 2025 is estimated to be approximately $19,151 of ordinary income, although
these amounts will not be finalized until the September 30, 2024 tax returns are filed in 2025.
264

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
As of September 30, 2024, the federal tax cost of investments was $8,379,659 resulting in estimated gross
unrealized gains and losses of $193,847 and $338,095, respectively.
The Company has consolidated subsidiaries that are subject to U.S. federal and state corporate-level income
taxes. For the years ended September 30, 2024 and 2023, the Company recorded a net tax benefit for taxable
subsidiaries of $549 and $101, respectively. For the year ended September 30, 2022, the Company recorded a tax
expense for taxable subsidiaries of $1,229. As of September 30, 2024, the Company recorded a net deferred tax
liability of $780 for taxable subsidiaries, which is included in accounts payable and other liabilities on the
Consolidated Statements of Financial Condition. The deferred tax liability primarily resulted from unrealized
appreciation on the investments held at the taxable subsidiaries. As of September 30, 2023, the Company
recorded a net deferred tax liability of $1,090 for taxable subsidiaries, which is included in accounts payable and
other liabilities on the Consolidated Statements of Financial Condition. The deferred tax liability primarily
resulted from unrealized appreciation on the investments held at the taxable subsidiaries.
Note 9. Commitments and Contingencies
Commitments: As of September 30, 2024, the Company had outstanding commitments to fund investments
totaling $717,869, including $157,618 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 could result in a
future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition.
The Company has entered and, in the future, could again enter into derivative instruments that contain elements
of off-balance sheet market and credit risk. Refer to Note 5 for outstanding forward currency contracts and
interest rate swap agreements as of September 30, 2024 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 could not achieve the
anticipated benefits of the derivative instruments and could realize a loss. The Company minimizes market risk
through monitoring its investments and borrowings.
Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of
counterparties to perform in accordance with the terms of the contract. The Company has engaged and, in the
future, may engage again in derivative transactions with counterparties. In the event that the counterparties do
not fulfill their obligations, the Company could be exposed to risk. The risk of default depends on the
creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could
incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective
derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.
Legal proceedings: In the normal course of business, the Company is subject to legal and regulatory
proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the
ultimate disposition of any such proceedings, the Company does not believe any disposition will have a material
adverse effect on the Company’s consolidated financial statements.
265

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Note 10. Financial Highlights
The financial highlights for the Company are as follows:
Year ended September 30,
Per share data:(1)
2024
2023
2022
2021
2020
Net asset value at beginning of
period. . . . . . . . . . . . . . . . . . . . . . .
$
15.02
$
14.89
$
15.19
$
14.33
$
16.76
Net increase in net assets as a result
of issuance of DRIP shares. . . . . .
0.00(2)
—
0.00(2)
0.00(2)
0.01
Net increase (decrease) in net assets
as a result of issuance of shares. .
0.51(3)
—
—
—
(1.13)
Net increase in net assets as a result
of repurchases of shares . . . . . . . .
0.00(2)
0.01
—
—
—
Distributions declared: . . . . . . . . . . .
From net investment income -
after tax . . . . . . . . . . . . . . . . . . .
(1.89)
(1.23)
(1.20)
(1.13)
(1.29)
From capital gains. . . . . . . . . . . . .
—
(0.17)
—
(0.03)
(0.04)
From return of capital. . . . . . . . . .
—
—
—
—
(0.04)
Net investment income - after tax . .
1.90
1.70
1.15
0.99
0.94
Net realized gain (loss) on
investment transactions . . . . . . . . .
(0.40)
(0.26)
0.12
0.05
(0.12)
Net change in unrealized
appreciation (depreciation) on
investment transactions(4) . . . . . . .
0.05
0.08
(0.37)
0.98
(0.76)
Net asset value at end of period . .
$
15.19
$
15.02
$
14.89
$
15.19
$
14.33
Per share market value at end of
period. . . . . . . . . . . . . . . . . . . . . . .
$
15.11
$
14.67
$
12.39
$
15.81
$
13.24
Total return based on market
value(5). . . . . . . . . . . . . . . . . . . . . .
15.77%
30.50%
(14.80)%
28.90%
(22.81)%
Number of common shares
outstanding . . . . . . . . . . . . . . . . . .
264,277,128
169,594,742
170,895,670
170,028,584
167,259,511
Year ended September 30,
Listed below are supplemental data and ratios to the
financial highlights:
2024
2023
2022
2021
2020
Ratio of net investment income - after tax to
average net assets . . . . . . . . . . . . . . . . . . . . . .
12.55%
11.46%
7.53%
6.73%
6.22%
Ratio of total expenses to average net assets . .
12.12%
12.45%
7.43%
5.78%
7.15%
Ratio of management fee waiver to average
net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—%
—%
(0.07)%
(0.16)%
—%
Ratio of incentive fee waiver to average net
assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.90)%
—%
—%
—%
—%
Ratio of incentive fees to average net assets. . .
2.53%
2.94%
0.68%
0.13%
0.62%
Ratio of income and excise taxes to average
net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.04%
0.15%
—%
—%
—%
Ratio of net expenses (without incentive fees)
to average net assets . . . . . . . . . . . . . . . . . . . .
9.59%
9.51%
6.68%
5.49%
6.53%
Total return based on average net asset
value(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.98%
10.25%
5.89%
13.70%
2.45%
266

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Year ended September 30,
Listed below are supplemental data and ratios to the
financial highlights:
2024
2023
2022
2021
2020
Net assets at end of period . . . . . . . . . . . . . . . . . $4,014,529 $2,547,878 $2,544,500 $2,582,692 $2,396,193
Average debt outstanding . . . . . . . . . . . . . . . . . . $3,492,575 $3,069,412 $2,935,846 $2,184,010 $2,200,950
Average debt outstanding per share . . . . . . . . . . $
13.22 $
18.10 $
17.18 $
12.84 $
13.16
Portfolio Turnover. . . . . . . . . . . . . . . . . . . . . . . .
20.29%
12.19%
23.56%
35.58%
14.87%
Asset coverage ratio(7) . . . . . . . . . . . . . . . . . . . .
185.96%
180.68%
181.70%
200.04%
232.15%
(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)
Net increase in net assets as a result of issuance of shares pursuant to the GBDC 3 Merger.
(4)
Includes the impact of different share amounts as a result of calculating certain per share data based on
weighted average shares outstanding during the period and certain per share data based on the shares
outstanding at the end of the period and as of the dividend record date.
(5)
Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total
return does not include sales load.
(6)
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).
Note 11. Senior Securities
The following is information about the Company’s senior securities as of dates indicated in the table below:
Class and Year
Total Amount
Outstanding
Exclusive of
Treasury
Securities(1)
Asset Coverage
per Unit(2)
Involuntary Liquidating
Preference per Unit(3)
Average Market Value
per Unit(4)
2010 Debt Securitization(5)
September 30, 2015
$215,000
$2,373
—
N/A
September 30, 2016
$215,000
$2,488
—
N/A
September 30, 2017
$205,000
$2,852
—
N/A
2014 Debt Securitization(6)
September 30, 2015
$246,000
$2,373
—
N/A
September 30, 2016
$246,000
$2,488
—
N/A
September 30, 2017
$246,000
$2,852
—
N/A
September 30, 2018
$197,483
$2,695
—
N/A
September 30, 2019
$126,344
$2,203
—
N/A
267

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Class and Year
Total Amount
Outstanding
Exclusive of
Treasury
Securities(1)
Asset Coverage
per Unit(2)
Involuntary Liquidating
Preference per Unit(3)
Average Market Value
per Unit(4)
2018 Debt Securitization
September 30, 2019
$408,200
$2,203
—
N/A
September 30, 2020
$408,200
$2,321
—
N/A
September 30, 2021
$408,200
$2,000
—
N/A
September 30, 2022
$408,200
$1,817
—
N/A
September 30, 2023
$388,697
$1,807
—
N/A
September 30, 2024
$229,985
$1,860
—
N/A
GCIC 2018 Debt Securitization(7)
September 30, 2019
$541,023
$2,203
—
N/A
September 30, 2020
$542,378
$2,321
—
N/A
September 30, 2021
$544,167
$2,000
—
N/A
September 30, 2022
$545,956
$1,817
—
N/A
September 30, 2023
$513,528
$1,807
—
N/A
September 30, 2024
$252,772
$1,860
—
N/A
2020 Debt Securitization(8)
September 30, 2020
$189,000
$2,321
—
N/A
GBDC 3 2021 Debt Securitization(9)
September 30, 2024
$297,952
$1,860
—
N/A
GBDC 3 2022 Debt Securitization
September 30, 2024
$236,836
$1,860
—
N/A
GBDC 3 2022 -2 Debt Securitization
September 30, 2024
$225,000
$1,860
—
N/A
Credit Facility(10)
September 30, 2015
$127,250
$2,373
—
N/A
September 30, 2016
$126,700
$2,488
—
N/A
September 30, 2017
$ 63,100
$2,852
—
N/A
September 30, 2018
$136,000
$2,695
—
N/A
MS Credit Facility(11)
September 30, 2018
$234,700
$2,695
—
N/A
MS Credit Facility II
September 30, 2019
$259,946
$2,203
—
N/A
September 30, 2020
$313,292
$2,321
—
N/A
September 30, 2021
$
—
$2,000
—
N/A
JPM Credit Facility
September 30, 2021
$472,102
$2,000
—
N/A
September 30, 2022
$692,592
$1,817
—
N/A
September 30, 2023
$784,373
$1,807
—
N/A
September 30, 2024
$956,590
$1,860
—
N/A
WF Credit Facility(12)
September 30, 2019
$253,847
$2,203
—
N/A
September 30, 2020
$199,554
$2,321
—
N/A
DB Credit Facility(13)
September 30, 2019
$248,042
$2,203
—
N/A
September 30, 2020
$153,524
$2,321
—
N/A
268

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Class and Year
Total Amount
Outstanding
Exclusive of
Treasury
Securities(1)
Asset Coverage
per Unit(2)
Involuntary Liquidating
Preference per Unit(3)
Average Market Value
per Unit(4)
GBDC 3 DB Credit Facility
September 30, 2024
$411,490
$1,860
—
$
—
Revolver(14)
September 30, 2014
$
—
$2,491
—
N/A
September 30, 2015
$
—
$2,373
—
N/A
Adviser Revolver
September 30, 2016
$
—
$2,488
—
N/A
September 30, 2017
$
—
$2,852
—
N/A
September 30, 2018
$
—
$2,695
—
N/A
September 30, 2019
$
—
$2,203
—
N/A
September 30, 2020
$
—
$2,321
—
N/A
September 30, 2021
$
—
$2,000
—
N/A
September 30, 2022
$
—
$1,817
—
N/A
September 30, 2023
$
—
$1,807
—
N/A
September 30, 2024
$
—
$1,860
—
N/A
SBA Debentures
September 30, 2015
$225,000
$2,373
—
N/A
September 30, 2016
$277,000
$2,488
—
N/A
September 30, 2017
$267,000
$2,852
—
N/A
September 30, 2018
$277,500
$2,695
—
N/A
September 30, 2019
$287,000
$2,203
—
N/A
September 30, 2020
$217,750
$2,321
—
N/A
2024 Notes(15)
September 30, 2021
$399,770
$2,000
—
$1,034
September 30, 2022
$502,131
$1,817
—
$ 996
September 30, 2023
$500,747
$1,807
—
$ 969
2026 Notes(16)
September 30, 2021
$398,927
$2,000
—
$1,004
September 30, 2022
$597,930
$1,817
—
$ 917
September 30, 2023
$598,461
$1,807
—
$ 867
September 30, 2024
$598,993
$1,860
—
$ 918
2027 Notes(17)
September 30, 2021
$346,062
$2,000
—
$ 990
September 30, 2022
$346,794
$1,817
—
$ 888
September 30, 2023
$347,526
$1,807
—
$ 834
September 30, 2024
$348,260
$1,860
—
$ 891
2028 Notes(18)
September 30, 2024
$460,642
$1,860
—
$1,034
2029 Notes(19)
September 30, 2024
$606,271
$1,860
—
$ 992
Total Debt(20)
September 30, 2015
$588,250
$2,373
—
N/A
September 30, 2016
$587,700
$2,488
—
N/A
September 30, 2017
$514,100
$2,852
—
N/A
269

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Class and Year
Total Amount
Outstanding
Exclusive of
Treasury
Securities(1)
Asset Coverage
per Unit(2)
Involuntary Liquidating
Preference per Unit(3)
Average Market Value
per Unit(4)
September 30, 2018
$ 626,683
$2,488
—
N/A
September 30, 2019
$1,837,402
$2,203
—
N/A
September 30, 2020
$1,805,948
$2,321
—
N/A
September 30, 2021
$2,569,228
$2,000
—
N/A
September 30, 2022
$3,093,603
$2,127
—
N/A
September 30, 2023
$3,133,332
$2,126
—
N/A
September 30, 2024
$4,624,791
$1,860
—
N/A
(1)
Total amount of each class of senior securities outstanding at the end of the period presented.
(2)
Asset coverage 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 per unit is expressed in terms of dollar amounts per $1,000 of
indebtedness.
(3)
The amount to which such class of senior security would be entitled upon the voluntary liquidation of the
issuer in preference to any security junior to it. The ‘‘ — ’’ in this column indicates that the SEC expressly
does not require this information to be disclosed for certain types of senior securities.
(4)
Not applicable because such senior securities are not registered for public trading, with the exception of the
2024 Notes, the 2026 Notes, the 2027 Notes, the 2028 Notes and the 2029 Notes. The average market value
per unit calculated for the 2024 Notes, the 2026 Notes, the 2027 Notes, the 2028 Notes and the 2029 Notes
is based on the average monthly prices of such notes and is expressed per $1,000 of indebtedness.
(5)
2010 Debt Securitization refers to the $350.0 million term debt securitization that was completed on
July 16, 2010, and redeemed on July 20, 2018.
(6)
2014 Debt Securitization refers to the $402.6 million term debt securitization that was completed on June 5,
2014, and redeemed on August 26, 2020.
(7)
Represents $546,500 of outstanding GCIC 2018 Notes less the unamortized discount recognized on the
assumption of the GCIC 2018 Debt Securitization in the Merger.
(8)
2020 Debt Securitization refers to the $330.4 million term debt securitization that we completed on
August 26, 2020, and redeemed on August 26, 2021.
(9)
Represents $298,000 of outstanding GBDC 3 2021 Notes less the unamortized discount recognized on the
assumption of the GBDC 3 2021 Debt Securitization in the GBDC 3 Merger.
(10) Credit Facility refers to the amended and restated senior secured revolving credit facility with Wells Fargo
Bank, N.A, originally entered into on July 21, 2011 and terminated on February 4, 2019.
(11) MS Credit Facility refers to the amended senior secured credit facility with Morgan Stanley Bank N.A,
originally entered into on July 20, 2018 and terminated on November 16, 2018.
(12) WF Credit Facility refers to the senior secured revolving credit facility with Wells Fargo N.A, originally
entered into on October 10, 2014 and terminated on February 12, 2021.
(13) DB Credit Facility refers to the senior secured revolving credit facility with Deutsche Bank AG, New York
Branch originally entered into on December 31, 2018 and terminated on October 9, 2020.
(14) Revolver refers to the $15.0 million revolving line of credit entered into on November 22, 2013 with the
Private Bank and Trust Company, and terminated on October 21, 2015.
270

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
(15) As of September 30, 2021, represents $400,000 outstanding of 2024 Notes less the unamortized discount
recognized upon origination. As of and subsequent to September 30, 2022, represents $500,000 outstanding
of 2024 Notes less the unamortized net discount recognized upon origination.
(16) As of September 30, 2021, represents $400,000 outstanding of 2026 Notes less the unamortized discount
recognized upon origination. As of and subsequent to September 30, 2022, represents $600,000 outstanding
of 2026 Notes less the unamortized net discount recognized upon origination.
(17) Represents $350,000 outstanding of 2027 Notes less the unamortized discount recognized upon origination.
(18) Represents $450,000 outstanding of 2028 Notes less the unamortized discount recognized upon origination
and an adjustment for the change in fair value of an effective hedge accounting relationship.
(19) Represents $600,000 outstanding of 2029 Notes less the unamortized discount recognized upon origination
and an adjustment for the change in fair value of an effective hedge accounting relationship.
(20) These amounts exclude the SBA Debentures pursuant to exemptive relief we received from the SEC on
September 13, 2011. There were no SBA Debentures outstanding as of and subsequent to September 30,
2021.
Note 12. Earnings Per Share
The following information sets forth the computation of the net increase in net assets per share resulting from
operations for the years ended September 30, 2024, 2023 and 2022:
Year ended September 30,
2024
2023
2022
Earnings available to stockholders . . . . . . . . . . . . . . . . . . . .
$
273,785
$
258,631
$
153,440
Basic and diluted weighted average shares outstanding . . .
201,260,961
170,324,784
170,674,570
Basic and diluted earnings per share . . . . . . . . . . . . . . . . . .
$
1.36
$
1.52
$
0.90
Note 13. Common Stock Transactions
On August 2, 2024, 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 September 30, 2024, the repurchased shares
have been retired and returned to the status of authorized but unissued shares of GBDC Common Stock.
As of September 30, 2024, Wells Fargo Securities, LLC, as broker, repurchased 331,928 shares of the Company’s
common stock pursuant to the Program at an average price of $14.49 per share for an aggregate purchase price
of approximately $4,809.
For the year ended September 30, 2024, repurchases under the Program were as follows:
Month
Purchased
Total Number of Shares
Repurchased
Average Price Paid
Per Share
Approximate Dollar Value of
Shares that have been
Purchased Under the Plan
Approximate Dollar
Value of Shares that
May Yet be
Purchased Under
the Plan
August 1 - 31, 2024 . . . . . . .
322,528
$14.48
$4,672
$145,328
September 1 - 30, 2024. . . . .
9,400
$14.54
137
145,191
Total . . . . . . . . . . . . . . . . . . . .
331,928
$14.49
$4,809
$145,191*
*
The Program was reapproved on August 2, 2024 to purchase $150,000 of the Company’s common stock,
exclusive of shares repurchased prior to the date of such authorization.
271

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
As of September 30, 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.
For the year ended September 30, 2023, repurchases under the Program were as follows:
Month
Purchased
Total Number of Shares
Repurchased
Average Price Paid
Per Share
Approximate Dollar Value of
Shares that have been
Purchased Under the Plan
Approximate Dollar
Value of Shares that
May Yet be
Purchased Under
the Plan
March 1 - 31, 2023 . . . . . . . .
751,544
$12.84
$ 9,647
$140,353
April 1 - 30, 2023 . . . . . . . . .
56,130
$13.03
731
139,622
May 1 - 31, 2023. . . . . . . . . .
188,210
$12.95
2,438
137,184
June 1 - 30, 2023. . . . . . . . . .
299,794
$13.26
3,975
133,209
July 1 - 31, 2023 . . . . . . . . . .
5,250
$13.29
70
133,139
Total. . . . . . . . . . . . . . . . . . . .
1,300,928
$12.96
$16,861
$150,000*
*
The Program was reapproved on August 3, 2023 to purchase $150,000 of the Company’s common stock,
exclusive of shares repurchased prior to the date of such authorization.
Note 14. 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 years ended September 30, 2024, 2023, and 2022:
Date Declared
Record Date
Payment Date
Amount
Per Share
Cash
Distribution
DRIP Shares
Issued
DRIP Shares
Value
For the year ended September 30, 2024(1)
11/17/2023 . . .
12/01/2023
12/15/2023
$0.07
$ 9,584
152,288
$ 2,287
11/17/2023 . . .
12/08/2023
12/29/2023
$0.37
$50,152
838,765
$12,599
02/02/2024 . . .
02/15/2024
03/15/2024
$0.07
$ 9,906
134,135
$ 2,035
01/16/2024 . . .
03/01/2024
03/29/2024
$0.39
$53,930
797,377
$12,599
04/19/2024 . . .
05/02/2024
06/21/2024
$0.39
$55,368
762,152
$11,524
05/03/2024 . . .
05/16/2024
06/14/2024
$0.06
$ 8,572
113,668
$ 1,718
06/02/2024 . . .
06/13/2024
06/27/2024
$0.05
$11,661
100,621
$ 1,521
06/02/2024 . . .
08/16/2024
09/13/2024
$0.05
$10,652
—
$ 2,563(2)
08/02/2024 . . .
08/16/2024
09/13/2024
$0.05
$10,652
—
$ 2,563(2)
08/02/2024 . . .
08/30/2024
09/27/2024
$0.39
$82,973
—
$20,099(3)
For the year ended September 30, 2023
11/18/2022 . . .
12/09/2022
12/29/2022
$0.33
$47,245
—
$ 9,151(4)
02/07/2023 . . .
03/03/2023
03/29/2023
$0.33
$43,548
—
$12,848(5)
05/05/2023 . . .
06/02/2023
06/29/2023
$0.33
$44,518
—
$11,548(6)
08/03/2023 . . .
08/18/2023
09/15/2023
$0.04
$ 5,495
—
$ 1,289(7)
08/03/2023 . . .
09/01/2023
09/29/2023
$0.37
$50,659
—
$12,091(8)
For the year ended September 30, 2022
11/19/2021 . . .
12/10/2021
12/30/2021
$0.30
$38,291
837,158
$12,717
02/04/2022 . . .
03/04/2022
03/29/2022
$0.30
$37,358
29,928
$13,902(9)(10)
05/06/2022 . . .
06/03/2022
06/29/2022
$0.30
$39,336
—
$11,933(11)
08/05/2022 . . .
09/02/2022
09/29/2022
$0.30
$40,223
—
$11,046(12)
272

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
(1)
Supplemental distributions of $0.05 per share will be payable on December 13, 2024 to shareholders of
record as of November 29, 2024. Cash Distribution amount, DRIP Shares Issued and DRIP Shares Value for
the dividends payable will be determined on the respective record dates.
(2)
In accordance with the Company’s DRIP, 339,804 shares of the Company’s stock were purchased in the
open market at an average price of $15.08 and were allocated to stockholders of the Company participating
in DRIP.
(3)
In accordance with the Company’s DRIP, 1,330,990 shares of the Company’s stock were purchased in the
open market at an average price of $15.10 and were allocated to stockholders of the Company participating
in DRIP.
(4)
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.
(5)
In accordance with the Company’s DRIP, 959,844 shares of the Company’s stock were purchased in the
open market at an average price of $13.39 and were allocated to stockholders of the Company participating
in DRIP.
(6)
In accordance with the Company’s DRIP, 854,808 shares of the Company’s stock were purchased in the
open market at an average price of $13.51 and were allocated to stockholders of the Company participating
in DRIP.
(7)
In accordance with the Company’s DRIP, 90,264 shares of the Company’s stock were purchased in the open
market at an average price of $14.28 and were allocated to stockholders of the Company participating in
DRIP.
(8)
In accordance with the Company’s DRIP, 824,353 shares of the Company’s stock were purchased in the
open market at an average price of $14.67 and were allocated to stockholders of the Company participating
in DRIP.
(9)
In accordance with the Company’s DRIP, 882,358 shares of the Company’s stock were purchased in the
open market at an average price of $15.24 and were allocated to stockholders of the Company participating
in DRIP.
(10) In accordance with the Company’s DRIP, the Company issued 29,928 shares for proceeds totaling $457.
(11) In accordance with the Company’s DRIP, 917,845 shares of the Company’s stock were purchased in the
open market at an average price of $13.00 and were allocated to stockholders of the Company participating
in DRIP.
(12) In accordance with the Company’s DRIP, 903,318 shares of the Company’s stock were purchased in the
open market at an average price of $12.23 and were allocated to stockholders of the Company participating
in DRIP.
Note 15. Acquisition of Golub Capital BDC 3, Inc.
On June 3, 2024, the Company completed its previously announced acquisition of GBDC 3. In accordance with
the terms of the GBDC 3 Merger Agreement, at the effective time of the GBDC 3 Merger, each outstanding
share of GBDC 3 common stock was converted into the right to receive 0.9138 shares of common stock, par
value $0.001 per share of the Company (with GBDC 3 stockholders receiving cash in lieu of fractional shares of
the Company’s common stock). As a result of the GBDC 3 Merger, the Company issued an aggregate of
92,115,308 shares of its common stock to former GBDC 3 stockholders.
The GBDC 3 Merger was accounted for in accordance with the asset acquisition method of accounting as
detailed in ASC Topic 805. The fair value of the merger consideration paid and transaction costs incurred to
273

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
complete the GBDC 3 Merger by the Company was allocated to the assets acquired and liabilities assumed,
based on their relative fair values as of the date of acquisition and did not give rise to goodwill. The excess of
merger consideration paid over the fair value of net assets acquired is considered the purchase premium.
Immediately following the acquisition of GBDC 3, the Company recorded its assets at their respective fair values
and, as a result, the purchase premium allocated to the cost basis of the GBDC 3 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 GBDC 3 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 GBDC 3 equity securities acquired and disposition of such equity securities at fair value, the
Company will recognize a realized loss or a reduction in realized gains with a corresponding reversal of the
unrealized depreciation upon disposition of the GBDC 3 equity securities acquired.
The merger was considered a tax-free reorganization and the Company has elected to carry forward the historical
cost basis of the GBDC 3 investments for tax purposes. The following table summarizes the allocation of the
purchase price to the assets acquired and liabilities assumed as a result of the GBDC 3 Merger:
Common stock issued by the Company(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,526,351
Transaction costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,867
Total purchase price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,530,218
Assets acquired:
Investments, at fair value (amortized cost of $2,675,051) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,623,381
Cash and cash equivalents(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53,885
Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32,204
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15,410
Total assets acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,724,880
Liabilities assumed:
Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,211,174
Other liabilities(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35,156
Total liabilities assumed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,246,330
Net assets acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,478,550
Total purchase premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
51,668
(1)
Based on the most recent market price at closing of $16.57 and the 92,115,308 shares of common stock
issued by the Company in conjunction with the GBDC 3 Merger.
(2)
Includes $46,067 of restricted cash and cash equivalents, $373 of foreign restricted cash and cash
equivalents and $1,064 of foreign cash and cash equivalents.
(3)
Includes $4,651 of management fees and $4,271 of incentive fees accrued by GBDC 3 through the closing
date of the GBDC 3 Merger pursuant to an investment advisory agreement between GBDC 3 and the
Investment Adviser, which was terminated upon the closing of the GBDC 3 Merger. The payable for these
fees was assumed by the Company and paid by the Company to the Investment Adviser in July 2024.
274

Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(In thousands, except shares and per share data)
Note 16. Subsequent Events
In preparing these consolidated financial statements, the Company has evaluated events and transactions for
potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose
except for the following:
On November 14, 2024, the Company’s Board declared a quarterly distribution of $0.39 per share payable on
December 27, 2024 to holders of record as of December 9, 2024 and a supplemental distribution of $0.04
per share payable on December 13, 2024 to holders of record as of November 29, 2024.
On November 15, 2024, the Company entered into an agreement with a new lender to increase the aggregate
commitment under the JPM Credit Facility to $1,897,500 from $1,822,500 through the accordion feature under
the JPM Credit Facility.
On November 15, 2024, the GBDC 3 2022-2 Issuer issued a notice of redemption to the holders of the GBDC 3
2022-2 Notes. The redemption is expected to occur on December 16, 2024 pursuant to the terms of the indenture
governing such GBDC 3 2022-2 Notes. See Note 7 for a description of the outstanding GBDC 3 2022-2 Notes,
including the interest rates and maturity date of such notes.
On November 18, 2024, GBDC completed a $2,200,000 term debt securitization, (‘‘2024 Debt Securitization’’).
In connection with the 2024 Debt Securitization closing, GBDC fully redeemed each of its (1) 2018 Debt
Securitization, (2) GCIC 2018 Debt Securitization and (3) GBDC 3 2021 Debt Securitization. See Note 7 for a
description of the outstanding 2018 Notes, GCIC 2018 Notes, and GBDC 3 2021 Notes, including the interest
rates and maturity date of such notes.
On November 19, 2024, all amounts outstanding under the credit facility with Deutsche Bank, the Company
assumed from GBDC 3 were repaid, following which the agreements governing the credit facility with Deutsche
Bank were terminated.
275

Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A.
Controls and Procedures
(a)
Evaluation of Disclosure Controls and Procedures
As of September 30, 2024 (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 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.
(b) Management’s Report on Internal Control Over Financial Reporting
Management’s Report on Internal Control Over Financial Reporting and Ernst & Young LLP’s Report of
Independent Registered Public Accounting Firm are included in ‘‘Item 8. Consolidated Financial Statements and
Supplementary Data’’ of this annual report on Form 10-K.
(c)
Changes in Internal Controls Over Financial Reporting
Management has not identified any change in our internal control over financial reporting that occurred during
the fourth fiscal quarter of 2024 that has materially affected, or is reasonably likely to materially affect, our
internal control over financial reporting.
Item 9B.
Other Information
During the fiscal quarter ended September 30, 2024, 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.’’
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not applicable.
276

PART III
Item 10.
Directors, Executive Officers and Corporate Governance
The information required by Item 10 is hereby incorporated by reference from our definitive Proxy Statement
relating to our 2025 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the
end of our fiscal year.
Item 11.
Executive Compensation
The information required by Item 11 is hereby incorporated by reference from our definitive Proxy Statement
relating to our 2025 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the
end of our fiscal year.
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
The information required by Item 12 is hereby incorporated by reference from our definitive Proxy Statement
relating to our 2025 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the
end of our fiscal year.
Item 13.
Certain Relationships and Related Transactions, and Director Independence
The information required by Item 13 is hereby incorporated by reference from our definitive Proxy Statement
relating to our 2025 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the
end of our fiscal year.
Item 14.
Principal Accountant Fees and Services
The information required by Item 14 is hereby incorporated by reference from our definitive Proxy Statement
relating to our 2025 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the
end of our fiscal year.
277

PART IV
Item 15.
Exhibits and Financial Statement Schedules
The following documents are filed as part of this annual report on Form 10-K:
(1)
Financial Statements — Refer to Item 8 starting on page 122
(2)
Financial Statement Schedules — None
(3)
Exhibits
2.1
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).
2.2
Amendment No. 1 to 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 April 11, 2024 (Incorporated by reference
to Exhibit 4(b) filed with Amendment No. 1 to the Registrant’s Registration Statement on
Form N-14 (File No. 333-277325), filed on April 12, 2024).
3.1
Form of Certificate of Incorporation (Incorporated by reference to Exhibit (a)(2) to the Registrant’s
Pre-effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-163279),
filed on March 25, 2010).
3.2
Certificate of Amendment to Certificate of Incorporation of Golub Capital BDC, Inc. (Incorporated
by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794),
filed on September 4, 2019).
3.3
Certificate of Amendment to Certificate of Incorporation (Incorporated by reference to Exhibit 3.1
to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed February 18, 2022).
3.4
Amended and Restated Bylaws (Incorporated by reference to Exhibit 3.3 to the Registrant’s
Form 10-K (File No. 814-00794), filed November 21, 2022.)
4.1
Form of Stock Certificate (Incorporated by reference to Exhibit (d) to the Registrant’s Pre-effective
Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-163279), filed on
March 25, 2010).
4.2
Form of Subscription Certificate (Incorporated by reference to Exhibit (d)(2) to the Registrant’s
Registration Statement on Form N-2 (File No. 333-174756), filed on June 7, 2011).
4.3
Form of Subscription Agent Agreement (Incorporated by reference to Exhibit (d)(4) to the
Registrant’s Registration Statement on Form N-2 (File No. 333-174756), filed on June 7, 2011).
4.4
Form of Warrant Agreement (Incorporated by reference to Exhibit (d)(5) to the Registrant’s
Registration Statement on Form N-2 (File No. 333-174756), filed on June 7, 2011).
4.5
Form of Certificate of Designation for Preferred Stock (Incorporated by reference to Exhibit (d)(6)
to the Registrant’s Pre-effective Amendment No. 1 to the Registration Statement on Form N-2
(File No. 333-174756), filed on August 25, 2011).
4.6
Form T-1 Statement of Eligibility of U.S. Bank National Association, as Trustee, with respect to
the Form of Indenture (Incorporated by reference to Exhibit (d)(7) to the Registrant’s Pre-effective
Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-174756), filed on
August 25, 2011).
4.7
Description of securities.*
4.8
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).
4.9
Second Supplemental Indenture, dated as of February 24, 2021, related to the 2.500% Notes due 2026,
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 February 24, 2021).
4.10
Form of 2.500% Notes due 2026. (Incorporated by reference to Exhibit 4.2 to the Registrant’s Current
Report on Form 8-K (File No. File No. 814-00794), filed on February 24, 2021).
278

4.11
Third Supplemental Indenture, dated as of August 3, 2021, relating to the 2.050% Notes due 2027, by
and between Golub Capital BDC, Inc. and 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
August 3, 2021).
4.12
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).
4.13
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).
4.14
Form of 2.050% Notes due 2027. (Incorporated by reference to Exhibit 4.3 to the Registrant’s Current
Report on Form 8-K (File No. 814-00794), filed on August 3, 2021).
10.1
Fifth Amended and Restated Investment Advisory Agreement, dated as of June 3, 2024, 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 June 3, 2024).
10.2
Form of Custody Agreement (Incorporated by reference to Exhibit (j) to the Registrant’s Pre-effective
Amendment No. 5 to the Registration Statement on Form N-2 (File No. 333-163279), filed on
April 12, 2010).
10.3
Form of Administration Agreement between Registrant and GC Service Company LLC (Incorporated
by reference to Exhibit (k)(2) to the Registrant’s Pre-effective Amendment No. 3 to the Registration
Statement on Form N-2 (File No. 333-163279), filed on March 24, 2010).
10.4
Form of Trademark License Agreement between the Registrant and Golub Capital LLC (Incorporated
by reference to Exhibit (k)(3) to the Registrant’s Pre-effective Amendment No. 3 to the Registration
Statement on Form N-2 (File No. 333-163279), filed on March 24, 2010).
10.5
Amended and Restated Dividend Reinvestment Plan (Incorporated by reference to Exhibit 10.1 to
Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on May 5, 2011).
10.6
Indenture, dated as of November 16, 2018, by and between Golub Capital BDC CLO III LLC and US
Bank National Association (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report
on Form 8-K (File No. 814-00794), filed on November 21, 2018).
10.7
First Supplemental Indenture, dated as of June 30, 2023, by and between Golub Capital BDC CLO III
LLC, as Issuer, and U.S. Bank Trust Company, National Association, as Trustee, and consented to by
GC Advisors LLC, as Collateral Manager (Incorporated by reference to Exhibit 10.1 to the Registrant’s
Current Report on Form 8-K (File No. 814-00794), filed on June 30, 2023).
10.8
Collateral Management Agreement, dated as of November 16, 2018, by and between Golub Capital
BDC CLO III LLC and GC Advisors LLC (Incorporated by reference to Exhibit 10.2 to the
Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on November 21, 2018).
10.9
Amended and Restated Revolving Loan Agreement, dated as of June 21, 2019, by and among the
Registrant, as the borrower, and GC Advisors LLC, as the lender (Incorporated by reference to
Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on
June 25, 2019).
10.10
First Amendment to the Amended and Restated Revolving Loan Agreement, dated as of October 28,
2019, by and between Golub Capital BDC, Inc. as the borrower and GC Advisors LLC as the lender
(Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K
(File No. 814-00794), filed on October 31, 2019).
10.11
Second Amendment to Amended and Restated Revolving Loan Agreement, dated as of June 15, 2022,
by and among Golub Capital BDC, Inc., as the borrower, and GC Advisors LLC, as the lender.
(Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K
(File No. 814-00794), filed on June 16, 2022).
279

10.12
Third Amendment to Revolving Loan Agreement, dated as of June 11, 2024, by and between Golub
Capital BDC, Inc., as the borrower, and GC Advisors LLC, as the lender. (Incorporated by reference to
Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 13,
2024).
10.13
Note Purchase Agreement, dated December 13, 2018, by and among GCIC CLO II LLC and Wells
Fargo Securities, LLC (Incorporated by reference to Exhibit 10.1 to Golub Capital Investment
Corporation’s Current Report on Form 8-K (File No. 814-01128), filed on December 19, 2018).
10.14
Indenture, dated December 13, 2018, by and between GCIC CLO II LLC and The Bank of New York
Mellon Trust Company, N.A. (Incorporated by reference to Exhibit 10.2 to Golub Capital Investment
Corporation’s Current Report on Form 8-K (File No. 814-01128), filed on December 19, 2018).
10.15
Collateral Management Agreement, dated December 13, 2018, by and between GCIC CLO II LLC and
GC Advisors LLC (Incorporated by reference to Exhibit 10.1 to Golub Capital Investment
Corporation’s Current Report on Form 8-K (File No. 814-01128), filed on December 19, 2018).
10.16
Master Loan Sale Agreement by and among Golub Capital Investment Corporation, as the seller, GC
Advisors LLC, as the closing date seller, GCIC CLO II LLC, as the buyer, and GCIC Funding LLC, as
the warehouse borrower, dated as of December 13, 2018 (Incorporated by reference to Exhibit 10.4 to
Golub Capital Investment Corporation’s Current Report on Form 8-K (File No. 814-01128), filed on
December 19, 2018).
10.17
Master Loan Sale Agreement by and among Golub Capital Investment Corporation, as the seller, GCIC
CLO II Depositor LLC, as the intermediate seller, and GCIC CLO II LLC, as the buyer, dated as of
December 13, 2018 (Incorporated by reference to Exhibit 10.5 to Golub Capital Investment
Corporation’s Current Report on Form 8-K (File No. 814-01128), filed on December 19, 2018).
10.18
Loan Financing and Servicing Agreement, dated as of September 10, 2019, by and among GBDC 3
Funding LLC, as borrower, Golub Capital BDC 3, Inc., as equity holder and as servicer, the lenders
from time to time party thereto, Deutsche Bank AG, New York Branch, as facility agent, the other
agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries,
and Deutsche Bank Trust Company Americas, as collateral agent and as collateral custodian
(Incorporated by reference to Exhibit 10.1 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K
(File No. 814-01244), filed on September 12, 2019).
10.19
Sale and Contribution Agreement, dated as of September 10, 2019, between Golub Capital BDC 3,
Inc., as seller, and GBDC 3 Funding LLC, as purchaser (Incorporated by reference to Exhibit 10.2 to
Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on
September 12, 2019).
10.20
Amendment No. 2 to Loan Financing and Servicing Agreement, dated as of October 29, 2021, among
GBDC 3 Funding LLC, as borrower, Golub Capital BDC 3, Inc., as servicer, and Deutsche Bank AG,
New York Branch, as facility agent, as agent and as a committed lender. (Incorporated by reference to
Exhibit 10.1 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244). filed
on November 3, 2021).
10.21
Amendment No. 4 to Loan Financing and Servicing Agreement, dated as of June 24, 2022, among
GBDC 3 Funding LLC, as borrower, Golub Capital BDC 3, Inc., as servicer, and Deutsche Bank AG,
New York Branch, as facility agent, as agent and as a committed lender. (Incorporated by reference to
Exhibit 10.1 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed
on June 28, 2022).
10.22
Amendment No. 5 to Loan Financing and Servicing Agreement, dated as of March 8, 2023, among
GBDC 3 Funding LLC, as borrower, Golub Capital BDC 3, Inc., as servicer, and Deutsche Bank AG,
New York Branch, as facility agent, as agent and as a committed lender. (Incorporated by reference to
Exhibit 10.1 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed
on March 14, 2023).
10.23
First Supplemental Indenture, dated as of December 21, 2020, by and between GCIC CLO II LLC, as
Issuer, and The Bank of New York Mellon Trust Company, National Association, as Trustee to the
Indenture, dated as of December 13, 2018, among the Issuer and Trustee. (Incorporated by reference to
Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q (File No. 814-00794), filed on
February 8, 2021).
280

10.24
Second Supplemental Indenture, dated as of June 30, 2023, by and between GCIC CLO II LLC, as
Issuer, and The Bank of New York Mellon Trust Company, National Association, as Trustee, and
consented to by GC Advisors LLC, as Collateral Manager and The Bank of New York Mellon Trust
Company, National Association, as Collateral Administrator. (Incorporated by reference to Exhibit 10.2
to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on June 30, 2023).
10.25
Senior Secured Revolving Credit Agreement, dated as of February 11, 2021, by and among
Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent and as
collateral agent, and the lenders, syndication agents, joint bookrunners, and joint lead arrangers party
thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K
(File No. 814-00794), filed on February 12, 2021).
10.26
Indenture, dated as of March 11, 2021, entered into by and among Golub Capital BDC 3, Inc. and
Golub Capital BDC 3 CLO 1 LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Trustee
(Incorporated by reference to Exhibit 10.2 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K
(File No. 814-01244), filed on March 17, 2021).
10.27
First Supplemental Indenture, dated as of June 30, 2023, by and between Golub Capital BDC 3 CLO 1
LLC, Deutsche Bank Trust Company Americas, as Trustee, and GC Advisors LLC, as Collateral
Manager. (Incorporated by reference to Exhibit 10.1 to Golub Capital BDC 3, Inc.’s Current Report on
Form 8-K (File No. 814-01244), filed on June 30, 2023).
10.28
Master Loan Sale Agreement, dated as of March 11, 2021, entered into by and among Golub Capital
BDC 3, Inc., as Seller, GC Advisors LLC, as Closing Date Seller, Golub Capital BDC 3 CLO 1 LLC,
as Buyer and GBDC 3 Funding LLC, as Warehouse Buyer (Incorporated by reference to Exhibit 10.4
to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on March 17,
2021).
10.29
Collateral Management Agreement, dated as of March 11, 2021, entered into by and among Golub
Capital BDC 3, Inc. and Golub Capital BDC 3 CLO 1 LLC, as Issuer and GC Advisors LLC, as
Collateral Manager (Incorporated by reference to Exhibit 10.3 to Golub Capital BDC 3, Inc.’s Current
Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).
10.30
Note Purchase Agreement, dated as of March 11, 2021, entered into by and among Golub Capital
BDC 3, Inc. and Golub Capital BDC 3 CLO 1 LLC, as borrowers, and Deutsche Bank Securities, Inc.,
as the administrative agent and a lender (Incorporated by reference to Exhibit 10.1 to Golub Capital
BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on March 17, 2021).
10.31
Commitment Increase Agreement, dated as of October 14, 2021, by Signature Bank, as Increasing
Lender, Wells Fargo Bank, National Association and Regions Bank, each as an Assuming Lender, in
favor of the Company, as borrower, and JPMorgan Chase Bank, N.A., as administrative agent under the
Revolving Credit Facility. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report
on Form 8-K (File No. 814-00794), filed on October 18, 2021).
10.32
Commitment Increase Agreement, dated as of November 23, 2021, by First National Bank of
Pennsylvania, as Assuming Lender, JPMorgan Chase Bank, N.A., MUFG Union Bank, N.A., CIBC
Bank USA, and Sumitomo Mitsui Banking Corporation, each as an Increasing Lender, in favor of
Golub Capital BDC, Inc., as borrower, and JPMorgan Chase Bank, N.A., as administrative agent under
the Senior Secured Revolving Credit Facility, dated as of February 11, 2021, as amended, among
Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent and as
collateral agent, and the lenders, syndication agents, joint bookrunners, and joint lead arrangers party
thereto. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current report on Form 8-K
(File No. 814-00794), filed on November 24, 2021).
10.33
Amendment No. 1, dated as of November 19, 2021, to Senior Secured Revolving Credit Agreement,
dated as of February 11, 2021, by and among, Golub Capital BDC, Inc., as borrower, JPMorgan Chase
Bank, N.A., as administrative agent and as collateral agent, and the lenders, syndication agents, joint
bookrunners, and joint lead arrangers party thereto. (Incorporated by reference to Exhibit 10.1 to the
Registrant’s Current report on Form 8-K/A (File No. 814-00794), filed on December 14, 2021).
281

10.34
Commitment Increase Agreement, dated as of December 17, 2021, by Comerica Bank, and Capital
One, National Association, each as an Assuming Lender, in favor of Golub Capital BDC, Inc., as
borrower, and JPMorgan Chase Bank, N.A., as administrative agent under the Senior Secured
Revolving Credit Facility, dated as of February 11, 2021, as amended, among Golub Capital BDC, Inc.,
as borrower, JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the
lenders, syndication agents, joint bookrunners, and joint lead arrangers party thereto. (Incorporated by
reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on
December 21, 2021).
10.35
Indenture, dated as of January 25, 2022, by and between Golub Capital BDC 3 ABS 2022-1 LLC, as
Issuer, and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to
Exhibit 10.2 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed
on January 28, 2022).
10.36
Note Purchase Agreement, dated as of January 25, 2022, by and between Golub Capital BDC 3 ABS
2022-1 LLC and Deutsche Bank Securities Inc. (Incorporated by reference to Exhibit 10.1 to Golub
Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on January 28, 2022).
10.37
Collateral Management Agreement, dated as of January 25, 2022, by and between Golub Capital
BDC 3 ABS 2022-1 LLC, as Issuer and GC Advisors LLC, as Collateral Manager (Incorporated by
reference to Exhibit 10.3 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No.
814-01244), filed on January 28, 2022).
10.38
Master Loan Sale Agreement, dated as of January 25, 2022, by and among Golub Capital BDC 3, Inc.,
as the Seller, GC Advisors LLC, as the Closing Date Seller, Golub Capital BDC 3 ABS 2022-1 LLC,
as the Buyer, and Golub Capital 3 Holdings LLC (Incorporated by reference to Exhibit 10.4 to Golub
Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed on January 28, 2022).
10.39
Master Loan Sale Agreement, dated as of January 25, 2022, by and among Golub Capital BDC 3, Inc.,
as the Seller, Golub Capital BDC 3 ABS 2022-1 Depositor LLC, as the Intermediate Seller, Golub
Capital BDC 3 ABS 2022-1 LLC, as the Buyer, and GBDC 3 Funding LLC (Incorporated by reference
to Exhibit 10.5 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244),
filed on January 28, 2022).
10.40
Amendment No. 2, dated as of September 2, 2022, to Senior Secured Revolving Credit Agreement,
dated as of February 11, 2021, as amended, by and among, Golub Capital BDC, Inc., as borrower,
JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the lenders,
syndication agents, joint bookrunners, and joint lead arrangers party thereto. (Incorporated by reference
to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on
September 8, 2022).
10.41
Commitment Increase Agreement, dated as of September 16, 2022, by Santander Bank, N.A., as an
Assuming Lender, in favor of Golub Capital BDC, Inc., as borrower, and JPMorgan Chase Bank, N.A.,
as administrative agent under the Senior Secured Revolving Credit Facility, dated as of February 11,
2021, as amended, among Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as
administrative agent and as collateral agent, and the lenders, syndication agents, joint bookrunners, and
joint lead arrangers party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current
report on Form 8-K (File No. 814-00794), filed on September 20, 2022).
10.42
Credit Agreement, dated as of December 14, 2022, by and among Golub Capital BDC 3 CLO 2 LLC,
as borrower, Citibank, N.A., as Collateral Trustee and as loan agent, and the various financial
institutions and other persons party thereto from time to time as lenders. (Incorporated by reference to
Exhibit 10.3 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed
on December 19, 2022).
10.43
Master Loan Sale Agreement, dated as of December 14, 2022, by and among Golub Capital BDC 3,
Inc., as the Seller, GC Advisors LLC, as the Closing Date Seller, Golub Capital BDC 3 CLO 2 LLC,
as the Buyer, and GBDC 3 Funding LLC, as the Warehouse Borrower. (Incorporated by reference to
Exhibit 10.5 to Golub Capital BDC 3, Inc.’s Current Report on Form 8-K (File No. 814-01244), filed
on December 19, 2022).
282

10.44
Master Loan Sale Agreement, dated as of December 14, 2022, by and among Golub Capital BDC 3,
Inc., as the Seller, Golub Capital BDC 3 CLO 2 Depositor LLC, as the Intermediate Seller, and Golub
Capital BDC 3 CLO 2 LLC, as the buyer. (Incorporated by reference to Exhibit 10.6 to the Registrant’s
Current Report on Form 8-K (File No. 814-01244), filed on December 19, 2022).
10.45
Amended and Restated Senior Secured Revolving Credit Agreement, dated as of March 17, 2023, by
and among Golub Capital BDC, Inc., as borrower, and JPMorgan Chase Bank, N.A., as administrative
agent under the Senior Secured Revolving Credit Facility, dated as of February 11, 2021, as amended,
among Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent
and as collateral agent, and the lenders, syndication agents, joint bookrunners, and joint lead arrangers
party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K
(File No. 814-00794), filed on March 20, 2023).
10.46
Amendment No. 1 to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as
of March 17, 2023, by and among Golub Capital BDC, Inc., JPMorgan Chase Bank, N.A., as
administrative agent and collateral agent, and the lenders, syndication agents, joint bookrunners, and
joint lead arrangers party thereto, dated June 7, 2024. (Incorporated by reference to Exhibit 10.1 to the
Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 13, 2024).
10.47
Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of August 6,
2024, by and among Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as
administrative agent, and the lenders party thereto. (Incorporated by reference to Exhibit 10.1 to the
Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on August 13, 2024).
10.48
Equity Distribution Agreement, dated as of October 6, 2023, by and among Golub Capital BDC, Inc.
GC Advisors LLC, Golub Capital LLC, Keefe Bruyette & Woods, Inc. and Regions Securities LLC.
14.1
Code of Ethics of the Registrant and GC Advisors.*
14.2
Code of Ethics of GC Advisors LLC.*
19.1
Insider Trading Policy (Included in the Code of Ethics of the Registrant and GC Advisors)
(Incorporated by reference to Exhibit 14.1 to this Annual Report on Form 10-K).
21.1
List of Subsidiaries.*
23.1
Consent of Ernst & Young LLP.*
25.1
Statement of Eligibility of Trustee on From T-1. (Incorporated by reference to Exhibit 25.1 to the
Registrant’s Form 10-Q (File No. 814-00794), filed February 7, 2020.)
31.1
Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of
1934, as amended.*
31.2
Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of
1934, as amended.*
32.1
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.*
97.1
Clawback Policy (Incorporated by reference to Exhibit 97.1 to the Registrant’s Form 10-K (File
No. 814-00794), filed on November 20, 2023).
99.1
Privacy Policy of the Registrant.*
101.INS
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File
because its XBRL tags are embedded within the Inline XBRL document.*
101.SCH
Inline XBRL Taxonomy Extension Schema Document.*
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.*
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document.*
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).*
*
Filed herewith
283

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
A Delaware Corporation
Date: November 19, 2024
By:
/s/ David B. Golub
Name: David B. Golub
Title: Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the dates indicated.
Signature
Title
Date
/s/ David B. Golub
Chief Executive Officer and Director
(Principal Executive Officer)
November 19, 2024
David B. Golub
/s/ Christopher C. Ericson
Chief Financial Officer
(Principal Accounting and Financial Officer)
November 19, 2024
Christopher C. Ericson
/s/ Lawrence E. Golub
Chairman of the Board of Directors
November 19, 2024
Lawrence E. Golub
/s/ John T. Baily
Director
November 19, 2024
John T. Baily
/s/ Kenneth F. Bernstein
Director
November 19, 2024
Kenneth F. Bernstein
/s/ Lofton P. Holder
Director
November 19, 2024
Lofton P. Holder
/s/ Anita J. Rival
Director
November 19, 2024
Anita J. Rival
/s/ William M. Webster IV
Director
November 19, 2024
William M. Webster IV
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