Companies: 10,793     total market cap: $139.375 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Golub Capital
GBDC
#3851
Rank
$3.34 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$12.71
Share price
1.03%
Change (1 day)
-4.36%
Change (1 year)
๐Ÿ’ฐ Investment Asset Management
Categories
  1. Golub Capital
  2. Quarterly Reports (10-Q)
  3. Submitted on 2025-08-04

Golub Capital - 10-Q quarterly report FY


Text size:
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3011http://fasb.org/us-gaap/2025#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2025#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2025#GrossInvestmentIncomeOperatinghttp://fasb.org/us-gaap/2025#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossUnrealizedhttp://fasb.org/us-gaap/2025#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingBeforeTaxhttp://fasb.org/us-gaap/2025#ForeignCurrencyTransactionGainLossRealizedhttp://fasb.org/us-gaap/2025#GrossInvestmentIncomeOperating0.0006944xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puregbdc:segmentgbdc:componentiso4217:CADiso4217:GBPiso4217:EURiso4217:AUDgbdc:portfolioCompany00014767652024-10-012025-06-3000014767652025-08-040001476765us-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765us-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-3000014767652025-06-3000014767652024-09-3000014767652023-10-012024-09-3000014767652024-10-012024-12-310001476765us-gaap:InvestmentUnaffiliatedIssuerMember2025-04-012025-06-300001476765us-gaap:InvestmentUnaffiliatedIssuerMember2024-04-012024-06-300001476765us-gaap:InvestmentUnaffiliatedIssuerMember2024-10-012025-06-300001476765us-gaap:InvestmentUnaffiliatedIssuerMember2023-10-012024-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012025-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-04-012024-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012025-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-10-012024-06-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2025-04-012025-06-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2024-04-012024-06-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2024-10-012025-06-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012024-06-3000014767652025-04-012025-06-3000014767652024-04-012024-06-3000014767652023-10-012024-06-300001476765us-gaap:ForeignExchangeForwardMember2025-04-012025-06-300001476765us-gaap:ForeignExchangeForwardMember2024-04-012024-06-300001476765us-gaap:ForeignExchangeForwardMember2024-10-012025-06-300001476765us-gaap:ForeignExchangeForwardMember2023-10-012024-06-300001476765us-gaap:CommonStockMember2023-09-300001476765us-gaap:AdditionalPaidInCapitalMember2023-09-300001476765us-gaap:RetainedEarningsMember2023-09-3000014767652023-09-300001476765us-gaap:CommonStockMember2023-10-012024-06-300001476765us-gaap:AdditionalPaidInCapitalMember2023-10-012024-06-300001476765us-gaap:RetainedEarningsMember2023-10-012024-06-300001476765us-gaap:CommonStockMember2024-06-300001476765us-gaap:AdditionalPaidInCapitalMember2024-06-300001476765us-gaap:RetainedEarningsMember2024-06-3000014767652024-06-300001476765us-gaap:CommonStockMember2024-03-310001476765us-gaap:AdditionalPaidInCapitalMember2024-03-310001476765us-gaap:RetainedEarningsMember2024-03-3100014767652024-03-310001476765us-gaap:CommonStockMember2024-04-012024-06-300001476765us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001476765us-gaap:RetainedEarningsMember2024-04-012024-06-300001476765us-gaap:CommonStockMember2024-09-300001476765us-gaap:AdditionalPaidInCapitalMember2024-09-300001476765us-gaap:RetainedEarningsMember2024-09-300001476765us-gaap:CommonStockMember2024-10-012025-06-300001476765us-gaap:AdditionalPaidInCapitalMember2024-10-012025-06-300001476765us-gaap:RetainedEarningsMember2024-10-012025-06-300001476765us-gaap:CommonStockMember2025-06-300001476765us-gaap:AdditionalPaidInCapitalMember2025-06-300001476765us-gaap:RetainedEarningsMember2025-06-300001476765us-gaap:CommonStockMember2025-03-310001476765us-gaap:AdditionalPaidInCapitalMember2025-03-310001476765us-gaap:RetainedEarningsMember2025-03-3100014767652025-03-310001476765us-gaap:CommonStockMember2025-04-012025-06-300001476765us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001476765us-gaap:RetainedEarningsMember2025-04-012025-06-300001476765us-gaap:InterestRateSwapMember2024-10-012025-06-300001476765us-gaap:InterestRateSwapMember2023-10-012024-06-300001476765gbdc:GolubCapitalBDC3Inc.Member2024-10-012025-06-300001476765PPW Aero Buyer, Inc., One stop 12025-06-300001476765PPW Aero Buyer, Inc., One stop 22025-06-300001476765PPW Aero Buyer, Inc., One stop 32025-06-300001476765PPW Aero Buyer, Inc., One stop 42025-06-300001476765PPW Aero Buyer, Inc., One stop 52025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765RJW Group Holdings, Inc., One stop 12025-06-300001476765RJW Group Holdings, Inc., One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:AirFreightAndLogisticsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Accelya Lux Finco S.A.R.L., One stop2025-06-300001476765Arnott, LLC, One stop 12025-06-300001476765Arnott, LLC, One stop 22025-06-300001476765Collision SP Subco, LLC, One stop 12025-06-300001476765Collision SP Subco, LLC, One stop 22025-06-300001476765Collision SP Subco, LLC, One stop 32025-06-300001476765Collision SP Subco, LLC, One stop 42025-06-300001476765Collision SP Subco, LLC, One stop 52025-06-300001476765Covercraft Parent III, Inc., Senior secured 12025-06-300001476765Covercraft Parent III, Inc., Senior secured 22025-06-300001476765Covercraft Parent III, Inc., Senior secured 32025-06-300001476765North Haven Falcon Buyer, LLC, One stop 12025-06-300001476765North Haven Falcon Buyer, LLC, One stop 22025-06-300001476765OEConnection, LLC, One stop 12025-06-300001476765OEConnection, LLC, One stop 22025-06-300001476765OEConnection, LLC, One stop 32025-06-300001476765OEConnection, LLC, One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:AutoComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765CAP-KSI Holdings, LLC, One stop 12025-06-300001476765CAP-KSI Holdings, LLC, One stop 22025-06-300001476765CG Group Holdings, LLC, One stop 12025-06-300001476765CG Group Holdings, LLC, One stop 22025-06-300001476765Denali Midco 2, LLC, One stop 12025-06-300001476765Denali Midco 2, LLC, Second lien2025-06-300001476765Denali Midco 2, LLC, One stop 22025-06-300001476765Denali Midco 2, LLC, One stop 32025-06-300001476765Denali Midco 2, LLC, One stop 42025-06-300001476765Denali Midco 2, LLC, One stop 52025-06-300001476765Denali Midco 2, LLC, One stop 62025-06-300001476765Denali Midco 2, LLC, One stop 72025-06-300001476765Denali Midco 2, LLC, One stop 82025-06-300001476765Denali Midco 2, LLC, One stop 92025-06-300001476765Denali Midco 2, LLC, One stop 102025-06-300001476765Denali Midco 2, LLC, One stop 112025-06-300001476765Denali Midco 2, LLC, One stop 122025-06-300001476765Denali Midco 2, LLC, One stop 132025-06-300001476765Denali Midco 2, LLC, One stop 142025-06-300001476765Denali Midco 2, LLC, One stop 152025-06-300001476765Denali Midco 2, LLC, One stop 162025-06-300001476765Denali Midco 2, LLC, One stop 172025-06-300001476765Denali Midco 2, LLC, One stop 182025-06-300001476765Denali Midco 2, LLC, One stop 192025-06-300001476765High Bar Brands Operating, LLC, Senior secured 12025-06-300001476765High Bar Brands Operating, LLC, Senior secured 22025-06-300001476765High Bar Brands Operating, LLC, Senior secured 32025-06-300001476765High Bar Brands Operating, LLC, Senior secured 42025-06-300001476765JHCC Holdings LLC, One stop 12025-06-300001476765JHCC Holdings LLC, One stop 22025-06-300001476765JHCC Holdings LLC, One stop 32025-06-300001476765JHCC Holdings LLC, One stop 42025-06-300001476765JHCC Holdings LLC, One stop 52025-06-300001476765JHCC Holdings LLC, One stop 62025-06-300001476765JHCC Holdings LLC, One stop 72025-06-300001476765JHCC Holdings LLC, One stop 82025-06-300001476765JHCC Holdings LLC, One stop 92025-06-300001476765JHCC Holdings LLC, One stop 102025-06-300001476765MOP GM Holding, LLC, One stop 12025-06-300001476765MOP GM Holding, LLC, One stop 22025-06-300001476765MOP GM Holding, LLC, One stop 32025-06-300001476765MOP GM Holding, LLC, One stop 42025-06-300001476765MOP GM Holding, LLC, One stop 52025-06-300001476765MOP GM Holding, LLC, One stop 62025-06-300001476765MOP GM Holding, LLC, One stop 72025-06-300001476765MOP GM Holding, LLC, One stop 82025-06-300001476765MOP GM Holding, LLC, One stop 92025-06-300001476765MOP GM Holding, LLC, One stop 102025-06-300001476765MOP GM Holding, LLC, One stop 112025-06-300001476765MOP GM Holding, LLC, One stop 122025-06-300001476765MOP GM Holding, LLC, One stop 132025-06-300001476765MOP GM Holding, LLC, One stop 142025-06-300001476765MOP GM Holding, LLC, One stop 152025-06-300001476765National Express Wash Parent Holdco, LLC, One stop 12025-06-300001476765National Express Wash Parent Holdco, LLC, One stop 22025-06-300001476765National Express Wash Parent Holdco, LLC, One stop 32025-06-300001476765National Express Wash Parent Holdco, LLC, One stop 42025-06-300001476765POY Holdings, LLC, One stop 12025-06-300001476765POY Holdings, LLC, One stop 22025-06-300001476765POY Holdings, LLC, One stop 32025-06-300001476765POY Holdings, LLC, One stop 42025-06-300001476765POY Holdings, LLC, One stop 52025-06-300001476765POY Holdings, LLC, One stop 62025-06-300001476765POY Holdings, LLC, One stop 72025-06-300001476765POY Holdings, LLC, One stop 82025-06-300001476765POY Holdings, LLC, One stop 92025-06-300001476765Quick Quack Car Wash Holdings, LLC, One stop 12025-06-300001476765Quick Quack Car Wash Holdings, LLC, One stop 22025-06-300001476765Quick Quack Car Wash Holdings, LLC, One stop 32025-06-300001476765Quick Quack Car Wash Holdings, LLC, One stop 42025-06-300001476765TWAS Holdings, LLC, One stop 12025-06-300001476765TWAS Holdings, LLC, One stop 22025-06-300001476765TWAS Holdings, LLC, One stop 32025-06-300001476765TWAS Holdings, LLC, One stop 42025-06-300001476765TWAS Holdings, LLC, One stop 52025-06-300001476765TWAS Holdings, LLC, One stop 62025-06-300001476765Yorkshire Parent, Inc., One stop 12025-06-300001476765Yorkshire Parent, Inc., One stop 22025-06-300001476765Yorkshire Parent, Inc., One stop 32025-06-300001476765Yorkshire Parent, Inc., One stop 42025-06-300001476765Yorkshire Parent, Inc., One stop 52025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Empyrean Solutions, LLC., One stop 12025-06-300001476765Empyrean Solutions, LLC., One stop 22025-06-300001476765Empyrean Solutions, LLC., One stop 32025-06-300001476765OSP Hamilton Purchaser, LLC., One stop 12025-06-300001476765OSP Hamilton Purchaser, LLC., One stop 22025-06-300001476765OSP Hamilton Purchaser, LLC., One stop 32025-06-300001476765OSP Hamilton Purchaser, LLC., One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:BanksSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Financial Information Technologies, LLC., One stop 12025-06-300001476765Financial Information Technologies, LLC., One stop 22025-06-300001476765Financial Information Technologies, LLC., One stop 32025-06-300001476765Financial Information Technologies, LLC., One stop 42025-06-300001476765Financial Information Technologies, LLC., One stop 52025-06-300001476765Spindrift Beverage Co. Inc., One stop 12025-06-300001476765Spindrift Beverage Co. Inc., One stop 22025-06-300001476765Spindrift Beverage Co. Inc., One stop 32025-06-300001476765Watermill Express, LLC., One stop 12025-06-300001476765Watermill Express, LLC., One stop 22025-06-300001476765Watermill Express, LLC., One stop 32025-06-300001476765Watermill Express, LLC., One stop 42025-06-300001476765Watermill Express, LLC., One stop 52025-06-300001476765Watermill Express, LLC., One stop 62025-06-300001476765Watermill Express, LLC., One stop 72025-06-300001476765Watermill Express, LLC., One stop 82025-06-300001476765Winebow Holdings, Inc., One stop 2025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765BECO Holding Company, Inc., One stop 12025-06-300001476765BECO Holding Company, Inc., One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765BlueMatrix Holdings, LLC, One stop 12025-06-300001476765BlueMatrix Holdings, LLC, One stop 22025-06-300001476765BlueMatrix Holdings, LLC, One stop 32025-06-300001476765BlueMatrix Holdings, LLC, One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:CapitalMarketsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765AP Adhesives Holdings, LLC., One stop 12025-06-300001476765AP Adhesives Holdings, LLC., One stop 22025-06-300001476765AP Adhesives Holdings, LLC., One stop 32025-06-300001476765Inhance Technologies Holdings, LLC., One stop 12025-06-300001476765Inhance Technologies Holdings, LLC., One stop 22025-06-300001476765Inhance Technologies Holdings, LLC., One stop 32025-06-300001476765Inhance Technologies Holdings, LLC., One stop 42025-06-300001476765Krayden Holdings, Inc., Senior secured 12025-06-300001476765Krayden Holdings, Inc., Senior secured 22025-06-300001476765Krayden Holdings, Inc., Senior secured 32025-06-300001476765PHM NL SP Bidco B.V., One stop 12025-06-300001476765PHM NL SP Bidco B.V., One stop 22025-06-300001476765PHM NL SP Bidco B.V., One stop 32025-06-300001476765PHM NL SP Bidco B.V., One stop 42025-06-300001476765us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765BradyIFS Holdings, LLC., One stop 12025-06-300001476765BradyIFS Holdings, LLC., One stop 22025-06-300001476765CI (Quercus) Intermediate Holdings, LLC., One stop 12025-06-300001476765CI (Quercus) Intermediate Holdings, LLC., One stop 22025-06-300001476765CI (Quercus) Intermediate Holdings, LLC., One stop 32025-06-300001476765CI (Quercus) Intermediate Holdings, LLC., One stop 42025-06-300001476765CHA Vision Holdings, Inc., One stop 12025-06-300001476765CHA Vision Holdings, Inc., One stop 22025-06-300001476765CHA Vision Holdings, Inc., One stop 32025-06-300001476765Kleinfelder Intermediate, LLC., One stop 12025-06-300001476765Kleinfelder Intermediate, LLC., One stop 22025-06-300001476765Kleinfelder Intermediate, LLC., One stop 32025-06-300001476765North Haven Stack Buyer, LLC, Second lien 12025-06-300001476765North Haven Stack Buyer, LLC, One stop 12025-06-300001476765North Haven Stack Buyer, LLC, One stop 22025-06-300001476765North Haven Stack Buyer, LLC, One stop 32025-06-300001476765North Haven Stack Buyer, LLC, One stop 42025-06-300001476765North Haven Stack Buyer, LLC, Second lien 22025-06-300001476765North Haven Stack Buyer, LLC, One stop 52025-06-300001476765North Haven Stack Buyer, LLC, Second lien 32025-06-300001476765North Haven Stack Buyer, LLC, One stop 62025-06-300001476765North Haven Stack Buyer, LLC, One stop 72025-06-300001476765North Haven Stack Buyer, LLC, One stop 82025-06-300001476765North Haven Stack Buyer, LLC, One stop 92025-06-300001476765North Haven Stack Buyer, LLC, One stop 102025-06-300001476765North Haven Stack Buyer, LLC, One stop 112025-06-300001476765North Haven Stack Buyer, LLC, One stop 122025-06-300001476765North Haven Stack Buyer, LLC, One stop 132025-06-300001476765North Haven Stack Buyer, LLC, One stop 142025-06-300001476765North Haven Stack Buyer, LLC, One stop 152025-06-300001476765North Haven Stack Buyer, LLC, One stop 162025-06-300001476765North Haven Stack Buyer, LLC, One stop 172025-06-300001476765North Haven Stack Buyer, LLC, One stop 182025-06-300001476765North Haven Stack Buyer, LLC, One stop 192025-06-300001476765North Haven Stack Buyer, LLC, One stop 202025-06-300001476765North Haven Stack Buyer, LLC, One stop 212025-06-300001476765North Haven Stack Buyer, LLC, Second lien 42025-06-300001476765North Haven Stack Buyer, LLC, One stop 222025-06-300001476765Profile Products LLC., One stop 12025-06-300001476765Profile Products LLC., One stop 22025-06-300001476765Profile Products LLC., One stop 32025-06-300001476765Profile Products LLC., One stop 42025-06-300001476765PSC Parent, Inc.., One stop 12025-06-300001476765PSC Parent, Inc.., One stop 22025-06-300001476765PSC Parent, Inc.., One stop 32025-06-300001476765PSC Parent, Inc.., One stop 42025-06-300001476765PT Intermediate Holdings III, LLC., One stop 12025-06-300001476765PT Intermediate Holdings III, LLC., One stop 22025-06-300001476765Radwell Parent, LLC., One stop 12025-06-300001476765Radwell Parent, LLC., One stop 22025-06-300001476765Radwell Parent, LLC., One stop 32025-06-300001476765Trinity Air Consultants Holdings Corporation, One stop 12025-06-300001476765Trinity Air Consultants Holdings Corporation, One stop 22025-06-300001476765Trinity Air Consultants Holdings Corporation, One stop 32025-06-300001476765Trinity Air Consultants Holdings Corporation, One stop 42025-06-300001476765Trinity Air Consultants Holdings Corporation, One stop 52025-06-300001476765WRE Holding Corp., One stop 12025-06-300001476765WRE Holding Corp., One stop 22025-06-300001476765WRE Holding Corp., One stop 32025-06-300001476765WRE Holding Corp., One stop 42025-06-300001476765WRE Holding Corp., One stop 52025-06-300001476765WRE Holding Corp., One stop 62025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Lightning Finco Limited, One stop 12025-06-300001476765Lightning Finco Limited, One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:CommunicationsEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Consor Intermediate II, LLC, One stop 12025-06-300001476765Consor Intermediate II, LLC, One stop 22025-06-300001476765Consor Intermediate II, LLC, One stop 32025-06-300001476765DCCM, LLC, One stop 12025-06-300001476765DCCM, LLC, One stop 22025-06-300001476765DCCM, LLC, One stop 32025-06-300001476765Royal Holdco Corporation, One stop 12025-06-300001476765Royal Holdco Corporation, One stop 22025-06-300001476765Royal Holdco Corporation, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ConstructionEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Chase Intermediate, One stop 12025-06-300001476765Chase Intermediate, One stop 22025-06-300001476765Chase Intermediate, One stop 32025-06-300001476765Chase Intermediate, One stop 42025-06-300001476765Fortis Solutions Group, LLC^, One stop2025-06-300001476765Fortis Solutions Group, LLC, One stop 12025-06-300001476765Fortis Solutions Group, LLC, One stop 22025-06-300001476765Fortis Solutions Group, LLC, One stop 32025-06-300001476765Packaging Coordinators Midco, Inc., One stop 12025-06-300001476765Packaging Coordinators Midco, Inc., One stop 22025-06-300001476765Packaging Coordinators Midco, Inc., One stop 32025-06-300001476765Packaging Coordinators Midco, Inc., One stop 42025-06-300001476765Packaging Coordinators Midco, Inc., One stop 52025-06-300001476765us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Any Hour, LLC, One stop 12025-06-300001476765Any Hour, LLC, One stop 22025-06-300001476765Any Hour, LLC, One stop 32025-06-300001476765Any Hour, LLC, One stop 42025-06-300001476765Apex Service Partners, LLC, One stop 12025-06-300001476765Apex Service Partners, LLC, One stop 22025-06-300001476765Apex Service Partners, LLC, One stop 32025-06-300001476765Apex Service Partners, LLC, One stop 42025-06-300001476765Apex Service Partners, LLC, One stop 52025-06-300001476765Apex Service Partners, LLC, One stop 62025-06-300001476765Certus Pest, Inc., One stop 12025-06-300001476765Certus Pest, Inc., One stop 22025-06-300001476765Certus Pest, Inc., One stop 32025-06-300001476765Certus Pest, Inc., One stop 42025-06-300001476765Certus Pest, Inc., One stop 52025-06-300001476765Certus Pest, Inc., One stop 62025-06-300001476765Certus Pest, Inc., One stop 72025-06-300001476765Certus Pest, Inc., One stop 82025-06-300001476765Certus Pest, Inc., One stop 92025-06-300001476765Certus Pest, Inc., One stop 102025-06-300001476765Certus Pest, Inc., One stop 112025-06-300001476765Certus Pest, Inc., One stop 122025-06-300001476765Certus Pest, Inc., One stop 132025-06-300001476765Certus Pest, Inc., One stop 142025-06-300001476765Certus Pest, Inc., One stop 152025-06-300001476765Certus Pest, Inc., One stop 162025-06-300001476765CHHJ Midco, LLC, Senior secured 12025-06-300001476765CHHJ Midco, LLC, Senior secured 22025-06-300001476765CHVAC Services Investment, LLC, One stop 12025-06-300001476765CHVAC Services Investment, LLC, One stop 22025-06-300001476765CHVAC Services Investment, LLC, One stop 32025-06-300001476765CHVAC Services Investment, LLC, One stop 42025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 12025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 22025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 32025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 42025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 52025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 62025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 72025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 82025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 92025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 102025-06-300001476765COP Hometown Acquisitions, Inc., Senior secured 112025-06-300001476765EMS LINQ, LLC, One stop 12025-06-300001476765EMS LINQ, LLC, One stop 22025-06-300001476765Entomo Brands Acquisitions, Inc., Senior secured 12025-06-300001476765Entomo Brands Acquisitions, Inc., Senior secured 22025-06-300001476765Entomo Brands Acquisitions, Inc., Senior secured 32025-06-300001476765EWC Growth Partners LLC, One stop 12025-06-300001476765EWC Growth Partners LLC, One stop 22025-06-300001476765EWC Growth Partners LLC, One stop 32025-06-300001476765EWC Growth Partners LLC, One stop 42025-06-300001476765FPG Intermediate Holdco, LLC, One stop 12025-06-300001476765FPG Intermediate Holdco, LLC, One stop 22025-06-300001476765FPG Intermediate Holdco, LLC, One stop 32025-06-300001476765FSS Buyer LLC, One stop 12025-06-300001476765FSS Buyer LLC, One stop 22025-06-300001476765HS Spa Holdings, Inc., One stop 12025-06-300001476765HS Spa Holdings, Inc., One stop 22025-06-300001476765HS Spa Holdings, Inc., One stop 32025-06-300001476765Learn-it Systems, LLC, Senior secured 12025-06-300001476765Learn-it Systems, LLC, Senior secured 22025-06-300001476765Learn-it Systems, LLC, Senior secured 32025-06-300001476765Learn-it Systems, LLC, Senior secured 42025-06-300001476765Liminex, Inc., One stop 12025-06-300001476765Liminex, Inc., One stop 22025-06-300001476765Liminex, Inc., One stop 32025-06-300001476765Liminex, Inc., One stop 42025-06-300001476765Litera Bidco, LLC, One stop 12025-06-300001476765Litera Bidco, LLC, One stop 22025-06-300001476765Litera Bidco, LLC, One stop 32025-06-300001476765Litera Bidco, LLC, One stop 42025-06-300001476765Mario Purchaser, LLC, One stop 12025-06-300001476765Mario Purchaser, LLC, One stop 22025-06-300001476765Mario Purchaser, LLC, One stop 32025-06-300001476765Mario Purchaser, LLC, One stop 42025-06-300001476765Mario Purchaser, LLC, One stop 52025-06-300001476765NSG Buyer, Inc., One stop 12025-06-300001476765NSG Buyer, Inc., One stop 22025-06-300001476765NSG Buyer, Inc., One stop 32025-06-300001476765NSG Buyer, Inc., One stop 42025-06-300001476765PADI Holdco, Inc., One stop 12025-06-300001476765PADI Holdco, Inc., One stop 22025-06-300001476765PADI Holdco, Inc., One stop 32025-06-300001476765PADI Holdco, Inc., One stop 42025-06-300001476765PADI Holdco, Inc., One stop 52025-06-300001476765PADI Holdco, Inc., One stop 62025-06-300001476765Provenance Buyer LLC, One stop 12025-06-300001476765Provenance Buyer LLC, One stop 22025-06-300001476765Provenance Buyer LLC, One stop 32025-06-300001476765RW AM Holdco LLC, One stop 12025-06-300001476765RW AM Holdco LLC, One stop 22025-06-300001476765Severin Acquisition, LLC, One stop 12025-06-300001476765Severin Acquisition, LLC, One stop 22025-06-300001476765Severin Acquisition, LLC, One stop 32025-06-300001476765Stellar Brands, LLC, Senior secured 12025-06-300001476765Stellar Brands, LLC, Senior secured 22025-06-300001476765Virginia Green Acquisition, LLC, One stop 12025-06-300001476765Virginia Green Acquisition, LLC, One stop 22025-06-300001476765Virginia Green Acquisition, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Baker Tilly Advisory Group, LP, One stop 12025-06-300001476765Baker Tilly Advisory Group, LP, One stop 22025-06-300001476765Baker Tilly Advisory Group, LP, One stop 32025-06-300001476765Baker Tilly Advisory Group, LP, One stop 42025-06-300001476765Banker's Toolbox, Inc., One stop 12025-06-300001476765Banker's Toolbox, Inc., One stop 22025-06-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 12025-06-300001476765Ceres Groupe SAS & Ceres PikCo, Subordinated debt2025-06-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 22025-06-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 32025-06-300001476765Corsair Blade IV S.A R.L., One stop 12025-06-300001476765Corsair Blade IV S.A R.L., One stop 22025-06-300001476765Equity Methods, LLC, One stop 12025-06-300001476765Equity Methods, LLC, One stop 22025-06-300001476765Equity Methods, LLC, One stop 32025-06-300001476765Finastra USA, Inc., One stop 12025-06-300001476765Finastra USA, Inc., One stop 22025-06-300001476765Flash Topco, Inc., One stop 12025-06-300001476765Flash Topco, Inc., One stop 22025-06-300001476765Flash Topco, Inc., One stop 32025-06-300001476765Higginbotham Insurance Agency, Inc., One stop 12025-06-300001476765Higginbotham Insurance Agency, Inc., One stop 22025-06-300001476765Medlar Bidco Limited, One stop 12025-06-300001476765Medlar Bidco Limited, One stop 22025-06-300001476765Medlar Bidco Limited, One stop 32025-06-300001476765Wealth Enhancement Group, LLC, One stop 12025-06-300001476765Wealth Enhancement Group, LLC, One stop 22025-06-300001476765Wealth Enhancement Group, LLC, One stop 32025-06-300001476765Wealth Enhancement Group, LLC, One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedFinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765NTI Connect, LLC, Senior secured2025-06-300001476765Smart Energy Systems, Inc., One stop 12025-06-300001476765Smart Energy Systems, Inc., One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectricUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Power Grid Holdings, Inc., One stop 12025-06-300001476765Power Grid Holdings, Inc., One stop 22025-06-300001476765Wildcat TopCo, Inc., One stop 12025-06-300001476765Wildcat TopCo, Inc., One stop 22025-06-300001476765Wildcat TopCo, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectricalEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765CST Holding Company, One stop 12025-06-300001476765CST Holding Company, One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Mendocino Farms, LLC, One stop 12025-06-300001476765Mendocino Farms, LLC, One stop 22025-06-300001476765Mendocino Farms, LLC, One stop 32025-06-300001476765Mendocino Farms, LLC, One stop 42025-06-300001476765Mendocino Farms, LLC, One stop 52025-06-300001476765Mendocino Farms, LLC, One stop 62025-06-300001476765Mendocino Farms, LLC, One stop 72025-06-300001476765Mendocino Farms, LLC, One stop 82025-06-300001476765PDI TA Holdings, Inc., One stop 12025-06-300001476765PDI TA Holdings, Inc., One stop 22025-06-300001476765PDI TA Holdings, Inc., One stop 32025-06-300001476765Wineshipping.com LLC, One stop 12025-06-300001476765Wineshipping.com LLC, One stop 22025-06-300001476765Wineshipping.com LLC, One stop 32025-06-300001476765Wineshipping.com LLC, One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Blast Bidco Inc., One stop 12025-06-300001476765Blast Bidco Inc., One stop 22025-06-300001476765Borrower R365 Holdings, LLC, One stop 12025-06-300001476765Borrower R365 Holdings, LLC, One stop 22025-06-300001476765Borrower R365 Holdings, LLC, One stop 32025-06-300001476765Borrower R365 Holdings, LLC, One stop 42025-06-300001476765Eagle Family Foods Group, LLC, One stop 12025-06-300001476765Eagle Family Foods Group, LLC, One stop 22025-06-300001476765Kodiak Cakes, LLC, Senior secured 12025-06-300001476765Kodiak Cakes, LLC, Senior secured 22025-06-300001476765Louisiana Fish Fry Products, Ltd., One stop 12025-06-300001476765Louisiana Fish Fry Products, Ltd., One stop 22025-06-300001476765MAPF Holdings, Inc., One stop 12025-06-300001476765MAPF Holdings, Inc., One stop 22025-06-300001476765MAPF Holdings, Inc., One stop 32025-06-300001476765MAPF Holdings, Inc., One stop 42025-06-300001476765P&P Food Safety Holdings, Inc., One stop 12025-06-300001476765P&P Food Safety Holdings, Inc., One stop 22025-06-300001476765P&P Food Safety Holdings, Inc., One stop 32025-06-300001476765P&P Food Safety Holdings, Inc., One stop 42025-06-300001476765Wizard Bidco Limited, One stop 12025-06-300001476765Wizard Bidco Limited, One stop 22025-06-300001476765Wizard Bidco Limited, One stop 32025-06-300001476765Wizard Bidco Limited, One stop 42025-06-300001476765Zullas, L.C., One stop 12025-06-300001476765Zullas, L.C., One stop 22025-06-300001476765Zullas, L.C., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Aspen Medical Products, LLC, One stop 12025-06-300001476765Aspen Medical Products, LLC, One stop 22025-06-300001476765Aspen Medical Products, LLC, One stop 32025-06-300001476765Aspen Medical Products, LLC, One stop 42025-06-300001476765Baduhenna Bidco Limited, One stop 12025-06-300001476765Baduhenna Bidco Limited, One stop 22025-06-300001476765Baduhenna Bidco Limited, One stop 32025-06-300001476765Baduhenna Bidco Limited, One stop 42025-06-300001476765Baduhenna Bidco Limited, One stop 52025-06-300001476765Baduhenna Bidco Limited, One stop 62025-06-300001476765Belmont Instrument, LLC, One stop 12025-06-300001476765Belmont Instrument, LLC, One stop 22025-06-300001476765Blades Buyer, Inc., Senior secured 12025-06-300001476765Blades Buyer, Inc., Senior secured 22025-06-300001476765Blades Buyer, Inc., Senior secured 32025-06-300001476765Blades Buyer, Inc., Senior secured 42025-06-300001476765Blades Buyer, Inc., Senior secured 52025-06-300001476765Blades Buyer, Inc., Senior secured 62025-06-300001476765Blue River Pet Care, LLC, One stop 12025-06-300001476765Blue River Pet Care, LLC, One stop 22025-06-300001476765Blue River Pet Care, LLC, One stop 32025-06-300001476765Blue River Pet Care, LLC, One stop 42025-06-300001476765Blue River Pet Care, LLC, One stop 52025-06-300001476765Blue River Pet Care, LLC, One stop 62025-06-300001476765Blue River Pet Care, LLC, One stop 72025-06-300001476765Blue River Pet Care, LLC, One stop 82025-06-300001476765Blue River Pet Care, LLC, One stop 92025-06-300001476765Blue River Pet Care, LLC, One stop 102025-06-300001476765Blue River Pet Care, LLC, One stop 112025-06-300001476765Blue River Pet Care, LLC, One stop 122025-06-300001476765Blue River Pet Care, LLC, One stop 132025-06-300001476765Blue River Pet Care, LLC, One stop 142025-06-300001476765Blue River Pet Care, LLC, One stop 152025-06-300001476765Blue River Pet Care, LLC, One stop 162025-06-300001476765CCSL Holdings, LLC, One stop 12025-06-300001476765CCSL Holdings, LLC, One stop 22025-06-300001476765CCSL Holdings, LLC, One stop 32025-06-300001476765CCSL Holdings, LLC, One stop 42025-06-300001476765CCSL Holdings, LLC, One stop 52025-06-300001476765CCSL Holdings, LLC, One stop 62025-06-300001476765CCSL Holdings, LLC, One stop 72025-06-300001476765CCSL Holdings, LLC, One stop 82025-06-300001476765CCSL Holdings, LLC, One stop 92025-06-300001476765CCSL Holdings, LLC, One stop 102025-06-300001476765CCSL Holdings, LLC, One stop 112025-06-300001476765CMI Parent Inc., One stop 12025-06-300001476765CMI Parent Inc., One stop 22025-06-300001476765CMI Parent Inc., Senior secured2025-06-300001476765CMI Parent Inc., One stop 32025-06-300001476765CMI Parent Inc., One stop 4 2025-06-300001476765HuFriedy Group Acquisition, LLC, One stop 12025-06-300001476765HuFriedy Group Acquisition, LLC, One stop 22025-06-300001476765HuFriedy Group Acquisition, LLC, One stop 32025-06-300001476765JHC Investment Intermediate Holdings, LLC, One stop 12025-06-300001476765JHC Investment Intermediate Holdings, LLC, One stop 22025-06-300001476765TIDI Legacy Products, Inc., One stop 12025-06-300001476765TIDI Legacy Products, Inc., One stop 22025-06-300001476765TIDI Legacy Products, Inc., One stop 32025-06-300001476765YI, LLC, One stop 12025-06-300001476765YI, LLC, One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765AAH TOPCO, LLC, One stop 12025-06-300001476765AAH TOPCO, LLC, One stop 22025-06-300001476765AAH TOPCO, LLC, One stop 32025-06-300001476765AAH TOPCO, LLC, Subordinated debt2025-06-300001476765AAH TOPCO, LLC, One stop 42025-06-300001476765AAH TOPCO, LLC, One stop 52025-06-300001476765Active Day, Inc., One stop 12025-06-300001476765Active Day, Inc., One stop 22025-06-300001476765Active Day, Inc., One stop 32025-06-300001476765Active Day, Inc., One stop 42025-06-300001476765Active Day, Inc., One stop 52025-06-300001476765Active Day, Inc., One stop 62025-06-300001476765Active Day, Inc., One stop 72025-06-300001476765Active Day, Inc., One stop 82025-06-300001476765Active Day, Inc., One stop 92025-06-300001476765Active Day, Inc., One stop 102025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 12025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 22025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 32025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 42025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 52025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 62025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 72025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 82025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 92025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 102025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 112025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 122025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 132025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 142025-06-300001476765Acuity Eyecare Holdings, LLC, Senior secured2025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 152025-06-300001476765Acuity Eyecare Holdings, LLC, One stop 162025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 12025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 12025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 22025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 22025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 32025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 32025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 42025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 52025-06-300001476765Bamboo US Bidco LLC, One stop 12025-06-300001476765Bamboo US Bidco LLC, One stop 22025-06-300001476765Bamboo US Bidco LLC, One stop 32025-06-300001476765Bamboo US Bidco LLC, One stop 42025-06-300001476765Bamboo US Bidco LLC, One stop 52025-06-300001476765Bamboo US Bidco LLC, One stop 62025-06-300001476765Benefit Plan Administrators of Eau Claire, LLC, One stop 12025-06-300001476765Benefit Plan Administrators of Eau Claire, LLC, One stop 22025-06-300001476765Benefit Plan Administrators of Eau Claire, LLC, One stop 32025-06-300001476765Benefit Plan Administrators of Eau Claire, LLC, One stop 42025-06-300001476765BHG Holdings, LLC, One stop 12025-06-300001476765BHG Holdings, LLC, One stop 22025-06-300001476765BHG Holdings, LLC, One stop 32025-06-300001476765Community Care Partners, LLC, One stop2025-06-300001476765CRH Healthcare Purchaser, Inc., Senior secured 12025-06-300001476765CRH Healthcare Purchaser, Inc., Senior secured 22025-06-300001476765CRH Healthcare Purchaser, Inc., Senior secured 32025-06-300001476765CRH Healthcare Purchaser, Inc., Senior secured 42025-06-300001476765CRH Healthcare Purchaser, Inc., Senior secured 52025-06-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12025-06-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22025-06-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32025-06-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42025-06-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 52025-06-300001476765Encorevet Group LLC, One stop 12025-06-300001476765Encorevet Group LLC, One stop 22025-06-300001476765Encorevet Group LLC, One stop 32025-06-300001476765Encorevet Group LLC, One stop 42025-06-300001476765Encorevet Group LLC, One stop 52025-06-300001476765Encorevet Group LLC, One stop 62025-06-300001476765Encorevet Group LLC, One stop 72025-06-300001476765Encorevet Group LLC, One stop 82025-06-300001476765Encorevet Group LLC, One stop 92025-06-300001476765Encorevet Group LLC, One stop 102025-06-300001476765Encorevet Group LLC, One stop 112025-06-300001476765Encorevet Group LLC, One stop 122025-06-300001476765Encorevet Group LLC, One stop 132025-06-300001476765Encorevet Group LLC, One stop 142025-06-300001476765Encorevet Group LLC, One stop 152025-06-300001476765Encorevet Group LLC, One stop 162025-06-300001476765Encorevet Group LLC, One stop 172025-06-300001476765ERC Topco Holdings, LLC, One stop 12025-06-300001476765ERC Topco Holdings, LLC, One stop 22025-06-300001476765ERC Topco Holdings, LLC, One stop 32025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 12025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 22025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 32025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 42025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 52025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 62025-06-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 72025-06-300001476765Heartland Veterinary Partners LLC, Senior secured 12025-06-300001476765Heartland Veterinary Partners LLC, Senior secured 22025-06-300001476765Heartland Veterinary Partners LLC, Senior secured 32025-06-300001476765Klick Inc., Senior secured 12025-06-300001476765Klick Inc., Senior secured 22025-06-300001476765Klick Inc., Senior secured 32025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 12025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 22025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 32025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 42025-06-300001476765Krueger-Gilbert Health Physics, LLC, One stop2025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 52025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 62025-06-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 72025-06-300001476765LOV Acquisition LLC, Senior secured 12025-06-300001476765LOV Acquisition LLC, Senior secured 22025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 12025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 22025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 32025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 42025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 52025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 62025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 72025-06-300001476765New Look Corporation and New Look Vision Group Inc., One stop 82025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 12025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 22025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 32025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 42025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 52025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 62025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 72025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 82025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 92025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 102025-06-300001476765Pinnacle Treatment Centers, Inc., One stop 112025-06-300001476765Premise Health Holding Corp., One stop 12025-06-300001476765PPV Intermediate Holdings, LLC, One stop 12025-06-300001476765PPV Intermediate Holdings, LLC, One stop 22025-06-300001476765PPV Intermediate Holdings, LLC, One stop 32025-06-300001476765PPV Intermediate Holdings, LLC, One stop 42025-06-300001476765PPV Intermediate Holdings, LLC, One stop 52025-06-300001476765PPV Intermediate Holdings, LLC, One stop 62025-06-300001476765PPV Intermediate Holdings, LLC, One stop 72025-06-300001476765PPV Intermediate Holdings, LLC, One stop 82025-06-300001476765Premise Health Holding Corp., One stop 22025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 12025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 22025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 32025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 42025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 52025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 62025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 72025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 82025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 92025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 102025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 112025-06-300001476765Pyramid Healthcare Acquisition Corp., One stop 122025-06-300001476765Suveto Buyer, LLC, One stop 12025-06-300001476765Suveto Buyer, LLC, One stop 22025-06-300001476765Suveto Buyer, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Amberfield Acquisition Co., One stop 12025-06-300001476765Amberfield Acquisition Co., One stop 22025-06-300001476765Amberfield Acquisition Co., One stop 32025-06-300001476765Color Intermediate, LLC, Senior secured2025-06-300001476765Connexin Software, Inc., One stop 12025-06-300001476765Connexin Software, Inc., One stop 22025-06-300001476765Crow River Buyer, Inc., One stop 12025-06-300001476765Crow River Buyer, Inc., One stop 22025-06-300001476765Crow River Buyer, Inc., One stop 32025-06-300001476765ESO Solution, Inc., One stop 12025-06-300001476765ESO Solution, Inc., One stop 22025-06-300001476765ESO Solution, Inc., One stop 32025-06-300001476765GHX Ultimate Parent Corporation, One stop 12025-06-300001476765GHX Ultimate Parent Corporation, One stop 22025-06-300001476765Kona Buyer, LLC, One stop 12025-06-300001476765Kona Buyer, LLC, One stop 22025-06-300001476765Kona Buyer, LLC, One stop 32025-06-300001476765Kona Buyer, LLC, One stop 42025-06-300001476765Kona Buyer, LLC, One stop 52025-06-300001476765Kona Buyer, LLC, One stop 62025-06-300001476765Kona Buyer, LLC, One stop 72025-06-300001476765Kona Buyer, LLC, One stop 82025-06-300001476765Lacker Bidco Limited, One stop 12025-06-300001476765Lacker Bidco Limited, One stop 22025-06-300001476765Lacker Bidco Limited, One stop 32025-06-300001476765Modernizing Medicine, Inc., One stop 12025-06-300001476765Modernizing Medicine, Inc., One stop 22025-06-300001476765Neptune Holdings, Inc., One stop 12025-06-300001476765Neptune Holdings, Inc., One stop 22025-06-300001476765Netsmart Technologies, Inc., One stop 12025-06-300001476765Netsmart Technologies, Inc., One stop 22025-06-300001476765Netsmart Technologies, Inc., One stop 32025-06-300001476765Plasma Buyer LLC, One stop 12025-06-300001476765Plasma Buyer LLC, One stop 22025-06-300001476765Plasma Buyer LLC, One stop 32025-06-300001476765QF Holdings, Inc., One stop2025-06-300001476765Tebra Technologies, Inc., One stop 12025-06-300001476765Tebra Technologies, Inc., One stop 22025-06-300001476765Tebra Technologies, Inc., One stop 32025-06-300001476765Tebra Technologies, Inc., One stop 42025-06-300001476765Tebra Technologies, Inc., One stop 52025-06-300001476765Tebra Technologies, Inc., One stop 62025-06-300001476765Tebra Technologies, Inc., One stop 72025-06-300001476765Tebra Technologies, Inc., One stop 82025-06-300001476765Tebra Technologies, Inc., One stop 92025-06-300001476765Tebra Technologies, Inc., One stop 102025-06-300001476765Transaction Data Systems, Inc., One stop 12025-06-300001476765Transaction Data Systems, Inc., One stop 22025-06-300001476765Veranex, Inc., Senior secured 12025-06-300001476765Veranex, Inc., Senior secured 22025-06-300001476765Veranex, Inc., Senior secured 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Barteca Restaurants, LLC, One stop 12025-06-300001476765Barteca Restaurants, LLC, One stop 22025-06-300001476765Barteca Restaurants, LLC, One stop 32025-06-300001476765Barteca Restaurants, LLC, One stop 42025-06-300001476765BJH Holdings III Corp., One stop 12025-06-300001476765BJH Holdings III Corp., One stop 22025-06-300001476765BJH Holdings III Corp., One stop 32025-06-300001476765Cafe Rio Holding, Inc., One stop 12025-06-300001476765Cafe Rio Holding, Inc., One stop 22025-06-300001476765Cafe Rio Holding, Inc., One stop 32025-06-300001476765Cafe Rio Holding, Inc., One stop 42025-06-300001476765Cafe Rio Holding, Inc., One stop 52025-06-300001476765Cafe Rio Holding, Inc., One stop 62025-06-300001476765Cafe Rio Holding, Inc., One stop 72025-06-300001476765Cafe Rio Holding, Inc., One stop 82025-06-300001476765Cafe Rio Holding, Inc., One stop 92025-06-300001476765Cafe Rio Holding, Inc., One stop 102025-06-300001476765Cafe Rio Holding, Inc., One stop 112025-06-300001476765Cafe Rio Holding, Inc., One stop 122025-06-300001476765Cafe Rio Holding, Inc., One stop 132025-06-300001476765Crumbl Enterprises, LLC, One stop 12025-06-300001476765Crumbl Enterprises, LLC, One stop 22025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 12025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 22025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 32025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 42025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 52025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 62025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 72025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 82025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 92025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 102025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 112025-06-300001476765EOS Fitness Opco Holdings, LLC, One stop 122025-06-300001476765ESN Venture Holdings, LLC, One stop 12025-06-300001476765ESN Venture Holdings, LLC, One stop 22025-06-300001476765ESN Venture Holdings, LLC, One stop 32025-06-300001476765ESN Venture Holdings, LLC, One stop 42025-06-300001476765ESN Venture Holdings, LLC, One stop 52025-06-300001476765ESN Venture Holdings, LLC, One stop 62025-06-300001476765ESN Venture Holdings, LLC, One stop 72025-06-300001476765ESN Venture Holdings, LLC, One stop 82025-06-300001476765ESN Venture Holdings, LLC, One stop 92025-06-300001476765Freddy's Frozen Custard LLC, One stop 12025-06-300001476765Freddy's Frozen Custard LLC, One stop 22025-06-300001476765GFP Atlantic Holdco 2, LLC, One stop 12025-06-300001476765GFP Atlantic Holdco 2, LLC, One stop 22025-06-300001476765Harri US LLC, One stop 12025-06-300001476765Harri US LLC, One stop 22025-06-300001476765Harri US LLC, One stop 32025-06-300001476765Harri US LLC, One stop 42025-06-300001476765Harri US LLC, One stop 52025-06-300001476765Harri US LLC, One stop 62025-06-300001476765Health Buyer, LLC, Senior secured 12025-06-300001476765Health Buyer, LLC, Senior secured 22025-06-300001476765Health Buyer, LLC, Senior secured 32025-06-300001476765Health Buyer, LLC, Senior secured 42025-06-300001476765Health Buyer, LLC, Senior secured 52025-06-300001476765PB Group Holdings, LLC, One stop 12025-06-300001476765PB Group Holdings, LLC, One stop 22025-06-300001476765QSR Acquisition Co., One stop 12025-06-300001476765QSR Acquisition Co., One stop 22025-06-300001476765QSR Acquisition Co., One stop 32025-06-300001476765Rooster BidCo Limited, One stop 12025-06-300001476765Rooster BidCo Limited, One stop 22025-06-300001476765Rooster BidCo Limited, One stop 32025-06-300001476765SDC Holdco, LLC, One stop 12025-06-300001476765SDC Holdco, LLC, Second lien2025-06-300001476765SDC Holdco, LLC, One stop 22025-06-300001476765SSRG Holdings, LLC, One stop 12025-06-300001476765SSRG Holdings, LLC, One stop 22025-06-300001476765SSRG Holdings, LLC, One stop 32025-06-300001476765SSRG Holdings, LLC, One stop 42025-06-300001476765Super REGO, LLC, Subordinated debt2025-06-300001476765YE Brands Holding, LLC, One stop 12025-06-300001476765YE Brands Holding, LLC, One stop 22025-06-300001476765YE Brands Holding, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765WU Holdco, Inc., One stop 12025-06-300001476765WU Holdco, Inc., One stop 22025-06-300001476765WU Holdco, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HouseholdProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Arch Global CCT Holdings Corp., Senior secured 12025-06-300001476765Arch Global CCT Holdings Corp., Senior secured 22025-06-300001476765Arch Global CCT Holdings Corp., Senior secured 32025-06-300001476765Dwyer Instruments, Inc., One stop 12025-06-300001476765Dwyer Instruments, Inc., One stop 22025-06-300001476765Dwyer Instruments, Inc., One stop 32025-06-300001476765Dwyer Instruments, Inc., One stop 42025-06-300001476765Dwyer Instruments, Inc., One stop 52025-06-300001476765Dwyer Instruments, Inc., One stop 62025-06-300001476765Dwyer Instruments, Inc., One stop 72025-06-300001476765Dwyer Instruments, Inc., One stop 82025-06-300001476765Dwyer Instruments, Inc., One stop 92025-06-300001476765Essential Services Holdings Corporation, One stop 12025-06-300001476765Essential Services Holdings Corporation, One stop 22025-06-300001476765Essential Services Holdings Corporation, One stop 32025-06-300001476765Excelitas Technologies Corp., One stop 12025-06-300001476765Excelitas Technologies Corp., One stop 22025-06-300001476765Excelitas Technologies Corp., One stop 32025-06-300001476765Excelitas Technologies Corp., One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:IndustrialConglomeratesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Accession Risk Management Group, Inc., One stop 12025-06-300001476765Accession Risk Management Group, Inc., One stop 22025-06-300001476765Accession Risk Management Group, Inc., One stop 32025-06-300001476765Accession Risk Management Group, Inc., One stop 42025-06-300001476765Accession Risk Management Group, Inc., One stop 52025-06-300001476765Accession Risk Management Group, Inc., One stop 62025-06-300001476765Accession Risk Management Group, Inc., One stop 72025-06-300001476765Accession Risk Management Group, Inc., One stop 82025-06-300001476765AMBA Buyer, Inc., One stop 12025-06-300001476765AMBA Buyer, Inc., One stop 22025-06-300001476765AMBA Buyer, Inc., One stop 32025-06-300001476765AMBA Buyer, Inc., One stop 42025-06-300001476765AMBA Buyer, Inc., One stop 52025-06-300001476765Bellwether Buyer, LLC., One stop 12025-06-300001476765Bellwether Buyer, LLC., One stop 22025-06-300001476765Bellwether Buyer, LLC., One stop 32025-06-300001476765Ben Nevis Midco Limited, One stop 12025-06-300001476765Ben Nevis Midco Limited, One stop 22025-06-300001476765Ben Nevis Midco Limited, One stop 32025-06-300001476765Ben Nevis Midco Limited, One stop 42025-06-300001476765Captive Resources Midco, LLC, One stop 12025-06-300001476765Captive Resources Midco, LLC, One stop 22025-06-300001476765Disco Parent, Inc., One stop 12025-06-300001476765Disco Parent, Inc., One stop 22025-06-300001476765Doxa Insurance Holdings LLC, One stop 12025-06-300001476765Doxa Insurance Holdings LLC, One stop 22025-06-300001476765Doxa Insurance Holdings LLC, One stop 32025-06-300001476765Doxa Insurance Holdings LLC, One stop 42025-06-300001476765Gimlet Bidco GMBH, One stop 12025-06-300001476765Gimlet Bidco GMBH, One stop 22025-06-300001476765Illumifin Corporation, One stop2025-06-300001476765Integrated Specialty Coverages, LLC, One stop 12025-06-300001476765Integrated Specialty Coverages, LLC, One stop 22025-06-300001476765Integrated Specialty Coverages, LLC, One stop 32025-06-300001476765Integrity Marketing Acquisition, LLC, One stop 12025-06-300001476765Integrity Marketing Acquisition, LLC, One stop 22025-06-300001476765Integrity Marketing Acquisition, LLC, One stop 32025-06-300001476765J.S. Held Holdings, LLC, One stop 12025-06-300001476765J.S. Held Holdings, LLC, One stop 22025-06-300001476765J.S. Held Holdings, LLC, One stop 32025-06-300001476765Keystone Agency Partners LLC, One stop 12025-06-300001476765Keystone Agency Partners LLC, One stop 22025-06-300001476765Keystone Agency Partners LLC, One stop 32025-06-300001476765Keystone Agency Partners LLC, One stop 42025-06-300001476765Keystone Agency Partners LLC, One stop 52025-06-300001476765Keystone Agency Partners LLC, One stop 62025-06-300001476765Keystone Agency Partners LLC, One stop 72025-06-300001476765Majesco, One stop 12025-06-300001476765Majesco, One stop 22025-06-300001476765MRH Trowe Germany GMBH, One stop 12025-06-300001476765MRH Trowe Germany GMBH, One stop 22025-06-300001476765MRH Trowe Germany GMBH, One stop 32025-06-300001476765Oakbridge Insurance Agency LLC, One stop 12025-06-300001476765Oakbridge Insurance Agency LLC, One stop 22025-06-300001476765Oakbridge Insurance Agency LLC, One stop 32025-06-300001476765Oakbridge Insurance Agency LLC, One stop 42025-06-300001476765Pareto Health Intermediate Holdings, Inc., One stop 12025-06-300001476765Pareto Health Intermediate Holdings, Inc., One stop 22025-06-300001476765Pareto Health Intermediate Holdings, Inc., One stop 32025-06-300001476765Patriot Growth Insurance Services, LLC, One stop 12025-06-300001476765Patriot Growth Insurance Services, LLC, One stop 22025-06-300001476765Patriot Growth Insurance Services, LLC, One stop 32025-06-300001476765Patriot Growth Insurance Services, LLC, One stop 42025-06-300001476765People Corporation, One stop 12025-06-300001476765People Corporation, One stop 22025-06-300001476765People Corporation, One stop 32025-06-300001476765People Corporation, One stop 42025-06-300001476765People Corporation, One stop 52025-06-300001476765People Corporation, One stop 62025-06-300001476765Wasabi Lower Holdco, LLC, Senior secured 12025-06-300001476765Wasabi Lower Holdco, LLC, Senior secured 22025-06-300001476765World Insurance Associates, LLC, One stop 12025-06-300001476765World Insurance Associates, LLC, One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Revalize, Inc., One stop 12025-06-300001476765Revalize, Inc., One stop 22025-06-300001476765Revalize, Inc., One stop 32025-06-300001476765Revalize, Inc., One stop 42025-06-300001476765Revalize, Inc., One stop 52025-06-300001476765Revalize, Inc., One stop 62025-06-300001476765Revalize, Inc., One stop 72025-06-300001476765Revalize, Inc., One stop 82025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Acquia, Inc., One stop 12025-06-300001476765Acquia, Inc., One stop 22025-06-300001476765Acquia, Inc., One stop 32025-06-300001476765CivicPlus, LLC, One stop 22025-06-300001476765CivicPlus, LLC, One stop 32025-06-300001476765CivicPlus, LLC, One stop 42025-06-300001476765CivicPlus, LLC, One stop 52025-06-300001476765Critical Start, Inc., One stop 12025-06-300001476765Critical Start, Inc., One stop 22025-06-300001476765Critical Start, Inc., One stop 32025-06-300001476765Delinea Inc., One stop 12025-06-300001476765Delinea Inc., One stop 22025-06-300001476765Delinea Inc., One stop 32025-06-300001476765Delinea Inc., One stop 42025-06-300001476765Goldcup 31018 AB, One stop 12025-06-300001476765Goldcup 31018 AB, One stop 22025-06-300001476765Goldcup 31018 AB, One stop 32025-06-300001476765Kentik Technologies, Inc., Second lien 12025-06-300001476765Kentik Technologies, Inc., Second lien 22025-06-300001476765Netwrix Corporation, One stop 12025-06-300001476765Netwrix Corporation, One stop 22025-06-300001476765Netwrix Corporation, One stop 32025-06-300001476765Netwrix Corporation, One stop 42025-06-300001476765Optimizely North America, Inc., One stop 12025-06-300001476765Optimizely North America, Inc., One stop 22025-06-300001476765Optimizely North America, Inc., One stop 32025-06-300001476765Optimizely North America, Inc., One stop 42025-06-300001476765PDQ Intermediate, Inc., Subordinated debt2025-06-300001476765Recordxtechnologies, LLC, One stop 12025-06-300001476765Recordxtechnologies, LLC, One stop 22025-06-300001476765Recordxtechnologies, LLC, One stop 32025-06-300001476765Recordxtechnologies, LLC, One stop 42025-06-300001476765Recordxtechnologies, LLC, One stop 52025-06-300001476765ReliaQuest Holdings, LLC, One stop 12025-06-300001476765ReliaQuest Holdings, LLC, One stop 22025-06-300001476765ReliaQuest Holdings, LLC, One stop 32025-06-300001476765ReliaQuest Holdings, LLC, One stop 42025-06-300001476765Saturn Borrower Inc., One stop 12025-06-300001476765Saturn Borrower Inc., One stop 22025-06-300001476765WPEngine, Inc., One stop 12025-06-300001476765WPEngine, Inc., One stop 22025-06-300001476765Zarya Holdco, Inc., One stop 12025-06-300001476765Zarya Holdco, Inc., One stop 22025-06-300001476765Zarya Holdco, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Crunch Holdings, LLC, One stop 12025-06-300001476765Crunch Holdings, LLC, One stop 22025-06-300001476765Movement Holdings, LLC, One stop 12025-06-300001476765Movement Holdings, LLC, One stop 22025-06-300001476765Movement Holdings, LLC, One stop 32025-06-300001476765WBZ Investment, LLC, One stop 12025-06-300001476765WBZ Investment, LLC, One stop 22025-06-300001476765WBZ Investment, LLC, One stop 32025-06-300001476765WBZ Investment, LLC, One stop 42025-06-300001476765WBZ Investment, LLC, One stop 52025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Celerion Buyer, Inc., One stop 12025-06-300001476765Celerion Buyer, Inc., One stop 22025-06-300001476765Celerion Buyer, Inc., One stop 32025-06-300001476765Celerion Buyer, Inc., One stop 42025-06-300001476765Graphpad Software, LLC, One stop 12025-06-300001476765Graphpad Software, LLC, One stop 22025-06-300001476765Graphpad Software, LLC, One stop 32025-06-300001476765PAS Parent Inc., One stop 12025-06-300001476765PAS Parent Inc., One stop 22025-06-300001476765PAS Parent Inc., One stop 32025-06-300001476765PAS Parent Inc., One stop 42025-06-300001476765Unchained Labs, LLC, Senior secured 12025-06-300001476765Unchained Labs, LLC, Senior secured 22025-06-300001476765Unchained Labs, LLC, Senior secured 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765AI Titan Parent, Inc., One stop 12025-06-300001476765AI Titan Parent, Inc., One stop 22025-06-300001476765AI Titan Parent, Inc., One stop 32025-06-300001476765Blackbird Purchaser, Inc., One stop 12025-06-300001476765Blackbird Purchaser, Inc., One stop 22025-06-300001476765Blackbird Purchaser, Inc., One stop 32025-06-300001476765Chase Industries, Inc., Senior secured 12025-06-300001476765Chase Industries, Inc., Senior secured 22025-06-300001476765Chase Industries, Inc., Senior secured 32025-06-300001476765Thermogenics, Inc., One stop 12025-06-300001476765Thermogenics, Inc., One stop 22025-06-300001476765Thermogenics, Inc., One stop 32025-06-300001476765Thermogenics, Inc., One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:MachinerySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Project Nike Purchaser, LLC, One stop 12025-06-300001476765Project Nike Purchaser, LLC, One stop 22025-06-300001476765Project Nike Purchaser, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:MarineSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Lotus Topco, Inc., One stop 12025-06-300001476765Lotus Topco, Inc., One stop 22025-06-300001476765Lotus Topco, Inc., One stop 32025-06-300001476765Shout! Factory, LLC, One stop 12025-06-300001476765Shout! Factory, LLC, One stop 22025-06-300001476765Triple Lift, Inc., One stop 12025-06-300001476765Triple Lift, Inc., One stop 22025-06-300001476765Triple Lift, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:MediaSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Envernus, Inc., One stop 12025-06-300001476765Envernus, Inc., One stop 22025-06-300001476765Envernus, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Messenger, LLC, One stop 12025-06-300001476765Messenger, LLC, One stop 22025-06-300001476765Messenger, LLC, One stop 32025-06-300001476765Messenger, LLC, One stop 42025-06-300001476765Messenger, LLC, One stop 52025-06-300001476765Messenger, LLC, One stop 62025-06-300001476765Messenger, LLC, One stop 72025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765IMPLUS Footcare, LLC, One stop 12025-06-300001476765IMPLUS Footcare, LLC, One stop 22025-06-300001476765IMPLUS Footcare, LLC, One stop 32025-06-300001476765IMPLUS Footcare, LLC, One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:PersonalProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765ACP Ulysses Buyer, Inc., One stop 12025-06-300001476765ACP Ulysses Buyer, Inc., One stop 22025-06-300001476765Amalthea Parent, Inc., One stop 12025-06-300001476765Amalthea Parent, Inc., One stop 22025-06-300001476765Apothecary Products, LLC, Senior secured 12025-06-300001476765Apothecary Products, LLC, Senior secured 22025-06-300001476765Caerus Midco 3 S.A.R.L., One stop 12025-06-300001476765Caerus Midco 3 S.A.R.L., One stop 22025-06-300001476765Caerus Midco 3 S.A.R.L., One stop 32025-06-300001476765Caerus Midco 3 S.A.R.L., One stop 42025-06-300001476765Caerus Midco 3 S.A.R.L., One stop 52025-06-300001476765Cobalt Buyer Sub, Inc., One stop 12025-06-300001476765Cobalt Buyer Sub, Inc., One stop 22025-06-300001476765Cobalt Buyer Sub, Inc., One stop 32025-06-300001476765Cobalt Buyer Sub, Inc., One stop 42025-06-300001476765Cobalt Buyer Sub, Inc., One stop 52025-06-300001476765Cobalt Buyer Sub, Inc., One stop 62025-06-300001476765Creek Parent, Inc., One stop 12025-06-300001476765Creek Parent, Inc., One stop 22025-06-300001476765Spark Bidco Limited, Senior secured 12025-06-300001476765Spark Bidco Limited, Senior secured 22025-06-300001476765Spark Bidco Limited, Senior secured 32025-06-300001476765Spark Bidco Limited, Senior secured 42025-06-300001476765Spark Bidco Limited, Senior secured 52025-06-300001476765Spark Bidco Limited, Senior secured 62025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765ALKU Intermediate Holdings, LLC, One stop 12025-06-300001476765ALKU Intermediate Holdings, LLC, One stop 22025-06-300001476765bswift, LLC, One stop 12025-06-300001476765bswift, LLC, One stop 22025-06-300001476765DISA Holdings Corp., Senior secured 12025-06-300001476765DISA Holdings Corp., Senior secured 22025-06-300001476765DISA Holdings Corp., One stop2025-06-300001476765DISA Holdings Corp., Senior secured 32025-06-300001476765DISA Holdings Corp., Subordinated debt2025-06-300001476765DISA Holdings Corp., Senior secured 42025-06-300001476765DISA Holdings Corp., Senior secured 52025-06-300001476765Eclipse Buyer, Inc., One stop 12025-06-300001476765Eclipse Buyer, Inc., One stop 22025-06-300001476765Eclipse Buyer, Inc., One stop 32025-06-300001476765Eliassen Group, LLC, One stop 12025-06-300001476765Eliassen Group, LLC, One stop 22025-06-300001476765Filevine, Inc., One stop 12025-06-300001476765Filevine, Inc., One stop 22025-06-300001476765IG Investments Holdings, LLC, One stop 12025-06-300001476765IG Investments Holdings, LLC, One stop 22025-06-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12025-06-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22025-06-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 32025-06-300001476765PlanSource Holdings, Inc., One stop 12025-06-300001476765PlanSource Holdings, Inc., One stop 22025-06-300001476765PlanSource Holdings, Inc., One stop 32025-06-300001476765PlanSource Holdings, Inc., One stop 42025-06-300001476765Procure Acquireco, Inc., One stop 12025-06-300001476765Procure Acquireco, Inc., One stop 22025-06-300001476765Procure Acquireco, Inc., One stop 32025-06-300001476765Procure Acquireco, Inc., One stop 42025-06-300001476765Procure Acquireco, Inc., One stop 52025-06-300001476765Teaching Company, The, One stop 12025-06-300001476765Teaching Company, The, One stop 22025-06-300001476765Varicent Intermediate Holdings Corporation, One stop 12025-06-300001476765Varicent Intermediate Holdings Corporation, One stop 22025-06-300001476765Varicent Intermediate Holdings Corporation, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Inhabit IQ Inc., One stop 12025-06-300001476765Inhabit IQ Inc., One stop 22025-06-300001476765Inhabit IQ Inc., One stop 32025-06-300001476765MRI Software, LLC, One stop 12025-06-300001476765MRI Software, LLC, One stop 22025-06-300001476765MRI Software, LLC, One stop 32025-06-300001476765MRI Software, LLC, One stop 42025-06-300001476765RPL Bidco Limited, One stop 12025-06-300001476765RPL Bidco Limited, One stop 22025-06-300001476765RPL Bidco Limited, One stop 32025-06-300001476765RPL Bidco Limited, One stop 42025-06-300001476765RPL Bidco Limited, One stop 52025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Internet Truckstop Group, LLC, One stop 12025-06-300001476765Internet Truckstop Group, LLC, One stop 22025-06-300001476765Internet Truckstop Group, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:RoadRailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Anaplan, Inc., One stop 12025-06-300001476765Anaplan, Inc., One stop 22025-06-300001476765Appfire Technologies, LLC, One stop 12025-06-300001476765Appfire Technologies, LLC, One stop 22025-06-300001476765Appfire Technologies, LLC, One stop 32025-06-300001476765Appfire Technologies, LLC, One stop 42025-06-300001476765Aras Corporation, One stop 12025-06-300001476765Aras Corporation, One stop 22025-06-300001476765Armstrong Bidco Limited, One stop 12025-06-300001476765Armstrong Bidco Limited, One stop 22025-06-300001476765Arrow Buyer, Inc., One stop 12025-06-300001476765Arrow Buyer, Inc., One stop 22025-06-300001476765Arrow Buyer, Inc., One stop 32025-06-300001476765Artifact Bidco, Inc., One stop 12025-06-300001476765Artifact Bidco, Inc., One stop 22025-06-300001476765Artifact Bidco, Inc., One stop 32025-06-300001476765Artifact Bidco, Inc., One stop 42025-06-300001476765Auvik Networks Inc., One stop 12025-06-300001476765Auvik Networks Inc., One stop 22025-06-300001476765Auvik Networks Inc., One stop 32025-06-300001476765Auvik Networks Inc., One stop 42025-06-300001476765Azul Systems, Inc., Senior secured 12025-06-300001476765Azul Systems, Inc., Senior secured 22025-06-300001476765Azurite Intermediate Holdings, Inc., One stop 12025-06-300001476765Azurite Intermediate Holdings, Inc., One stop 22025-06-300001476765Azurite Intermediate Holdings, Inc., One stop 32025-06-300001476765Baxter Planning Systems, LLC, One stop 12025-06-300001476765Baxter Planning Systems, LLC, One stop 22025-06-300001476765Baxter Planning Systems, LLC, One stop 32025-06-300001476765Bayshore Intermediate #2, L.P., One stop 12025-06-300001476765Bayshore Intermediate #2, L.P., One stop 22025-06-300001476765BestPass, Inc., One stop 12025-06-300001476765BestPass, Inc., One stop 22025-06-300001476765BestPass, Inc., One stop 32025-06-300001476765Bloomerang, LLC, One stop 12025-06-300001476765Bloomerang, LLC, One stop 22025-06-300001476765Bloomerang, LLC, One stop 32025-06-300001476765Blue Bidco Limited, One stop 12025-06-300001476765Blue Bidco Limited, One stop 22025-06-300001476765Blue Bidco Limited, One stop 32025-06-300001476765Blue Bidco Limited, One stop 42025-06-300001476765Bottomline Technologies, Inc., One stop 12025-06-300001476765Bottomline Technologies, Inc., One stop 22025-06-300001476765Bullhorn, Inc., One stop 12025-06-300001476765Bullhorn, Inc., One stop 22025-06-300001476765Bullhorn, Inc., One stop 32025-06-300001476765Bullhorn, Inc., One stop 42025-06-300001476765Bullhorn, Inc., One stop 52025-06-300001476765Bullhorn, Inc., One stop 62025-06-300001476765Burning Glass Intermediate Holdings Company, Inc., One stop 12025-06-300001476765Burning Glass Intermediate Holdings Company, Inc., One stop 22025-06-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12025-06-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22025-06-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32025-06-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42025-06-300001476765Calabrio, Inc., One stop 12025-06-300001476765Calabrio, Inc., One stop 22025-06-300001476765Calabrio, Inc., One stop 32025-06-300001476765Camelia Bidco Limited, One stop 12025-06-300001476765Camelia Bidco Limited, One stop 22025-06-300001476765Camelia Bidco Limited, One stop 32025-06-300001476765Camelia Bidco Limited, One stop 42025-06-300001476765CB Buyer, Inc., One stop 12025-06-300001476765CB Buyer, Inc., One stop 22025-06-300001476765CB Buyer, Inc., One stop 32025-06-300001476765Coupa Holdings, LLC, One stop 12025-06-300001476765Coupa Holdings, LLC, One stop 22025-06-300001476765Coupa Holdings, LLC, One stop 32025-06-300001476765Crewline Buyer, Inc., One stop 12025-06-300001476765Crewline Buyer, Inc., One stop 22025-06-300001476765Daxko Acquisition Corporation, One stop 12025-06-300001476765Daxko Acquisition Corporation, One stop 22025-06-300001476765Daxko Acquisition Corporation, One stop 32025-06-300001476765Daxko Acquisition Corporation, One stop 42025-06-300001476765Daxko Acquisition Corporation, One stop 52025-06-300001476765Denali Bidco Limited, One stop 12025-06-300001476765Denali Bidco Limited, One stop 22025-06-300001476765Denali Bidco Limited, One stop 32025-06-300001476765Denali Bidco Limited, One stop 42025-06-300001476765Denali Bidco Limited, One stop 52025-06-300001476765Diligent Corporation, One stop 12025-06-300001476765Diligent Corporation, One stop 22025-06-300001476765Diligent Corporation, One stop 32025-06-300001476765Diligent Corporation, One stop 42025-06-300001476765Einstein Parent, Inc., One stop 12025-06-300001476765Einstein Parent, Inc., One stop 22025-06-300001476765Espresso Bidco, Inc., One stop 12025-06-300001476765Espresso Bidco, Inc., One stop 22025-06-300001476765Espresso Bidco, Inc., One stop 32025-06-300001476765Evergreen IX Borrower 2023, LLC, One stop 12025-06-300001476765Evergreen IX Borrower 2023, LLC, One stop 22025-06-300001476765Evergreen IX Borrower 2023, LLC, One stop 32025-06-300001476765FirstUp, Inc., One stop 12025-06-300001476765FirstUp, Inc., One stop 22025-06-300001476765FirstUp, Inc., One stop 32025-06-300001476765Gainsight, Inc., One stop 12025-06-300001476765Gainsight, Inc., One stop 22025-06-300001476765GS Acquisitionco, Inc., One stop 12025-06-300001476765GS Acquisitionco, Inc., One stop 22025-06-300001476765GS Acquisitionco, Inc., One stop 32025-06-300001476765GTIV, LLC, One stop 12025-06-300001476765GTIV, LLC, One stop 22025-06-300001476765GTY Technology Holdings, Inc., One stop 12025-06-300001476765GTY Technology Holdings, Inc., One stop 22025-06-300001476765GTY Technology Holdings, Inc., One stop 32025-06-300001476765GTY Technology Holdings, Inc., One stop 42025-06-300001476765GTY Technology Holdings, Inc., One stop 52025-06-300001476765GTY Technology Holdings, Inc., One stop 62025-06-300001476765GTY Technology Holdings, Inc., One stop 72025-06-300001476765Gurobi Optimization, LLC, One stop 12025-06-300001476765Gurobi Optimization, LLC, One stop 22025-06-300001476765Hornet Security Holding GMBH, One stop 12025-06-300001476765Hornet Security Holding GMBH, One stop 22025-06-300001476765Hornet Security Holding GMBH, One stop 32025-06-300001476765Hornet Security Holding GMBH, One stop 42025-06-300001476765Hyland Software, Inc., One stop 12025-06-300001476765Hyland Software, Inc., One stop 22025-06-300001476765Icefall Parent, Inc., One stop 12025-06-300001476765Icefall Parent, Inc., One stop 22025-06-300001476765ICIMS, Inc., One stop 12025-06-300001476765ICIMS, Inc., One stop 22025-06-300001476765IQN Holding Corp., One stop 12025-06-300001476765IQN Holding Corp., One stop 22025-06-300001476765IQN Holding Corp., One stop 32025-06-300001476765IQN Holding Corp., One stop 42025-06-300001476765Island Bidco AB, One stop 12025-06-300001476765Island Bidco AB, One stop 22025-06-300001476765Island Bidco AB, One stop 32025-06-300001476765Island Bidco AB, One stop 42025-06-300001476765Island Bidco AB, One stop 52025-06-300001476765LeadsOnline, LLC, One stop 12025-06-300001476765LeadsOnline, LLC, One stop 22025-06-300001476765LeadsOnline, LLC, One stop 32025-06-300001476765LeadsOnline, LLC, One stop 42025-06-300001476765Lighthouse Bidco GMBH, One stop 12025-06-300001476765Lighthouse Bidco GMBH, One stop 22025-06-300001476765Lighthouse Bidco GMBH, One stop 32025-06-300001476765LogicMonitor, Inc., One stop 12025-06-300001476765LogicMonitor, Inc., One stop 22025-06-300001476765Matrix42 Holding GMBH, One stop 12025-06-300001476765Matrix42 Holding GMBH, One stop 22025-06-300001476765Matrix42 Holding GMBH, One stop 32025-06-300001476765Matrix42 Holding GMBH, One stop 42025-06-300001476765Matrix42 Holding GMBH, One stop 52025-06-300001476765Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 12025-06-300001476765Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 22025-06-300001476765Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 32025-06-300001476765Metatiedot Bidco Oy & Metatiedot US, LLC, One stop 42025-06-300001476765Mindbody, Inc., One stop 12025-06-300001476765Mindbody, Inc., One stop 22025-06-300001476765Mindbody, Inc., One stop 32025-06-300001476765Ministry Brands Holdings LLC, One stop 12025-06-300001476765Ministry Brands Holdings LLC, One stop 22025-06-300001476765Ministry Brands Holdings LLC, One stop 32025-06-300001476765MYOB Invest Co Pty Ltd, One stop2025-06-300001476765Navex TopCo, Inc., One stop 12025-06-300001476765Navex TopCo, Inc., One stop 22025-06-300001476765Naviga Inc., Senior secured2025-06-300001476765Onit, Inc., One stop 12025-06-300001476765Onit, Inc., One stop 22025-06-300001476765Onit, Inc., One stop 32025-06-300001476765Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 12025-06-300001476765Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop 22025-06-300001476765Panzura, LLC, One stop2025-06-300001476765Personify, Inc., One stop 12025-06-300001476765Personify, Inc., One stop 22025-06-300001476765Personify, Inc., One stop 32025-06-300001476765Personify, Inc., One stop 42025-06-300001476765Pineapple German Bidco GMBH, One stop 12025-06-300001476765Pineapple German Bidco GMBH, One stop 22025-06-300001476765Pineapple German Bidco GMBH, One stop 32025-06-300001476765Pineapple German Bidco GMBH, One stop 42025-06-300001476765Pineapple German Bidco GMBH, One stop 52025-06-300001476765Pineapple German Bidco GMBH, One stop 62025-06-300001476765Pineapple German Bidco GMBH, One stop 72025-06-300001476765PING Identity Holding Corp., One stop 12025-06-300001476765PING Identity Holding Corp., One stop 22025-06-300001476765Pluralsight, LLC, One stop 12025-06-300001476765Pluralsight, LLC, One stop 22025-06-300001476765Pluralsight, LLC, One stop 32025-06-300001476765Pluralsight, LLC, One stop 42025-06-300001476765Pluralsight, LLC, One stop 52025-06-300001476765ProcessUnity Holdings, LLC, One stop 12025-06-300001476765ProcessUnity Holdings, LLC, One stop 22025-06-300001476765ProcessUnity Holdings, LLC, One stop 32025-06-300001476765ProcessUnity Holdings, LLC, One stop 42025-06-300001476765ProcessUnity Holdings, LLC, One stop 52025-06-300001476765QAD, Inc., One stop 12025-06-300001476765QAD, Inc., One stop 22025-06-300001476765Quant Buyer, Inc., One stop 12025-06-300001476765Quant Buyer, Inc., One stop 22025-06-300001476765Quant Buyer, Inc., One stop 32025-06-300001476765Quant Buyer, Inc., One stop 42025-06-300001476765Quant Buyer, Inc., One stop 52025-06-300001476765Rainforest Bidco Limited, One stop 12025-06-300001476765Rainforest Bidco Limited, One stop 22025-06-300001476765Rainforest Bidco Limited, One stop 32025-06-300001476765Rainforest Bidco Limited, One stop 42025-06-300001476765Rainforest Bidco Limited, One stop 52025-06-300001476765Riskonnect Parent, LLC, One stop 12025-06-300001476765Riskonnect Parent, LLC, One stop 22025-06-300001476765Riskonnect Parent, LLC, One stop 32025-06-300001476765Riskonnect Parent, LLC, One stop 42025-06-300001476765Riskonnect Parent, LLC, One stop 52025-06-300001476765Riskonnect Parent, LLC, One stop 62025-06-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 12025-06-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 22025-06-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 32025-06-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 42025-06-300001476765Sapphire Bidco Oy, One stop 12025-06-300001476765Sapphire Bidco Oy, One stop 22025-06-300001476765Sapphire Bidco Oy, One stop 32025-06-300001476765Sonatype, Inc., One stop 12025-06-300001476765Sonatype, Inc., One stop 22025-06-300001476765Spartan Buyer Acquisition Co., One stop 12025-06-300001476765Spartan Buyer Acquisition Co., One stop 22025-06-300001476765Spartan Buyer Acquisition Co., One stop 32025-06-300001476765Telesoft Holdings LLC, One stop 12025-06-300001476765Telesoft Holdings LLC, One stop 22025-06-300001476765Telesoft Holdings LLC, One stop 32025-06-300001476765Templafy APS and Templafy, LLC, One stop 12025-06-300001476765Templafy APS and Templafy, LLC, One stop 22025-06-300001476765TI Intermediate Holdings, LLC, Senior secured 12025-06-300001476765TI Intermediate Holdings, LLC, Senior secured 22025-06-300001476765TI Intermediate Holdings, LLC, Senior secured 32025-06-300001476765TI Intermediate Holdings, LLC, Senior secured 42025-06-300001476765TI Intermediate Holdings, LLC, Senior secured 52025-06-300001476765TI Intermediate Holdings, LLC, Senior secured 62025-06-300001476765Togetherwork Holdings, LLC, One stop 12025-06-300001476765Togetherwork Holdings, LLC, One stop 22025-06-300001476765Togetherwork Holdings, LLC, One stop 32025-06-300001476765Transform Bidco Limited, One stop 12025-06-300001476765Transform Bidco Limited, One stop 22025-06-300001476765Transform Bidco Limited, One stop 32025-06-300001476765Transform Bidco Limited, One stop 42025-06-300001476765Transform Bidco Limited, One stop 52025-06-300001476765Transform Bidco Limited, One stop 62025-06-300001476765Transform Bidco Limited, One stop 72025-06-300001476765Tricentis Operations Holdings, Inc., One stop 12025-06-300001476765Tricentis Operations Holdings, Inc., One stop 22025-06-300001476765Tricentis Operations Holdings, Inc., One stop 32025-06-300001476765Vantage Bidco GMBH, One stop 12025-06-300001476765Vantage Bidco GMBH, One stop 22025-06-300001476765Varinem German Midco GMBH, One stop 12025-06-300001476765Varinem German Midco GMBH, One stop 22025-06-300001476765Vendavo, Inc., One stop 12025-06-300001476765Vendavo, Inc., One stop 22025-06-300001476765Vendavo, Inc., One stop 32025-06-300001476765Viper Bidco, Inc., One stop 12025-06-300001476765Viper Bidco, Inc., One stop 22025-06-300001476765Viper Bidco, Inc., One stop 32025-06-300001476765Viper Bidco, Inc., One stop 42025-06-300001476765WebPT, Inc., One stop2025-06-300001476765Zendesk, Inc., One stop 12025-06-300001476765Zendesk, Inc., One stop 22025-06-300001476765Zendesk, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Ave Holdings III, Corp, One stop 12025-06-300001476765Ave Holdings III, Corp, One stop 22025-06-300001476765Ave Holdings III, Corp, One stop 32025-06-300001476765Ave Holdings III, Corp, One stop 42025-06-300001476765Biscuit Parent, LLC, One stop 12025-06-300001476765Biscuit Parent, LLC, One stop 22025-06-300001476765Biscuit Parent, LLC, One stop 32025-06-300001476765Cavender Stores L.P., Senior secured2025-06-300001476765Consilio Midco Limited, Senior secured 12025-06-300001476765Consilio Midco Limited, Senior secured 22025-06-300001476765Consilio Midco Limited, Senior secured 32025-06-300001476765Consilio Midco Limited, Senior secured 42025-06-300001476765Consilio Midco Limited, Senior secured 52025-06-300001476765Consilio Midco Limited, Subordinated debt 12025-06-300001476765Consilio Midco Limited, Subordinated debt 22025-06-300001476765Consilio Midco Limited, Subordinated debt 32025-06-300001476765CVP Holdco, Inc., One stop 12025-06-300001476765CVP Holdco, Inc., One stop 22025-06-300001476765CVP Holdco, Inc., One stop 32025-06-300001476765Cycle Gear, Inc., One stop2025-06-300001476765Metal Supermarkets US Buyer, LLC, One stop 12025-06-300001476765Metal Supermarkets US Buyer, LLC, One stop 22025-06-300001476765PetVet Care Centers LLC, One stop 12025-06-300001476765PetVet Care Centers LLC, One stop 22025-06-300001476765PetVet Care Centers LLC, One stop 32025-06-300001476765Radiance Borrower, LLC, One stop 12025-06-300001476765Radiance Borrower, LLC, One stop 22025-06-300001476765Salon Lofts Group, LLC, Senior secured 12025-06-300001476765Salon Lofts Group, LLC, Second lien 12025-06-300001476765Salon Lofts Group, LLC, Second lien 22025-06-300001476765Salon Lofts Group, LLC, Second lien 32025-06-300001476765Salon Lofts Group, LLC, Second lien 42025-06-300001476765Salon Lofts Group, LLC, Second lien 52025-06-300001476765Salon Lofts Group, LLC, Senior secured 22025-06-300001476765Salon Lofts Group, LLC, Senior secured 32025-06-300001476765Salon Lofts Group, LLC, Senior secured 42025-06-300001476765Salon Lofts Group, LLC, Senior secured 52025-06-300001476765Salon Lofts Group, LLC, Senior secured 62025-06-300001476765Salon Lofts Group, LLC, Senior secured 72025-06-300001476765Salon Lofts Group, LLC, Senior secured 82025-06-300001476765Salon Lofts Group, LLC, Senior secured 92025-06-300001476765Salon Lofts Group, LLC, Second lien 62025-06-300001476765Salon Lofts Group, LLC, Senior secured 102025-06-300001476765Salon Lofts Group, LLC, Senior secured 112025-06-300001476765Salon Lofts Group, LLC, Senior secured 122025-06-300001476765Salon Lofts Group, LLC, Senior secured 132025-06-300001476765Salon Lofts Group, LLC, Senior secured 142025-06-300001476765Salon Lofts Group, LLC, Senior secured 152025-06-300001476765Salon Lofts Group, LLC, Second lien 72025-06-300001476765Salon Lofts Group, LLC, Senior secured 162025-06-300001476765Salon Lofts Group, LLC, Second lien 82025-06-300001476765Salon Lofts Group, LLC, Senior secured 172025-06-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12025-06-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22025-06-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32025-06-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42025-06-300001476765Titan Fitness, LLC, One stop 12025-06-300001476765Titan Fitness, LLC, One stop 22025-06-300001476765Titan Fitness, LLC, One stop 32025-06-300001476765Titan Fitness, LLC, One stop 42025-06-300001476765Vermont Aus Pty Ltd, One stop 12025-06-300001476765Vermont Aus Pty Ltd, One stop 22025-06-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 12025-06-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 22025-06-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 32025-06-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Dollfus Mieg Company, Inc., One stop 12025-06-300001476765Dollfus Mieg Company, Inc., One stop 22025-06-300001476765Dollfus Mieg Company, Inc., One stop 32025-06-300001476765Elite Sportswear, L.P., Senior secured 12025-06-300001476765Elite Sportswear, L.P., Senior secured 22025-06-300001476765Elite Sportswear, L.P., Senior secured 32025-06-300001476765Elite Sportswear, L.P., Senior secured 42025-06-300001476765Elite Sportswear, L.P., Senior secured 52025-06-300001476765Elite Sportswear, L.P., Senior secured 62025-06-300001476765Elite Sportswear, L.P., Senior secured 72025-06-300001476765Elite Sportswear, L.P., Senior secured 82025-06-300001476765Georgica Pine Clothiers, LLC, One stop 12025-06-300001476765Georgica Pine Clothiers, LLC, One stop 22025-06-300001476765Georgica Pine Clothiers, LLC, One stop 32025-06-300001476765Georgica Pine Clothiers, LLC, One stop 42025-06-300001476765Georgica Pine Clothiers, LLC, One stop 52025-06-300001476765Georgica Pine Clothiers, LLC, One stop 62025-06-300001476765Shoes For Crews Global, LLC, Senior secured 12025-06-300001476765Shoes For Crews Global, LLC, Senior secured 22025-06-300001476765Shoes For Crews Global, LLC, Senior secured 32025-06-300001476765Shoes For Crews Global, LLC, Senior secured 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Marcone Yellowstone Buyer Inc., One stop 12025-06-300001476765Marcone Yellowstone Buyer Inc., One stop 22025-06-300001476765Marcone Yellowstone Buyer Inc., One stop 32025-06-300001476765Marcone Yellowstone Buyer Inc., One stop 42025-06-300001476765Marcone Yellowstone Buyer Inc., One stop 52025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:TradingCompaniesAndDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765LDS Intermediate Holdings, LLC, One stop 12025-06-300001476765LDS Intermediate Holdings, LLC, One stop 22025-06-300001476765LDS Intermediate Holdings, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765S.J. Electro Systems, LLC, Senior secured 12025-06-300001476765S.J. Electro Systems, LLC, Senior secured 22025-06-300001476765S.J. Electro Systems, LLC, Senior secured 32025-06-300001476765S.J. Electro Systems, LLC, Senior secured 42025-06-300001476765S.J. Electro Systems, LLC, Senior secured 52025-06-300001476765Vessco Midco Holdings, LLC, One stop 12025-06-300001476765Vessco Midco Holdings, LLC, One stop 22025-06-300001476765Vessco Midco Holdings, LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:WaterUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300001476765PPW Aero Buyer, Inc., LP units2025-06-300001476765Tronair Parent, Inc., LLC units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765RJW Group Holdings, Inc., LP units2025-06-300001476765Arnott, LLC, LP units2025-06-300001476765Polk Acquisition Corp., LP interest2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:AutoComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765CAP-KSI Holdings, LLC, Preferred stock2025-06-300001476765CAP-KSI Holdings, LLC, LP units2025-06-300001476765CG Group Holdings, LLC, LP units2025-06-300001476765Go Car Wash Parent, Corp., Preferred stock2025-06-300001476765Go Car Wash Parent, Corp., Common stock2025-06-300001476765MOP GM Holding, LLC, LP units2025-06-300001476765MOP GM Holding, LLC, Preferred stock2025-06-300001476765National Express Wash Parent Holdco, LLC, LP units2025-06-300001476765POY Holdings, LLC, LLC units2025-06-300001476765Quick Quack Car Wash Holdings, LLC, LP units2025-06-300001476765Quick Quack Car Wash Holdings, LLC, LLC units2025-06-300001476765Yorkshire Parent, Inc., LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Spindrift Beverage Co. Inc., LP units2025-06-300001476765Cobepa BlueSky Aggregator, SCSp, LP units2025-06-300001476765Cobepa BlueSky Aggregator, SCSp, Preferred stock2025-06-300001476765Cobepa BlueSky Aggregator, SCSp, LP interest2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:BiotechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765BECO Holding Company, Inc., Preferred stock2025-06-300001476765BECO Holding Company, Inc., LP interest2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Inhance Technologies Holdings, LLC, Preferred stock2025-06-300001476765Inhance Technologies Holdings, LLC, LLC units2025-06-300001476765us-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765CI (Quercus) Intermediate Holdings, LLC, LP interest2025-06-300001476765CHA Vision Holdings, Inc., LP units2025-06-300001476765North Haven Stack Buyer, LLC, LLC units2025-06-300001476765PT Intermediate Holdings III, LLC, LLC units2025-06-300001476765Radwell Parent, LLC, LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Chase Intermediate, LP units2025-06-300001476765CHHJ Midco, LLC, LLC units2025-06-300001476765CHVAC Services Investment, LLC, Common stock2025-06-300001476765DP Flores Holdings, LLC, LLC units2025-06-300001476765EMS LINQ, LLC, LP interest2025-06-300001476765EWC Growth Partners LLC, LLC interest2025-06-300001476765HS Spa Holdings, Inc., Common stock2025-06-300001476765Liminex, Inc., Common stock2025-06-300001476765NSG Buyer, Inc., LP units2025-06-300001476765PADI Holdco, Inc., LLC interest2025-06-300001476765Project Alpha Intermediate Holdings, Inc., LP units2025-06-300001476765Virginia Green Acquisition, LLC, LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Smart Energy Systems, Inc., Warrant2025-06-300001476765Wildcat TopCo, Inc., LP units2025-06-300001476765Inventus Power, Inc., Preferred stock2025-06-300001476765Inventus Power, Inc., LLC units2025-06-300001476765Inventus Power, Inc., LP interest2025-06-300001476765Inventus Power, Inc., Common stock2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Hopdoddy Holdings, LLC, LLC units 12025-06-300001476765Hopdoddy Holdings, LLC, LLC units 22025-06-300001476765Mendocino Farms, LLC, Common stock2025-06-300001476765PDI TA Holdings, Inc., Preferred stock2025-06-300001476765Ruby Slipper Cafe LLC, The, LLC units2025-06-300001476765Ruby Slipper Cafe LLC, The, LLC interest 12025-06-300001476765Ruby Slipper Cafe LLC, The, LLC interest 22025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Borrower R365 Holdings, LLC, Preferred stock 12025-06-300001476765Borrower R365 Holdings, LLC, Preferred stock 22025-06-300001476765Borrower R365 Holdings, LLC, LLC units2025-06-300001476765Borrower R365 Holdings, LLC, Common stock2025-06-300001476765Borrower R365 Holdings, LLC, Preferred stock 32025-06-300001476765Borrower R365 Holdings, LLC, Preferred stock 42025-06-300001476765Borrower R365 Holdings, LLC, LP units2025-06-300001476765Borrower R365 Holdings, LLC, Preferred stock 52025-06-300001476765Kodiak Cakes, LLC, Common stock2025-06-300001476765Louisiana Fish Fry Products, Ltd., Common stock2025-06-300001476765Louisiana Fish Fry Products, Ltd., Preferred stock2025-06-300001476765P&P Food Safety Holdings, Inc., Preferred stock2025-06-300001476765P&P Food Safety Holdings, Inc., Common stock2025-06-300001476765Purfoods, LLC, LLC interest2025-06-300001476765Zullas, L.C., LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Aspen Medical Products, LLC, LP interest2025-06-300001476765Blue River Pet Care, LLC, Common stock2025-06-300001476765CCSL Holdings, LLC, LP interest2025-06-300001476765CMI Parent Inc., Common stock 12025-06-300001476765CMI Parent Inc., Common stock 22025-06-300001476765JHC Investment Intermediate Holdings, LLC, LLC units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Active Day, Inc., LLC interest2025-06-300001476765Acuity Eyecare Holdings, LLC, LLC interest2025-06-300001476765Acuity Eyecare Holdings, LLC, LLC units2025-06-300001476765ADCS Clinics Intermediate Holdings, LLC, Preferred stock2025-06-300001476765ADCS Clinics Intermediate Holdings, LLC, Common stock2025-06-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, LLC units2025-06-300001476765CRH Healthcare Purchaser, Inc., LP interest2025-06-300001476765DCA Investment Holding, LLC, Preferred stock2025-06-300001476765DCA Investment Holding, LLC, Common stock2025-06-300001476765Emerge Intermediate, Inc., LLC units 12025-06-300001476765Emerge Intermediate, Inc., LLC units 22025-06-300001476765Emerge Intermediate, Inc., LLC units 32025-06-300001476765Encorevet Group LLC, Preferred stock2025-06-300001476765ERC Topco Holdings, LLC, LLC units2025-06-300001476765Krueger-Gilbert Health Physics, LLC, Common stock2025-06-300001476765MWD Management, LLC & MWD Services, Inc., LLC interest2025-06-300001476765New Look Corporation and New Look Vision Group Inc., Common stock2025-06-300001476765Pinnacle Treatment Centers, Inc., LLC interest 12025-06-300001476765Pinnacle Treatment Centers, Inc., LLC interest 22025-06-300001476765Pyramid Healthcare Acquisition Corp., Common stock2025-06-300001476765Radiology Partners, Inc., LLC units2025-06-300001476765Radiology Partners, Inc., LLC interest2025-06-300001476765Sage Dental Management, LLC, LLC units 12025-06-300001476765Sage Dental Management, LLC, LLC units 22025-06-300001476765Southern Veterinary Partners, LLC, Preferred stock 12025-06-300001476765Southern Veterinary Partners, LLC, Preferred stock 22025-06-300001476765Southern Veterinary Partners, LLC 12025-06-300001476765Southern Veterinary Partners, LLC 22025-06-300001476765Southern Veterinary Partners, LLC, Preferred stock 32025-06-300001476765Southern Veterinary Partners, LLC, Preferred stock 42025-06-300001476765Southern Veterinary Partners, LLC 32025-06-300001476765Southern Veterinary Partners, LLC 42025-06-300001476765Suveto Buyer, LLC2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Amberfield Acquisition Co., LLC units2025-06-300001476765Connexin Software, Inc., LLC interest2025-06-300001476765Connexin Software, Inc., LLC units2025-06-300001476765HSI Halo Acquisition, Inc., Preferred stock2025-06-300001476765HSI Halo Acquisition, Inc., LP interest2025-06-300001476765Modernizing Medicine, Inc., Preferred stock2025-06-300001476765Symplr Software, Inc., Preferred stock 12025-06-300001476765Symplr Software, Inc., Preferred stock 22025-06-300001476765Symplr Software, Inc., Preferred stock 32025-06-300001476765Symplr Software, Inc., Preferred stock 42025-06-300001476765Symplr Software, Inc., LLC units2025-06-300001476765Symplr Software, Inc., Common stock2025-06-300001476765Tebra Technologies, Inc., LLC interest2025-06-300001476765Tebra Technologies, Inc., Warrant 12025-06-300001476765Tebra Technologies, Inc., Warrant 22025-06-300001476765Tebra Technologies, Inc., Preferred stock2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Cafe Rio Holding, Inc., Common stock2025-06-300001476765Freddy's Frozen Custard LLC, LP interest2025-06-300001476765Harri US LLC, LLC units2025-06-300001476765Harri US LLC, Preferred stock 12025-06-300001476765Harri US LLC, Warrant 12025-06-300001476765Harri US LLC, Preferred stock 22025-06-300001476765Harri US LLC, Warrant 22025-06-300001476765Harri US LLC, Warrant 32025-06-300001476765Harri US LLC, Warrant 42025-06-300001476765LMP TR Holdings, LLC, LLC units2025-06-300001476765PB Group Holdings, LLC, LP units2025-06-300001476765Rooster BidCo Limited, Preferred stock2025-06-300001476765SSRG Holdings, LLC, LP interest2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Accession Risk Management Group, Inc., Preferred stock2025-06-300001476765Majesco, Preferred stock2025-06-300001476765Majesco, LP interest2025-06-300001476765Oakbridge Insurance Agency LLC, LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Revalize, Inc., Preferred stock 12025-06-300001476765Revalize, Inc., Preferred stock 22025-06-300001476765Revalize, Inc., Preferred stock 32025-06-300001476765Revalize, Inc., Preferred stock 42025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 12025-06-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 22025-06-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 32025-06-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Warrant2025-06-300001476765Critical Start, Inc., Common stock2025-06-300001476765Kentik Technologies, Inc., Preferred stock2025-06-300001476765Kentik Technologies, Inc., Warrant2025-06-300001476765Netwrix Corporation, LLC units2025-06-300001476765Optimizely North America, Inc., Common stock2025-06-300001476765Saturn Borrower Inc., LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Massage Envy, LLC, LLC interest2025-06-300001476765Movement Holdings, LLC, LLC units2025-06-300001476765WBZ Investment, LLC, LLC interest 12025-06-300001476765WBZ Investment, LLC, LLC interest 22025-06-300001476765WBZ Investment, LLC, LLC interest 32025-06-300001476765WBZ Investment, LLC, LLC interest 42025-06-300001476765WBZ Investment, LLC, LLC interest 52025-06-300001476765WBZ Investment, LLC, LLC interest 62025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Celerion Buyer, Inc., LP units 12025-06-300001476765Celerion Buyer, Inc., LP units 22025-06-300001476765PAS Parent Inc., LP interest2025-06-300001476765PAS Parent Inc., Preferred stock2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765W3 Co., LLC interest2025-06-300001476765W3 Co., Preferred stock2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Messenger, LLC, LLC units 12025-06-300001476765Messenger, LLC, LLC units 22025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Amalthea Parent, Inc., LP interest2025-06-300001476765Cobalt Buyer Sub, Inc., Preferred stock 12025-06-300001476765Cobalt Buyer Sub, Inc., Preferred stock 22025-06-300001476765Cobalt Buyer Sub, Inc., Common stock2025-06-300001476765Creek Parent, Inc., LP interest2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Eclipse Buyer, Inc., Preferred stock2025-06-300001476765Enboarder, Inc., Preferred stock2025-06-300001476765Filevine, Inc., Preferred stock 12025-06-300001476765Filevine, Inc., Warrant2025-06-300001476765Filevine, Inc., Preferred stock 22025-06-300001476765Net Health Acquisition Corp., LP interest2025-06-300001476765Procure Acquireco, Inc., LP interest2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Inhabit IQ Inc., Common stock2025-06-300001476765SC Landco Parent, LLC, Common stock2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Internet Truckstop Group, LLC, LP interest2025-06-300001476765Anaplan, Inc., LP interest2025-06-300001476765Aras Corporation, Preferred stock2025-06-300001476765Aras Corporation, LP interest2025-06-300001476765Astute Holdings, Inc., LP interest2025-06-300001476765Auvik Networks Inc., Preferred stock 12025-06-300001476765Auvik Networks Inc., Preferred stock 22025-06-300001476765Bayshore Intermediate #2, L.P., Common stock2025-06-300001476765Calabrio, Inc., LP interest 12025-06-300001476765Calabrio, Inc., LP interest 22025-06-300001476765CB Buyer, Inc., LP units2025-06-300001476765Cloudbees, Inc., Preferred stock 12025-06-300001476765Cloudbees, Inc., Warrant2025-06-300001476765Cloudbees, Inc., Preferred stock 22025-06-300001476765Cynet Security Ltd., Preferred stock2025-06-300001476765Denali Bidco Limited, LP interest2025-06-300001476765Diligent Corporation, Preferred stock 12025-06-300001476765Diligent Corporation, Preferred stock 22025-06-300001476765Energy Worldnet, LLC, LLC units2025-06-300001476765FirstUp, Inc., Common stock2025-06-300001476765FirstUp, Inc., Preferred stock 2025-06-300001476765GS Acquisitionco, Inc., Preferred stock 12025-06-300001476765GS Acquisitionco, Inc., Preferred stock 22025-06-300001476765GS Acquisitionco, Inc., LP interest2025-06-300001476765GS Acquisitionco, Inc., Preferred stock 32025-06-300001476765GTY Technology Holdings, Inc., LP units2025-06-300001476765Gurobi Optimization, LLC, Common stock2025-06-300001476765Impartner, Inc., Preferred stock 2025-06-300001476765Kaseya Inc., Preferred stock 2025-06-300001476765Kaseya Inc., LP interest2025-06-300001476765LogicMonitor, Inc., LP interest2025-06-300001476765Menlo Ridgeview Co-Invest, LLC, LLC interest2025-06-300001476765Ministry Brands Holdings LLC, LP interest2025-06-300001476765Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH, Warrant2025-06-300001476765Onit, Inc., Warrant2025-06-300001476765Panzura, LLC, LLC units2025-06-300001476765Personify, Inc., LP interest2025-06-300001476765Pluralsight, LLC, LLC units2025-06-300001476765QAD, Inc., Preferred stock2025-06-300001476765QAD, Inc., Common stock2025-06-300001476765RegEd Aquireco, LLC, LP interest 12025-06-300001476765RegEd Aquireco, LLC, Preferred stock2025-06-300001476765RegEd Aquireco, LLC, LP interest 22025-06-300001476765Riskonnect Parent, LLC, Preferred stock 12025-06-300001476765Riskonnect Parent, LLC, LP interest2025-06-300001476765Riskonnect Parent, LLC, Preferred stock 22025-06-300001476765Riskonnect Parent, LLC, Preferred stock 32025-06-300001476765Rokt Inc., Common stock2025-06-300001476765SnapLogic, Inc., Preferred stock2025-06-300001476765SnapLogic, Inc., Warrant2025-06-300001476765Spartan Buyer Acquisition Co., Common stock2025-06-300001476765Spartan Buyer Acquisition Co., Preferred stock2025-06-300001476765StrongDM, Inc., Preferred stock2025-06-300001476765Telesoft Holdings LLC, LP interest2025-06-300001476765Templafy APS and Templafy, LLC, Warrant2025-06-300001476765Togetherwork Holdings, LLC, Preferred stock2025-06-300001476765Transform Bidco Limited, LP interest 2025-06-300001476765Tricentis Operations Holdings, Inc., LP interest2025-06-300001476765Zendesk, Inc., LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Ave Holdings III, Corp, Preferred stock2025-06-300001476765Ave Holdings III, Corp, LP units2025-06-300001476765Batteries Plus Holding Corporation, LP interest2025-06-300001476765Cycle Gear, Inc., LLC units2025-06-300001476765Cycle Gear, Inc., Preferred stock2025-06-300001476765Metal Supermarkets US Buyer, LLC, Preferred stock2025-06-300001476765Metal Supermarkets US Buyer, LLC, LLC units2025-06-300001476765Salon Lofts Group, LLC, LP units2025-06-300001476765VSG Acquisition Corp. and Sherrill, Inc., LP units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765Georgica Pine Clothiers, LLC, LLC interest2025-06-300001476765Georgica Pine Clothiers, LLC, Common stock2025-06-300001476765MakerSights, Inc., Preferred stock2025-06-300001476765Shoes For Crews Global, LLC, LLC units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-06-300001476765Abita Brewing Co., L.L.C., One stop 12025-06-300001476765Abita Brewing Co., L.L.C., Second lien2025-06-300001476765Abita Brewing Co., L.L.C., One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Benetech, Inc., One stop 12025-06-300001476765Benetech, Inc., One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:EnergyEquipmentAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765G & H Wire Company, Inc., One stop 12025-06-300001476765G & H Wire Company, Inc., One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Bayside Opco, LLC, One stop 12025-06-300001476765Bayside Opco, LLC, Subordinated debt2025-06-300001476765Bayside Opco, LLC, One stop 22025-06-300001476765Bayside Opco, LLC, One stop 32025-06-300001476765Elite Dental Partners LLC, One stop 12025-06-300001476765Elite Dental Partners LLC, One stop 22025-06-300001476765Elite Dental Partners LLC, One stop 32025-06-300001476765Elite Dental Partners LLC, One stop 42025-06-300001476765Opening Day Borrower 111 LLC, One stop2025-06-300001476765SPF Borrower LLC, One stop 12025-06-300001476765SPF Borrower LLC, One stop 22025-06-300001476765SPF Borrower LLC, One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Reaction Biology Corporation, One stop 12025-06-300001476765Reaction Biology Corporation, One stop 22025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Fleet Farm Group, LLC, Senior secured2025-06-300001476765Fleet Farm Group, LLC, One stop2025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:MultilineRetailSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Switchfly LLC, One stop2025-06-300001476765Chestnut Optical Midco, Inc., One stop 12025-06-300001476765Chestnut Optical Midco, Inc., One stop 22025-06-300001476765Chestnut Optical Midco, Inc., One stop 32025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2025-06-300001476765Abita Brewing Co., L.L.C., Warrant2025-06-300001476765G & H Wire Company, Inc., LLC units2025-06-300001476765Bayside Opco, LLC, LLC units2025-06-300001476765Elite Dental Partners LLC, LLC interest 12025-06-300001476765Elite Dental Partners LLC, LLC interest 22025-06-300001476765Elite Dental Partners LLC, LLC units2025-06-300001476765Opening Day Borrower 111 LLC, Preferred stock2025-06-300001476765Opening Day Borrower 111 LLC, LLC units2025-06-300001476765SPF Borrower LLC, LLC units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Reaction Biology Corporation, LLC units2025-06-300001476765Fleet Farm Group, LLC, LLC units2025-06-300001476765Switchfly LLC, LLC interest2025-06-300001476765Switchfly LLC, Preferred stock 2025-06-300001476765Switchfly LLC, LLC units2025-06-300001476765us-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001476765Imperial Optical Midco, Inc, LLC units2025-06-300001476765us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-06-300001476765MMan Acquisition Co., One stop 12025-06-300001476765MMan Acquisition Co., One stop 22025-06-300001476765MMan Acquisition Co., One stop 32025-06-300001476765MMan Acquisition Co., One stop 42025-06-300001476765us-gaap:DebtSecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001476765MMan Acquisition Co., Preferred stock2025-06-300001476765us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-06-300001476765BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)2025-06-300001476765Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional Share Class (CUSIP 61747C582)2025-06-300001476765Morgan Stanley US Dollar Liquidity Fund Institutional Distributing Share Class (CUSIP L64887109)2025-06-300001476765Allspring Government Money Market Fund Select Share Class (CUSIP 949921126)2025-06-300001476765Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)2025-06-300001476765gbdc:NonQualifyingAssetMembergbdc:AssetConcentrationRiskMembergbdc:InvestmentsAtFairValueMember2024-10-012025-06-300001476765Abita Brewing Co. LLC2024-09-300001476765Abita Brewing Co. LLC2024-10-012025-06-300001476765Abita Brewing Co. LLC2025-06-300001476765Bayside Opco, LLC2024-09-300001476765Bayside Opco, LLC2024-10-012025-06-300001476765Bayside Opco, LLC2025-06-300001476765Benetech, Inc.2024-09-300001476765Benetech, Inc.2024-10-012025-06-300001476765Benetech, Inc.2025-06-300001476765Chestnut Optical Midco, Inc.2024-09-300001476765Chestnut Optical Midco, Inc.2024-10-012025-06-300001476765Chestnut Optical Midco, Inc.2025-06-300001476765Elite Dental Partners LLC2024-09-300001476765Elite Dental Partners LLC2024-10-012025-06-300001476765Elite Dental Partners LLC2025-06-300001476765Fleet Farm Group LLC2024-09-300001476765Fleet Farm Group LLC2024-10-012025-06-300001476765Fleet Farm Group LLC2025-06-300001476765G & H Wire Company, Inc2024-09-300001476765G & H Wire Company, Inc2024-10-012025-06-300001476765G & H Wire Company, Inc2025-06-300001476765Opening Day Borrower 111 LLC2024-09-300001476765Opening Day Borrower 111 LLC2024-10-012025-06-300001476765Opening Day Borrower 111 LLC2025-06-300001476765Reaction Biology Corporation2024-09-300001476765Reaction Biology Corporation2024-10-012025-06-300001476765Reaction Biology Corporation2025-06-300001476765SPF Borrower LLC2024-09-300001476765SPF Borrower LLC2024-10-012025-06-300001476765SPF Borrower LLC2025-06-300001476765Switchfly LLC2024-09-300001476765Switchfly LLC2024-10-012025-06-300001476765Switchfly LLC2025-06-300001476765MMan Acquisition Co.2024-09-300001476765MMan Acquisition Co.2024-10-012025-06-300001476765MMan Acquisition Co.2025-06-300001476765PPW Aero Buyer, Inc., One stop 12024-09-300001476765PPW Aero Buyer, Inc., One stop 22024-09-300001476765PPW Aero Buyer, Inc., One stop 32024-09-300001476765PPW Aero Buyer, Inc., One stop 42024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Accelya Lux Finco S.A.R.L., One stop2024-09-300001476765Collision SP Subco, LLC, One stop 12024-09-300001476765Collision SP Subco, LLC, One stop 22024-09-300001476765Collision SP Subco, LLC, One stop 32024-09-300001476765Covercraft Parent III, Inc., Senior secured 12024-09-300001476765Covercraft Parent III, Inc., Senior secured 22024-09-300001476765Covercraft Parent III, Inc., Senior secured 32024-09-300001476765North Haven Falcon Buyer, LLC, One stop 12024-09-300001476765North Haven Falcon Buyer, LLC, One stop 22024-09-300001476765OEConnection, LLC, One stop 12024-09-300001476765OEConnection, LLC, One stop 22024-09-300001476765OEConnection, LLC, One stop 32024-09-300001476765Polk Acquisition Corp., Senior secured 12024-09-300001476765Polk Acquisition Corp., Senior secured 22024-09-300001476765Polk Acquisition Corp., Senior secured 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:AutoComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765CAP-KSI Holdings, LLC, One stop 12024-09-300001476765CAP-KSI Holdings, LLC, One stop 22024-09-300001476765CG Group Holdings, LLC, One stop 12024-09-300001476765CG Group Holdings, LLC, One stop 22024-09-300001476765Denali Midco 2, LLC, One stop 12024-09-300001476765Denali Midco 2, LLC, One stop 22024-09-300001476765Denali Midco 2, LLC, One stop 32024-09-300001476765Denali Midco 2, LLC, One stop 42024-09-300001476765Denali Midco 2, LLC, One stop 52024-09-300001476765Denali Midco 2, LLC, One stop 62024-09-300001476765Denali Midco 2, LLC, One stop 72024-09-300001476765Denali Midco 2, LLC, One stop 82024-09-300001476765Denali Midco 2, LLC, One stop 92024-09-300001476765Denali Midco 2, LLC, One stop 102024-09-300001476765Denali Midco 2, LLC, One stop 112024-09-300001476765Denali Midco 2, LLC, One stop 122024-09-300001476765Denali Midco 2, LLC, One stop 132024-09-300001476765Denali Midco 2, LLC, One stop 142024-09-300001476765Denali Midco 2, LLC, One stop 152024-09-300001476765Denali Midco 2, LLC, One stop 162024-09-300001476765Denali Midco 2, LLC, One stop 172024-09-300001476765Denali Midco 2, LLC, One stop 182024-09-300001476765Denali Midco 2, LLC, One stop 192024-09-300001476765High Bar Brands Operating, LLC, Senior secured 12024-09-300001476765High Bar Brands Operating, LLC, Senior secured 22024-09-300001476765High Bar Brands Operating, LLC, Senior secured 32024-09-300001476765High Bar Brands Operating, LLC, Senior secured 42024-09-300001476765JHCC Holdings LLC, One stop 12024-09-300001476765JHCC Holdings LLC, One stop 22024-09-300001476765JHCC Holdings LLC, One stop 32024-09-300001476765JHCC Holdings LLC, One stop 42024-09-300001476765JHCC Holdings LLC, One stop 52024-09-300001476765JHCC Holdings LLC, One stop 62024-09-300001476765JHCC Holdings LLC, One stop 72024-09-300001476765JHCC Holdings LLC, One stop 82024-09-300001476765JHCC Holdings LLC, One stop 92024-09-300001476765MOP GM Holding, LLC, One stop 12024-09-300001476765MOP GM Holding, LLC, One stop 22024-09-300001476765MOP GM Holding, LLC, One stop 32024-09-300001476765MOP GM Holding, LLC, One stop 42024-09-300001476765MOP GM Holding, LLC, One stop 52024-09-300001476765MOP GM Holding, LLC, One stop 62024-09-300001476765MOP GM Holding, LLC, One stop 72024-09-300001476765MOP GM Holding, LLC, One stop 82024-09-300001476765MOP GM Holding, LLC, One stop 92024-09-300001476765MOP GM Holding, LLC, One stop 102024-09-300001476765MOP GM Holding, LLC, One stop 112024-09-300001476765MOP GM Holding, LLC, One stop 122024-09-300001476765MOP GM Holding, LLC, One stop 132024-09-300001476765MOP GM Holding, LLC, One stop 142024-09-300001476765MOP GM Holding, LLC, One stop 152024-09-300001476765National Express Wash Parent Holdco, LLC, One stop 12024-09-300001476765National Express Wash Parent Holdco, LLC, One stop 22024-09-300001476765National Express Wash Parent Holdco, LLC, One stop 32024-09-300001476765POY Holdings, LLC, One stop 12024-09-300001476765POY Holdings, LLC, One stop 22024-09-300001476765POY Holdings, LLC, One stop 32024-09-300001476765POY Holdings, LLC, One stop 42024-09-300001476765POY Holdings, LLC, One stop 52024-09-300001476765POY Holdings, LLC, One stop 62024-09-300001476765POY Holdings, LLC, One stop 72024-09-300001476765POY Holdings, LLC, One stop 82024-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 12024-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 22024-09-300001476765Quick Quack Car Wash Holdings, LLC, One stop 32024-09-300001476765TWAS Holdings, LLC, One stop 12024-09-300001476765TWAS Holdings, LLC, One stop 22024-09-300001476765TWAS Holdings, LLC, One stop 32024-09-300001476765TWAS Holdings, LLC, One stop 42024-09-300001476765TWAS Holdings, LLC, One stop 52024-09-300001476765TWAS Holdings, LLC, One stop 62024-09-300001476765Yorkshire Parent, Inc., One stop 12024-09-300001476765Yorkshire Parent, Inc., One stop 22024-09-300001476765Yorkshire Parent, Inc., One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765OSP Hamilton Purchaser, LLC, One stop 12024-09-300001476765OSP Hamilton Purchaser, LLC, One stop 22024-09-300001476765OSP Hamilton Purchaser, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:BanksSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Financial Information Technologies, LLC, One stop 12024-09-300001476765Financial Information Technologies, LLC, One stop 22024-09-300001476765Financial Information Technologies, LLC, One stop 32024-09-300001476765Financial Information Technologies, LLC, One stop 42024-09-300001476765Financial Information Technologies, LLC, One stop 52024-09-300001476765Watermill Express, LLC, One stop 12024-09-300001476765Watermill Express, LLC, One stop 22024-09-300001476765Watermill Express, LLC, One stop 32024-09-300001476765Watermill Express, LLC, One stop 42024-09-300001476765Watermill Express, LLC, One stop 52024-09-300001476765Watermill Express, LLC, One stop 62024-09-300001476765Winebow Holdings, Inc., One stop 2024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:BeveragesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765BECO Holding Company, Inc., One stop 12024-09-300001476765BECO Holding Company, Inc., One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765BlueMatrix Holdings, LLC, One stop 12024-09-300001476765BlueMatrix Holdings, LLC, One stop 22024-09-300001476765BlueMatrix Holdings, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:CapitalMarketsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Inhance Technologies Holdings, LLC, One stop 12024-09-300001476765Inhance Technologies Holdings, LLC, One stop 22024-09-300001476765Inhance Technologies Holdings, LLC, One stop 32024-09-300001476765Inhance Technologies Holdings, LLC, One stop 42024-09-300001476765Krayden Holdings, Inc., Senior secured 12024-09-300001476765Krayden Holdings, Inc., Senior secured 22024-09-300001476765Krayden Holdings, Inc., Senior secured 32024-09-300001476765PHM NL SP Bidco B.V., One stop 12024-09-300001476765PHM NL SP Bidco B.V., One stop 22024-09-300001476765PHM NL SP Bidco B.V., One stop 32024-09-300001476765PHM NL SP Bidco B.V., One stop 42024-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765BradyIFS Holdings, LLC, One stop 12024-09-300001476765BradyIFS Holdings, LLC, One stop 22024-09-300001476765CI (Quercus) Intermediate Holdings, LLC, One stop 12024-09-300001476765CI (Quercus) Intermediate Holdings, LLC, One stop 22024-09-300001476765CI (Quercus) Intermediate Holdings, LLC, One stop 32024-09-300001476765Encore Holdings, LLC, One stop 12024-09-300001476765Encore Holdings, LLC, One stop 22024-09-300001476765Encore Holdings, LLC, One stop 32024-09-300001476765FR Vision Holdings, Inc., One stop 12024-09-300001476765FR Vision Holdings, Inc., One stop 22024-09-300001476765FR Vision Holdings, Inc., One stop 32024-09-300001476765Kleinfelder Intermediate, LLC, One stop 12024-09-300001476765Kleinfelder Intermediate, LLC, One stop 22024-09-300001476765Kleinfelder Intermediate, LLC, One stop 32024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 12024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 22024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 32024-09-300001476765North Haven Stack Buyer, LLC, Second lien 12024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 42024-09-300001476765North Haven Stack Buyer, LLC, Second lien 22024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 52024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 62024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 72024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 82024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 92024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 102024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 112024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 122024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 132024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 142024-09-300001476765North Haven Stack Buyer, LLC, Second lien 32024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 152024-09-300001476765North Haven Stack Buyer, LLC, Senior secured 162024-09-300001476765Profile Products LLC, One stop 12024-09-300001476765Profile Products LLC, One stop 22024-09-300001476765Profile Products LLC, One stop 32024-09-300001476765Profile Products LLC, One stop 42024-09-300001476765PSC Parent, Inc., One stop 12024-09-300001476765PSC Parent, Inc., One stop 22024-09-300001476765PSC Parent, Inc., One stop 32024-09-300001476765PSC Parent, Inc., One stop 42024-09-300001476765PT Intermediate Holdings III, LLC, One stop 12024-09-300001476765PT Intermediate Holdings III, LLC, One stop 22024-09-300001476765Radwell Parent, LLC, One stop 12024-09-300001476765Radwell Parent, LLC, One stop 22024-09-300001476765Radwell Parent, LLC, One stop 32024-09-300001476765Radwell Parent, LLC, One stop 42024-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 12024-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 22024-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 32024-09-300001476765Trinity Air Consultants Holdings Corporation, One stop 42024-09-300001476765WRE Holding Corp., One stop 12024-09-300001476765WRE Holding Corp., One stop 22024-09-300001476765WRE Holding Corp., One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Lightning Finco Limited, One stop 12024-09-300001476765Lightning Finco Limited, One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:CommunicationsEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Consor Intermediate II, LLC, One stop 12024-09-300001476765Consor Intermediate II, LLC, One stop 22024-09-300001476765Consor Intermediate II, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ConstructionEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Chase Intermediate, One stop 12024-09-300001476765Chase Intermediate, One stop 22024-09-300001476765Chase Intermediate, One stop 32024-09-300001476765Fortis Solutions Group LLC, One stop 12024-09-300001476765Fortis Solutions Group LLC, One stop 22024-09-300001476765Fortis Solutions Group LLC, One stop 32024-09-300001476765Fortis Solutions Group LLC, One stop 42024-09-300001476765us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Any Hour, LLC, One stop 12024-09-300001476765Any Hour, LLC, One stop 22024-09-300001476765Any Hour, LLC, One stop 32024-09-300001476765Any Hour, LLC, One stop 42024-09-300001476765Apex Service Partners, LLC, One stop 12024-09-300001476765Apex Service Partners, LLC, One stop 22024-09-300001476765Apex Service Partners, LLC, One stop 32024-09-300001476765Apex Service Partners, LLC, One stop 42024-09-300001476765Certus Pest, Inc., One stop 12024-09-300001476765Certus Pest, Inc., One stop 22024-09-300001476765Certus Pest, Inc., One stop 32024-09-300001476765Certus Pest, Inc., One stop 42024-09-300001476765Certus Pest, Inc., One stop 52024-09-300001476765Certus Pest, Inc., One stop 62024-09-300001476765Certus Pest, Inc., One stop 72024-09-300001476765Certus Pest, Inc., One stop 82024-09-300001476765Certus Pest, Inc., One stop 92024-09-300001476765Certus Pest, Inc., One stop 102024-09-300001476765Certus Pest, Inc., One stop 112024-09-300001476765Certus Pest, Inc., One stop 122024-09-300001476765CHHJ Midco, LLC, Senior secured 12024-09-300001476765CHHJ Midco, LLC, Senior secured 22024-09-300001476765CHVAC Services Investment, LLC, One stop 12024-09-300001476765CHVAC Services Investment, LLC, One stop 22024-09-300001476765CHVAC Services Investment, LLC, One stop 32024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 12024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 22024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 32024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 42024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 52024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 62024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 72024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 82024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 92024-09-300001476765COP Hometown Acquisitions, Inc., Senior secured 102024-09-300001476765EMS LINQ, LLC, One stop 12024-09-300001476765EMS LINQ, LLC, One stop 22024-09-300001476765Entomo Brands Acquisitions, Inc., Senior secured 12024-09-300001476765Entomo Brands Acquisitions, Inc., Senior secured 22024-09-300001476765Entomo Brands Acquisitions, Inc., Senior secured 32024-09-300001476765EWC Growth Partners LLC, One stop 12024-09-300001476765EWC Growth Partners LLC, One stop 22024-09-300001476765EWC Growth Partners LLC, One stop 32024-09-300001476765EWC Growth Partners LLC, One stop 42024-09-300001476765FPG Intermediate Holdco, LLC, One stop 12024-09-300001476765FPG Intermediate Holdco, LLC, One stop 22024-09-300001476765FPG Intermediate Holdco, LLC, One stop 32024-09-300001476765FSS Buyer LLC, One stop 12024-09-300001476765FSS Buyer LLC, One stop 22024-09-300001476765HS Spa Holdings, Inc., One stop 12024-09-300001476765HS Spa Holdings, Inc., One stop 22024-09-300001476765HS Spa Holdings, Inc., One stop 32024-09-300001476765Learn-it Systems, LLC, Senior secured 12024-09-300001476765Learn-it Systems, LLC, Senior secured 22024-09-300001476765Learn-it Systems, LLC, Senior secured 32024-09-300001476765Learn-it Systems, LLC, Senior secured 42024-09-300001476765Liminex, Inc., One stop 12024-09-300001476765Liminex, Inc., One stop 22024-09-300001476765Liminex, Inc., One stop 32024-09-300001476765Liminex, Inc., One stop 42024-09-300001476765Litera Bidco, LLC, One stop 12024-09-300001476765Litera Bidco, LLC, One stop 22024-09-300001476765Litera Bidco, LLC, One stop 32024-09-300001476765Litera Bidco, LLC, One stop 42024-09-300001476765Mario Purchaser, LLC, One stop 12024-09-300001476765Mario Purchaser, LLC, One stop 22024-09-300001476765Mario Purchaser, LLC, One stop 32024-09-300001476765Mario Purchaser, LLC, One stop 42024-09-300001476765Mario Purchaser, LLC, One stop 52024-09-300001476765NSG Buyer, Inc., One stop 12024-09-300001476765NSG Buyer, Inc., One stop 22024-09-300001476765NSG Buyer, Inc., One stop 32024-09-300001476765NSG Buyer, Inc., One stop 42024-09-300001476765PADI Holdco, Inc., One stop 12024-09-300001476765PADI Holdco, Inc., One stop 22024-09-300001476765PADI Holdco, Inc., One stop 32024-09-300001476765PADI Holdco, Inc., One stop 42024-09-300001476765PADI Holdco, Inc., One stop 52024-09-300001476765Provenance Buyer LLC, One stop 12024-09-300001476765Provenance Buyer LLC, One stop 22024-09-300001476765Provenance Buyer LLC, One stop 32024-09-300001476765RW AM Holdco LLC, One stop 12024-09-300001476765RW AM Holdco LLC, One stop 22024-09-300001476765Virginia Green Acquisition, LLC, One stop 12024-09-300001476765Virginia Green Acquisition, LLC, One stop 22024-09-300001476765Virginia Green Acquisition, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Avalara, Inc., One stop 12024-09-300001476765Avalara, Inc., One stop 22024-09-300001476765Baker Tilly Advisory Group, LP, One stop 12024-09-300001476765Baker Tilly Advisory Group, LP, One stop 22024-09-300001476765Baker Tilly Advisory Group, LP, One stop 32024-09-300001476765Banker's Toolbox, Inc., One stop 12024-09-300001476765Banker's Toolbox, Inc., One stop 22024-09-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 12024-09-300001476765Ceres Groupe SAS & Ceres PikCo, Subordinated debt2024-09-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 22024-09-300001476765Ceres Groupe SAS & Ceres PikCo, One stop 32024-09-300001476765Finastra USA, Inc., One stop 12024-09-300001476765Finastra USA, Inc., One stop 22024-09-300001476765Flash Topco, Inc., One stop 12024-09-300001476765Flash Topco, Inc., One stop 22024-09-300001476765Flash Topco, Inc., One stop 32024-09-300001476765Higginbotham Insurance Agency, Inc., One stop 12024-09-300001476765Higginbotham Insurance Agency, Inc., One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:DiversifiedFinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765NTI Connect, LLC, Senior secured2024-09-300001476765Power Grid Holdings, Inc., One stop 12024-09-300001476765Power Grid Holdings, Inc., One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectricalEquipmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765CST Holding Company, One stop 12024-09-300001476765CST Holding Company, One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Mendocino Farms, LLC, One stop 1 2024-09-300001476765Mendocino Farms, LLC, One stop 22024-09-300001476765Mendocino Farms, LLC, One stop 32024-09-300001476765Mendocino Farms, LLC, One stop 42024-09-300001476765PDI TA Holdings, Inc., One stop 12024-09-300001476765PDI TA Holdings, Inc., One stop 22024-09-300001476765PDI TA Holdings, Inc., One stop 32024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 12024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 22024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 32024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 42024-09-300001476765Ruby Slipper Cafe LLC, The, One stop 52024-09-300001476765Wineshipping.com LLC, One stop 12024-09-300001476765Wineshipping.com LLC, One stop 22024-09-300001476765Wineshipping.com LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Blast Bidco Inc., One stop 12024-09-300001476765Blast Bidco Inc., One stop 22024-09-300001476765Borrower R365 Holdings, LLC, One stop 12024-09-300001476765Borrower R365 Holdings, LLC, One stop 22024-09-300001476765Borrower R365 Holdings, LLC, One stop 32024-09-300001476765Borrower R365 Holdings, LLC, One stop 42024-09-300001476765Eagle Family Foods Group, LLC, One stop 12024-09-300001476765Eagle Family Foods Group, LLC, One stop 22024-09-300001476765Kodiak Cakes, LLC, Senior secured 12024-09-300001476765Kodiak Cakes, LLC, Senior secured 22024-09-300001476765Louisiana Fish Fry Products, Ltd., One stop 12024-09-300001476765Louisiana Fish Fry Products, Ltd., One stop 22024-09-300001476765MAPF Holdings, Inc., One stop 12024-09-300001476765MAPF Holdings, Inc., One stop 22024-09-300001476765MAPF Holdings, Inc., One stop 32024-09-300001476765MAPF Holdings, Inc., One stop 42024-09-300001476765P&P Food Safety Holdings, Inc., One stop 12024-09-300001476765P&P Food Safety Holdings, Inc., One stop 22024-09-300001476765Ultimate Baked Goods Midco LLC, One stop 12024-09-300001476765Ultimate Baked Goods Midco LLC, One stop 22024-09-300001476765Ultimate Baked Goods Midco LLC, One stop 32024-09-300001476765Whitebridge Pet Brands, LLC, One stop 12024-09-300001476765Whitebridge Pet Brands, LLC, One stop 22024-09-300001476765Wizard Bidco Limited, One stop 12024-09-300001476765Wizard Bidco Limited, One stop 22024-09-300001476765Wizard Bidco Limited, One stop 32024-09-300001476765Wizard Bidco Limited, One stop 42024-09-300001476765Wizard Bidco Limited, One stop 52024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Aspen Medical Products, LLC, One stop 12024-09-300001476765Aspen Medical Products, LLC, One stop 22024-09-300001476765Aspen Medical Products, LLC, One stop 32024-09-300001476765Baduhenna Bidco Limited, One stop 12024-09-300001476765Baduhenna Bidco Limited, One stop 22024-09-300001476765Baduhenna Bidco Limited, One stop 32024-09-300001476765Baduhenna Bidco Limited, One stop 42024-09-300001476765Baduhenna Bidco Limited, One stop 52024-09-300001476765Baduhenna Bidco Limited, One stop 62024-09-300001476765Belmont Instrument, LLC, One stop 12024-09-300001476765Belmont Instrument, LLC, One stop 22024-09-300001476765Blades Buyer, Inc., Senior secured 12024-09-300001476765Blades Buyer, Inc., Senior secured 22024-09-300001476765Blades Buyer, Inc., Senior secured 32024-09-300001476765Blades Buyer, Inc., Senior secured 42024-09-300001476765Blue River Pet Care, LLC, One stop 12024-09-300001476765Blue River Pet Care, LLC, One stop 22024-09-300001476765Blue River Pet Care, LLC, One stop 32024-09-300001476765Blue River Pet Care, LLC, One stop 42024-09-300001476765Blue River Pet Care, LLC, One stop 52024-09-300001476765Blue River Pet Care, LLC, One stop 62024-09-300001476765Blue River Pet Care, LLC, One stop 72024-09-300001476765Blue River Pet Care, LLC, One stop 82024-09-300001476765Blue River Pet Care, LLC, One stop 92024-09-300001476765Blue River Pet Care, LLC, One stop 102024-09-300001476765CCSL Holdings, LLC, One stop 12024-09-300001476765CCSL Holdings, LLC, One stop 22024-09-300001476765CCSL Holdings, LLC, One stop 32024-09-300001476765CCSL Holdings, LLC, One stop 42024-09-300001476765CCSL Holdings, LLC, One stop 52024-09-300001476765CCSL Holdings, LLC, One stop 62024-09-300001476765CCSL Holdings, LLC, One stop 72024-09-300001476765CCSL Holdings, LLC, One stop 82024-09-300001476765CCSL Holdings, LLC, One stop 92024-09-300001476765CMI Parent Inc., One stop 12024-09-300001476765CMI Parent Inc., One stop 22024-09-300001476765CMI Parent Inc., Senior secured 2024-09-300001476765CMI Parent Inc., One stop 32024-09-300001476765CMI Parent Inc., One stop 42024-09-300001476765G & H Wire Company, Inc., One stop 12024-09-300001476765G & H Wire Company, Inc., One stop 22024-09-300001476765HuFriedy Group Acquisition, LLC, One stop 12024-09-300001476765HuFriedy Group Acquisition, LLC, One stop 22024-09-300001476765HuFriedy Group Acquisition, LLC, One stop 32024-09-300001476765JHC Investment Intermediate Holdings, LLC, One stop 12024-09-300001476765JHC Investment Intermediate Holdings, LLC, One stop 22024-09-300001476765TIDI Legacy Products, Inc., One stop 12024-09-300001476765TIDI Legacy Products, Inc., One stop 22024-09-300001476765TIDI Legacy Products, Inc., One stop 32024-09-300001476765YI, LLC, One stop 12024-09-300001476765YI, LLC, One stop 22024-09-300001476765YI, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765AAH TOPCO, LLC , One stop 12024-09-300001476765AAH TOPCO, LLC, One stop 22024-09-300001476765AAH TOPCO, LLC, Subordinated debt2024-09-300001476765AAH TOPCO, LLC, One stop 32024-09-300001476765AAH TOPCO, LLC, One stop 42024-09-300001476765Active Day, Inc., One stop 12024-09-300001476765Active Day, Inc., One stop 22024-09-300001476765Active Day, Inc., One stop 32024-09-300001476765Active Day, Inc., One stop 42024-09-300001476765Active Day, Inc., One stop 52024-09-300001476765Active Day, Inc., One stop 62024-09-300001476765Active Day, Inc., One stop 72024-09-300001476765Active Day, Inc., One stop 82024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 12024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 22024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 32024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 42024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 52024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 62024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 72024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 82024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 92024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 102024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 112024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 122024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 132024-09-300001476765Acuity Eyecare Holdings, LLC, Senior secured2024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 142024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 152024-09-300001476765Acuity Eyecare Holdings, LLC, One stop 162024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 12024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 12024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 22024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 22024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, Subordinated debt 32024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 32024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 42024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, One stop 52024-09-300001476765Bamboo US Bidco LLC, One stop 12024-09-300001476765Bamboo US Bidco LLC, One stop 22024-09-300001476765Bamboo US Bidco LLC, One stop 32024-09-300001476765Bamboo US Bidco LLC, One stop 42024-09-300001476765Community Care Partners, LLC, One stop2024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 12024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 22024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 32024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 42024-09-300001476765CRH Healthcare Purchaser, Inc., Senior secured 52024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 12024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 22024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., Senior secured2024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 32024-09-300001476765Datix Bidco Limited and RL Datix Holdings, Inc., One stop 42024-09-300001476765Encorevet Group LLC, One stop 12024-09-300001476765Encorevet Group LLC, One stop 22024-09-300001476765Encorevet Group LLC, One stop 32024-09-300001476765Encorevet Group LLC, One stop 42024-09-300001476765Encorevet Group LLC, One stop 52024-09-300001476765Encorevet Group LLC, One stop 62024-09-300001476765Encorevet Group LLC, One stop 72024-09-300001476765Encorevet Group LLC, One stop 82024-09-300001476765Encorevet Group LLC, One stop 92024-09-300001476765Encorevet Group LLC, One stop 102024-09-300001476765Encorevet Group LLC, One stop 112024-09-300001476765Encorevet Group LLC, One stop 122024-09-300001476765Encorevet Group LLC, One stop 132024-09-300001476765Encorevet Group LLC, One stop 142024-09-300001476765Encorevet Group LLC, One stop 152024-09-300001476765Encorevet Group LLC, One stop 162024-09-300001476765Encorevet Group LLC, One stop 172024-09-300001476765ERC Topco Holdings, LLC, One stop 12024-09-300001476765ERC Topco Holdings, LLC, One stop 22024-09-300001476765ERC Topco Holdings, LLC, One stop 32024-09-300001476765ERC Topco Holdings, LLC, One stop 42024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 12024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 22024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 32024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 42024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 52024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 62024-09-300001476765FYI Optical Acquisitions, Inc. & FYI USA, Inc., One stop 72024-09-300001476765Heartland Veterinary Partners LLC, Senior secured 12024-09-300001476765Heartland Veterinary Partners LLC, Senior secured 22024-09-300001476765Heartland Veterinary Partners LLC, Senior secured 32024-09-300001476765Klick Inc., Senior secured 12024-09-300001476765Klick Inc., Senior secured 22024-09-300001476765Klick Inc., Senior secured 32024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 12024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 22024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 32024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 42024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 52024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 62024-09-300001476765Krueger-Gilbert Health Physics, LLC, Senior secured 72024-09-300001476765Krueger-Gilbert Health Physics, LLC, One stop2024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 12024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 22024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 32024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 42024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 52024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 62024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 72024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., One stop 82024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 12024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 22024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 32024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 42024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 52024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 62024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 72024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 82024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 92024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 102024-09-300001476765Pinnacle Treatment Centers, Inc., One stop 112024-09-300001476765Premise Health Holding Corp., One stop 12024-09-300001476765Premise Health Holding Corp., One stop 22024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 12024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 22024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 32024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 42024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 52024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 62024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 72024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 82024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 92024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 102024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 112024-09-300001476765Pyramid Healthcare Acquisition Corp., One stop 122024-09-300001476765Suveto Buyer, LLC, One stop 12024-09-300001476765Suveto Buyer, LLC, One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Alegeus Technologies Holdings Corp., Senior secured2024-09-300001476765Amberfield Acquisition Co., One stop 12024-09-300001476765Amberfield Acquisition Co., One stop 22024-09-300001476765Amberfield Acquisition Co., One stop 32024-09-300001476765Color Intermediate, LLC, Senior secured2024-09-300001476765Connexin Software, Inc., One stop 12024-09-300001476765Connexin Software, Inc., One stop 22024-09-300001476765Crow River Buyer, Inc., One stop 12024-09-300001476765Crow River Buyer, Inc., One stop 22024-09-300001476765ESO Solution, Inc., One stop 12024-09-300001476765ESO Solution, Inc., One stop 22024-09-300001476765ESO Solution, Inc., One stop 32024-09-300001476765HealthEdge Software, Inc., One stop 12024-09-300001476765HealthEdge Software, Inc., One stop 22024-09-300001476765HealthEdge Software, Inc., One stop 32024-09-300001476765Kona Buyer, LLC, One stop 12024-09-300001476765Kona Buyer, LLC, One stop 22024-09-300001476765Kona Buyer, LLC, One stop 32024-09-300001476765Kona Buyer, LLC, One stop 42024-09-300001476765Lacker Bidco Limited, One stop 12024-09-300001476765Lacker Bidco Limited, One stop 22024-09-300001476765Lacker Bidco Limited, One stop 32024-09-300001476765Neptune Holdings, Inc., One stop 12024-09-300001476765Neptune Holdings, Inc., One stop 22024-09-300001476765Netsmart Technologies, Inc., One stop 12024-09-300001476765Netsmart Technologies, Inc., One stop 22024-09-300001476765Netsmart Technologies, Inc., One stop 32024-09-300001476765Plasma Buyer LLC, One stop 12024-09-300001476765Plasma Buyer LLC, One stop 22024-09-300001476765Plasma Buyer LLC, One stop 32024-09-300001476765QF Holdings, Inc., One stop2024-09-300001476765Tebra Technologies, Inc., One stop 12024-09-300001476765Tebra Technologies, Inc., One stop 22024-09-300001476765Tebra Technologies, Inc., One stop 32024-09-300001476765Tebra Technologies, Inc., One stop 42024-09-300001476765Tebra Technologies, Inc., One stop 52024-09-300001476765Tebra Technologies, Inc., One stop 62024-09-300001476765Tebra Technologies, Inc., One stop 72024-09-300001476765Tebra Technologies, Inc., One stop 82024-09-300001476765Tebra Technologies, Inc., One stop 92024-09-300001476765Tebra Technologies, Inc., One stop 102024-09-300001476765Transaction Data Systems, Inc., One stop 12024-09-300001476765Transaction Data Systems, Inc., One stop 22024-09-300001476765Veranex, Inc., Senior secured 12024-09-300001476765Veranex, Inc., Senior secured 22024-09-300001476765Veranex, Inc., Senior secured 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HealthcareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Barteca Restaurants, LLC, One stop 12024-09-300001476765Barteca Restaurants, LLC, One stop 22024-09-300001476765Barteca Restaurants, LLC, One stop 32024-09-300001476765Barteca Restaurants, LLC, One stop 42024-09-300001476765BJH Holdings III Corp., One stop 12024-09-300001476765BJH Holdings III Corp., One stop 22024-09-300001476765Cafe Rio Holding, Inc., One stop 12024-09-300001476765Cafe Rio Holding, Inc., One stop 22024-09-300001476765Cafe Rio Holding, Inc., One stop 32024-09-300001476765Cafe Rio Holding, Inc., One stop 42024-09-300001476765Cafe Rio Holding, Inc., One stop 52024-09-300001476765Cafe Rio Holding, Inc., One stop 62024-09-300001476765Cafe Rio Holding, Inc., One stop 72024-09-300001476765Cafe Rio Holding, Inc., One stop 82024-09-300001476765Cafe Rio Holding, Inc., One stop 92024-09-300001476765Cafe Rio Holding, Inc., One stop 102024-09-300001476765Cafe Rio Holding, Inc., One stop 112024-09-300001476765Cafe Rio Holding, Inc., One stop 122024-09-300001476765Cafe Rio Holding, Inc., One stop 132024-09-300001476765Davidson Hotel Company, LLC, One stop 12024-09-300001476765Davidson Hotel Company, LLC, One stop 22024-09-300001476765Davidson Hotel Company, LLC, One stop 32024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 12024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 22024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 32024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 42024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 52024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 62024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 72024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 82024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 92024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 102024-09-300001476765EOS Fitness Opco Holdings, LLC, One stop 112024-09-300001476765ESN Venture Holdings, LLC, One stop 12024-09-300001476765ESN Venture Holdings, LLC, One stop 22024-09-300001476765ESN Venture Holdings, LLC, One stop 32024-09-300001476765ESN Venture Holdings, LLC, One stop 42024-09-300001476765ESN Venture Holdings, LLC, One stop 52024-09-300001476765ESN Venture Holdings, LLC, One stop 62024-09-300001476765ESN Venture Holdings, LLC, One stop 72024-09-300001476765Freddy's Frozen Custard LLC, One stop 12024-09-300001476765Freddy's Frozen Custard LLC, One stop 22024-09-300001476765GFP Atlantic Holdco 2, LLC, One stop 12024-09-300001476765GFP Atlantic Holdco 2, LLC, One stop 22024-09-300001476765Harri US LLC, One stop 12024-09-300001476765Harri US LLC, One stop 22024-09-300001476765Harri US LLC, One stop 32024-09-300001476765Harri US LLC, One stop 42024-09-300001476765Harri US LLC, One stop 5 2024-09-300001476765Health Buyer, LLC, Senior secured 12024-09-300001476765Health Buyer, LLC, Senior secured 22024-09-300001476765Health Buyer, LLC, Senior secured 32024-09-300001476765Health Buyer, LLC, Senior secured 42024-09-300001476765Health Buyer, LLC, Senior secured 52024-09-300001476765PB Group Holdings, LLC, One stop 12024-09-300001476765PB Group Holdings, LLC, One stop 22024-09-300001476765SDC Holdco, LLC, One stop 12024-09-300001476765SDC Holdco, LLC, Second lien2024-09-300001476765SDC Holdco, LLC, One stop 22024-09-300001476765SSRG Holdings, LLC, One stop 12024-09-300001476765SSRG Holdings, LLC, One stop 22024-09-300001476765SSRG Holdings, LLC, One stop 32024-09-300001476765SSRG Holdings, LLC, One stop 42024-09-300001476765Super REGO, LLC, Subordinated debt2024-09-300001476765YE Brands Holding, LLC, One stop 12024-09-300001476765YE Brands Holding, LLC, One stop 22024-09-300001476765YE Brands Holding, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765WU Holdco, Inc., One stop 12024-09-300001476765WU Holdco, Inc., One stop 22024-09-300001476765WU Holdco, Inc., One stop 32024-09-300001476765WU Holdco, Inc., One stop 42024-09-300001476765WU Holdco, Inc., One stop 52024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:HouseholdProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Arch Global CCT Holdings Corp., Senior secured 12024-09-300001476765Arch Global CCT Holdings Corp., Senior secured 22024-09-300001476765Arch Global CCT Holdings Corp., Senior secured 32024-09-300001476765Arch Global CCT Holdings Corp., Senior secured 42024-09-300001476765Dwyer Instruments, Inc., One stop 12024-09-300001476765Dwyer Instruments, Inc., One stop 22024-09-300001476765Dwyer Instruments, Inc., One stop 32024-09-300001476765Dwyer Instruments, Inc., One stop 42024-09-300001476765Dwyer Instruments, Inc., One stop 52024-09-300001476765Essential Services Holdings Corporation, One stop 12024-09-300001476765Essential Services Holdings Corporation, One stop 22024-09-300001476765Essential Services Holdings Corporation, One stop 32024-09-300001476765Excelitas Technologies Corp., One stop 12024-09-300001476765Excelitas Technologies Corp., One stop 22024-09-300001476765Excelitas Technologies Corp., One stop 32024-09-300001476765Excelitas Technologies Corp., One stop 42024-09-300001476765Excelitas Technologies Corp., One stop 52024-09-300001476765Specialty Measurement Bidco Limited, One stop 12024-09-300001476765Specialty Measurement Bidco Limited, One stop 22024-09-300001476765Specialty Measurement Bidco Limited, One stop 32024-09-300001476765Specialty Measurement Bidco Limited, One stop 42024-09-300001476765Specialty Measurement Bidco Limited, One stop 52024-09-300001476765Specialty Measurement Bidco Limited, One stop 62024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:IndustrialConglomeratesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Accession Risk Management Group, Inc., One stop 12024-09-300001476765Accession Risk Management Group, Inc., One stop 22024-09-300001476765Accession Risk Management Group, Inc., One stop 32024-09-300001476765Accession Risk Management Group, Inc., One stop 42024-09-300001476765Accession Risk Management Group, Inc., One stop 52024-09-300001476765Accession Risk Management Group, Inc., One stop 62024-09-300001476765Accession Risk Management Group, Inc., One stop 72024-09-300001476765Accession Risk Management Group, Inc., One stop 82024-09-300001476765Alera Group, Inc., One stop 12024-09-300001476765Alera Group, Inc., One stop 22024-09-300001476765Alera Group, Inc., One stop 32024-09-300001476765Alera Group, Inc., One stop 42024-09-300001476765AMBA Buyer, Inc., One stop 12024-09-300001476765AMBA Buyer, Inc., One stop 22024-09-300001476765AMBA Buyer, Inc., One stop 32024-09-300001476765AMBA Buyer, Inc., One stop 42024-09-300001476765AMBA Buyer, Inc., One stop 52024-09-300001476765Ben Nevis Midco Limited, One stop 12024-09-300001476765Ben Nevis Midco Limited, One stop 22024-09-300001476765Ben Nevis Midco Limited, One stop 32024-09-300001476765Ben Nevis Midco Limited, One stop 42024-09-300001476765Captive Resources Midco, LLC, One stop 12024-09-300001476765Captive Resources Midco, LLC, One stop 22024-09-300001476765Disco Parent, Inc., One stop 12024-09-300001476765Disco Parent, Inc., One stop 22024-09-300001476765Doxa Insurance Holdings LLC, One stop 12024-09-300001476765Doxa Insurance Holdings LLC, One stop 22024-09-300001476765Doxa Insurance Holdings LLC, One stop 32024-09-300001476765Doxa Insurance Holdings LLC, One stop 42024-09-300001476765Gimlet Bidco GMBH, One stop 12024-09-300001476765Gimlet Bidco GMBH, One stop 22024-09-300001476765Illumifin Corporation, One stop2024-09-300001476765Integrated Specialty Coverages, LLC, One stop 12024-09-300001476765Integrated Specialty Coverages, LLC, One stop 22024-09-300001476765Integrated Specialty Coverages, LLC, One stop 32024-09-300001476765Integrity Marketing Acquisition, LLC, One stop 12024-09-300001476765Integrity Marketing Acquisition, LLC, One stop 22024-09-300001476765Integrity Marketing Acquisition, LLC, One stop 32024-09-300001476765J.S. Held Holdings, LLC, One stop 12024-09-300001476765J.S. Held Holdings, LLC, One stop 22024-09-300001476765J.S. Held Holdings, LLC, One stop 32024-09-300001476765J.S. Held Holdings, LLC, One stop 42024-09-300001476765J.S. Held Holdings, LLC, One stop 52024-09-300001476765J.S. Held Holdings, LLC, One stop 62024-09-300001476765Keystone Agency Partners LLC, Senior secured 12024-09-300001476765Keystone Agency Partners LLC, Senior secured 22024-09-300001476765Keystone Agency Partners LLC, Senior secured 32024-09-300001476765Keystone Agency Partners LLC, Senior secured 42024-09-300001476765Keystone Agency Partners LLC, Senior secured 52024-09-300001476765Majesco, One stop 12024-09-300001476765Majesco, One stop 22024-09-300001476765MRH Trowe Germany GMBH, One stop2024-09-300001476765Norvax, LLC, Senior secured 12024-09-300001476765Norvax, LLC, Senior secured 22024-09-300001476765Oakbridge Insurance Agency LLC, One stop 12024-09-300001476765Oakbridge Insurance Agency LLC, One stop 22024-09-300001476765Oakbridge Insurance Agency LLC, One stop 32024-09-300001476765Pareto Health Intermediate Holdings, Inc., One stop 12024-09-300001476765Pareto Health Intermediate Holdings, Inc., One stop 22024-09-300001476765Pareto Health Intermediate Holdings, Inc., One stop 32024-09-300001476765Patriot Growth Insurance Services, LLC, One stop 12024-09-300001476765Patriot Growth Insurance Services, LLC, One stop 22024-09-300001476765Patriot Growth Insurance Services, LLC, One stop 32024-09-300001476765Patriot Growth Insurance Services, LLC, One stop 42024-09-300001476765People Corporation, One stop 12024-09-300001476765People Corporation, One stop 22024-09-300001476765People Corporation, One stop 32024-09-300001476765People Corporation, One stop 42024-09-300001476765People Corporation, One stop 52024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Revalize, Inc., One stop 12024-09-300001476765Revalize, Inc., One stop 22024-09-300001476765Revalize, Inc., One stop 32024-09-300001476765Revalize, Inc., One stop 42024-09-300001476765Revalize, Inc., One stop 52024-09-300001476765Revalize, Inc., One stop 62024-09-300001476765Revalize, Inc., One stop 72024-09-300001476765Revalize, Inc., One stop 82024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Acquia, Inc., One stop 12024-09-300001476765Acquia, Inc., One stop 22024-09-300001476765Acquia, Inc., One stop 32024-09-300001476765CivicPlus, LLC, One stop 12024-09-300001476765CivicPlus, LLC, One stop 22024-09-300001476765CivicPlus, LLC, One stop 32024-09-300001476765CivicPlus, LLC, One stop 42024-09-300001476765CivicPlus, LLC, One stop 52024-09-300001476765Critical Start, Inc., One stop 12024-09-300001476765Critical Start, Inc., One stop 22024-09-300001476765Critical Start, Inc., One stop 32024-09-300001476765Delinea Inc., One stop 12024-09-300001476765Delinea Inc., One stop 22024-09-300001476765Delinea Inc., One stop 32024-09-300001476765Delinea Inc., One stop 42024-09-300001476765Goldcup 31018 AB, One stop 12024-09-300001476765Goldcup 31018 AB, One stop 22024-09-300001476765Goldcup 31018 AB, One stop 32024-09-300001476765Netwrix Corporation, One stop 12024-09-300001476765Netwrix Corporation, One stop 22024-09-300001476765Netwrix Corporation, One stop 32024-09-300001476765Optimizely North America, Inc., One stop 12024-09-300001476765Optimizely North America, Inc., One stop 22024-09-300001476765Optimizely North America, Inc., One stop 32024-09-300001476765Optimizely North America, Inc., One stop 42024-09-300001476765Optimizely North America, Inc., One stop 52024-09-300001476765PDQ Intermediate, Inc., Subordinated debt2024-09-300001476765Recordxtechnologies, LLC, One stop 12024-09-300001476765Recordxtechnologies, LLC, One stop 22024-09-300001476765Recordxtechnologies, LLC, One stop 32024-09-300001476765Recordxtechnologies, LLC, One stop 42024-09-300001476765Recordxtechnologies, LLC, One stop 52024-09-300001476765ReliaQuest Holdings, LLC, One stop 12024-09-300001476765ReliaQuest Holdings, LLC, One stop 22024-09-300001476765ReliaQuest Holdings, LLC, One stop 32024-09-300001476765Saturn Borrower Inc., One stop 12024-09-300001476765Saturn Borrower Inc., One stop 22024-09-300001476765WPEngine, Inc., One stop 12024-09-300001476765WPEngine, Inc., One stop 22024-09-300001476765Zarya Holdco, Inc., One stop 12024-09-300001476765Zarya Holdco, Inc., One stop 22024-09-300001476765Zarya Holdco, Inc., One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Crunch Holdings, LLC, One stop 12024-09-300001476765Crunch Holdings, LLC, One stop 22024-09-300001476765Movement Holdings, LLC, One stop 12024-09-300001476765Movement Holdings, LLC, One stop 22024-09-300001476765Movement Holdings, LLC, One stop 32024-09-300001476765WBZ Investment, LLC, One stop 12024-09-300001476765WBZ Investment, LLC, One stop 22024-09-300001476765WBZ Investment, LLC, One stop 32024-09-300001476765WBZ Investment, LLC, One stop 42024-09-300001476765WBZ Investment, LLC, One stop 52024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Celerion Buyer, Inc., One stop 12024-09-300001476765Celerion Buyer, Inc., One stop 22024-09-300001476765Celerion Buyer, Inc., One stop 32024-09-300001476765Graphpad Software, LLC, One stop 12024-09-300001476765Graphpad Software, LLC, One stop 22024-09-300001476765Graphpad Software, LLC, One stop 32024-09-300001476765PAS Parent Inc., One stop 12024-09-300001476765PAS Parent Inc. One stop 22024-09-300001476765PAS Parent Inc., One stop 32024-09-300001476765PAS Parent Inc., One stop 42024-09-300001476765Reaction Biology Corporation, One stop 12024-09-300001476765Reaction Biology Corporation, One stop 22024-09-300001476765Reaction Biology Corporation, One stop 32024-09-300001476765Reaction Biology Corporation, One stop 42024-09-300001476765Unchained Labs, LLC, Senior secured 12024-09-300001476765Unchained Labs, LLC, Senior secured 22024-09-300001476765Unchained Labs, LLC, Senior secured 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765AI Titan Parent, Inc., One stop 12024-09-300001476765AI Titan Parent, Inc., One stop 22024-09-300001476765AI Titan Parent, Inc., One stop 32024-09-300001476765Blackbird Purchaser, Inc., One stop 12024-09-300001476765Blackbird Purchaser, Inc., One stop 22024-09-300001476765Blackbird Purchaser, Inc., One stop 32024-09-300001476765Chase Industries, Inc., Senior secured 12024-09-300001476765Chase Industries, Inc., Senior secured 22024-09-300001476765Chase Industries, Inc., Senior secured 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:MachinerySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Project Nike Purchaser, LLC, One stop 12024-09-300001476765Project Nike Purchaser, LLC, One stop 22024-09-300001476765Project Nike Purchaser, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:MarineSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Lotus Topco, Inc., One stop 12024-09-300001476765Lotus Topco, Inc., One stop 22024-09-300001476765Lotus Topco, Inc., One stop 32024-09-300001476765Triple Lift, Inc., One stop 12024-09-300001476765Triple Lift, Inc., One stop 22024-09-300001476765Triple Lift, Inc., One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:MediaSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Fleet Farm Group, LLC, One stop2024-09-3000014767653ES Innovation, Inc., One stop 12024-09-3000014767653ES Innovation, Inc., One stop 22024-09-300001476765Envernus, Inc., One stop 12024-09-300001476765Envernus, Inc., One stop 22024-09-300001476765Envernus, Inc., One stop 32024-09-300001476765Project Power Buyer, LLC, One stop 12024-09-300001476765Project Power Buyer, LLC, One stop 22024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Messenger, LLC, One stop 12024-09-300001476765Messenger, LLC, One stop 22024-09-300001476765Messenger, LLC, One stop32024-09-300001476765Messenger, LLC, One stop 42024-09-300001476765Messenger, LLC, One stop 52024-09-300001476765Messenger, LLC, One stop 62024-09-300001476765Messenger, LLC, One stop 72024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765IMPLUS Footcare, LLC, One stop 12024-09-300001476765IMPLUS Footcare, LLC, One stop 22024-09-300001476765IMPLUS Footcare, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:PersonalProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765ACP Ulysses Buyer, Inc., One stop 12024-09-300001476765ACP Ulysses Buyer, Inc., One stop 22024-09-300001476765Amalthea Parent, Inc., One stop 12024-09-300001476765Amalthea Parent, Inc., One stop 22024-09-300001476765Apothecary Products, LLC, Senior secured 12024-09-300001476765Apothecary Products, LLC, Senior secured 22024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 12024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 22024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 32024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 42024-09-300001476765Caerus Midco 3 S.A.R.L., One stop 52024-09-300001476765Cobalt Buyer Sub, Inc., One stop 12024-09-300001476765Cobalt Buyer Sub, Inc., One stop 22024-09-300001476765Cobalt Buyer Sub, Inc., One stop 32024-09-300001476765Cobalt Buyer Sub, Inc., One stop 42024-09-300001476765Cobalt Buyer Sub, Inc., One stop 52024-09-300001476765Cobalt Buyer Sub, Inc., One stop 62024-09-300001476765Spark Bidco Limited, Senior secured 12024-09-300001476765Spark Bidco Limited, Senior secured 22024-09-300001476765Spark Bidco Limited, Senior secured 32024-09-300001476765Spark Bidco Limited, Senior secured 42024-09-300001476765Spark Bidco Limited, Senior secured 52024-09-300001476765Spark Bidco Limited, Senior secured 62024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765ALKU Intermediate Holdings, LLC, One stop 12024-09-300001476765ALKU Intermediate Holdings, LLC, One stop 22024-09-300001476765bswift, LLC, One stop2024-09-300001476765Citrin Cooperman Advisors LLC, One stop 12024-09-300001476765Citrin Cooperman Advisors LLC, One stop 22024-09-300001476765Citrin Cooperman Advisors LLC, One stop 32024-09-300001476765Citrin Cooperman Advisors LLC, One stop 42024-09-300001476765Citrin Cooperman Advisors LLC, One stop 52024-09-300001476765DISA Holdings Corp., Senior secured 12024-09-300001476765DISA Holdings Corp., Senior secured 22024-09-300001476765DISA Holdings Corp., One stop2024-09-300001476765DISA Holdings Corp., Senior secured 32024-09-300001476765DISA Holdings Corp., Subordinated debt2024-09-300001476765DISA Holdings Corp., Senior secured 42024-09-300001476765DISA Holdings Corp., Senior secured 52024-09-300001476765Eclipse Buyer, Inc., One stop 12024-09-300001476765Eclipse Buyer, Inc., One stop 22024-09-300001476765Eclipse Buyer, Inc., One stop 32024-09-300001476765Eliassen Group, LLC, One stop 12024-09-300001476765Eliassen Group, LLC, One stop 22024-09-300001476765Filevine, Inc., One stop 12024-09-300001476765Filevine, Inc., One stop 22024-09-300001476765IG Investments Holdings, LLC, One stop 12024-09-300001476765IG Investments Holdings, LLC, One stop 22024-09-300001476765IG Investments Holdings, LLC, One stop 32024-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 12024-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 22024-09-300001476765NBG Acquisition Corp. and NBG-P Acquisition Corp., One stop 32024-09-300001476765PlanSource Holdings, Inc., One stop 12024-09-300001476765PlanSource Holdings, Inc., One stop 22024-09-300001476765PlanSource Holdings, Inc., One stop 32024-09-300001476765PlanSource Holdings, Inc., One stop 42024-09-300001476765Procure Acquireco, Inc., One stop 12024-09-300001476765Procure Acquireco, Inc., One stop 22024-09-300001476765Procure Acquireco, Inc., One stop 32024-09-300001476765Teaching Company, The, One stop 12024-09-300001476765Teaching Company, The, One stop 22024-09-300001476765Varicent Intermediate Holdings Corporation, One stop 12024-09-300001476765Varicent Intermediate Holdings Corporation, One stop 22024-09-300001476765Varicent Intermediate Holdings Corporation, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Inhabit IQ Inc., One stop 12024-09-300001476765Inhabit IQ Inc., One stop 22024-09-300001476765Inhabit IQ Inc., One stop 32024-09-300001476765Inhabit IQ Inc., One stop 42024-09-300001476765Inhabit IQ Inc., One stop 52024-09-300001476765Inhabit IQ Inc., One stop 62024-09-300001476765Inhabit IQ Inc., One stop 72024-09-300001476765Inhabit IQ Inc., One stop 82024-09-300001476765Inhabit IQ Inc., One stop 92024-09-300001476765Inhabit IQ Inc., One stop 102024-09-300001476765Inhabit IQ Inc., One stop 112024-09-300001476765Inhabit IQ Inc., One stop 122024-09-300001476765Inhabit IQ Inc., One stop 132024-09-300001476765MRI Software, LLC, One stop 12024-09-300001476765MRI Software, LLC, One stop 22024-09-300001476765MRI Software, LLC, One stop 32024-09-300001476765MRI Software, LLC, One stop 42024-09-300001476765MRI Software, LLC, One stop 52024-09-300001476765RPL Bidco Limited, One stop 12024-09-300001476765RPL Bidco Limited, One stop 22024-09-300001476765RPL Bidco Limited, One stop 32024-09-300001476765RPL Bidco Limited, One stop 42024-09-300001476765RPL Bidco Limited, One stop 52024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Internet Truckstop Group, LLC, One stop 12024-09-300001476765Internet Truckstop Group, LLC, One stop 22024-09-300001476765Internet Truckstop Group, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:RoadRailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Anaplan, Inc., One stop 12024-09-300001476765Anaplan, Inc., One stop 22024-09-300001476765Anaplan, Inc., One stop 32024-09-300001476765Appfire Technologies, LLC, One stop 12024-09-300001476765Appfire Technologies, LLC, One stop 22024-09-300001476765Appfire Technologies, LLC, One stop 32024-09-300001476765Appfire Technologies, LLC, One stop 42024-09-300001476765Aras Corporation, One stop 12024-09-300001476765Aras Corporation, One stop 22024-09-300001476765Armstrong Bidco Limited, One stop 12024-09-300001476765Armstrong Bidco Limited, One stop 22024-09-300001476765Arrow Buyer, Inc., One stop 12024-09-300001476765Arrow Buyer, Inc., One stop 22024-09-300001476765Arrow Buyer, Inc., One stop 32024-09-300001476765Artifact Bidco, Inc., One stop 12024-09-300001476765Artifact Bidco, Inc., One stop 22024-09-300001476765Artifact Bidco, Inc., One stop 32024-09-300001476765Artifact Bidco, Inc., One stop 42024-09-300001476765Auvik Networks Inc., One stop 12024-09-300001476765Auvik Networks Inc., One stop 22024-09-300001476765Auvik Networks Inc., One stop 32024-09-300001476765Auvik Networks Inc., One stop 42024-09-300001476765Axiom Merger Sub Inc., One stop 12024-09-300001476765Axiom Merger Sub Inc., One stop 22024-09-300001476765Axiom Merger Sub Inc., One stop 32024-09-300001476765Axiom Merger Sub Inc., One stop 42024-09-300001476765Axiom Merger Sub Inc., One stop 52024-09-300001476765Axiom Merger Sub Inc., One stop 62024-09-300001476765Azul Systems, Inc., Senior secured 12024-09-300001476765Azul Systems, Inc., Senior secured 22024-09-300001476765Azurite Intermediate Holdings, Inc., One stop 12024-09-300001476765Azurite Intermediate Holdings, Inc., One stop 22024-09-300001476765Azurite Intermediate Holdings, Inc., One stop 32024-09-300001476765Baxter Planning Systems, LLC, One stop 12024-09-300001476765Baxter Planning Systems, LLC, One stop 22024-09-300001476765Baxter Planning Systems, LLC, One stop 32024-09-300001476765Bayshore Intermediate #2, L.P., One stop 12024-09-300001476765Bayshore Intermediate #2, L.P., One stop 22024-09-300001476765BestPass, Inc., One stop 12024-09-300001476765BestPass, Inc., One stop 22024-09-300001476765BestPass, Inc., One stop 32024-09-300001476765Bloomerang, LLC, One stop 12024-09-300001476765Bloomerang, LLC, One stop 22024-09-300001476765Bloomerang, LLC, One stop 32024-09-300001476765Bonterra LLC, One stop 12024-09-300001476765Bonterra LLC, One stop 22024-09-300001476765Bonterra LLC, One stop 32024-09-300001476765Bonterra LLC, One stop 42024-09-300001476765Bottomline Technologies, Inc., One stop 12024-09-300001476765Bottomline Technologies, Inc., One stop 22024-09-300001476765Bottomline Technologies, Inc., One stop 32024-09-300001476765Bullhorn, Inc., One stop 12024-09-300001476765Bullhorn, Inc., One stop 22024-09-300001476765Bullhorn, Inc., One stop 32024-09-300001476765Bullhorn, Inc., One stop 42024-09-300001476765Bullhorn, Inc., One stop 52024-09-300001476765Bullhorn, Inc., One stop 62024-09-300001476765Burning Glass Intermediate Holdings Company, Inc., One stop 12024-09-300001476765Burning Glass Intermediate Holdings Company, Inc., One stop 22024-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 12024-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 22024-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 32024-09-300001476765Bynder BidCo, Inc.& Bynder BidCo B.V., One stop 42024-09-300001476765Calabrio, Inc., One stop 12024-09-300001476765Calabrio, Inc., One stop 22024-09-300001476765Calabrio, Inc., One stop 32024-09-300001476765Camelia Bidco Limited, One stop 12024-09-300001476765Camelia Bidco Limited, One stop 22024-09-300001476765Camelia Bidco Limited, One stop 32024-09-300001476765Camelia Bidco Limited, One stop 42024-09-300001476765CB Buyer, Inc., One stop 12024-09-300001476765CB Buyer, Inc., One stop 22024-09-300001476765CB Buyer, Inc., One stop 32024-09-300001476765Coupa Holdings, LLC, One stop 12024-09-300001476765Coupa Holdings, LLC, One stop 22024-09-300001476765Coupa Holdings, LLC, One stop 32024-09-300001476765Crewline Buyer, Inc., One stop 12024-09-300001476765Crewline Buyer, Inc., One stop 22024-09-300001476765Daxko Acquisition Corporation, One stop 12024-09-300001476765Daxko Acquisition Corporation, One stop 22024-09-300001476765Daxko Acquisition Corporation, One stop 32024-09-300001476765Daxko Acquisition Corporation, One stop 42024-09-300001476765Daxko Acquisition Corporation, One stop 52024-09-300001476765Denali Bidco Limited, One stop 12024-09-300001476765Denali Bidco Limited, One stop 22024-09-300001476765Denali Bidco Limited, One stop 32024-09-300001476765Denali Bidco Limited, One stop 42024-09-300001476765Denali Bidco Limited, One stop 52024-09-300001476765Diligent Corporation, One stop 12024-09-300001476765Diligent Corporation, One stop 22024-09-300001476765Diligent Corporation, One stop 32024-09-300001476765Diligent Corporation, One stop 42024-09-300001476765Dragon UK Bidco Limited, One stop 12024-09-300001476765Dragon UK Bidco Limited, One stop 22024-09-300001476765Dragon UK Bidco Limited, One stop 32024-09-300001476765Evergreen IX Borrower 2023, LLC, One stop 12024-09-300001476765Evergreen IX Borrower 2023, LLC, One stop 22024-09-300001476765Evergreen IX Borrower 2023, LLC, One stop 32024-09-300001476765FirstUp, Inc., One stop 12024-09-300001476765FirstUp, Inc., One stop 22024-09-300001476765FirstUp, Inc., One stop 32024-09-300001476765Gainsight, Inc., One stop 12024-09-300001476765Gainsight, Inc., One stop 22024-09-300001476765GS Acquisitionco, Inc., One stop 12024-09-300001476765GS Acquisitionco, Inc., One stop 22024-09-300001476765GS Acquisitionco, Inc., One stop 32024-09-300001476765GTIV, LLC, One stop 12024-09-300001476765GTIV, LLC, One stop 22024-09-300001476765GTY Technology Holdings, Inc., One stop 12024-09-300001476765GTY Technology Holdings, Inc., One stop 22024-09-300001476765GTY Technology Holdings, Inc., One stop 32024-09-300001476765GTY Technology Holdings, Inc., One stop 42024-09-300001476765GTY Technology Holdings, Inc., One stop 52024-09-300001476765GTY Technology Holdings, Inc., One stop 62024-09-300001476765Gurobi Optimization, LLC, One stop 12024-09-300001476765Gurobi Optimization, LLC, One stop 22024-09-300001476765Hornet Security Holding GMBH, One stop 12024-09-300001476765Hornet Security Holding GMBH, One stop 22024-09-300001476765Hornet Security Holding GMBH, One stop 32024-09-300001476765Hornet Security Holding GMBH, One stop 42024-09-300001476765Hyland Software, Inc., One stop 12024-09-300001476765Hyland Software, Inc., One stop 22024-09-300001476765Icefall Parent, Inc., One stop 12024-09-300001476765Icefall Parent, Inc., One stop 22024-09-300001476765ICIMS, Inc., One stop 12024-09-300001476765ICIMS, Inc., One stop 22024-09-300001476765ICIMS, Inc., One stop 32024-09-300001476765IQN Holding Corp., One stop 12024-09-300001476765IQN Holding Corp., One stop 22024-09-300001476765Island Bidco AB, One stop 12024-09-300001476765Island Bidco AB, One stop 22024-09-300001476765Island Bidco AB, One stop 32024-09-300001476765Island Bidco AB, One stop 42024-09-300001476765Island Bidco AB, One stop 52024-09-300001476765Juvare, LLC, One stop 12024-09-300001476765Juvare, LLC, One stop 22024-09-300001476765Juvare, LLC, One stop 32024-09-300001476765Juvare, LLC, One stop 42024-09-300001476765Kaseya Inc., One stop 12024-09-300001476765Kaseya Inc., One stop 22024-09-300001476765Kaseya Inc., One stop 32024-09-300001476765Kaseya Inc., One stop 42024-09-300001476765LeadsOnline, LLC, One stop 12024-09-300001476765LeadsOnline, LLC, One stop 22024-09-300001476765LeadsOnline, LLC, One stop 32024-09-300001476765LeadsOnline, LLC, One stop 42024-09-300001476765Matrix42 Holding GMBH, One stop 12024-09-300001476765Matrix42 Holding GMBH, One stop 22024-09-300001476765Matrix42 Holding GMBH, One stop 32024-09-300001476765Matrix42 Holding GMBH, One stop 42024-09-300001476765Matrix42 Holding GMBH, One stop 52024-09-300001476765Mindbody, Inc., One stop 12024-09-300001476765Mindbody, Inc., One stop 22024-09-300001476765Mindbody, Inc., One stop 32024-09-300001476765Ministry Brands Holdings LLC, One stop 12024-09-300001476765Ministry Brands Holdings LLC, One stop 22024-09-300001476765Ministry Brands Holdings LLC, One stop 32024-09-300001476765Navex TopCo, Inc., One stop 12024-09-300001476765Navex TopCo, Inc., One stop 22024-09-300001476765Naviga Inc., Senior secured2024-09-300001476765Orsay Bidco 1 B.V. and Sky Group Holding B.V., One stop2024-09-300001476765Panzura, LLC, One stop2024-09-300001476765Personify, Inc., One stop 12024-09-300001476765Personify, Inc., One stop 22024-09-300001476765Personify, Inc., One stop 32024-09-300001476765Pineapple German Bidco GMBH, One stop 12024-09-300001476765Pineapple German Bidco GMBH, One stop 22024-09-300001476765Pineapple German Bidco GMBH, One stop 32024-09-300001476765PING Identity Holding Corp., One stop 12024-09-300001476765PING Identity Holding Corp., One stop 22024-09-300001476765Pluralsight, LLC, One stop 12024-09-300001476765Pluralsight, LLC, One stop 22024-09-300001476765Pluralsight, LLC, One stop 32024-09-300001476765Pluralsight, LLC, One stop 42024-09-300001476765Pluralsight, LLC, One stop 52024-09-300001476765ProcessUnity Holdings, LLC, One stop 12024-09-300001476765ProcessUnity Holdings, LLC, One stop 22024-09-300001476765ProcessUnity Holdings, LLC, One stop 32024-09-300001476765ProcessUnity Holdings, LLC, One stop 42024-09-300001476765QAD, Inc., One stop 12024-09-300001476765QAD, Inc., One stop 22024-09-300001476765Quant Buyer, Inc., One stop 12024-09-300001476765Quant Buyer, Inc., One stop 22024-09-300001476765Quant Buyer, Inc., One stop 32024-09-300001476765Quant Buyer, Inc., One stop 42024-09-300001476765Quant Buyer, Inc., One stop 52024-09-300001476765Rainforest Bidco Limited, One stop 12024-09-300001476765Rainforest Bidco Limited, One stop 22024-09-300001476765Rainforest Bidco Limited, One stop 32024-09-300001476765Rainforest Bidco Limited, One stop 42024-09-300001476765Riskonnect Parent, LLC, One stop 12024-09-300001476765Riskonnect Parent, LLC, One stop 22024-09-300001476765Riskonnect Parent, LLC, One stop 32024-09-300001476765Riskonnect Parent, LLC, One stop 42024-09-300001476765Riskonnect Parent, LLC, One stop 52024-09-300001476765Riskonnect Parent, LLC, One stop 62024-09-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 12024-09-300001476765Rodeo Buyer Company & Absorb Software Inc., One stop 22024-09-300001476765SailPoint Technologies Holdings, Inc., One stop 12024-09-300001476765SailPoint Technologies Holdings, Inc., One stop 22024-09-300001476765Sapphire Bidco Oy, One stop 12024-09-300001476765Sapphire Bidco Oy, One stop 22024-09-300001476765Sapphire Bidco Oy, One stop 32024-09-300001476765Sonatype, Inc., One stop 12024-09-300001476765Sonatype, Inc., One stop 22024-09-300001476765Sonatype, Inc., One stop 32024-09-300001476765Spartan Buyer Acquisition Co., One stop 12024-09-300001476765Spartan Buyer Acquisition Co., One stop 22024-09-300001476765Spartan Buyer Acquisition Co., One stop 32024-09-300001476765Telesoft Holdings LLC, One stop 12024-09-300001476765Telesoft Holdings LLC, One stop 22024-09-300001476765Telesoft Holdings LLC, One stop 32024-09-300001476765Templafy APS and Templafy, LLC, One stop 12024-09-300001476765Templafy APS and Templafy, LLC, One stop 22024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 12024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 22024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 32024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 42024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 52024-09-300001476765TI Intermediate Holdings, LLC, Senior secured 62024-09-300001476765Togetherwork Holdings, LLC, One stop 12024-09-300001476765Togetherwork Holdings, LLC, One stop 22024-09-300001476765Togetherwork Holdings, LLC, One stop 32024-09-300001476765Transform Bidco Limited, One stop 12024-09-300001476765Transform Bidco Limited, One stop 22024-09-300001476765Transform Bidco Limited, One stop 32024-09-300001476765Vantage Bidco GMBH, One stop 12024-09-300001476765Vantage Bidco GMBH, One stop 22024-09-300001476765Varinem German Midco GMBH, One stop 12024-09-300001476765Varinem German Midco GMBH, One stop 22024-09-300001476765Vector CS Midco Limited & Cloudsense Ltd., One stop 12024-09-300001476765Vector CS Midco Limited & Cloudsense Ltd., One stop 22024-09-300001476765Vendavo, Inc., One stop 12024-09-300001476765Vendavo, Inc., One stop 22024-09-300001476765Vendavo, Inc., One stop 32024-09-300001476765WebPT, Inc., One stop2024-09-300001476765Workforce Software, LLC, One stop 12024-09-300001476765Workforce Software, LLC, One stop 22024-09-300001476765Workforce Software, LLC, One stop 32024-09-300001476765Workforce Software, LLC, One stop 42024-09-300001476765Workforce Software, LLC, One stop 52024-09-300001476765Zendesk, Inc., One stop 12024-09-300001476765Zendesk, Inc., One stop 22024-09-300001476765Zendesk, Inc., One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Ave Holdings III, Corp, One stop 12024-09-300001476765Ave Holdings III, Corp, One stop 22024-09-300001476765Ave Holdings III, Corp, One stop 32024-09-300001476765Ave Holdings III, Corp, One stop 42024-09-300001476765Biscuit Parent, LLC, One stop 12024-09-300001476765Biscuit Parent, LLC, One stop 22024-09-300001476765Cavender Stores L.P. Senior Secured2024-09-300001476765Consilio Midco Limited, One stop 12024-09-300001476765Consilio Midco Limited, One stop 22024-09-300001476765Consilio Midco Limited, One stop 32024-09-300001476765Consilio Midco Limited, One stop 42024-09-300001476765Consilio Midco Limited, One stop 52024-09-300001476765Consilio Midco Limited, One stop 62024-09-300001476765Consilio Midco Limited, One stop 72024-09-300001476765Consilio Midco Limited, One stop 82024-09-300001476765Consilio Midco Limited, One stop 92024-09-300001476765Consilio Midco Limited, One stop 102024-09-300001476765Consilio Midco Limited, One stop 112024-09-300001476765Consilio Midco Limited, One stop 122024-09-300001476765Consilio Midco Limited, One stop 132024-09-300001476765Consilio Midco Limited, One stop 142024-09-300001476765Consilio Midco Limited, One stop 152024-09-300001476765Consilio Midco Limited, One stop 162024-09-300001476765Consilio Midco Limited, One stop 172024-09-300001476765CVP Holdco, Inc., One stop 12024-09-300001476765CVP Holdco, Inc., One stop 22024-09-300001476765CVP Holdco, Inc., One stop 32024-09-300001476765Cycle Gear, Inc., One stop2024-09-300001476765PetVet Care Centers LLC, One stop 12024-09-300001476765PetVet Care Centers LLC, One stop 22024-09-300001476765PetVet Care Centers LLC, One stop 32024-09-300001476765PPV Intermediate Holdings, LLC, One stop 12024-09-300001476765PPV Intermediate Holdings, LLC, One stop 22024-09-300001476765PPV Intermediate Holdings, LLC, One stop 32024-09-300001476765PPV Intermediate Holdings, LLC, One stop 42024-09-300001476765PPV Intermediate Holdings, LLC, One stop 52024-09-300001476765PPV Intermediate Holdings, LLC, One stop 62024-09-300001476765PPV Intermediate Holdings, LLC, One stop 72024-09-300001476765PPV Intermediate Holdings, LLC, One stop 82024-09-300001476765Radiance Borrower, LLC, One stop 12024-09-300001476765Radiance Borrower, LLC, One stop 22024-09-300001476765Salon Lofts Group, LLC, Senior secured 12024-09-300001476765Salon Lofts Group, LLC, Second lien 12024-09-300001476765Salon Lofts Group, LLC, Second lien 22024-09-300001476765Salon Lofts Group, LLC, Second lien 32024-09-300001476765Salon Lofts Group, LLC, Senior secured 22024-09-300001476765Salon Lofts Group, LLC, Second lien 42024-09-300001476765Salon Lofts Group, LLC, Senior secured 32024-09-300001476765Salon Lofts Group, LLC, Senior secured 42024-09-300001476765Salon Lofts Group, LLC, Senior secured 52024-09-300001476765Salon Lofts Group, LLC, Senior secured 62024-09-300001476765Salon Lofts Group, LLC, Second lien 52024-09-300001476765Salon Lofts Group, LLC, Senior secured 72024-09-300001476765Salon Lofts Group, LLC, Senior secured 82024-09-300001476765Salon Lofts Group, LLC, Senior secured 92024-09-300001476765Salon Lofts Group, LLC, Senior secured 102024-09-300001476765Salon Lofts Group, LLC, Senior secured 112024-09-300001476765Salon Lofts Group, LLC, Senior secured 122024-09-300001476765Salon Lofts Group, LLC, Senior secured 132024-09-300001476765Salon Lofts Group, LLC, Second lien 62024-09-300001476765Salon Lofts Group, LLC, Senior secured 142024-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 12024-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 22024-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 32024-09-300001476765Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd., One stop 42024-09-300001476765Titan Fitness, LLC, One stop 12024-09-300001476765Titan Fitness, LLC, One stop 22024-09-300001476765Titan Fitness, LLC, One stop 32024-09-300001476765Vermont Aus Pty Ltd, One stop 12024-09-300001476765Vermont Aus Pty Ltd, One stop 22024-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 12024-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 22024-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Dollfus Mieg Company, Inc., One stop 12024-09-300001476765Dollfus Mieg Company, Inc., One stop 22024-09-300001476765Dollfus Mieg Company, Inc, One stop 32024-09-300001476765Elite Sportswear, L.P., Senior secured 12024-09-300001476765Elite Sportswear, L.P., Senior secured 22024-09-300001476765Elite Sportswear, L.P., Senior secured 32024-09-300001476765Elite Sportswear, L.P., Senior secured 42024-09-300001476765Elite Sportswear, L.P., Senior secured 52024-09-300001476765Elite Sportswear, L.P., Senior secured 62024-09-300001476765Elite Sportswear, L.P., Senior secured 72024-09-300001476765Elite Sportswear, L.P., Senior secured 82024-09-300001476765Georgica Pine Clothiers, LLC, One stop 12024-09-300001476765Georgica Pine Clothiers, LLC, One stop 22024-09-300001476765Georgica Pine Clothiers, LLC, One stop 32024-09-300001476765Georgica Pine Clothiers, LLC, One stop 42024-09-300001476765Georgica Pine Clothiers, LLC, One stop 52024-09-300001476765Georgica Pine Clothiers, LLC, One stop 62024-09-300001476765Shoes For Crews Global, LLC, Senior secured 12024-09-300001476765Shoes For Crews Global, LLC, Senior secured 22024-09-300001476765Shoes For Crews Global, LLC, Senior secured 32024-09-300001476765Shoes For Crews Global, LLC, Senior secured 42024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:TextilesApparelLuxuryGoodsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 12024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 22024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 32024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 42024-09-300001476765Marcone Yellowstone Buyer Inc., One stop 52024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:TradingCompaniesAndDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765S.J. Electro Systems, LLC, Senior secured 12024-09-300001476765S.J. Electro Systems, LLC, Senior secured 22024-09-300001476765S.J. Electro Systems, LLC, Senior secured 32024-09-300001476765S.J. Electro Systems, LLC, Senior secured 42024-09-300001476765Vessco Midco Holdings, LLC, One stop 12024-09-300001476765Vessco Midco Holdings, LLC, One stop 22024-09-300001476765Vessco Midco Holdings, LLC, One stop 32024-09-300001476765us-gaap:DebtSecuritiesMembergbdc:WaterUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-09-300001476765PPW Aero Buyer, Inc., LP units2024-09-300001476765Tronair Parent, Inc., LLC units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:AerospaceAndDefenseSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Polk Acquisition Corp., LP Interest2024-09-300001476765CAP-KSI Holdings, LLC, Preferred stock2024-09-300001476765CAP-KSI Holdings, LLC, LP units2024-09-300001476765CG Group Holdings, LLC, LP units2024-09-300001476765Go Car Wash Parent, Corp., Preferred stock2024-09-300001476765Go Car Wash Parent, Corp., Common stock2024-09-300001476765MOP GM Holding, LLC, LP units2024-09-300001476765MOP GM Holding, LLC, Preferred stock2024-09-300001476765National Express Wash Parent Holdco, LLC, LP units2024-09-300001476765POY Holdings, LLC, LLC units2024-09-300001476765Quick Quack Car Wash Holdings, LLC, LP units2024-09-300001476765Quick Quack Car Wash Holdings, LLC, LLC units2024-09-300001476765Yorkshire Parent, Inc., LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Cobepa BlueSky Aggregator, SCSp, LP units2024-09-300001476765Cobepa BlueSky Aggregator, SCSp, Preferred stock2024-09-300001476765Cobepa BlueSky Aggregator, SCSp, LP Interest2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:BiotechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765BECO Holding Company, Inc., Preferred stock2024-09-300001476765BECO Holding Company, Inc., LP Interest2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Inhance Technologies Holdings LLC, Preferred stock2024-09-300001476765Inhance Technologies Holdings LLC, LLC units2024-09-300001476765us-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765CI (Quercus) Intermediate Holdings, LLC, LP Interest2024-09-300001476765FR Vision Holdings, Inc., LP units2024-09-300001476765Franchise Brands plc, Common stock2024-09-300001476765North Haven Stack Buyer, LLC, LLC units2024-09-300001476765PT Intermediate Holdings III, LLC, LLC units2024-09-300001476765Radwell Parent, LLC, LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:CommercialServicesSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Chase Intermediate, LP units2024-09-300001476765CHHJ Midco, LLC, LLC units2024-09-300001476765CHVAC Services Investment, LLC, Common Stock2024-09-300001476765DP Flores Holdings, LLC, LLC units2024-09-300001476765EMS LINQ, LLC, LP Interest2024-09-300001476765EWC Growth Partners LLC, LLC interest2024-09-300001476765HS Spa Holdings, Inc., Common stock2024-09-300001476765Liminex, Inc., Common stock2024-09-300001476765NSG Buyer, Inc., LP units2024-09-300001476765PADI Holdco, Inc., LLC interest2024-09-300001476765Project Alpha Intermediate Holdings, Inc., Preferred stock2024-09-300001476765Project Alpha Intermediate Holdings, Inc., Common stock2024-09-300001476765Virginia Green Acquisition, LLC, LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:DiversifiedConsumerServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Inventus Power, Inc., Preferred stock2024-09-300001476765Inventus Power, Inc., LLC units2024-09-300001476765Inventus Power, Inc., LP Interest2024-09-300001476765Inventus Power, Inc., Common stock2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:ElectronicEquipmentInstrumentsComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Hopdoddy Holdings, LLC, LLC units 12024-09-300001476765Hopdoddy Holdings, LLC, LLC units 22024-09-300001476765Mendocino Farms, LLC, Common stock2024-09-300001476765PDI TA Holdings, Inc, Preferred stock2024-09-300001476765Ruby Slipper Cafe LLC, The, LLC units2024-09-300001476765Ruby Slipper Cafe LLC, The, LLC interest 12024-09-300001476765Ruby Slipper Cafe LLC, The, LLC interest 22024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:FoodAndStaplesRetailingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 12024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 22024-09-300001476765Borrower R365 Holdings, LLC, LLC units2024-09-300001476765Borrower R365 Holdings, LLC, Common stock2024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 32024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 42024-09-300001476765Borrower R365 Holdings, LLC, LP units2024-09-300001476765Borrower R365 Holdings, LLC, Preferred stock 52024-09-300001476765Kodiak Cakes, LLC, Common stock2024-09-300001476765Louisiana Fish Fry Products, Ltd., Common stock2024-09-300001476765Louisiana Fish Fry Products, Ltd., Preferred stock2024-09-300001476765P&P Food Safety Holdings, Inc., Preferred stock2024-09-300001476765P&P Food Safety Holdings, Inc., Common stock2024-09-300001476765Purfoods, LLC, LLC interest2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Aspen Medical Products, LLC, LP interest2024-09-300001476765Blue River Pet Care, LLC, Common stock2024-09-300001476765CCSL Holdings, LLC, LP interest2024-09-300001476765CMI Parent Inc., Common stock 12024-09-300001476765CMI Parent Inc., Common stock 22024-09-300001476765G & H Wire Company, Inc., LLC interest2024-09-300001476765JHC Investment Intermediate Holdings, LLC, LLC units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Active Day, Inc., LLC interest2024-09-300001476765Acuity Eyecare Holdings, LLC, LLC interest2024-09-300001476765Acuity Eyecare Holdings, LLC, LLC units2024-09-300001476765ADCS Clinics Intermediate Holdings, LLC, Preferred stock2024-09-300001476765ADCS Clinics Intermediate Holdings, LLC, Common stock2024-09-300001476765AVG Intermediate Holdings & AVG Subsidiary Holdings LLC, LLC units2024-09-300001476765CRH Healthcare Purchaser, Inc., LP interest2024-09-300001476765DCA Investment Holding, LLC, Preferred stock2024-09-300001476765DCA Investment Holding, LLC, Common stock2024-09-300001476765Emerge Intermediate, Inc., LLC units 12024-09-300001476765Emerge Intermediate, Inc., LLC units 22024-09-300001476765Emerge Intermediate, Inc., LLC units 32024-09-300001476765Encorevet Group LLC, Preferred stock2024-09-300001476765Krueger-Gilbert Health Physics, LLC, Common stock2024-09-300001476765Midwest Veterinary Partners, LLC, Preferred stock 12024-09-300001476765Midwest Veterinary Partners, LLC, Warrant2024-09-300001476765Midwest Veterinary Partners, LLC, Preferred stock 22024-09-300001476765MWD Management, LLC & MWD Services, Inc., LLC interest2024-09-300001476765NDX Parent, LLC, Common stock2024-09-300001476765NDX Parent, LLC, Preferred stock2024-09-300001476765New Look (Delaware) Corporation and NL1 AcquireCo, Inc., Common stock2024-09-300001476765Pinnacle Treatment Centers, Inc., LLC interest 12024-09-300001476765Pinnacle Treatment Centers, Inc., LLC interest 22024-09-300001476765Pyramid Healthcare Acquisition Corp, Common Stock2024-09-300001476765Radiology Partners, Inc., LLC units2024-09-300001476765Radiology Partners, Inc., LLC interest2024-09-300001476765Sage Dental Management, LLC, LLC units 12024-09-300001476765Sage Dental Management, LLC, LLC units 22024-09-300001476765Suveto Buyer, LLC, Common stock2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareProvidersAndServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Amberfield Acquisition Co., LLC units2024-09-300001476765Connexin Software, Inc., LLC interest2024-09-300001476765Connexin Software, Inc., LLC units2024-09-300001476765HSI Halo Acquisition, Inc., Preferred stock2024-09-300001476765HSI Halo Acquisition, Inc., LP interest2024-09-300001476765Symplr Software, Inc., Preferred stock 12024-09-300001476765Symplr Software, Inc., Preferred stock 22024-09-300001476765Symplr Software, Inc., Preferred stock 32024-09-300001476765Symplr Software, Inc., Preferred stock 42024-09-300001476765Symplr Software, Inc., LLC units2024-09-300001476765Symplr Software, Inc., Common stock2024-09-300001476765Tebra Technologies, Inc., LLC interest2024-09-300001476765Tebra Technologies, Inc., Warrant 12024-09-300001476765Tebra Technologies, Inc., Warrant 22024-09-300001476765Tebra Technologies, Inc., Preferred stock2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:HealthcareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Cafe Rio Holding, Inc. Common stock2024-09-300001476765Freddy's Frozen Custard LLC, LP interest2024-09-300001476765Harri US LLC, LLC units2024-09-300001476765Harri US LLC, Preferred stock 12024-09-300001476765Harri US LLC, Warrant 12024-09-300001476765Harri US LLC, Preferred stock 22024-09-300001476765Harri US LLC, Warrant 22024-09-300001476765LMP TR Holdings, LLC, LLC units2024-09-300001476765PB Group Holdings, LLC, LP units2024-09-300001476765SSRG Holdings, LLC, LP interest2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:HotelsRestaurantsLeisureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Accession Risk Management Group, Inc., Preferred stock2024-09-300001476765Majesco, Preferred stock2024-09-300001476765Majesco, LP interest2024-09-300001476765Oakbridge Insurance Agency LLC, LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:InsuranceSectorsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Revalize, Inc., Preferred stock 12024-09-300001476765Revalize, Inc., Preferred stock 22024-09-300001476765Revalize, Inc., Preferred stock 32024-09-300001476765Revalize, Inc., Preferred stock 42024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:InternetAndDirectMarketingRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Appriss Health Intermediate Holdings, Inc, Preferred stock2024-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 12024-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 22024-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Preferred stock 32024-09-300001476765Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc., Warrant2024-09-300001476765Critical Start, Inc., Common stock2024-09-300001476765Kentik Technologies, Inc., Preferred stock2024-09-300001476765Netwrix Corporation, LLC units2024-09-300001476765Optimizely North America, Inc., Common stock2024-09-300001476765Saturn Borrower Inc., LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:ITServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Massage Envy, LLC, LLC interest2024-09-300001476765Movement Holdings, LLC, LLC units2024-09-300001476765WBZ Investment, LLC, LLC interest 12024-09-300001476765WBZ Investment, LLC, LLC interest 22024-09-300001476765WBZ Investment, LLC, LLC interest 32024-09-300001476765WBZ Investment, LLC, LLC interest 42024-09-300001476765WBZ Investment, LLC, LLC interest 52024-09-300001476765WBZ Investment, LLC, LLC interest 62024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Celerion Buyer, Inc., LP units 12024-09-300001476765Celerion Buyer, Inc., LP units 22024-09-300001476765PAS Parent Inc., LP interest2024-09-300001476765PAS Parent Inc., Preferred stock2024-09-300001476765Reaction Biology Corporation, LLC units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:LifeSciencesToolsServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765W3 Co., LLC interest2024-09-300001476765W3 Co., Preferred stock2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:OilGasConsumableFuelsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Messenger, LLC, LLC units 12024-09-300001476765Messenger, LLC, LLC units 22024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:PaperAndForestProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Amalthea Parent, Inc., LP interest2024-09-300001476765Cobalt Buyer Sub, Inc., Preferred stock 12024-09-300001476765Cobalt Buyer Sub, Inc., Preferred stock 22024-09-300001476765Cobalt Buyer Sub, Inc., Common stock2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Eclipse Buyer, Inc., Preferred stock2024-09-300001476765Enboarder, Inc., Preferred stock2024-09-300001476765Filevine, Inc., Preferred stock 12024-09-300001476765Filevine, Inc., Warrant2024-09-300001476765Filevine, Inc., Preferred stock 22024-09-300001476765Net Health Acquisition Corp., LP interest2024-09-300001476765Procure Acquireco, Inc., LP interest2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Inhabit IQ Inc., Common stock2024-09-300001476765SC Landco Parent, LLC, Common stock2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:RealEstateManagementDevelopmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Internet Truckstop Group, LLC, LP interest2024-09-300001476765Anaplan, Inc., LP interest2024-09-300001476765Aras Corporation, Preferred stock2024-09-300001476765Aras Corporation, LP interest2024-09-300001476765Astute Holdings, Inc., LP interest2024-09-300001476765Auvik Networks Inc., Preferred stock 12024-09-300001476765Auvik Networks Inc., Preferred stock 22024-09-300001476765Bayshore Intermediate #2, L.P., Common stock2024-09-300001476765Calabrio, Inc., LP interest 12024-09-300001476765Calabrio, Inc., LP interest 22024-09-300001476765CB Buyer, Inc., LP Units 2024-09-300001476765Cloudbees, Inc., Preferred stock 12024-09-300001476765Cloudbees, Inc., Warrant2024-09-300001476765Cloudbees ., Preferred stock 22024-09-300001476765Cynet Security Ltd., Preferred stock2024-09-300001476765Denali Bidco Limited, LP interest2024-09-300001476765Diligent Corporation, Preferred stock 12024-09-300001476765Diligent Corporation, Preferred stock 22024-09-300001476765FirstUp, Inc. Common stock 2024-09-300001476765GS Acquisitionco, Inc., Preferred stock 12024-09-300001476765GS Acquisitionco, Inc., Preferred stock 22024-09-300001476765GS Acquisitionco, Inc., LP interest2024-09-300001476765GS Acquisitionco, Inc., Preferred stock 32024-09-300001476765GTY Technology Holdings, Inc., LP units2024-09-300001476765Gurobi Optimization, LLC, Common stock2024-09-300001476765Impartner, Inc., Preferred stock2024-09-300001476765Kaseya Inc., Preferred stock2024-09-300001476765Kaseya Inc., LP interest2024-09-300001476765Ministry Brands Holdings LLC, LP interest2024-09-300001476765mParticle, Inc., Preferred stock2024-09-300001476765mParticle, Inc., Warrant2024-09-300001476765Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH, Warrant2024-09-300001476765Onit, Inc., Preferred stock2024-09-300001476765Onit, Inc., Warrant2024-09-300001476765Panzura, LLC, LLC Units2024-09-300001476765Personify, Inc., LP interest2024-09-300001476765Pluralsight, LLC, LLC units2024-09-300001476765QAD, Inc., Preferred stock2024-09-300001476765QAD, Inc., Common stock2024-09-300001476765RegEd Aquireco, LLC, LP interest 12024-09-300001476765RegEd Aquireco, LLC, Preferred stock2024-09-300001476765RegEd Aquireco, LLC, LP interest 22024-09-300001476765Riskonnect Parent, LLC, Preferred stock 12024-09-300001476765Riskonnect Parent, LLC, LP interest2024-09-300001476765Riskonnect Parent, LLC, Preferred stock 22024-09-300001476765Riskonnect Parent, LLC, Preferred stock 32024-09-300001476765SnapLogic, Inc., Preferred stock2024-09-300001476765SnapLogic, Inc., Warrant2024-09-300001476765Spartan Buyer Acquisition Co., Common stock2024-09-300001476765Spartan Buyer Acquisition Co., Preferred stock2024-09-300001476765Telesoft Holdings LLC, LP interest2024-09-300001476765Templafy APS and Templafy, LLC, Warrant2024-09-300001476765Togetherwork Holdings, LLC, Preferred stock2024-09-300001476765Workforce Software, LLC, Common stock 12024-09-300001476765Workforce Software, LLC, Common stock 22024-09-300001476765Zendesk, Inc., LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Ave Holdings III, Corp, Preferred stock2024-09-300001476765Ave Holdings III, Corp, LP units2024-09-300001476765Batteries Plus Holding Corporation, LP interest2024-09-300001476765Cycle Gear, Inc., LLC units2024-09-300001476765Cycle Gear, Inc., Preferred stock2024-09-300001476765Pet Holdings ULC, LP interest2024-09-300001476765Salon Lofts Group, LLC, LP units2024-09-300001476765Southern Veterinary Partners, LLC, Preferred stock 12024-09-300001476765Southern Veterinary Partners, LLC, Preferred stock 22024-09-300001476765Southern Veterinary Partners, LLC, LLC interest2024-09-300001476765VSG Acquisition Corp. and Sherrill, Inc., LP units2024-09-300001476765us-gaap:EquitySecuritiesMembergbdc:SpecialtyRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001476765Georgica Pine Clothiers, LLC, LLC 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Bank Limited, Settlement Date 7/18/2025 2025-06-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 12025-06-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 22025-06-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 32025-06-300001476765Macquarie Bank Limited, Settlement Date 7/30/2025 2025-06-300001476765Macquarie Bank Limited, Settlement Date 1/30/20262025-06-300001476765Macquarie Bank Limited, Settlement Date 2/2/20262025-06-300001476765Macquarie Bank Limited, Settlement Date 2/5/2026 Contract 12025-06-300001476765Macquarie Bank Limited, Settlement Date 2/5/2026 Contract 22025-06-300001476765Macquarie Bank Limited, Settlement Date 5/12/20272025-06-300001476765Macquarie Bank Limited, Settlement Date 5/27/20272025-06-300001476765Macquarie Bank Limited2025-06-300001476765SMBC Capital Markets, Settlement Date 1/20/2026 Contract 12025-06-300001476765SMBC Capital Markets, Settlement Date 1/20/2026 Contract 22025-06-300001476765SMBC Capital Markets, Settlement Date 2/2/20262025-06-300001476765SMBC Capital Markets, Settlement Date 2/5/20262025-06-300001476765SMBC Capital Markets, Settlement Date 5/27/2027 Contract 52025-06-300001476765SMBC Capital Markets2025-06-300001476765Macquarie Bank Limited, Settlement Date 11/12/20242024-09-300001476765Macquarie Bank Limited, Settlement Date 12/9/20242024-09-300001476765Macquarie Bank Limited, Settlement Date 12/23/20242024-09-300001476765Macquarie Bank Limited, Settlement Date 2/5/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 2/27/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 3/17/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 3/31/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 7/18/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 12024-09-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 22024-09-300001476765Macquarie Bank Limited, Settlement Date 7/21/2025 Contract 32024-09-300001476765Macquarie Bank Limited, Settlement Date 7/30/20252024-09-300001476765Macquarie Bank Limited, Settlement Date 1/30/20262024-09-300001476765Macquarie Bank Limited, Settlement Date 2/2/20262024-09-300001476765Macquarie Bank Limited, Settlement Date 2/5/2026 Contract 12024-09-300001476765Macquarie Bank Limited, Settlement Date 2/5/2026 Contract 22024-09-300001476765Macquarie Bank Limited2024-09-300001476765SMBC Capital Markets, Settlement Date 1/20/2026 Contract 12024-09-300001476765SMBC Capital Markets, Settlement Date 1/20/2026 Contract 22024-09-300001476765SMBC Capital Markets, Settlement Date 2/2/20262024-09-300001476765SMBC Capital Markets, Settlement Date 2/5/20262024-09-300001476765SMBC Capital Markets, Inc.2024-09-300001476765SMBC Capital Markets, Inc, Settlement Date 11/5/2028 contract 12025-06-300001476765SMBC Capital Markets, Inc, Settlement Date 11/5/2028 contract 22025-06-300001476765SMBC Capital Markets, Inc, Settlement Date 6/15/20292025-06-300001476765SMBC Capital Markets, Inc2025-06-300001476765Macquarie Bank Limited, Settlement Date 6/15/20292025-06-300001476765SMBC Capital Markets, Inc and Macquarie Bank Limited2025-06-300001476765SMBC Capital Markets, Inc, Settlement Date 11/5/2028 contract 12024-09-300001476765SMBC Capital Markets, Inc, Settlement Date 11/5/2028 contract 22024-09-300001476765SMBC Capital Markets, Inc, Settlement Date 6/15/20292024-09-300001476765SMBC Capital Markets, 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_____________________________________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________________________________ 
FORM 10-Q

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

For the Quarterly Period Ended June 30, 2025

OR

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

For the transition period from _____ to _____

Commission File Number 814-00794

Golub Capital BDC, Inc.
(Exact name of registrant as specified in its charter)
Delaware27-2326940
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)
200 Park Avenue, 25th Floor
New York, NY 10166
(Address of principal executive offices)

(212) 750-6060
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareGBDC The Nasdaq Global Select Market

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

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

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

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

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

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


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

2
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)

June 30, 2025September 30, 2024
(unaudited)
Assets    
Investments, at fair value    
Non-controlled/non-affiliate company investments$8,682,453 $8,011,824 
Non-controlled affiliate company investments267,240 211,382 
Controlled affiliate company investments11,856 12,205 
Total investments, at fair value (amortized cost of $8,967,518 and $8,302,913, respectively)
8,961,549 8,235,411 
Cash and cash equivalents91,855 123,120 
Foreign currencies (cost of $7,823 and $7,973, respectively)
7,901 8,044 
Restricted cash and cash equivalents
79,017 227,152 
Restricted foreign currencies (cost of $0 and $1,219, respectively)
— 1,236 
Interest receivable70,783 74,036 
Receivable for investments4,808 3,545 
Net unrealized appreciation on derivatives10,729 29,490 
Other assets9,871 1,722 
Total Assets$9,236,513 $8,703,756 
Liabilities    
Debt$5,154,001 $4,624,791 
Less unamortized debt issuance costs(26,853)(25,361)
Debt less unamortized debt issuance costs5,127,148 4,599,430 
Net unrealized depreciation on derivatives11,714 — 
Interest payable51,446 45,701 
Management and income incentive fees payable40,613 33,619 
Accrued trustee fees521 178 
Accounts payable and other liabilities9,742 10,299 
Total Liabilities5,241,184 4,689,227 
Commitments and Contingencies (Note 8)
    
Net Assets    
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2025 and September 30, 2024
— — 
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 266,376,416 shares issued and outstanding as of June 30, 2025; 350,000,000 shares authorized, 264,277,128 shares issued and outstanding as of September 30, 2024
266 264 
Paid in capital in excess of par4,202,928 4,167,258 
Distributable earnings (losses)
(207,865)(152,993)
Total Net Assets3,995,329 4,014,529 
Total Liabilities and Total Net Assets$9,236,513 $8,703,756 
Number of common shares outstanding266,376,416 264,277,128 
Net asset value per common share$15.00 $15.19 

See Notes to Consolidated Financial Statements.
3
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)

Three months ended June 30,Nine months ended June 30,
  2025202420252024
Investment income    
From non-controlled/non-affiliate company investments:    
Interest income$193,964 $153,899 $580,342 $447,809 
Payment-in-kind interest income12,671 9,036 36,409 30,096 
Dividend income8,224 5,705 24,588 14,445 
Fee income787 665 3,032 1,482 
Total investment income from non-controlled/non-affiliate company investments215,646 169,305 644,371 493,832 
From non-controlled affiliate company investments:    
Interest income1,817 795 6,301 2,625 
Payment-in-kind interest income721 1,033 1,806 3,392 
Fee income32 26 81 92 
Total investment income from non-controlled affiliate company investments2,570 1,854 8,188 6,109 
From controlled affiliate company investments:  
Payment-in-kind interest income124 108 362 317 
Fee income4 4 15 13 
Total investment income from controlled affiliate company investments128 112 377 330 
Total investment income218,344 171,271 652,936 500,271 
Expenses    
Interest and other debt financing expenses70,698 60,116 220,253 145,801 
Base management fee22,082 14,362 65,376 41,980 
Incentive fee18,543 14,400 54,848 56,311 
Professional fees2,142 1,486 5,747 4,136 
Administrative service fee3,142 2,090 9,229 6,480 
General and administrative expenses475 370 1,444 1,135 
Total expenses117,082 92,824 356,897 255,843 
Incentive fee waived (Note 3)
— (14,400)— (19,557)
Net expenses 117,082 78,424 356,897 236,286 
Net investment income - before tax101,262 92,847 296,039 263,985 
Excise and income tax— 125 (475)1,195 
Net investment income - after tax101,262 92,722 296,514 262,790 
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Non-controlled/non-affiliate company investments376 (32,137)(41,844)(30,988)
Non-controlled affiliate company investments— — — (18,517)
Foreign currency transactions(400)(6,206)(4,279)(1,560)
Forward currency contracts— 624 7,203 624 
Net realized gain (loss) on investment transactions (24)(37,719)(38,920)(50,441)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliate company investments(12,613)(53,214)26,131 (34,523)
Non-controlled affiliate company investments(232)396 457 25 
Controlled affiliate company investments(184)196 (711)(1,111)
Translation of assets and liabilities in foreign currencies23,857 3,709 12,311 (260)
Forward currency contracts (22,219)2,972 (15,787)1,589 
Net change in unrealized appreciation (depreciation) on investment transactions (11,391)(45,941)22,401 (34,280)
Net gain (loss) on investment transactions (11,415)(83,660)(16,519)(84,721)
Net realized gain (loss) on extinguishment of debt— — (48)— 
(Provision) benefit for taxes on unrealized appreciation on investments211 190 409 517 
Net increase (decrease) in net assets resulting from operations$90,058 $9,252 $280,356 $178,586 
Per Common Share Data
Basic and diluted earnings per common share (Note 10)
$0.34 $0.05 $1.05 $0.99 
Dividends and distributions declared per common share$0.39 $0.50 $1.26 $1.40 
Basic and diluted weighted average common shares outstanding (Note 10)
266,844,118 199,969,889 265,882,773 180,047,668 

See Notes to Consolidated Financial Statements.
4
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)
Common StockPaid in Capital in Excess of ParDistributable Earnings (Losses)Total Net Assets
SharesPar Amount
Balance at September 30, 2023
169,594,742 $170 $2,646,912 $(99,204)$2,547,878 
Issuance of common stock - GBDC 3 Merger92,115,308 92 1,526,259 — 1,526,351 
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 262,790 262,790 
Net realized gain (loss) on investment transactions— — — (50,441)(50,441)
Net change in unrealized appreciation (depreciation) on investment transactions— — — (34,280)(34,280)
(Provision) benefit for taxes on unrealized appreciation on investments— — — 517 517 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan2,899,006 3 44,280 — 44,283 
Distributions from distributable earnings— — — (243,455)(243,455)
Total increase (decrease) for the nine months ended June 30, 2024
95,014,314 95 1,570,539 (64,869)1,505,765 
Balance at June 30, 2024
264,609,056 $265 $4,217,451 $(164,073)$4,053,643 
Balance at March 31, 2024
171,517,307 $172 $2,676,430 $(82,962)$2,593,640 
Issuance of common stock - GBDC 3 Merger92,115,308 92 1,526,259 — 1,526,351 
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 92,722 92,722 
Net realized gain (loss) on investment transactions— — — (37,719)(37,719)
Net change in unrealized appreciation (depreciation) on investment transactions— — — (45,941)(45,941)
(Provision) benefit for taxes on unrealized appreciation on investments— — — 190 190 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan976,441 1 14,762 — 14,763 
Distributions from distributable earnings— — — (90,363)(90,363)
Total increase (decrease) for the three months ended June 30, 2024
93,091,749 93 1,541,021 (81,111)1,460,003 
Balance at June 30, 2024
264,609,056 $265 $4,217,451 $(164,073)$4,053,643 
Balance at September 30, 2024
264,277,128 $264 $4,167,258 $(152,993)$4,014,529 
Issuance of common stock2,408,940 3 37,431 — 37,434 
Repurchases of common stock, net of commission costs(2,532,475)(3)(35,463)— (35,466)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 296,514 296,514 
Net realized gain (loss) on investment transactions— — — (38,920)(38,920)
Net realized gain (loss) on extinguishment of debt— — — (48)(48)
Net change in unrealized appreciation (depreciation) on investment transactions— — — 22,401 22,401 
(Provision) benefit for taxes on unrealized appreciation on investments— — — 409 409 
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan2,222,823 2 33,702 — 33,704 
Distributions from distributable earnings— — — (335,228)(335,228)
Total increase (decrease) for the nine months ended June 30, 2025
2,099,288 2 35,670 (54,872)(19,200)
Balance at June 30, 2025
266,376,416 $266 $4,202,928 $(207,865)$3,995,329 
Balance at March 31, 2025
268,831,114 $269 $4,237,261 $(194,032)$4,043,498 
Repurchases of common stock, net of commission costs(2,454,698)(3)(34,333)— (34,336)
Net increase (decrease) in net assets resulting from operations:
Net investment income after taxes— — — 101,262 101,262 
Net realized gain (loss) on investment transactions— — — (24)(24)
Net change in unrealized appreciation (depreciation) on investment transactions — — — (11,391)(11,391)
(Provision) benefit for taxes on unrealized appreciation on investments— — — 211 211 
Distributions to stockholders:
Distributions from distributable earnings— — — (103,891)(103,891)
Total increase (decrease) for the three months ended June 30, 2025
(2,454,698)(3)(34,333)(13,833)(48,169)
Balance at June 30, 2025
266,376,416 $266 $4,202,928 $(207,865)$3,995,329 
See Notes to Consolidated Financial Statements.
5

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

Nine months ended June 30,
  20252024
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations$280,356 $178,586 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt issuance costs7,537 6,869 
Accretion of discounts and amortization of premiums on investments(5,524)1,267 
Accretion of discounts and amortization of premiums on issued debt securities2,507 (10,996)
Net realized (gain) loss on investments41,844 49,505 
Net realized (gain) loss on foreign currency transactions4,279 1,560 
Net realized (gain) loss on forward currency contracts(7,203)(624)
Net realized (gain) loss on extinguishment of debt48 — 
Net change in unrealized (appreciation) depreciation on investments(25,877)35,609 
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(12,311)260 
Net change in unrealized (appreciation) depreciation on interest rate swap4,541 2,992 
Net change in unrealized (appreciation) depreciation on forward currency contracts15,787 (1,589)
Proceeds from (fundings of) revolving loans, net(7,592)(4,658)
Fundings of investments(1,781,515)(554,521)
Proceeds from principal payments and sales of portfolio investments1,146,022 867,233 
Proceeds from settlements of forward currency contracts10,264 1,123 
Payment-in-kind interest capitalized(40,439)(36,551)
Non-cash dividends capitalized(23,091)(13,890)
Proceeds from non-cash dividends4,288 47 
Cash acquired in GBDC 3 Merger— 53,885 
Changes in operating assets and liabilities:
Cash collateral held at broker for derivatives(8,410)(11,670)
Interest receivable3,253 8,374 
Receivable for investments(1,263)— 
Other assets261 (20,191)
Interest payable5,745 23,750 
Management and income incentive fees payable6,994 (29,853)
Accrued trustee fees343 155 
Accounts payable and other liabilities(1)
(557)(2,730)
Net cash provided by (used in) operating activities(379,713)543,942 
Cash flows from financing activities    
Borrowings on debt3,517,912 1,966,609 
Repayments of debt(3,008,603)(1,971,861)
Capitalized debt issuance costs(9,029)(13,488)
Net proceeds from issuance of common stock (Note 11)37,434 — 
Purchases of common stock (Note 11)
(35,466)— 
Distributions paid(280,970)(199,173)
Purchases of common stock for dividend reinvestment plan (20,554)— 
Net cash provided by (used in) financing activities200,724 (217,913)
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies(178,989)326,029 
Effect of foreign currency exchange rates(1,790)(1,521)
See Notes to Consolidated Financial Statements.
6


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





Nine months ended June 30,
  20252024
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, beginning of period359,552 140,206 
Cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies, end of period$178,773 $464,714 
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest(2)
$199,922 $110,623 
Distributions declared for the period335,228 243,455 
Supplemental disclosure of non-cash financing activities:
Acquisition of subsidiaries(3)
Noncash assets acquired:
Investments, at cost$— $2,623,381 
Interest receivable— 32,204 
Unrealized appreciation on forward currency contracts— 6,334 
Receivable for investments sold— 8,922 
Other assets— 154 
Total noncash assets purchased— 2,670,995 
Liabilities assumed:
Debt— 1,211,174 
Interest payable— 12,671 
Distributions payable— 9,516 
Management and income incentive fees payable— 8,921 
Accrued trustee fees— 8 
Accounts payable and other liabilities— 4,040 
Total liabilities assumed— 1,246,330 
Issuance of common stock$— $1,526,351 
Merger costs capitalized into purchase price$— $3,867 
(1) Includes payment of $9,516 distribution payable of GBDC 3 shareholders that was assumed in the GBDC 3 Merger (defined in Note 1).
(2) Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg
and (iii) the debt instrument.
(3) Refer to Note 1 for more information related to our acquisition of GBDC 3.


The following table provides a reconciliation of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
As of
June 30, 2025September 30, 2024
Cash and cash equivalents$91,855 $123,120 
Foreign currencies (cost of $7,823 and $7,973, respectively)
7,901 8,044 
Restricted cash and cash equivalents79,017 227,152 
Restricted foreign currencies (cost of $0 and $1,219, respectively)
— 1,236 
Total cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies shown in the Consolidated Statements of Cash Flows(1)
$178,773 $359,552 
(1) See Note 2 for a description of cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies.

See Notes to Consolidated Financial Statements.
7
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.*+One stopSF +6.50%(i)10.82%02/2029$34,115 $33,907 0.8%$34,456 
PPW Aero Buyer, Inc.*One stopSF +5.50%(i)9.80%02/20297,834 7,787 0.27,873 
PPW Aero Buyer, Inc.+(5)One stopSF +5.50%N/A(6)02/2029— (73)—— 
PPW Aero Buyer, Inc.+One stopP + 5.50%(a)13.00%02/202918 17 —18 
PPW Aero Buyer, Inc.+One stopSF +5.00%(i)9.30%02/20296,448 6,418 0.26,448 
48,415 48,056 1.248,795 
Air Freight & Logistics
RJW Group Holdings, Inc.+One stopSF +5.00%(i)9.30%11/203146,415 45,548 1.246,415 
RJW Group Holdings, Inc.+(5)One stopSF +5.00%N/A(6)11/2031— (32)—— 
46,415 45,516 1.246,415 
Airlines
Accelya Lux Finco S.A.R.L.+(8)(22)(26)One stopSF +6.00%(i)10.40%12/20269,085 8,946 0.29,085
Auto Components                
Arnott, LLC+One stopSF +4.75%(j)8.97%11/20304,748 4,705 0.14,700 
Arnott, LLC+One stopSF +4.75%(j)8.97%11/2030134 127 —126 
Collision SP Subco, LLC+One stopSF +4.75%(i)9.03%01/20302,205 2,183 0.12,205 
Collision SP Subco, LLC+One stopSF +4.75%(i)(j)9.02%01/20301,133 1,122 —1,133 
Collision SP Subco, LLC+(5)One stopSF +4.75%N/A(6)01/2030— (3)—— 
Collision SP Subco, LLC+One stopSF +4.75%(i)9.03%01/2030245 243 —245 
Collision SP Subco, LLC+(5)One stopSF +4.75%N/A(6)01/2030— (29)—— 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(i)8.91%08/20276,774 6,725 0.25,893 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(i)8.93%08/20271,371 1,352 —1,193 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(i)8.94%08/2027186 183 —162 
North Haven Falcon Buyer, LLC+(7)(26)One stopSF +8.00%(i)7.33% cash/5.00%PIK05/20279,463 8,483 0.14,920 
North Haven Falcon Buyer, LLC+(7)(26)One stopSF +8.00%(i)7.33% cash/5.00%PIK05/20271,580 1,422 —822 
OEConnection, LLC*One stopSF +5.25%(h)9.58%04/203110,211 10,171 0.310,211 
OEConnection, LLC+(5)One stopSF +5.25%N/A(6)04/2031— (31)—— 
OEConnection, LLC+One stopSF +5.25%(h)9.58%04/20311,782 1,766 —1,782 
OEConnection, LLC+(5)One stopSF +5.25%N/A(6)04/2031— (7)—— 
39,832 38,412 0.833,392 
Automobiles                
CAP-KSI Holdings, LLC*+One stopSF +5.25%(i)9.54%06/203011,230 11,094 0.311,230 
CAP-KSI Holdings, LLC+One stopSF +5.25%(i)9.56%06/2030825 813 —825 
CG Group Holdings, LLC*+(26)One stopSF +8.75%(i)11.05% cash/2.00%PIK07/202746,270 46,105 1.246,270 
CG Group Holdings, LLC+(26)One stopSF +8.75%(h)11.08% cash/2.00%PIK07/2026800 795 —800 
Denali Midco 2, LLC*One stopSF +5.25%(h)9.58%12/202838,258 38,045 1.038,258 
Denali Midco 2, LLC+(26)Second lienN/A13.00%PIK12/202911,207 11,119 0.311,207 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/20288,917 9,047 0.28,917 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/20282,668 2,708 0.12,668 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/20281,621 1,645 0.11,621 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/20281,540 1,562 0.11,540 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/20281,344 1,364 —1,344 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/20281,293 1,280 —1,293 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/20281,108 1,105 —1,108 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/20281,075 1,072 —1,075 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/20281,075 1,072 —1,075 

See Notes to Consolidated Financial Statements.
8
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/2028$887 $885 —%$887 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/20281,212 1,210 —1,212 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/2028403 399 —403 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/2028348 345 —348 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/2028294 291 —294 
Denali Midco 2, LLC+(5)One stopSF +5.25%N/A(6)12/2028— (9)—— 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/2028173 171 —173 
Denali Midco 2, LLC+One stopSF +5.25%(h)9.58%12/202887 85 —87 
Denali Midco 2, LLC+(5)One stopSF +5.25%N/A(6)12/2028— (4)—— 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(i)9.55%12/20291,426 1,422 0.11,426 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(i)9.55%12/2029297 296 —297 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(i)9.55%12/2029251 248 —251 
High Bar Brands Operating, LLC+Senior securedSF +5.25%(i)9.55%12/202911 10 —11 
JHCC Holdings LLC*+One stopSF +5.25%(i)9.55%09/202717,754 17,714 0.517,754 
JHCC Holdings LLC+One stopSF +5.25%(i)9.55%09/20276,904 6,891 0.26,904 
JHCC Holdings LLC+One stopSF +5.25%(i)9.55%09/20275,140 5,202 0.15,140 
JHCC Holdings LLC+One stopSF +5.25%(i)9.55%09/20274,913 4,920 0.14,913 
JHCC Holdings LLC+One stopSF +5.25%(i)9.55%09/20272,771 2,788 0.12,771 
JHCC Holdings LLC+One stopSF +5.25%(i)9.55%09/20271,646 1,639 —1,646 
JHCC Holdings LLC+One stopSF +5.25%(i)9.55%09/2027728 726 —728 
JHCC Holdings LLC+One stopSF +5.25%(i)9.55%09/2027690 688 —690 
JHCC Holdings LLC+One stopP + 4.25%(a)11.75%09/202760 60 —60 
JHCC Holdings LLC+One stopSF +5.25%(i)9.55%09/20273,533 3,504 0.13,533 
MOP GM Holding, LLC^*+One stopSF +5.75%(i)10.20%11/202632,633 32,600 0.832,305 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.23%11/20263,836 3,827 0.13,798 
MOP GM Holding, LLC*+One stopSF +5.75%(i)10.18%11/20263,589 3,575 0.13,553 
MOP GM Holding, LLC^*One stopSF +5.75%(i)10.18%11/20263,509 3,492 0.13,474 
MOP GM Holding, LLC^*One stopSF +5.75%(i)10.20%11/20262,600 2,588 0.12,575 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.18%11/20262,144 2,134 0.12,123 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.18%11/20261,977 1,964 0.11,958 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.20%11/2026720 716 —712 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.20%11/2026530 526 —524 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.20%11/2026400 397 —396 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.18%11/2026265 264 —263 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.20%11/2026202 200 —199 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.18%11/202688 88 —88 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.20%11/202688 88 —88 
MOP GM Holding, LLC+(5)One stopSF +5.75%N/A(6)11/2026— (22)—— 
National Express Wash Parent Holdco, LLC+One stopSF +5.00%(i)9.30%07/202913,314 13,267 0.313,314 
National Express Wash Parent Holdco, LLC+One stopSF +5.00%(j)9.24%07/20291,449 1,428 —1,449 
National Express Wash Parent Holdco, LLC+One stopSF +5.00%(i)9.30%07/20291,283 1,277 —1,283 
National Express Wash Parent Holdco, LLC+(5)One stopSF +5.00%N/A(6)07/2029— (10)—— 
POY Holdings, LLC^*+One stopSF +5.50%(i)9.95%11/202728,269 28,480 0.727,986 
POY Holdings, LLC*+One stopSF +5.50%(i)9.95%11/20273,675 3,722 0.13,639 
POY Holdings, LLC*+One stopSF +5.50%(i)9.95%11/20271,301 1,300 —1,288 
POY Holdings, LLC+One stopSF +5.50%(i)9.93%11/2027867 866 —858 
POY Holdings, LLC+One stopSF +5.50%(i)9.95%11/2027646 646 —640 
POY Holdings, LLC+One stopSF +5.50%(i)9.95%11/2027289 289 —286 
POY Holdings, LLC+(5)One stopSF +5.50%N/A(6)11/2027— (2)—(4)
POY Holdings, LLC+(5)One stopSF +5.50%N/A(6)11/2027— (13)—(33)
POY Holdings, LLC+One stopSF +5.50%(i)9.93%11/20272,267 2,258 0.12,244 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)9.08%06/20314,610 4,577 0.14,593 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)9.07%06/2031359 355 —358 

See Notes to Consolidated Financial Statements.
9
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Quick Quack Car Wash Holdings, LLC+(5)One stopSF +4.75%N/A(6)06/2031$— $(3)—%$(2)
Quick Quack Car Wash Holdings, LLC+(5)One stopSF +4.75%N/A(6)06/2031— (4)—(4)
TWAS Holdings, LLC*+One stopSF +6.00%(h)10.43%12/202646,443 46,228 1.246,443 
TWAS Holdings, LLC*+One stopSF +6.00%(h)10.43%12/202641,482 41,448 1.041,482 
TWAS Holdings, LLC*+One stopSF +6.00%(h)10.43%12/202610,769 10,753 0.310,769 
TWAS Holdings, LLC+One stopSF +6.00%(h)10.43%12/20268,224 8,244 0.28,224 
TWAS Holdings, LLC+One stopSF +6.00%(h)10.43%12/20265,223 5,236 0.15,223 
TWAS Holdings, LLC+(5)One stopSF +6.00%N/A(6)12/2026— (5)—— 
Yorkshire Parent, Inc.+One stopSF +5.00%(i)9.28%12/20292,253 2,243 0.12,253 
Yorkshire Parent, Inc.+One stopSF +5.00%(i)9.28%12/202972 46 —72 
Yorkshire Parent, Inc.+One stopSF +5.50%(i)9.80%12/20292,228 2,254 0.12,234 
Yorkshire Parent, Inc.+One stopSF +5.50%(i)9.79%12/2029617 615 —619 
Yorkshire Parent, Inc.+One stopSF +5.50%(i)9.80%12/202962 60 —62 
407,042 406,299 10.2406,091 
Banks
Empyrean Solutions, LLC+One stopSF +4.50%(i)8.80%11/20319,283 9,240 0.29,283 
Empyrean Solutions, LLC+(5)One stopSF +4.75%N/A(6)11/2031— (6)—— 
Empyrean Solutions, LLC+(5)One stopSF +4.75%N/A(6)11/2031— (17)—— 
OSP Hamilton Purchaser, LLC+One stopSF +4.75%(i)9.03%12/20291,731 1,753 0.11,723 
OSP Hamilton Purchaser, LLC+One stopSF +4.75%(i)9.01%12/2029768 763 —760 
OSP Hamilton Purchaser, LLC+One stopSF +4.75%(i)9.03%12/202950 50 —50 
OSP Hamilton Purchaser, LLC+(5)One stopSF +4.75%N/A(6)12/2029— (5)—(5)
11,832 11,778 0.311,811 
Beverages
Financial Information Technologies, LLC*+One stopSF +5.25%(i)9.55%06/203034,364 34,302 0.834,278 
Financial Information Technologies, LLC+(26)One stopN/A14.00%PIK06/203122,081 21,961 0.622,744 
Financial Information Technologies, LLC+One stopSF +5.25%N/A(6)06/2030— — —— 
Financial Information Technologies, LLC+One stopSF +5.25%(i)9.55%06/20302,204 2,201 —2,199 
Financial Information Technologies, LLC+(5)One stopSF +5.25%N/A(6)06/2030— (1)—(3)
Spindrift Beverage Co. Inc.+One stopSF +5.25%(i)9.53%02/20327,653 7,562 0.27,653 
Spindrift Beverage Co. Inc.+One stopSF +5.25%(i)9.53%02/2032105 87 —105 
Spindrift Beverage Co. Inc.+(5)One stopSF +5.25%N/A(6)02/2032— (5)—— 
Watermill Express, LLC^*One stopSF +4.50%(i)8.95%04/20313,047 3,018 0.13,027 
Watermill Express, LLC+One stopSF +4.50%(i)8.80%04/2031294 293 —293 
Watermill Express, LLC+One stopSF +4.50%(i)8.82%04/203183 77 —79 
Watermill Express, LLC+One stopSF +4.50%(i)8.95%04/2031735 727 —731 
Watermill Express, LLC+One stopSF +4.50%(i)8.94%04/2031369 366 —366 
Watermill Express, LLC+One stopSF +4.50%(i)8.91%04/20312,381 2,359 0.12,366 
Watermill Express, LLC+One stopSF +4.50%(i)8.80%04/20312,771 2,755 0.12,754 
Watermill Express, LLC+(5)One stopSF +5.00%N/A(6)04/2031— (12)—(12)
Winebow Holdings, Inc.*+One stopSF +6.25%(h)10.68%12/20279,252 9,065 0.28,049 
85,339 84,755 2.184,629 
Building Products
BECO Holding Company, Inc.*+One stopSF +5.25%(i)9.70%11/202840,683 41,199 1.040,479 
BECO Holding Company, Inc.+(5)One stopSF +5.25%N/A(6)11/2027— (2)—(4)
40,683 41,197 1.040,475 
Capital Markets
BlueMatrix Holdings, LLC+One stopSF +5.25%(i)9.55%01/20312,520 2,542 0.12,520 
BlueMatrix Holdings, LLC+One stopSF +5.25%(i)9.55%01/20319,950 9,904 0.29,950 

See Notes to Consolidated Financial Statements.
10
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
BlueMatrix Holdings, LLC+One stopSF +5.25%N/A(6)01/2031$— $— —%$— 
BlueMatrix Holdings, LLC+One stopSF +5.25%(i)9.55%01/2031275 269 —275 
12,745 12,715 0.312,745 
Chemicals
AP Adhesives Holdings, LLC+(5)One stopSF +4.75%N/A(6)04/2032— (9)—(10)
AP Adhesives Holdings, LLC+One stopSF +4.75%(h)9.07%04/203139 34 —34 
AP Adhesives Holdings, LLC+One stopSF +4.75%(i)8.80%04/20325,800 5,772 0.15,771 
Inhance Technologies Holdings, LLC+(26)One stopSF +6.50%(i)6.95% cash/4.00%PIK08/202515,594 14,137 0.312,943 
Inhance Technologies Holdings, LLC+(26)One stopSF +6.50%(i)6.95% cash/4.00%PIK08/202514,160 13,638 0.311,753 
Inhance Technologies Holdings, LLC+(26)One stopSF +6.50%(i)6.95% cash/4.00%PIK08/20252,754 2,647 0.12,287 
Inhance Technologies Holdings, LLC+(26)One stopSF +6.50%(i)6.95% cash/4.00%PIK08/2025323 306 —265 
Krayden Holdings, Inc.+Senior securedSF +4.75%(h)9.08%03/20299,766 9,686 0.29,766 
Krayden Holdings, Inc.+Senior securedSF +4.75%(h)9.08%03/202948 20 —48 
Krayden Holdings, Inc.+Senior securedSF +4.75%(h)9.06%03/20291,954 1,905 0.11,954 
PHM NL SP Bidco B.V.+(8)(9)(10)(26)One stopE + 6.75%(d)6.13% cash/3.00%PIK09/202854,885 51,009 1.352,141 
PHM NL SP Bidco B.V.+(8)(10)(26)One stopSF +6.75%(g)8.29% cash/3.00%PIK09/202820,296 19,559 0.519,281 
PHM NL SP Bidco B.V.+(8)(9)(10)(26)One stopSN +6.75%(f)7.97% cash/3.00%PIK09/202812,160 11,215 0.311,552 
PHM NL SP Bidco B.V.+(8)(9)(10)(26)One stopE + 6.75%(d)5.80% cash/3.00%PIK09/20285,815 5,303 0.15,529 
143,594 135,222 3.3133,314 
Commercial Services & Supplies
BradyIFS Holdings, LLC^+One stopSF +5.00%(i)9.28%10/20295,183 5,245 0.15,183 
BradyIFS Holdings, LLC+One stopSF +5.00%(i)9.32%10/202950 49 —50 
CI (Quercus) Intermediate Holdings, LLC*+One stopSF +5.00%(i)9.30%06/203130,480 30,177 0.830,327 
CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.00%(i)9.31%06/203178 62 —75 
CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.00%(i)9.30%06/2031701 669 —683 
CI (Quercus) Intermediate Holdings, LLC+(5)One stopSF +5.00%N/A(6)06/2031— (5)—(5)
CHA Vision Holdings, Inc.+One stopSF +5.00%(i)9.27%01/20311,061 1,057 —1,061 
CHA Vision Holdings, Inc.+One stopSF +5.00%(i)9.29%01/2031208 207 —208 
CHA Vision Holdings, Inc.+One stopSF +5.00%N/A(6)01/2030— — —— 
Kleinfelder Intermediate, LLC+One stopSF +5.00%(i)9.28%09/20304,056 3,968 0.14,056 
Kleinfelder Intermediate, LLC+(5)One stopSF +5.00%N/A(6)09/2028— (6)—— 
Kleinfelder Intermediate, LLC+One stopSF +5.00%(i)9.28%09/2030440 436 —440 
North Haven Stack Buyer, LLC+(26)Second lienN/A10.00% cash/2.50%PIK01/20281,529 1,519 0.11,529 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/2027157 156 —157 
North Haven Stack Buyer, LLC*+One stopSF +4.75%(i)9.07%07/20271,552 1,539 0.11,548 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/20271,368 1,359 —1,364 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/2027283 280 —281 
North Haven Stack Buyer, LLC+(5)Second lienN/AN/A(6)01/2028— (10)—(7)
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/202712,191 12,163 0.312,160 
North Haven Stack Buyer, LLC+(26)Second lienN/A10.00% cash/2.50%PIK01/20282,322 2,305 0.12,322 
North Haven Stack Buyer, LLC*+One stopSF +4.75%(i)9.07%07/20271,469 1,461 —1,466 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/20271,408 1,399 0.11,404 
North Haven Stack Buyer, LLC*One stopSF +4.75%(i)9.07%07/20274,107 4,092 0.14,097 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/20271,360 1,356 —1,357 
North Haven Stack Buyer, LLC*One stopSF +4.75%(i)9.07%07/20271,355 1,350 —1,352 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/2027199 199 —199 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/202799 99 —99 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/2027676 668 —673 
North Haven Stack Buyer, LLC*+One stopSF +4.75%(i)9.07%07/20272,264 2,251 0.12,258 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/2027481 477 —479 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/2027903 897 —901 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/2027684 679 —682 

See Notes to Consolidated Financial Statements.
11
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/2027$758 $753 —%$756 
North Haven Stack Buyer, LLC+(26)One stopN/A9.75% cash/2.50%PIK01/202823 23 —23 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/2027332 330 —331 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/20271,337 1,329 —1,334 
North Haven Stack Buyer, LLC+(26)Second lienN/A9.75% cash/2.50%PIK01/2028386 384 —385 
North Haven Stack Buyer, LLC+One stopSF +4.75%(i)9.07%07/2027103 101 —101 
Profile Products LLC+One stopSF +5.50%(i)9.86%11/20278,982 8,924 0.28,892 
Profile Products LLC+(8)One stopSF +5.50%(i)9.86%11/20271,821 1,803 0.11,802 
Profile Products LLC+One stopP + 4.50%(a)12.00%11/202768 66 —66 
Profile Products LLC+One stopSF +5.50%N/A(6)11/2027— — —— 
PSC Parent, Inc.*+One stopSF +5.25%(h)9.56%04/20315,464 5,455 0.25,464 
PSC Parent, Inc.+One stopSF +5.25%(h)9.57%04/2030276 270 —276 
PSC Parent, Inc.+One stopSF +5.25%(h)9.56%04/2031573 567 —573 
PSC Parent, Inc.+One stopSF +5.25%(h)9.58%04/2031911 907 —911 
PT Intermediate Holdings III, LLC+(26)One stopSF +5.00%(i)7.55% cash/1.75%PIK04/203018,986 18,979 0.518,796 
PT Intermediate Holdings III, LLC+(5)One stopSF +4.75%N/A(6)04/2030— (5)—(17)
Radwell Parent, LLC^*One stopSF +5.50%(i)9.80%03/202934,027 33,761 0.934,027 
Radwell Parent, LLC*+One stopSF +5.50%(i)9.80%03/202932,707 32,751 0.832,707 
Radwell Parent, LLC+One stopSF +5.50%(i)9.80%03/2029371 333 —371 
Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.48%06/20292,632 2,616 0.12,632 
Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.43%06/2029530 530 —530 
Trinity Air Consultants Holdings Corporation+One stopSF +4.25%N/A(6)06/2029— — —— 
Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.43%06/2029494 493 —494 
Trinity Air Consultants Holdings Corporation+One stopSF +4.25%(j)8.41%06/2029249 247 —249 
WRE Holding Corp.*One stopSF +5.00%(j)9.22%07/203116,390 16,249 0.416,390 
WRE Holding Corp.+One stopSF +5.00%(i)(j)9.17%07/2031295 292 —295 
WRE Holding Corp.+(5)One stopSF +5.00%N/A(6)07/2030— (20)—— 
WRE Holding Corp.+One stopSF +5.00%(j)9.17%07/20311,799 1,791 0.11,799 
WRE Holding Corp.+One stopSF +5.00%(j)9.13%07/20311,084 1,079 —1,084 
WRE Holding Corp.+One stopSF +5.00%(j)9.12%07/2031843 840 —843 
208,105 206,946 5.2207,513 
Communications Equipment
Lightning Finco Limited+(8)(15)One stopSF +5.50%(g)10.22%09/202814,802 14,780 0.414,802 
Lightning Finco Limited+(8)(9)(15)One stopE + 5.50%(d)7.54%09/20281,789 1,746 —1,789 
16,591 16,526 0.416,591 
Construction & Engineering
Consor Intermediate II, LLC*+One stopSF +4.50%(i)8.80%05/20314,742 4,749 0.14,742 
Consor Intermediate II, LLC+(5)One stopSF +4.50%N/A(6)05/2031— (13)—— 
Consor Intermediate II, LLC+One stopSF +4.50%(i)8.80%05/2031534 532 —534 
DCCM, LLC+One stopSF +4.75%(i)9.07%06/2032594 591 —591 
DCCM, LLC+(5)One stopSF +4.75%N/A(6)06/2032— (1)—(1)
DCCM, LLC+(5)One stopSF +4.75%N/A(6)06/2032— (1)—(1)
Royal Holdco Corporation+One stopSF +4.50%(i)8.81%12/20305,996 5,939 0.25,996 
Royal Holdco Corporation+(5)One stopSF +4.50%N/A(6)12/2030— (5)—— 
Royal Holdco Corporation+One stopSF +4.50%(i)8.83%12/2030241 231 —241 
12,107 12,022 0.312,102 
Containers & Packaging
Chase Intermediate*+One stopSF +4.75%(i)9.03%10/202848,952 49,542 1.248,952 
Chase Intermediate+One stopSF +4.75%(i)9.03%10/202880 78 —80 
Chase Intermediate+One stopSF +4.75%(h)(i)9.04%10/20282,289 2,285 0.12,289 

See Notes to Consolidated Financial Statements.
12
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Chase Intermediate+One stopSF +4.75%(h)9.07%10/2028$599 $558 —%$599 
Fortis Solutions Group, LLC^*+One stopSF +5.50%(i)9.90%10/202851,729 51,400 1.351,729 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)9.91%10/20281,700 1,683 0.11,700 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)9.90%10/2028141 87 —141 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)9.90%10/2027152 144 —152 
Packaging Coordinators Midco, Inc.+One stopSF +4.75%(i)9.02%01/20325,272 5,259 0.15,272 
Packaging Coordinators Midco, Inc.+(5)One stopSF +4.75%N/A(6)01/2032— (1)—— 
Packaging Coordinators Midco, Inc.+One stopSF +4.75%N/A(6)01/2032— — —— 
Packaging Coordinators Midco, Inc.+One stopSF +4.75%N/A(6)01/2032— — —— 
Packaging Coordinators Midco, Inc.+One stopSF +4.75%N/A(6)01/2032— — —— 
 110,914 111,035 2.8110,914 
Diversified Consumer Services
Any Hour, LLC*One stopSF +5.25%(i)9.55%05/20308,998 8,942 0.28,458 
Any Hour, LLC+(26)One stopN/A13.00%PIK05/20313,169 3,122 0.12,916 
Any Hour, LLC+One stopSF +5.25%(i)9.54%05/2030512 500 —455 
Any Hour, LLC+One stopSF +5.25%(i)9.55%05/2030255 238 —240 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.31%10/203013,877 13,815 0.413,877 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.33%10/20304,401 4,466 0.14,401 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.33%10/20301,048 1,035 —1,048 
Apex Service Partners, LLC+(5)One stopSF +5.00%N/A(6)10/2029— (2)—— 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.28%10/20302,203 2,182 0.12,203 
Apex Service Partners, LLC+One stopSF +5.00%(i)9.31%10/20302,680 2,649 0.12,680 
Certus Pest, Inc.*One stopSF +5.00%(i)9.45%08/20271,730 1,718 0.11,730 
Certus Pest, Inc.*One stopSF +5.00%(i)9.45%08/20271,659 1,644 0.11,659 
Certus Pest, Inc.*+One stopSF +5.00%(i)9.45%08/20271,197 1,194 —1,197 
Certus Pest, Inc.*One stopSF +5.00%(i)9.45%08/20271,182 1,176 —1,182 
Certus Pest, Inc.*+One stopSF +5.00%(i)9.45%08/2027820 814 —820 
Certus Pest, Inc.*One stopSF +5.00%(i)9.45%08/2027723 714 —723 
Certus Pest, Inc.+One stopSF +5.00%(i)9.45%08/2027704 701 —704 
Certus Pest, Inc.*+One stopSF +5.00%(i)9.45%08/2027416 413 —416 
Certus Pest, Inc.+One stopSF +5.00%(i)9.45%08/2027394 393 —394 
Certus Pest, Inc.+One stopSF +5.00%(i)9.45%08/2027260 257 —260 
Certus Pest, Inc.+One stopSF +5.00%(i)9.45%08/2027142 138 —142 
Certus Pest, Inc.+One stopSF +5.00%(i)9.45%08/202760 59 —60 
Certus Pest, Inc.+One stopSF +5.00%N/A(6)08/2027— — —— 
Certus Pest, Inc.+(5)One stopSF +5.00%N/A(6)08/2027— (32)—— 
Certus Pest, Inc.+One stopSF +5.00%(i)9.42%08/20272,336 2,326 0.12,336 
Certus Pest, Inc.+One stopSF +5.00%(i)9.46%08/20271,456 1,450 0.11,456 
CHHJ Midco, LLC*+Senior securedSF +5.00%(i)9.45%01/20283,702 3,699 0.13,702 
CHHJ Midco, LLC+Senior securedSF +5.00%N/A(6)01/2028— — —— 
CHVAC Services Investment, LLC*+One stopSF +4.50%(i)8.82%05/20306,367 6,283 0.26,367 
CHVAC Services Investment, LLC+One stopSF +4.50%(i)8.80%05/20301,656 1,638 —1,656 
CHVAC Services Investment, LLC+(5)One stopSF +4.50%N/A(6)05/2030— (3)—— 
CHVAC Services Investment, LLC+One stopSF +4.50%(i)8.80%05/203061 20 —61 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.53%07/20275,504 5,456 0.15,504 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.55%07/20272,381 2,373 0.12,381 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.55%07/20272,321 2,309 0.12,321 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.54%07/20271,520 1,513 —1,520 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.55%07/20271,373 1,371 —1,373 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.55%07/20271,146 1,139 —1,146 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.54%07/20271,075 1,070 —1,075 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.57%07/20271,039 1,038 —1,039 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.56%07/2027915 914 —915 

See Notes to Consolidated Financial Statements.
13
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
COP Hometown Acquisitions, Inc.+Senior securedSF +5.25%(i)9.53%07/2027$691 $687 —%$691 
COP Hometown Acquisitions, Inc.+(5)Senior securedSF +5.25%N/A(6)07/2027— (1)—— 
EMS LINQ, LLC^+One stopSF +6.25%(i)10.68%12/202713,835 13,861 0.413,835 
EMS LINQ, LLC+One stopSF +6.25%(i)10.68%12/2027146 145 —146 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)9.95%07/20294,355 4,358 0.14,355 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)9.95%07/20291,263 1,244 —1,263 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)9.95%07/202930 29 —30 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.45%03/20261,077 1,077 —1,034 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.45%03/2026918 916 —881 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.45%03/2026102 102 —98 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.45%03/202638 38 —36 
FPG Intermediate Holdco, LLC+(7)(26)One stopSF +6.75%(j)5.47% cash/5.75%PIK03/202723,088 21,528 0.312,467 
FPG Intermediate Holdco, LLC+(26)One stopSF +6.75%(h)(i)(j)5.42% cash/5.75%PIK03/2027909 909 —909 
FPG Intermediate Holdco, LLC+(26)One stopSF +6.75%(h)(i)(j)5.46% cash/5.75%PIK03/2027128 127 —128 
FSS Buyer LLC+One stopSF +4.50%(i)8.77%08/20316,898 6,857 0.26,898 
FSS Buyer LLC+One stopSF +4.50%(i)8.77%08/203122 22 —22 
HS Spa Holdings, Inc.+One stopSF +5.25%(i)9.58%06/202911,462 11,445 0.311,462 
HS Spa Holdings, Inc.+One stopSF +5.25%(i)9.55%06/2029687 686 —687 
HS Spa Holdings, Inc.+One stopP + 4.25%(a)(h)10.75%06/202844 43 —44 
Learn-it Systems, LLC+(26)Senior securedSF +5.50%(i)9.11% cash/0.75%PIK09/20263,386 3,379 0.13,386 
Learn-it Systems, LLC+(26)Senior securedSF +5.50%(j)9.26% cash/0.75%PIK09/20261,995 1,989 0.11,995 
Learn-it Systems, LLC+(26)Senior securedSF +5.50%(j)9.26% cash/0.75%PIK09/2026849 846 —849 
Learn-it Systems, LLC+Senior securedSF +5.50%N/A(6)09/2026— — —— 
Liminex, Inc.+One stopSF +6.25%(i)10.68%11/202635,471 35,448 0.935,471 
Liminex, Inc.+One stopSF +6.25%(i)10.68%11/202623,399 23,352 0.623,399 
Liminex, Inc.^+One stopSF +6.25%(i)10.68%11/202620,219 20,455 0.520,219 
Liminex, Inc.+One stopSF +6.25%(i)10.68%11/202615,872 15,750 0.415,872 
Litera Bidco, LLC*One stopSF +5.00%(h)9.33%05/20285,162 5,171 0.15,162 
Litera Bidco, LLC+One stopSF +5.00%(h)9.33%05/20282,061 2,055 0.12,061 
Litera Bidco, LLC+(5)One stopSF +5.00%N/A(6)05/2028— (1)—— 
Litera Bidco, LLC+(5)One stopSF +5.00%N/A(6)05/2028— (1)—— 
Mario Purchaser, LLC*+One stopSF +5.75%(h)10.18%04/202911,296 11,252 0.310,844 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.18%04/20295,201 5,225 0.14,993 
Mario Purchaser, LLC+(26)One stopSF +10.75%(h)15.18%PIK04/20324,970 4,987 0.14,871 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.18%04/2029452 449 —435 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.18%04/202824 24 —20 
NSG Buyer, Inc. *+One stopSF +5.00%(i)9.30%11/202937,055 36,825 0.937,055 
NSG Buyer, Inc. +One stopSF +5.00%(i)9.30%11/2028145 140 —145 
NSG Buyer, Inc. +(5)One stopSF +5.00%N/A(6)11/2029— (3)—— 
NSG Buyer, Inc. +(5)One stopSF +5.00%N/A(6)11/2029— (36)—— 
PADI Holdco, Inc.*One stopSF +4.75%(i)9.23%01/202921,189 20,947 0.521,189 
PADI Holdco, Inc.+(8)(9)One stopE + 4.75%(c)6.76%01/202921,132 20,241 0.521,132 
PADI Holdco, Inc.+(8)(9)One stopA + 5.25%(e)8.97%01/20297,479 7,099 0.27,479 
PADI Holdco, Inc.+One stopSF +4.75%(i)9.18%01/2029816 807 —816 
PADI Holdco, Inc.+One stopSF +4.75%(i)9.18%01/20291,000 994 —1,000 
PADI Holdco, Inc.+One stopSF +4.75%(i)9.21%01/2029169 167 —169 
Provenance Buyer LLC*+One stopSF +5.50%(i)9.90%06/202720,635 20,506 0.519,810 
Provenance Buyer LLC*+One stopSF +5.50%(i)9.90%06/202713,903 13,841 0.313,346 
Provenance Buyer LLC+One stopSF +5.50%(i)9.90%06/2027188 184 —178 
RW AM Holdco LLC+One stopSF +5.25%(i)9.65%04/202823,612 23,053 0.519,835 
RW AM Holdco LLC+(5)One stopSF +5.25%N/A(6)04/2028— (8)—(32)
Severin Acquisition, LLC+(26)One stopSF +5.00%(h)7.08% cash/2.25%PIK10/203135,617 35,305 0.935,261 
Severin Acquisition, LLC+One stopSF +4.75%(h)9.08%10/20311,926 1,887 0.11,882 

See Notes to Consolidated Financial Statements.
14
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Severin Acquisition, LLC+(26)One stopSF +5.00%(h)7.08% cash/2.25%PIK10/2031$977 $944 —%$903 
Stellar Brands, LLC+Senior securedSF +4.50%(j)8.72%02/20317,169 7,118 0.27,169 
Stellar Brands, LLC+(5)Senior securedSF +4.50%N/A(6)02/2031— (5)—— 
Virginia Green Acquisition, LLC*+One stopSF +5.25%(j)9.42%12/20302,398 2,433 0.12,398 
Virginia Green Acquisition, LLC+One stopSF +5.25%(j)9.48%12/2030672 666 —672 
Virginia Green Acquisition, LLC+One stopSF +5.25%N/A(6)12/2029— — —— 
471,414 466,290 11.3453,387 
Diversified Financial Services
Baker Tilly Advisory Group, LP+One stopSF +4.75%(h)9.08%06/20313,772 3,728 0.13,782 
Baker Tilly Advisory Group, LP+(5)One stopSF +4.50%N/A(6)06/2030— (12)—(14)
Baker Tilly Advisory Group, LP+One stopSF +4.50%(h)8.83%06/20314,722 4,699 0.14,675 
Baker Tilly Advisory Group, LP+(5)One stopSF +4.50%N/A(6)06/2031— (10)—(20)
Banker's Toolbox, Inc.*+One stopSF +4.50%(i)8.80%07/202720,411 20,375 0.520,411 
Banker's Toolbox, Inc.+One stopSF +4.50%N/A(6)07/2027— — —— 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%(d)7.85%07/203117,547 15,975 0.417,547 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(26)Subordinated debtE + 8.00%(d)2.60% cash/8.00%PIK07/20322,171 1,974 0.12,171 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%(d)7.51%07/20312,486 2,289 0.12,486 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%N/A(6)07/2031— — —— 
Corsair Blade IV S.A R.L.+(8)(13)(26)One stopSF +5.75%(i)9.76% cash/0.25%PIK12/20303,674 3,674 0.13,674 
Corsair Blade IV S.A R.L.+(8)(9)(13)(26)One stopSN +5.75%(f)9.72% cash/0.25%PIK12/20301,208 892 —1,208 
Equity Methods, LLC+One stopSF +4.75%(i)9.05%04/203219,829 19,733 0.519,730 
Equity Methods, LLC+(5)One stopSF +4.75%N/A(6)04/2032— (18)—(18)
Equity Methods, LLC+(5)One stopSF +4.75%N/A(6)04/2032— (22)—(23)
Finastra USA, Inc.+(8)(10)One stopSF +7.25%(j)11.43%09/20295,332 5,264 0.15,332 
Finastra USA, Inc.+(8)(10)One stopSF +7.25%(i)11.57%09/202920 19 —20 
Flash Topco, Inc.+One stopSF +6.00%(i)10.38%10/202816,963 16,741 0.416,793 
Flash Topco, Inc.+One stopSF +6.00%(i)10.28%10/20283,386 3,372 0.13,352 
Flash Topco, Inc.+One stopSF +6.50%(i)10.78%10/2028118 116 —118 
Higginbotham Insurance Agency, Inc.+One stopSF +4.50%(h)8.83%11/20288,032 8,060 0.27,952 
Higginbotham Insurance Agency, Inc.+One stopSF +4.75%(h)9.08%11/2028642 639 —639 
Medlar Bidco Limited+(8)(9)(21)One stopSN +5.00%(f)9.22%05/203227,047 26,003 0.727,047 
Medlar Bidco Limited+(8)(9)(21)One stopE + 5.00%(c)7.14%05/203233,078 31,532 0.833,078 
Medlar Bidco Limited+(5)(8)(9)(21)One stopSN +5.00%N/A(6)05/2032— (59)—— 
Wealth Enhancement Group, LLC+One stopSF +5.00%(i)9.28%10/20283,967 3,962 0.13,967 
Wealth Enhancement Group, LLC+One stopSF +5.00%(i)9.28%10/20282,860 2,857 0.12,860 
Wealth Enhancement Group, LLC+(5)One stopSF +5.00%N/A(6)10/2028— (2)—— 
Wealth Enhancement Group, LLC+One stopSF +5.00%(h)(i)9.31%10/2028906 888 —906 
178,171 172,669 4.4177,673 

See Notes to Consolidated Financial Statements.
15
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Telecommunication Services
NTI Connect, LLC*+Senior securedSF +4.75%(i)9.20%07/2027$1,529 $1,524 —%$1,529 
Electric Utilities
Smart Energy Systems, Inc.+(26)One stopSF +7.50%(i)(j)8.01% cash/3.75%PIK01/20306,362 6,231 0.26,235 
Smart Energy Systems, Inc.+(26)One stopSF +7.50%7.88%01/2030702 692 —674 
7,064 6,923 0.26,909 
Electrical Equipment
Power Grid Holdings, Inc.+One stopSF +4.75%(a)(i)9.05%12/20301,418 1,403 —1,418 
Power Grid Holdings, Inc.+One stopSF +4.75%(h)9.06%12/20309 6 —9 
Wildcat TopCo, Inc.+One stopSF +4.75%(i)9.05%11/203123,361 23,148 0.623,361 
Wildcat TopCo, Inc.+One stopP + 3.75%(a)11.25%11/2031335 297 —335 
Wildcat TopCo, Inc.+(5)One stopSF +5.00%N/A(6)11/2031— (19)—— 
25,123 24,835 0.625,123 
Electronic Equipment, Instruments & Components
CST Holding Company+One stopSF +5.00%(h)9.43%11/202833,802 33,034 0.933,802 
CST Holding Company+(5)One stopSF +5.00%N/A(6)11/2028— (3)—— 
33,802 33,031 0.933,802 
Food & Staples Retailing
Mendocino Farms, LLC+One stopSF +5.75%(h)10.08%03/2030992 990 —983 
Mendocino Farms, LLC+One stopSF +5.75%N/A(6)03/2030— — —— 
Mendocino Farms, LLC+(5)One stopSF +5.75%N/A(6)03/2030— — —(2)
Mendocino Farms, LLC+One stopSF +5.75%(h)10.08%03/2030110 110 —109 
Mendocino Farms, LLC+One stopSF +5.75%(h)10.08%03/2030112 111 —110 
Mendocino Farms, LLC+(5)One stopSF +5.75%N/A(6)03/2030— (84)—(86)
Mendocino Farms, LLC+One stopSF +5.75%(h)10.08%03/203056 56 —56 
Mendocino Farms, LLC+One stopSF +5.75%(h)10.08%03/203056 56 —56 
PDI TA Holdings, Inc.+One stopSF +5.50%(i)9.78%02/203111,464 11,409 0.311,464 
PDI TA Holdings, Inc.+One stopSF +5.50%(g)(i)9.78%02/203135 35 —35 
PDI TA Holdings, Inc.+One stopSF +5.50%(i)9.78%02/2031117 116 —117 
Wineshipping.com LLC+(5)One stopSF +6.25%N/A(6)12/2028— — —(235)
Wineshipping.com LLC+(26)One stopSF +6.25%(i)5.45% cash/5.25%PIK12/202810,346 10,213 0.28,277 
Wineshipping.com LLC+(26)One stopSF +6.25%(i)5.45% cash/5.25%PIK12/2028279 274 —223 
Wineshipping.com LLC+(26)One stopSF +6.25%(i)5.45% cash/5.25%PIK12/2028181 175 —138 
23,748 23,461 0.521,245 


See Notes to Consolidated Financial Statements.
16
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food Products
Blast Bidco Inc.+One stopSF +6.00%(i)10.30%10/2030$4,867 $4,814 0.1%$4,867 
Blast Bidco Inc.+(5)One stopSF +6.00%N/A(6)10/2029— (6)—— 
Borrower R365 Holdings, LLC^+One stopSF +6.00%(i)10.45%06/202718,823 18,814 0.518,823 
Borrower R365 Holdings, LLC+One stopSF +6.00%(i)10.45%06/20271,556 1,548 —1,556 
Borrower R365 Holdings, LLC+One stopSF +6.00%(i)10.45%06/2027231 231 —231 
Borrower R365 Holdings, LLC+(5)One stopSF +6.00%N/A(6)06/2027— (1)—— 
Eagle Family Foods Group, LLC+One stopSF +5.00%(i)(j)9.01%08/203012,912 12,802 0.312,912 
Eagle Family Foods Group, LLC+(5)One stopSF +5.00%N/A(6)08/2030— (13)—— 
Kodiak Cakes, LLC^*+Senior securedSF +5.25%(j)9.38%06/202846,028 45,700 1.246,028 
Kodiak Cakes, LLC+(5)Senior securedSF +5.25%N/A(6)06/2028— (4)—— 
Louisiana Fish Fry Products, Ltd.*+One stopSF +6.25%(i)10.70%07/202713,595 13,566 0.313,458 
Louisiana Fish Fry Products, Ltd.+One stopSF +6.25%(a)(i)10.85%07/2027196 193 —192 
MAPF Holdings, Inc.^+One stopSF +6.50%(i)10.80%12/202651,572 51,425 1.349,767 
MAPF Holdings, Inc.+One stopSF +6.50%(i)10.80%12/2026540 533 —520 
MAPF Holdings, Inc.+One stopSF +6.50%(i)10.80%12/20261,653 1,628 —1,595 
MAPF Holdings, Inc.+(26)One stopN/A19.00%PIK12/20262,168 2,150 0.11,990 
P&P Food Safety Holdings, Inc.*+One stopSF +5.25%(i)9.55%05/202913,105 13,218 0.313,039 
P&P Food Safety Holdings, Inc.+(5)One stopSF +5.25%N/A(6)05/2029— (8)—(8)
P&P Food Safety Holdings, Inc.+(8)(9)One stopE + 5.50%(c)7.48%05/202912,151 11,731 0.312,105 
P&P Food Safety Holdings, Inc.+(5)One stopSF +5.25%N/A(6)05/2029— (30)—(31)
Wizard Bidco Limited+(8)(10)One stopSF +6.50%(i)10.80%03/202922,740 22,654 0.622,740 
Wizard Bidco Limited+(8)(9)(10)(26)One stopSN +5.50%(f)8.22% cash/1.50%PIK03/202911,396 10,725 0.311,396 
Wizard Bidco Limited+(8)(9)(10)One stopSN +6.50%(f)10.72%03/20298,544 7,724 0.28,544 
Wizard Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)9.47%09/2028178 159 —178 
Zullas, L.C.+(5)One stopSF +4.75%N/A(6)06/2031— (1)—(1)
Zullas, L.C.+One stopSF +4.75%(i)9.07%06/2031440 438 —438 
Zullas, L.C.+(5)One stopSF +4.75%N/A(6)06/2031— (2)—(2)
222,695 219,988 5.5220,337 
Healthcare Equipment & Supplies
Aspen Medical Products, LLC*+One stopSF +4.75%(h)9.08%06/20287,032 6,997 0.27,032 
Aspen Medical Products, LLC+One stopSF +4.75%(h)9.08%06/2028456 453 —456 
Aspen Medical Products, LLC+(5)One stopSF +4.75%N/A(6)06/2028— (1)—— 
Aspen Medical Products, LLC+One stopSF +4.75%(h)9.08%06/2028893 885 —893 
Baduhenna Bidco Limited+(8)(10)One stopSF +6.45%(g)11.00%08/20287,745 7,749 0.27,745 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.45%(c)8.57%08/20284,881 4,789 0.14,881 
Baduhenna Bidco Limited+(8)(10)One stopSF +6.45%(g)11.00%08/20281,912 1,912 0.11,912 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.45%(f)10.79%08/20281,389 1,348 —1,389 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.45%(c)8.44%08/20281,164 1,090 —1,164 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.45%(f)10.79%08/20281,231 1,160 —1,231 
Belmont Instrument, LLC*+One stopSF +5.25%(i)9.55%08/202814,393 14,307 0.414,393 
Belmont Instrument, LLC+(5)One stopSF +5.25%N/A(6)08/2028— (2)—— 
Blades Buyer, Inc.*+Senior securedSF +5.00%(i)9.43%03/202812,191 12,160 0.312,191 
Blades Buyer, Inc.*+Senior securedSF +5.25%(i)9.68%03/20281,729 1,718 —1,729 
Blades Buyer, Inc.+Senior securedSF +5.00%(i)9.43%03/20281,398 1,392 —1,398 
Blades Buyer, Inc.+(5)Senior securedSF +4.75%N/A(6)03/2028— (1)—— 
Blades Buyer, Inc.+Senior securedSF +5.00%(i)9.42%03/20282,280 2,280 0.12,280 
Blades Buyer, Inc.+Senior securedSF +5.00%(i)9.43%03/20281,726 1,718 —1,726 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/202912 12 —12 
Blue River Pet Care, LLC+One stopSF +5.75%N/A(6)08/2029— — —— 

See Notes to Consolidated Financial Statements.
17
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Blue River Pet Care, LLC*+One stopSF +5.75%(h)10.18%08/2029$62,451 $62,297 1.6%$62,451 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/202912,366 12,450 0.312,366 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/20292,883 2,903 0.12,883 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/20292,771 2,790 0.12,771 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/20292,745 2,763 0.12,745 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/20292,109 2,123 0.12,109 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/20291,249 1,244 —1,249 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/2029414 412 —414 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/2029150 147 —150 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/2029293 292 —293 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/2029298 296 —298 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/2029257 255 —257 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.18%08/2029226 225 —226 
Blue River Pet Care, LLC+One stopSF +5.75%(h)10.17%08/20291 1 —1 
CCSL Holdings, LLC*(8)One stopSF +5.75%(h)10.08%12/202820,897 20,857 0.520,897 
CCSL Holdings, LLC*+(8)One stopSF +5.75%(h)10.08%12/20285,642 5,655 0.15,642 
CCSL Holdings, LLC+(8)(9)One stopSN +5.75%(f)9.97%12/20283,646 3,334 0.13,646 
CCSL Holdings, LLC+(8)One stopSF +5.75%(h)10.08%12/20283,472 3,446 0.13,472 
CCSL Holdings, LLC*+(8)One stopSF +5.75%(h)10.08%12/20282,884 2,862 0.12,884 
CCSL Holdings, LLC+(8)One stopSF +5.75%(h)10.08%12/202880 78 —80 
CCSL Holdings, LLC+(8)One stopSF +5.75%(h)10.08%12/2028977 972 —977 
CCSL Holdings, LLC+(8)(9)One stopE + 5.75%(b)7.68%12/202834,629 31,816 0.934,629 
CCSL Holdings, LLC+(8)(9)One stopE + 5.75%(b)7.68%12/20286,784 6,004 0.26,784 
CCSL Holdings, LLC+(8)One stopSF +5.75%(h)10.08%12/20282,774 2,761 0.12,774 
CCSL Holdings, LLC+(8)One stopSF +5.75%(h)10.08%12/20282,207 2,197 0.12,207 
CMI Parent Inc.*One stopSF +5.00%(h)9.33%12/202622,412 22,342 0.622,412 
CMI Parent Inc.^*One stopSF +5.00%(h)9.33%12/202619,732 19,800 0.519,732 
CMI Parent Inc.^*Senior securedSF +5.00%(h)9.33%12/20269,460 9,456 0.29,460 
CMI Parent Inc.*+One stopSF +5.00%(h)9.33%12/20268,875 8,870 0.28,875 
CMI Parent Inc.+One stopSF +5.00%N/A(6)12/2026— — —— 
HuFriedy Group Acquisition, LLC+One stopSF +5.50%(i)9.83%06/20317,871 7,805 0.27,871 
HuFriedy Group Acquisition, LLC+One stopSF +5.50%(i)9.81%05/203052 45 —52 
HuFriedy Group Acquisition, LLC+One stopSF +5.50%(i)9.80%06/20311,523 1,497 —1,523 
JHC Investment Intermediate Holdings, LLC+(26)One stopSF +8.75%(i)7.13% cash/6.00%PIK03/20291,217 1,217 —1,217 
JHC Investment Intermediate Holdings, LLC+(26)One stopSF +8.75%(i)7.13% cash/6.00%PIK03/2029908 720 —908 
TIDI Legacy Products, Inc.+One stopSF +4.50%(h)8.83%12/20293,493 3,550 0.13,493 
TIDI Legacy Products, Inc.+One stopSF +4.50%N/A(6)12/2029— — —— 
TIDI Legacy Products, Inc.+One stopSF +5.00%N/A(6)12/2029— — —— 
YI, LLC+One stopSF +5.75%(h)10.06%12/20294,396 4,395 0.14,353 
YI, LLC+(5)One stopSF +5.75%N/A(6)12/2029— (1)—(2)
312,576 307,842 7.8312,531 
Healthcare Providers & Services
AAH TOPCO, LLC *+One stopSF +5.25%(h)9.68%12/20278,605 8,565 0.28,626 
AAH TOPCO, LLC +One stopSF +5.25%(h)9.68%12/20278,090 8,123 0.28,110 
AAH TOPCO, LLC +One stopSF +5.25%(h)9.67%12/20273,477 3,494 0.13,486 
AAH TOPCO, LLC +(26)Subordinated debtN/A11.50%PIK12/20312,975 2,870 0.12,945 
AAH TOPCO, LLC +(5)One stopSF +5.25%N/A(6)12/2027— (1)—— 
AAH TOPCO, LLC +(5)One stopSF +5.00%N/A(6)12/2027— (39)—— 
Active Day, Inc.*+One stopSF +5.00%(h)9.43%05/202617,254 17,215 0.417,254 
Active Day, Inc.+(5)One stopSF +5.00%N/A(6)05/2026— (20)—— 
Active Day, Inc.+One stopSF +5.00%(h)9.43%05/20261,332 1,330 —1,332 

See Notes to Consolidated Financial Statements.
18
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Active Day, Inc.+One stopSF +5.00%(h)9.43%05/2026$858 $857 —%$858 
Active Day, Inc.+One stopSF +5.00%(h)9.43%05/2026684 683 —684 
Active Day, Inc.+One stopSF +5.00%(h)9.43%05/2026604 602 —604 
Active Day, Inc.+One stopSF +5.00%(h)9.43%05/2026593 592 —593 
Active Day, Inc.+One stopSF +5.25%N/A(6)05/2026— — —— 
Active Day, Inc.+One stopSF +5.00%(h)9.43%05/2026— — —— 
Active Day, Inc.+One stopSF +5.00%(h)9.43%05/20266,611 6,582 0.26,611 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.45%03/202716,053 16,003 0.416,053 
Acuity Eyecare Holdings, LLC+(26)One stopN/A16.50%PIK06/202716,141 16,058 0.416,302 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.70%03/20273,965 3,952 0.13,975 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.71%03/20273,531 3,520 0.13,540 
Acuity Eyecare Holdings, LLC*+One stopSF +6.25%(i)10.70%03/20273,504 3,491 0.13,512 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.70%03/20273,115 3,104 0.13,122 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.44%03/20271,991 1,984 0.11,991 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.70%03/20271,814 1,809 0.11,818 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.46%03/20271,015 1,012 —1,015 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.70%03/2027440 439 —441 
Acuity Eyecare Holdings, LLC+(26)One stopSF +13.00%(i)10.70% cash/6.75%PIK03/2027290 290 —307 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.43%03/2027210 210 —210 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.70%03/2027162 162 —162 
Acuity Eyecare Holdings, LLC+(26)One stopSF +13.00%(i)10.69% cash/6.75%PIK03/2027113 113 —120 
Acuity Eyecare Holdings, LLC+Senior securedSF +6.25%(i)10.70%03/2027107 106 —107 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)10.70%03/20271 1 —1 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%N/A(6)03/2027— — —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)Subordinated debtN/A13.75%PIK03/202817,980 18,128 0.617,980 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC*+One stopSF +6.00%(i)10.43%03/20276,369 6,376 0.26,369 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+One stopSF +6.00%(i)10.43%03/20275,324 5,324 0.15,324 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)Subordinated debtN/A13.75%PIK03/20283,902 3,884 0.13,902 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(26)Subordinated debtN/A13.75%PIK03/20281,492 1,486 —1,492 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)10.38%03/2027831 830 —831 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)10.38%03/2027393 393 —393 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stopSF +6.00%N/A(6)03/2027— (1)—— 
Bamboo US Bidco LLC+One stopSF +5.25%(i)9.53%09/20302,719 2,667 0.12,719 
Bamboo US Bidco LLC+(8)(9)One stopE + 5.25%(c)7.44%09/20301,993 1,749 0.11,993 
Bamboo US Bidco LLC+One stopSF +5.25%(i)9.53%09/2030416 415 —416 
Bamboo US Bidco LLC+One stopSF +5.25%(i)9.58%09/2030128 121 —128 
Bamboo US Bidco LLC+One stopSF +5.25%N/A(6)09/2030— — —— 
Bamboo US Bidco LLC+(5)One stopSF +5.25%N/A(6)10/2029— (11)—— 
Benefit Plan Administrators of Eau Claire, LLC*One stopSF +5.00%(i)9.29%11/203013,005 12,933 0.313,005 
Benefit Plan Administrators of Eau Claire, LLC+One stopSF +5.00%(i)9.29%11/20309,975 9,916 0.39,975 
Benefit Plan Administrators of Eau Claire, LLC+(5)One stopSF +5.00%N/A(6)11/2030— (12)—— 
Benefit Plan Administrators of Eau Claire, LLC+(5)One stopSF +5.00%N/A(6)11/2030— (40)—— 
BHG Holdings, LLC+One stopSF +5.50%(h)9.83%04/203224,794 24,583 0.624,577 
BHG Holdings, LLC+(5)One stopSF +5.50%N/A(6)04/2032— (27)—(27)
BHG Holdings, LLC+(5)One stopSF +5.50%N/A(6)04/2032— (60)—(62)
Community Care Partners, LLC+One stopSF +6.00%(h)10.44%06/20263,463 3,417 0.13,463 

See Notes to Consolidated Financial Statements.
19
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
CRH Healthcare Purchaser, Inc.*+Senior securedSF +5.50%(i)9.95%06/2027$23,233 $23,128 0.6%$23,233 
CRH Healthcare Purchaser, Inc.*+Senior securedSF +5.50%(i)9.95%06/20276,270 6,241 0.26,270 
CRH Healthcare Purchaser, Inc.*+Senior securedSF +5.50%(i)9.95%06/20275,623 5,597 0.15,623 
CRH Healthcare Purchaser, Inc.*+Senior securedSF +5.50%(i)9.95%06/20274,247 4,228 0.14,247 
CRH Healthcare Purchaser, Inc.+Senior securedSF +5.50%(i)9.80%06/2027105 102 —105 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)One stopSF +5.25%(j)9.54%04/2031771 759 —771 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)One stopSN +5.25%(f)9.47%04/2031491 446 —491 
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopSF +5.25%N/A(6)04/2031— (1)—— 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)One stopSF +5.25%(j)9.54%10/203018 16 —18 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)One stopSN +5.25%(f)9.47%04/20314 4 —4 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/202715,593 15,266 0.415,436 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/20278,137 7,969 0.28,056 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/20274,209 4,159 0.14,167 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/20272,140 2,096 0.12,119 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/20271,889 1,867 0.11,870 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/20271,176 1,148 —1,165 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/2027977 945 —967 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/2027962 939 —952 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/2027921 899 —912 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/2027834 814 —825 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/2027423 409 —419 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/2027358 349 —354 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/2027175 171 —173 
Encorevet Group LLC+One stopSF +6.75%(i)11.23%02/2027168 163 —167 
Encorevet Group LLC+One stopSF +8.75%(i)13.23%02/2027155 155 —157 
Encorevet Group LLC+(26)One stopN/A13.00%PIK05/2027105 99 —101 
Encorevet Group LLC+One stopSF +6.75%(i)11.19%02/202794 92 —94 
ERC Topco Holdings, LLC+(26)One stopSF +6.50%(i)11.06%PIK03/20307,403 6,824 0.26,810 
ERC Topco Holdings, LLC+One stopSF +5.50%(i)10.06%03/20301,069 996 —1,069 
ERC Topco Holdings, LLC+(26)One stopSF +5.50%(i)10.06%03/203076 76 —76 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.82%03/202711,203 11,339 0.311,203 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.82%03/20274,049 4,089 0.14,049 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.82%03/20272,758 2,799 0.12,758 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.82%03/20272,626 2,659 0.12,626 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)One stopSF +5.75%(i)10.18%03/20271,105 1,105 —1,105 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(12)One stopSF +5.75%(i)10.18%03/2027554 554 —554 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)8.82%03/2027478 474 —478 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(i)9.11%06/20282,512 2,523 0.12,512 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%(i)9.11%06/20281,193 1,185 —1,193 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%N/A(6)06/2028— — —— 
Klick Inc.*+(8)(12)Senior securedSF +4.50%(h)8.83%03/202813,523 13,544 0.313,523 
Klick Inc.+(8)(12)Senior securedSF +4.50%(h)8.83%03/20283,163 3,151 0.13,163 
Klick Inc.+(5)(8)(12)Senior securedSF +4.50%N/A(6)03/2028— (2)—— 
Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.25%(i)9.55%11/20262,579 2,570 0.12,579 
Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.25%(i)9.55%11/20262,368 2,359 0.12,368 
Krueger-Gilbert Health Physics, LLC*Senior securedSF +5.25%(i)9.55%11/20261,513 1,511 —1,513 

See Notes to Consolidated Financial Statements.
20
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Krueger-Gilbert Health Physics, LLC*+Senior securedSF +5.25%(i)9.55%11/2026$1,387 $1,382 —%$1,387 
Krueger-Gilbert Health Physics, LLC+One stopSF +5.25%(i)9.55%11/2026666 664 —666 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(i)9.55%11/2026610 608 —610 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(i)9.55%11/202690 90 —90 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.25%(i)9.52%11/2026299 297 —299 
LOV Acquisition LLC+Senior securedSF +4.25%(h)8.58%11/203125,123 25,008 0.625,123 
LOV Acquisition LLC+(5)Senior securedSF +4.25%N/A(6)11/2031— (12)—— 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)(26)One stopCA +5.50%(l)6.50% cash/2.00%PIK05/202826,128 27,911 0.726,128 
New Look Corporation and New Look Vision Group Inc. *+(8)(12)One stopSF +5.50%(i)9.95%05/20285,836 5,773 0.25,836 
New Look Corporation and New Look Vision Group Inc. *+(8)(12)One stopSF +5.50%(i)9.95%05/20284,118 4,050 0.14,118 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.50%(l)8.50%05/20281,619 1,685 —1,619 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.50%(l)8.50%05/2028843 864 —843 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)One stopCA +5.50%(l)8.51%05/2026174 161 —174 
New Look Corporation and New Look Vision Group Inc. +(8)(12)(26)One stopSF +5.50%(i)7.95% cash/2.00%PIK05/2028131 126 —131 
New Look Corporation and New Look Vision Group Inc. +(5)(8)(12)One stopSF +5.50%N/A(6)05/2026— (2)—— 
Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(i)10.08%01/202718,183 18,026 0.518,183 
Pinnacle Treatment Centers, Inc.*One stopSF +5.75%(i)10.08%01/202712,180 12,114 0.312,180 
Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(i)10.08%01/20272,449 2,436 0.12,449 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)10.08%01/20272,366 2,351 0.12,366 
Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(i)10.08%01/20271,496 1,487 —1,496 
Pinnacle Treatment Centers, Inc.*+One stopSF +5.75%(i)10.08%01/20271,357 1,351 —1,357 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)10.08%01/2027675 671 —675 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)10.08%01/2027529 524 —529 
Pinnacle Treatment Centers, Inc.+One stopP + 4.50%(a)12.00%01/2027522 502 —522 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)10.08%01/2027178 178 —178 
Pinnacle Treatment Centers, Inc.+One stopSF +5.75%(i)10.08%01/2027102 101 —102 
Premise Health Holding Corp.+One stopSF +5.25%(i)9.55%03/20311,381 1,375 —1,381 
PPV Intermediate Holdings, LLC*+One stopSF +5.75%(i)10.08%08/202914,082 14,017 0.414,082 
PPV Intermediate Holdings, LLC+(26)One stopN/A14.75%PIK08/20309,965 10,025 0.310,140 
PPV Intermediate Holdings, LLC+One stopSF +5.25%(i)9.58%08/20295,501 5,419 0.15,501 
PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/20301,993 1,964 —1,993 
PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/2030461 455 —461 
PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/203083 80 —83 
PPV Intermediate Holdings, LLC+(26)One stopN/A13.75%PIK08/203084 84 —84 
PPV Intermediate Holdings, LLC+(5)One stopSF +5.75%N/A(6)08/2029— (8)—— 
Premise Health Holding Corp.+One stopSF +5.25%(h)9.57%03/20306 6 —6 
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.18%05/202724,904 24,947 0.624,904 
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.18%05/20272,575 2,563 0.12,575 
Pyramid Healthcare Acquisition Corp.*+One stopSF +4.75%(i)9.21%05/20272,153 2,148 0.12,153 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.23%05/20271,184 1,181 —1,184 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.19%05/20271,083 1,080 —1,083 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.18%05/2027732 730 —732 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.18%05/2027243 243 —243 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.18%05/2027214 214 —214 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.18%05/2027201 200 —201 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.23%05/2027201 200 —201 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)9.18%05/202779 78 —79 
Pyramid Healthcare Acquisition Corp.+(5)One stopSF +4.75%N/A(6)05/2027— (1)—— 
Suveto Buyer, LLC*+One stopSF +4.75%(h)9.08%09/202727,530 27,524 0.727,530 
Suveto Buyer, LLC+One stopSF +4.75%(h)9.08%09/20278,077 7,982 0.28,077 
Suveto Buyer, LLC+(5)One stopSF +4.75%N/A(6)09/2027— (2)—— 
543,362 541,844 13.6542,500 

See Notes to Consolidated Financial Statements.
21
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Technology
Amberfield Acquisition Co.*+One stopSF +5.50%(i)9.80%05/2030$7,138 $7,109 0.2%$7,138 
Amberfield Acquisition Co.+One stopSF +5.50%(i)9.80%05/2030176 167 —176 
Amberfield Acquisition Co.+(5)One stopSF +5.50%N/A(6)05/2030— (2)—— 
Color Intermediate, LLC*+Senior securedSF +4.75%(i)9.15%10/202917,432 17,397 0.417,259 
Connexin Software, Inc.+One stopSF +8.50%(i)12.95%03/202711,759 11,739 0.311,759 
Connexin Software, Inc.+One stopSF +8.50%N/A(6)03/2027— — —— 
Crow River Buyer, Inc.+One stopSF +6.00%(i)10.28%01/20296,032 6,018 0.26,032 
Crow River Buyer, Inc.+(5)One stopSF +6.00%N/A(6)01/2029— (1)—— 
Crow River Buyer, Inc.+One stopSF +6.00%(h)10.32%01/20298,700 8,624 0.28,700 
ESO Solution, Inc.^+One stopSF +6.75%(i)11.09%05/202711,360 11,380 0.311,360 
ESO Solution, Inc.+One stopSF +6.75%(i)11.09%05/20273,803 3,754 0.13,803 
ESO Solution, Inc.+One stopSF +6.75%(i)11.09%03/2027142 142 —142 
GHX Ultimate Parent Corporation+One stopSF +4.75%(i)9.05%12/203153,884 53,385 1.453,884 
GHX Ultimate Parent Corporation+(5)One stopSF +4.75%N/A(6)12/2031— (46)—— 
Kona Buyer, LLC+One stopSF +4.50%(i)8.78%07/203115,753 15,616 0.415,674 
Kona Buyer, LLC+(5)One stopSF +7.00%N/A(6)07/2031— (16)—(9)
Kona Buyer, LLC+One stopSF +4.50%(i)8.78%07/2031924 924 —920 
Kona Buyer, LLC+One stopSF +4.50%(i)8.80%07/2031260 259 —259 
Kona Buyer, LLC+(5)One stopSF +4.50%N/A(6)07/2031— — —(3)
Kona Buyer, LLC+(5)One stopSF +4.50%N/A(6)07/2031— — —(2)
Kona Buyer, LLC+One stopSF +4.50%N/A(6)07/2031— — —— 
Kona Buyer, LLC+(5)One stopSF +4.50%N/A(6)07/2031— — —(17)
Lacker Bidco Limited+(8)(9)(10)One stopSN +5.75%(f)9.97%02/2031650 600 —644 
Lacker Bidco Limited+(8)(9)(10)One stopSN +5.75%(f)9.97%02/2031540 515 —532 
Lacker Bidco Limited+(5)(8)(9)(10)One stopSN +5.25%N/A(6)08/2030— (2)—(1)
Modernizing Medicine, Inc.+(26)One stopSF +5.25%(i)6.80% cash/2.75%PIK04/203232,159 31,847 0.831,838 
Modernizing Medicine, Inc.+(5)One stopSF +4.75%N/A(6)04/2032— (29)—(30)
Neptune Holdings, Inc.*One stopSF +4.50%(i)8.80%09/203016,058 16,144 0.416,058 
Neptune Holdings, Inc.+One stopSF +4.50%N/A(6)08/2029— — —— 
Netsmart Technologies, Inc.+(26)One stopSF +4.95%(h)6.83% cash/2.45%PIK08/203152,341 51,892 1.352,341 
Netsmart Technologies, Inc.+(5)One stopSF +4.50%N/A(6)08/2031— (61)—— 
Netsmart Technologies, Inc.+(5)One stopSF +6.95%N/A(6)08/2031— (30)—— 
Plasma Buyer LLC+One stopSF +5.75%(i)10.05%05/20297,975 7,819 0.27,655 
Plasma Buyer LLC+One stopSF +6.25%(i)10.55%05/2029301 296 —289 
Plasma Buyer LLC+One stopSF +5.75%(i)10.05%05/2028110 108 —108 
QF Holdings, Inc.+One stopSF +4.75%(i)9.03%12/2027927 923 —927 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.95% cash/3.50%PIK08/202511,445 11,445 0.311,559 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.95% cash/3.50%PIK08/202511,141 11,141 0.311,252 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.95% cash/3.50%PIK08/20257,340 7,340 0.27,413 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.95% cash/3.50%PIK08/20251,887 1,887 0.11,906 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.95% cash/3.50%PIK08/20251,678 1,678 —1,694 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.95% cash/3.50%PIK08/20251,258 1,258 —1,271 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.95% cash/3.50%PIK08/20251,049 1,049 —1,059 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.95% cash/3.50%PIK08/2025839 839 —847 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.95% cash/3.50%PIK08/2025167 167 —169 
Tebra Technologies, Inc.+(26)One stopSF +8.00%(i)8.95% cash/3.50%PIK08/202590 90 —90 
Transaction Data Systems, Inc.^*+One stopSF +4.25%(i)8.70%08/202674,739 74,599 1.974,739 
Transaction Data Systems, Inc.+(5)One stopSF +4.25%N/A(6)08/2026— (2)—— 
Veranex, Inc.+(7)(26)Senior securedSF +6.75%(j)5.29% cash/5.75%PIK04/20283,515 3,200 0.12,531 
Veranex, Inc.+(7)(26)Senior securedSF +4.75%(j)5.25% cash/3.75%PIK04/2028427 299 —307 
Veranex, Inc.+(7)(26)Senior securedSF +6.75%(h)(i)(j)5.31% cash/5.75%PIK04/2028106 84 —76 
364,105 361,545 9.1362,349 

See Notes to Consolidated Financial Statements.
22
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC*+One stopSF +6.00%(i)(j)10.47%08/2028$13,575 $13,553 0.4%$13,575 
Barteca Restaurants, LLC+One stopSF +6.00%(j)10.38%08/2028684 681 —684 
Barteca Restaurants, LLC+One stopSF +6.00%(i)10.45%08/2028468 436 —468 
Barteca Restaurants, LLC+One stopSF +6.00%(i)(j)10.43%08/2028200 198 —200 
BJH Holdings III Corp.*+One stopSF +5.00%(i)9.30%08/202769,929 69,736 1.869,929 
BJH Holdings III Corp.+One stopSF +5.00%(i)9.30%08/20275,575 5,513 0.25,575 
BJH Holdings III Corp.+One stopSF +5.00%(i)9.30%08/2027351 341 —351 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.18%09/202817,862 17,863 0.517,683 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.18%09/20283,184 3,172 0.13,153 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.18%09/20282,139 2,140 0.12,118 
Cafe Rio Holding, Inc.*One stopSF +5.75%(i)10.18%09/20281,358 1,358 —1,344 
Cafe Rio Holding, Inc.*+One stopSF +5.75%(i)10.18%09/20281,199 1,200 —1,187 
Cafe Rio Holding, Inc.+One stopSF +5.75%(h)(i)10.19%09/2028163 163 —161 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.18%09/2028172 172 —170 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.18%09/2028123 122 —122 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.18%09/202898 97 —97 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.18%09/202896 96 —95 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.18%09/202878 77 —77 
Cafe Rio Holding, Inc.+One stopSF +5.75%(i)10.18%09/202849 49 —49 
Cafe Rio Holding, Inc.+(5)One stopSF +5.75%N/A(6)09/2028— (1)—— 
Crumbl Enterprises, LLC+One stopSF +4.50%(i)8.83%05/203232,407 32,249 0.832,245 
Crumbl Enterprises, LLC+One stopSF +4.50%(i)8.83%05/2032421 409 —408 
EOS Fitness Opco Holdings, LLC*+One stopSF +5.25%(i)9.53%01/202810,985 10,973 0.310,985 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.53%01/20287,463 7,420 0.27,463 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.53%01/20282,809 2,793 0.12,809 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.53%01/20281,788 1,778 0.11,788 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.53%01/20281,761 1,752 0.11,761 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.53%01/20281,475 1,467 0.11,475 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.53%01/20281,226 1,222 —1,226 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.53%01/20281,084 1,082 —1,084 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.53%01/20281,061 1,056 —1,061 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(h)(i)9.55%01/20281,698 1,660 0.11,698 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.53%01/2028601 598 —601 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%N/A(6)01/2028— — —— 
ESN Venture Holdings, LLC*+One stopSF +5.75%(i)10.05%10/20285,367 5,319 0.15,367 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.05%10/20281,589 1,580 —1,589 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.04%10/2028917 913 —917 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.05%10/2028811 804 —811 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.05%10/2028439 437 —439 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.05%10/2028546 500 —546 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.05%10/2028372 369 —372 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.05%10/2028209 204 —209 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.05%10/2028181 181 —181 
Freddy's Frozen Custard LLC+One stopSF +5.00%(i)9.32%03/20271,387 1,384 —1,387 
Freddy's Frozen Custard LLC+One stopSF +5.00%N/A(6)03/2027— — —— 
GFP Atlantic Holdco 2, LLC+One stopSF +6.00%(i)10.32%11/20291,070 1,068 —1,070 
GFP Atlantic Holdco 2, LLC+(5)One stopSF +6.00%N/A(6)11/2029— (2)—— 
Harri US LLC^+(26)One stopSF +7.25%(i)6.83% cash/4.75%PIK08/20281,290 1,255 —1,216 
Harri US LLC+(26)One stopSF +7.25%(i)6.83% cash/4.75%PIK08/2028872 865 —822 
Harri US LLC+(26)One stopSF +7.25%(i)6.83% cash/4.75%PIK08/2028847 841 —798 
Harri US LLC+(5)One stopSF +7.25%N/A(6)08/2028— (1)—(2)
Harri US LLC+(26)One stopSF +7.25%(i)6.82% cash/4.75%PIK08/20281,581 1,467 —1,490 

See Notes to Consolidated Financial Statements.
23
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Harri US LLC+(5)One stopSF +7.25%N/A(6)08/2028$— $(8)—%$(120)
Health Buyer, LLC+Senior securedSF +5.25%(i)9.55%04/20293,873 3,863 0.13,873 
Health Buyer, LLC+Senior securedSF +5.50%(i)9.80%04/20291,768 1,748 —1,768 
Health Buyer, LLC+Senior securedSF +5.50%(i)9.80%04/2029888 878 —888 
Health Buyer, LLC+Senior securedSF +5.50%(i)9.80%04/2029129 128 —129 
Health Buyer, LLC+Senior securedSF +5.25%N/A(6)04/2028— — —— 
PB Group Holdings, LLC+(26)One stopSF +5.50%(h)7.08% cash/2.75%PIK08/203037,409 37,252 1.037,409 
PB Group Holdings, LLC+One stopSF +5.00%(h)9.33%08/2030513 494 —513 
QSR Acquisition Co.+One stopSF +4.25%(i)8.57%06/20321,525 1,520 —1,520 
QSR Acquisition Co.+(5)One stopSF +4.25%N/A(6)06/2032— (1)—(1)
QSR Acquisition Co.+(5)One stopSF +4.25%N/A(6)06/2032— (1)—(1)
Rooster BidCo Limited+(8)(9)(10)One stopSN +5.00%(f)9.22%03/20325,090 4,754 0.15,090 
Rooster BidCo Limited+(8)(9)(10)One stopSN +5.00%N/A(6)03/2032— — —— 
Rooster BidCo Limited+(5)(8)(9)(10)One stopSN +5.00%N/A(6)03/2032— (25)—— 
SDC Holdco, LLC*One stopSF +4.75%(i)9.05%06/203121,737 21,643 0.621,737 
SDC Holdco, LLC+(26)Second lienSF +8.50%(i)12.80%PIK06/20323,678 3,657 0.13,678 
SDC Holdco, LLC+(5)One stopSF +4.75%N/A(6)06/2031— (8)—— 
SSRG Holdings, LLC*One stopSF +4.75%(i)9.05%11/202712,439 12,394 0.312,439 
SSRG Holdings, LLC*+One stopSF +4.75%(i)9.05%11/20277,722 7,770 0.27,722 
SSRG Holdings, LLC+One stopSF +4.75%(i)9.05%11/20271,272 1,268 —1,272 
SSRG Holdings, LLC+One stopSF +4.75%(i)9.05%11/2027610 608 —610 
Super REGO, LLC+(26)Subordinated debtN/A15.00%PIK03/203072 70 —72 
YE Brands Holding, LLC*+One stopSF +4.75%(i)9.05%10/202717,498 17,646 0.517,498 
YE Brands Holding, LLC+One stopSF +4.75%(i)9.05%10/20271,101 1,096 —1,101 
YE Brands Holding, LLC+One stopSF +4.75%N/A(6)10/2027— — —— 
316,884 315,355 7.9316,051 
Household Products
WU Holdco, Inc.+One stopSF +4.75%(i)9.05%04/20329,564 9,517 0.29,516 
WU Holdco, Inc.+(5)One stopSF +4.75%N/A(6)04/2032— (4)—(4)
WU Holdco, Inc.+(5)One stopSF +4.75%N/A(6)04/2032— (6)—(12)
9,564 9,507 0.29,500 
Industrial Conglomerates
Arch Global CCT Holdings Corp.*+Senior securedSF +4.75%(i)9.15%04/20263,168 3,161 0.13,137 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(i)9.15%04/2026637 627 —630 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(i)9.15%04/2026592 583 —586 
Dwyer Instruments, Inc.+(8)(9)One stopE + 5.00%(c)6.94%07/202953,333 47,314 1.353,333 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)9.05%07/20291,489 1,476 —1,489 
Dwyer Instruments, Inc.+(5)(8)(9)One stopE + 5.00%N/A(6)07/2029— (42)—— 
Dwyer Instruments, Inc.+(5)One stopSF +4.75%N/A(6)07/2029— (28)—— 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)9.05%07/20295,782 5,767 0.25,782 
Dwyer Instruments, Inc.+One stopSF +4.75%(a)(i)9.42%07/2029415 393 —415 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)9.05%07/20291,466 1,454 —1,466 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)9.05%07/2029469 465 —469 
Dwyer Instruments, Inc.+One stopSF +4.75%(i)9.05%07/2029549 542 —549 
Essential Services Holdings Corporation+One stopSF +5.00%(i)9.28%06/203111,514 11,416 0.311,399 
Essential Services Holdings Corporation+One stopSF +5.00%(i)9.33%06/2030169 158 —159 
Essential Services Holdings Corporation+(5)One stopSF +5.00%N/A(6)06/2031— (10)—(23)
Excelitas Technologies Corp.+(5)One stopSF +5.25%N/A(6)08/2029— (49)—— 
Excelitas Technologies Corp.+One stopSF +5.25%(h)9.58%08/202910,022 9,967 0.310,022 
Excelitas Technologies Corp.+(8)(9)One stopE + 5.25%(b)7.18%08/20292,016 1,781 0.12,016 
Excelitas Technologies Corp.+(5)One stopSF +5.25%N/A(6)08/2028— (2)—— 
91,621 84,973 2.391,429 

See Notes to Consolidated Financial Statements.
24
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Insurance
Accession Risk Management Group, Inc.^*+One stopSF +4.75%(i)9.03%11/2029$36,779 $36,784 0.9%$36,779 
Accession Risk Management Group, Inc.^*+One stopSF +4.75%(i)9.04%11/20299,426 9,346 0.29,426 
Accession Risk Management Group, Inc.*+One stopSF +4.75%(i)9.06%11/20298,299 8,292 0.28,299 
Accession Risk Management Group, Inc.+One stopSF +4.75%(i)9.04%11/20299,269 9,230 0.29,269 
Accession Risk Management Group, Inc.*+One stopSF +4.75%(i)9.06%11/20297,793 7,792 0.27,793 
Accession Risk Management Group, Inc.*+One stopSF +4.75%(i)9.04%11/20295,209 5,259 0.15,209 
Accession Risk Management Group, Inc.+One stopSF +4.75%(i)9.05%11/20291,316 1,240 —1,316 
Accession Risk Management Group, Inc.+(5)One stopSF +4.75%N/A(6)11/2029— (11)—— 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.65%07/20274,434 4,442 0.14,434 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.65%07/20271,320 1,319 —1,320 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.65%07/20271,114 1,111 —1,114 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.65%07/2027161 161 —161 
AMBA Buyer, Inc.+One stopSF +5.25%N/A(6)07/2027— — —— 
Bellwether Buyer, LLC+(5)One stopSF +4.50%N/A(6)04/2032— (5)—(3)
Bellwether Buyer, LLC+One stopSF +4.50%(h)8.81%04/20325,031 5,007 0.15,019 
Bellwether Buyer, LLC+(5)One stopSF +4.50%N/A(6)04/2032— (6)—(7)
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)9.78%03/2028561 554 —561 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)9.83%03/2028378 378 —378 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)9.82%03/2028465 454 —465 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(i)9.80%03/202897 96 —97 
Captive Resources Midco, LLC+One stopSF +4.50%(h)8.83%07/202923,157 23,136 0.623,157 
Captive Resources Midco, LLC+(5)One stopSF +4.50%N/A(6)07/2028— (2)—— 
Disco Parent, Inc.+One stopSF +7.00%(i)11.33%03/20299,240 9,164 0.29,240 
Disco Parent, Inc.+(5)One stopSF +7.50%N/A(6)03/2029— (1)—— 
Doxa Insurance Holdings LLC+One stopSF +5.25%(i)9.55%12/20301,722 1,754 —1,722 
Doxa Insurance Holdings LLC+One stopSF +5.25%(i)9.55%12/20301,622 1,626 —1,622 
Doxa Insurance Holdings LLC+One stopSF +5.25%(i)9.55%12/202912 12 —12 
Doxa Insurance Holdings LLC+(5)One stopSF +5.00%N/A(6)12/2030— (23)—— 
Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(c)7.94%04/20311,152 1,035 —1,152 
Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(b)(c)7.90%04/2031327 294 —327 
Illumifin Corporation+(26)One stopSF +6.00%(i)10.53%09/20274,659 4,478 0.14,426 
Integrated Specialty Coverages, LLC+One stopSF +4.75%(h)9.08%07/203010,137 10,065 0.310,137 
Integrated Specialty Coverages, LLC+(5)One stopSF +4.75%N/A(6)07/2029— (1)—— 
Integrated Specialty Coverages, LLC+(5)One stopSF +4.75%N/A(6)07/2030— (4)—— 
Integrity Marketing Acquisition, LLC*+One stopSF +5.00%(i)9.33%08/202848,037 47,732 1.248,037 
Integrity Marketing Acquisition, LLC+(5)One stopSF +5.00%N/A(6)08/2028— (3)—— 
Integrity Marketing Acquisition, LLC+(5)One stopSF +5.00%N/A(6)08/2028— (6)—— 
J.S. Held Holdings, LLC^*+One stopSF +5.50%(i)9.95%06/202837,932 37,561 1.037,932 
J.S. Held Holdings, LLC+One stopSF +5.50%(i)9.95%06/20288,167 8,084 0.28,167 
J.S. Held Holdings, LLC+One stopSF +5.50%(i)9.95%06/2028103 97 —103 
Keystone Agency Partners LLC+One stopSF +4.75%(i)9.05%05/20273,531 3,513 0.13,531 
Keystone Agency Partners LLC+One stopSF +4.75%(i)9.05%05/20273,032 3,008 0.13,032 
Keystone Agency Partners LLC+One stopSF +4.75%(i)9.05%05/20272,858 2,841 0.12,858 
Keystone Agency Partners LLC+One stopSF +4.75%(i)9.05%05/20272,853 2,889 0.12,853 
Keystone Agency Partners LLC+One stopSF +4.75%(i)9.05%05/20272,023 2,017 0.12,023 
Keystone Agency Partners LLC+One stopSF +4.75%(i)9.05%05/2027614 613 —614 
Keystone Agency Partners LLC+One stopSF +4.75%(h)(i)9.07%05/20272,543 2,519 0.12,543 
Majesco^*One stopSF +4.75%(i)9.05%09/202828,027 28,056 0.728,027 
Majesco+(5)One stopSF +4.75%N/A(6)09/2027— (1)—— 
MRH Trowe Germany GMBH+(5)(8)(9)(19)One stopE + 5.00%N/A(6)11/2031— (3)—(3)
MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 5.00%(c)7.14%08/20256,266 5,921 0.26,234 
MRH Trowe Germany GMBH+(5)(8)(9)(19)One stopE + 5.00%N/A(6)05/2032— — —(10)

See Notes to Consolidated Financial Statements.
25
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Oakbridge Insurance Agency LLC+One stopSF +5.75%(h)10.06%11/2029$2,264 $2,297 0.1%$2,270 
Oakbridge Insurance Agency LLC+One stopSF +5.75%(h)10.06%11/2029942 941 —944 
Oakbridge Insurance Agency LLC+One stopSF +5.75%(h)10.06%11/20297 7 —7 
Oakbridge Insurance Agency LLC+(5)One stopSF +5.00%N/A(6)11/2029— (5)—(10)
Pareto Health Intermediate Holdings, Inc.*+One stopSF +4.75%(i)9.05%05/203074,275 73,738 1.974,275 
Pareto Health Intermediate Holdings, Inc.+(5)One stopSF +4.75%N/A(6)06/2029— (1)—— 
Pareto Health Intermediate Holdings, Inc.+(5)One stopSF +4.75%N/A(6)05/2030— (52)—— 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.45%10/202872,212 71,447 1.872,212 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.45%10/20289,847 9,675 0.39,847 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.30%10/20282,866 2,857 0.12,849 
Patriot Growth Insurance Services, LLC+(5)One stopSF +5.00%N/A(6)10/2028— (45)—— 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.19%02/202824,345 25,192 0.624,407 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.19%02/202820,435 20,550 0.520,486 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.19%02/20289,995 9,813 0.310,020 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.19%02/20287,991 8,380 0.28,011 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)8.22%02/2027220 214 —220 
People Corporation+(8)(9)(12)One stopCA +5.00%(l)8.01%02/20284,319 4,197 0.14,319 
Wasabi Lower Holdco, LLC+(5)Senior securedSF +4.50%N/A(6)06/2032— (9)—(9)
Wasabi Lower Holdco, LLC+Senior securedSF +4.50%(i)8.80%06/20322,610 2,576 0.12,575 
World Insurance Associates, LLC+(5)One stopSF +5.00%N/A(6)04/2030— (19)—— 
World Insurance Associates, LLC+(5)One stopSF +5.00%N/A(6)04/2030— (2)—— 
521,994 519,565 13.1521,789 
Internet & Direct Marketing Retail
Revalize, Inc.^+One stopSF +5.75%(i)10.20%04/202720,350 20,099 0.417,705 
Revalize, Inc.^+One stopSF +5.75%(i)10.20%04/202711,911 11,728 0.310,363 
Revalize, Inc.^+One stopSF +5.75%(i)10.20%04/20275,906 5,815 0.15,138 
Revalize, Inc.^+One stopSF +5.75%(i)10.20%04/20273,557 3,490 0.13,096 
Revalize, Inc.+One stopSF +5.75%(i)10.20%04/20272,422 2,369 0.12,107 
Revalize, Inc.+One stopSF +5.75%(i)10.20%04/20272,378 2,283 —2,069 
Revalize, Inc.+One stopSF +5.75%(i)10.20%04/2027227 216 —198 
Revalize, Inc.+One stopSF +5.75%(i)10.20%04/2027366 351 —306 
47,117 46,351 1.040,982 
IT Services
Acquia, Inc.^*+One stopSF +7.00%(i)11.41%10/202612,020 11,998 0.312,020 
Acquia, Inc.+One stopSF +7.00%(i)11.41%10/20261,083 1,079 —1,083 
Acquia, Inc.+One stopSF +7.00%(i)11.43%10/2026112 112 —112 
CivicPlus, LLC^+One stopSF +5.50%(i)9.83%08/203023,558 23,497 0.623,440 
CivicPlus, LLC+(5)One stopSF +5.50%N/A(6)08/2030— (18)—(19)
CivicPlus, LLC+(26)One stopSF +11.75%(i)(j)16.04%PIK06/2034362 359 —366 
CivicPlus, LLC+(5)One stopSF +6.00%N/A(6)08/2030— (2)—(1)
Critical Start, Inc.+(26)One stopSF +6.75%(i)7.40% cash/3.63%PIK05/20285,401 5,395 0.15,347 
Critical Start, Inc.+(26)One stopSF +6.75%(i)7.40% cash/3.63%PIK05/20282,480 2,455 0.12,455 
Critical Start, Inc.+One stopSF +6.25%(a)(i)11.41%05/202866 66 —66 
Delinea Inc.^*One stopSF +5.75%(i)10.20%03/202822,434 22,440 0.622,434 
Delinea Inc.^*One stopSF +5.75%(i)10.20%03/202813,025 13,026 0.313,025 
Delinea Inc.+One stopSF +5.75%(i)10.20%03/202811,414 11,403 0.311,414 
Delinea Inc.+(5)One stopSF +5.75%N/A(6)03/2027— (1)—— 
Goldcup 31018 AB+(8)(9)(17)(26)One stopE + 6.50%(d)9.03%PIK07/202915,507 13,692 0.414,732 
Goldcup 31018 AB+(8)(9)(17)(26)One stopE + 6.50%(d)9.03%PIK07/20291,447 1,305 —1,324 
Goldcup 31018 AB+(8)(9)(17)One stopE + 6.25%(d)8.58%01/2029236 209 —220 
Kentik Technologies, Inc.+(26)Second lienSF +12.25%(i)16.56%PIK11/202955 52 —55 
Kentik Technologies, Inc.+(5)Second lienSF +12.25%N/A(6)11/2029— (1)—(1)

See Notes to Consolidated Financial Statements.
26
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Netwrix Corporation*+One stopSF +4.75%(i)9.08%06/2029$7,915 $7,919 0.2%$7,915 
Netwrix Corporation+One stopSF +4.75%(i)9.08%06/2029384 383 —384 
Netwrix Corporation+One stopSF +4.75%(i)9.08%06/202990 87 —90 
Netwrix Corporation+(5)One stopSF +4.75%N/A(6)06/2029— (1)—— 
Optimizely North America, Inc.+One stopSF +5.00%(h)9.33%10/203138,224 37,879 1.038,224 
Optimizely North America, Inc.+(8)(9)One stopE + 5.25%(b)7.23%10/203115,943 14,560 0.415,943 
Optimizely North America, Inc.+(8)(9)One stopSN +5.50%(f)9.72%10/20316,121 5,727 0.26,121 
Optimizely North America, Inc.+(5)One stopSF +5.00%N/A(6)10/2031— (90)—— 
PDQ Intermediate, Inc.+(26)Subordinated debtN/A13.75%PIK10/2031126 125 —126 
Recordxtechnologies, LLC*+One stopSF +5.25%(h)9.58%12/202718,727 18,874 0.518,727 
Recordxtechnologies, LLC*One stopSF +5.25%(h)9.58%12/202712,458 12,371 0.312,458 
Recordxtechnologies, LLC+One stopSF +5.25%(h)9.58%12/20271,755 1,769 —1,755 
Recordxtechnologies, LLC+One stopSF +5.25%(h)9.58%12/2027887 881 —887 
Recordxtechnologies, LLC+One stopSF +5.25%(h)9.58%12/20272 — —2 
ReliaQuest Holdings, LLC+(26)One stopSF +6.00%(i)7.03% cash/3.25%PIK04/203112,033 12,005 0.311,972 
ReliaQuest Holdings, LLC+(5)One stopSF +6.00%N/A(6)04/2031— (7)—(5)
ReliaQuest Holdings, LLC+(5)One stopSF +5.50%N/A(6)04/2031— (23)—(23)
ReliaQuest Holdings, LLC+(26)One stopSF +6.00%(i)7.03% cash/3.25%PIK04/203128,657 28,519 0.728,514 
Saturn Borrower Inc.*+One stopSF +6.00%(i)10.30%11/202827,395 27,100 0.727,395 
Saturn Borrower Inc.+One stopSF +6.00%(h)10.32%11/202849 42 —49 
WPEngine, Inc.+One stopSF +5.75%(i)10.07%08/20295,438 5,422 0.15,438 
WPEngine, Inc.+One stopSF +5.75%N/A(6)08/2029— — —— 
Zarya Holdco, Inc.+One stopSF +6.50%(i)10.83%07/20277,193 7,228 0.27,193 
Zarya Holdco, Inc.+One stopSF +6.50%(i)10.83%07/20271,403 1,397 —1,403 
Zarya Holdco, Inc.+One stopSF +6.50%N/A(6)07/2027— — —— 
294,000 289,233 7.3292,640 


See Notes to Consolidated Financial Statements.
27
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Leisure Products
Crunch Holdings, LLC+One stopSF +4.75%(h)9.06%09/2031$1,765 $1,760 0.1%$1,760 
Crunch Holdings, LLC+(5)One stopSF +4.75%N/A(6)09/2031— (1)—(1)
Movement Holdings, LLC+(8)(10)One stopSF +5.25%(h)9.58%03/2030834 832 —834 
Movement Holdings, LLC+(8)(10)One stopSF +5.25%N/A(6)03/2030— — —— 
Movement Holdings, LLC+(5)(8)(10)One stopSF +5.25%N/A(6)03/2030— (1)—— 
WBZ Investment, LLC+One stopSF +6.75%(j)11.17%03/20277,728 7,728 0.27,728 
WBZ Investment, LLC+One stopSF +6.75%(j)11.17%03/20271,706 1,706 —1,706 
WBZ Investment, LLC+One stopSF +6.75%(j)11.17%03/20271,185 1,185 —1,185 
WBZ Investment, LLC+One stopSF +6.75%(j)11.17%03/2027628 628 —628 
WBZ Investment, LLC+One stopSF +6.75%N/A(6)03/2027— — —— 
13,846 13,837 0.313,840 
Life Sciences Tools & Services
Celerion Buyer, Inc.*+One stopSF +5.00%(i)9.26%11/202930,943 30,661 0.830,943 
Celerion Buyer, Inc.+(5)One stopSF +5.00%N/A(6)11/2028— (1)—— 
Celerion Buyer, Inc.+(5)One stopSF +5.00%N/A(6)11/2029— (68)—— 
Celerion Buyer, Inc.*One stopSF +5.00%(i)9.26%11/202921,957 21,764 0.621,957 
Graphpad Software, LLC+One stopP + 3.75%(a)11.25%06/20318,803 8,765 0.28,803 
Graphpad Software, LLC+(5)One stopSF +4.75%N/A(6)06/2031— (4)—— 
Graphpad Software, LLC+One stopP + 3.75%(a)11.25%06/2031220 211 —220 
PAS Parent Inc.+(5)One stopSF +4.75%N/A(6)12/2028— (15)—— 
PAS Parent Inc.*+One stopSF +4.75%(h)9.08%12/202855,096 55,113 1.455,096 
PAS Parent Inc.+One stopSF +4.75%(h)9.08%12/202755 50 —55 
PAS Parent Inc.+One stopSF +4.75%(h)9.08%12/20282,986 3,004 0.12,986 
Unchained Labs, LLC+Senior securedSF +5.50%(h)9.88%08/20271,389 1,377 —1,347 
Unchained Labs, LLC+Senior securedSF +5.50%(h)9.88%08/20271,173 1,160 —1,137 
Unchained Labs, LLC+(5)Senior securedSF +5.50%N/A(6)08/2027— (1)—(2)
122,622 122,016 3.1122,542 
Machinery
AI Titan Parent, Inc.+One stopSF +4.50%(h)8.83%08/203110,508 10,416 0.310,508 
AI Titan Parent, Inc.+(5)One stopSF +4.50%N/A(6)08/2031— (9)—— 
AI Titan Parent, Inc.+(5)One stopSF +4.50%N/A(6)08/2031— (12)—— 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)9.80%12/20304,443 4,515 0.14,443 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)9.80%12/2030492 491 —492 
Blackbird Purchaser, Inc.+One stopSF +5.50%(h)(i)9.80%12/202950 49 —50 
Chase Industries, Inc.+(26)(27)Senior securedSF +7.00%(i)9.95% cash/1.50%PIK11/202613,730 13,608 0.413,318 
Chase Industries, Inc.+(26)(27)Senior securedSF +7.00%(i)9.95% cash/1.50%PIK11/20261,298 1,283 —1,259 
Chase Industries, Inc.+(26)(27)Senior securedSF +7.00%(i)9.95% cash/1.50%PIK11/2026267 260 —252 
Thermogenics, Inc.+(8)(9)(12)One stopCA +4.25%(l)6.93%06/2032142 141 —142 
Thermogenics, Inc.+(5)(8)(12)One stopSF +4.25%N/A(6)06/2032— (1)—(1)
Thermogenics, Inc.+(8)(12)One stopSF +4.25%(i)8.55%06/2032181 180 —180 
Thermogenics, Inc.+(5)(8)(12)One stopSF +4.25%N/A(6)06/2032— (3)—(3)
31,111 30,918 0.830,640 
Marine
Project Nike Purchaser, LLC*+One stopSF +5.25%(i)9.55%04/202933,608 33,752 0.933,608 
Project Nike Purchaser, LLC+One stopSF +5.25%(i)9.55%04/2029744 741 —744 
Project Nike Purchaser, LLC+One stopSF +5.25%(i)9.55%04/2029236 234 —236 
34,588 34,727 0.934,588 
Media
Lotus Topco, Inc.*One stopSF +4.75%(i)9.05%06/20305,125 5,093 0.15,125 
Lotus Topco, Inc.+(5)One stopSF +4.75%N/A(6)06/2030— (6)—— 
Lotus Topco, Inc.+(5)One stopSF +4.75%N/A(6)06/2030— (16)—— 

See Notes to Consolidated Financial Statements.
28
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Shout! Factory, LLC+One stopSF +5.25%(i)9.55%06/2031$1,790 $1,776 0.1%$1,763 
Shout! Factory, LLC+(5)One stopSF +5.25%N/A(6)06/2031— (2)—(3)
Triple Lift, Inc.^*One stopSF +5.75%(i)10.22%05/20287,243 7,151 0.26,953 
Triple Lift, Inc.*+One stopSF +5.75%(i)10.22%05/20281,545 1,516 —1,482 
Triple Lift, Inc.+(5)One stopSF +5.75%N/A(6)05/2028— (4)—(6)
15,703 15,508 0.415,314 
Oil, Gas & Consumable Fuels
Envernus, Inc.+One stopSF +5.50%(h)9.83%12/20295,251 5,330 0.15,251 
Envernus, Inc.+One stopSF +5.50%(h)9.82%12/20297 6 —7 
Envernus, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— 
5,258 5,336 0.15,258 
Paper & Forest Products
Messenger, LLC*+One stopSF +5.00%(i)9.30%12/202714,397 14,396 0.414,397 
Messenger, LLC+(8)(9)One stopSN +5.00%(f)9.22%12/2027950 875 —950 
Messenger, LLC+One stopSF +5.00%(i)9.30%12/2027520 518 —520 
Messenger, LLC+(8)(9)One stopSN +5.00%N/A(6)12/2027— — —— 
Messenger, LLC*+One stopSF +5.00%(h)9.33%12/20271,508 1,528 0.11,508 
Messenger, LLC+One stopSF +5.00%(i)9.30%12/2027756 755 —756 
Messenger, LLC+One stopSF +5.00%N/A(6)12/2027— — —— 
18,131 18,072 0.518,131 
Personal Products
IMPLUS Footcare, LLC+(7)(26)One stopSF +9.25%(i)12.20% cash/1.50%PIK08/202530,580 30,464 0.416,207 
IMPLUS Footcare, LLC+(7)(26)One stopSF +9.25%(i)12.20% cash/1.50%PIK08/20255,223 5,203 0.12,768 
IMPLUS Footcare, LLC+(7)(26)One stopSF +9.25%(i)12.20% cash/1.50%PIK08/2025753 739 —399 
IMPLUS Footcare, LLC+(26)One stopSF +6.00%(i)6.45% cash/4.00%PIK08/20251,661 1,661 —1,536 
38,217 38,067 0.520,910 

See Notes to Consolidated Financial Statements.
29
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*+One stopSF +5.50%(i)9.80%02/2029$30,144 $30,009 0.8%$30,144 
ACP Ulysses Buyer, Inc.*+One stopSF +5.50%(i)9.80%02/20291,303 1,288 —1,303 
Amalthea Parent, Inc.^*+(8)(12)One stopSF +5.00%(i)9.59%03/202786,966 84,988 2.183,486 
Amalthea Parent, Inc.+(8)(12)One stopSF +5.00%(h)9.44%03/2027540 518 —520 
Apothecary Products, LLC+Senior securedSF +5.00%(j)9.25%07/20262,243 2,238 0.12,243 
Apothecary Products, LLC+Senior securedSF +5.00%(i)9.33%07/202639 37 —39 
Caerus Midco 3 S.A.R.L.*+(8)One stopSF +5.00%(i)9.30%05/202929,185 29,216 0.729,185 
Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(i)9.30%05/20294,839 4,842 0.14,839 
Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(i)9.30%05/20294,465 4,425 0.14,465 
Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(i)9.30%05/2029708 704 —708 
Caerus Midco 3 S.A.R.L.+(8)One stopSF +5.00%(h)9.32%05/2029108 105 —108 
Cobalt Buyer Sub, Inc.*+One stopSF +5.50%(i)9.83%10/202814,722 14,684 0.414,722 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(i)9.83%10/20284,937 4,923 0.14,937 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(i)9.83%10/20283,730 3,669 0.13,730 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(i)9.83%10/2027439 426 —439 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(i)9.83%10/20286,349 6,286 0.26,349 
Cobalt Buyer Sub, Inc.+(5)One stopSF +5.50%N/A(6)10/2028— (63)—— 
Creek Parent, Inc.+One stopSF +5.25%(h)9.57%12/203156,687 55,770 1.456,687 
Creek Parent, Inc.+(5)One stopSF +5.25%N/A(6)12/2031— (128)—— 
Spark Bidco Limited+(8)(9)(10)(26)Senior securedSN +4.88%(f)7.97% cash/1.13%PIK08/202839,048 37,767 1.037,778 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +6.00%(f)10.22%08/20285,706 5,135 0.15,706 
Spark Bidco Limited+(8)(9)(10)(26)Senior securedSN +4.88%(f)7.97% cash/1.13%PIK08/20284,733 4,001 0.14,579 
Spark Bidco Limited+(8)(10)Senior securedSF +6.00%(i)10.30%08/20283,991 3,984 0.13,991 
Spark Bidco Limited+(8)(9)(10)(26)Senior securedSN +4.88%(f)7.97% cash/1.13%PIK08/20284,142 3,661 0.14,007 
Spark Bidco Limited+(8)(9)(10)Senior securedSN +3.75%(f)7.97%02/2028124 118 —118 
305,148 298,603 7.5300,083 
Professional Services
ALKU Intermediate Holdings, LLC+One stopSF +6.25%(i)10.55%5/1/20296,746 6,768 0.2 6,746 
ALKU Intermediate Holdings, LLC+One stopSF +5.50%(i)9.80%5/1/2029746 739 — 731 
bswift, LLC+One stopSF +4.75%(h)9.06%11/1/20287,623 7,609 0.2 7,623 
bswift, LLC+One stopSF +4.75%(h)9.07%11/1/20289,975 9,928 0.3 9,975 
DISA Holdings Corp.+Senior securedSF +5.00%(i)9.33%9/1/20285,201 5,174 0.1 5,201 
DISA Holdings Corp.+Senior securedSF +5.00%(i)9.33%9/1/2028802 793 — 802 
DISA Holdings Corp.+One stopSF +5.00%(i)9.33%9/1/2028686 679 — 686 
DISA Holdings Corp.+Senior securedSF +5.00%(i)9.33%9/1/2028607 600 — 607 
DISA Holdings Corp.+(26)Subordinated debtSF +8.50%(i)10.82% cash/2.00%PIK3/1/2029104 103 — 104 
DISA Holdings Corp.+Senior securedSF +5.00%(i)9.30%9/1/2028589 582 — 589 
DISA Holdings Corp.+Senior securedSF +5.00%(i)9.33%9/1/202834 32 — 34 
Eclipse Buyer, Inc.+One stopSF +4.75%(h)9.06%9/1/203114,283 14,156 0.4 14,283 
Eclipse Buyer, Inc.+(5)One stopSF +4.75%N/A(6)9/1/2031— (61)— — 
Eclipse Buyer, Inc.+(5)One stopSF +4.75%N/A(6)9/1/2031— (11)— — 
Eliassen Group, LLC+One stopSF +5.75%(i)10.05%4/1/20282,132 2,118 0.1 2,090 
Eliassen Group, LLC+One stopSF +5.75%(h)10.08%4/1/2028144 143 — 141 
Filevine, Inc.^+(26)One stopSF +6.50%(i)8.43% cash/2.50%PIK4/1/20278,399 8,425 0.2 8,525 
Filevine, Inc.+One stopSF +6.50%N/A(6)4/1/2027— — — — 
IG Investments Holdings, LLC*+One stopSF +5.00%(i)9.28%9/1/202812,908 12,864 0.3 12,908 
IG Investments Holdings, LLC+One stopSF +5.00%N/A(6)9/1/2028— — — — 
NBG Acquisition Corp. and NBG-P Acquisition Corp.^*+One stopSF +5.50%(i)9.93%11/1/202833,763 33,421 0.8 31,737 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stopSF +5.50%(i)9.95%11/1/2028785 780 — 738 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stopSF +5.50%(i)9.94%11/1/2028466 458 — 438 

See Notes to Consolidated Financial Statements.
30
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
PlanSource Holdings, Inc.*+One stopSF +5.50%(i)9.83%12/1/2026$14,234 $14,204 0.4 %$14,234 
PlanSource Holdings, Inc.+One stopSF +5.50%(i)9.83%12/1/20262,416 2,410 0.1 2,416 
PlanSource Holdings, Inc.+One stopSF +5.50%(i)9.83%12/1/2026695 694 — 695 
PlanSource Holdings, Inc.+One stopSF +5.50%N/A(6)12/1/2026— — — — 
Procure Acquireco, Inc.*+One stopSF +4.75%(i)9.05%12/1/202824,732 24,775 0.6 24,732 
Procure Acquireco, Inc.+One stopSF +4.75%(i)9.05%12/1/20281,137 1,137 — 1,137 
Procure Acquireco, Inc.+One stopSF +4.75%N/A(6)12/1/2028— — — — 
Procure Acquireco, Inc.+(5)One stopSF +4.75%N/A(6)12/1/2028— (70)— — 
Procure Acquireco, Inc.+One stopSF +4.75%(i)9.05%12/1/20283,470 3,456 0.1 3,470 
Teaching Company, The+One stopSF +5.75%(i)10.18%1/1/202612,290 12,290 0.3 12,167 
Teaching Company, The+One stopP + 4.75%(a)12.25%1/1/202640 40 — 38 
Varicent Intermediate Holdings Corporation+(8)(12)(26)One stopSF +5.75%(i)6.93% cash/3.13%PIK8/1/203150,798 50,167 1.3 50,798 
Varicent Intermediate Holdings Corporation+(5)(8)(12)One stopSF +5.25%N/A(6)8/1/2031— (82)— — 
Varicent Intermediate Holdings Corporation+(5)(8)(12)One stopSF +5.75%N/A(6)8/1/2031— (62)— — 
215,805 214,259 5.4 213,645 
%
Real Estate Management & Development
Inhabit IQ Inc.+One stopSF +4.50%(h)8.83%01/20326,890 6,874 0.26,890 
Inhabit IQ Inc.+(5)One stopSF +4.50%N/A(6)01/2032— (3)—— 
Inhabit IQ Inc.+(5)One stopSF +4.50%N/A(6)01/2032— (4)—— 
MRI Software, LLC^*+One stopSF +4.75%(i)9.05%02/202732,820 32,964 0.832,820 
MRI Software, LLC^*+One stopSF +4.75%(i)9.05%02/202713,053 13,127 0.313,053 
MRI Software, LLC+One stopSF +4.75%(i)9.05%02/2027176 164 —176 
MRI Software, LLC+One stopSF +4.75%(i)9.05%02/20277,993 7,913 0.27,993 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)9.72%08/20286,213 5,845 0.26,213 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)9.72%08/202828,676 28,280 0.728,676 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.50%(e)9.28%08/202811,586 11,770 0.311,586 
RPL Bidco Limited+(8)(9)(10)One stopA + 5.50%(e)9.28%08/20282,812 3,040 0.12,812 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.50%N/A(6)02/2028— — —— 
110,219 109,970 2.8110,219 
Road & Rail
Internet Truckstop Group, LLC*One stopSF +5.25%(i)9.70%04/202728,632 28,643 0.728,345 
Internet Truckstop Group, LLC*+One stopSF +5.25%(i)9.70%04/202712,553 12,503 0.312,427 
Internet Truckstop Group, LLC+(5)One stopSF +5.25%N/A(6)04/2027— — —(3)
41,185 41,146 1.040,769 


See Notes to Consolidated Financial Statements.
31
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Software
Anaplan, Inc.^+One stopSF +4.50%(i)8.83%06/2029$58,468 $58,642 1.5%$58,468 
Anaplan, Inc.+One stopSF +4.50%N/A(6)06/2028— — —— 
Appfire Technologies, LLC^*+One stopSF +5.00%(i)9.30%03/202857,373 57,294 1.456,800 
Appfire Technologies, LLC+(5)One stopSF +5.00%N/A(6)03/2028— (2)—(5)
Appfire Technologies, LLC+(5)One stopSF +5.00%N/A(6)03/2028— (27)—(19)
Appfire Technologies, LLC+(5)One stopSF +5.00%N/A(6)03/2028— (97)—(266)
Aras Corporation^+One stopSF +5.50%(i)9.80%04/202928,523 28,536 0.728,523 
Aras Corporation+One stopSF +5.50%(i)9.80%04/20292,000 1,985 0.12,000 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.00%(f)9.22%06/20295,970 5,365 0.15,970 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.00%(f)9.22%06/20293,115 2,733 0.13,115 
Arrow Buyer, Inc.+One stopSF +5.00%(i)9.30%07/203024,914 24,767 0.624,914 
Arrow Buyer, Inc.+One stopSF +5.00%(i)9.30%07/20301,633 1,629 —1,633 
Arrow Buyer, Inc.+One stopSF +5.00%(i)9.30%07/20301,580 1,576 —1,580 
Artifact Bidco, Inc.+One stopSF +4.25%(i)8.55%05/20311,489 1,476 —1,489 
Artifact Bidco, Inc.+(5)One stopSF +4.25%N/A(6)05/2031— (2)—— 
Artifact Bidco, Inc.+One stopSF +4.25%N/A(6)05/2030— — —— 
Artifact Bidco, Inc.+(5)One stopSF +4.25%N/A(6)05/2030— (1)—— 
Auvik Networks Inc.^+(8)(12)(26)One stopSF +6.25%(i)7.28% cash/3.25%PIK07/202710,928 10,950 0.310,928 
Auvik Networks Inc.+(8)(12)(26)One stopSF +6.25%(i)7.28% cash/3.25%PIK07/20271,965 1,960 0.11,965 
Auvik Networks Inc.+(8)(12)(26)One stopSF +6.25%(i)7.28% cash/3.25%PIK07/20271,001 998 —1,001 
Auvik Networks Inc.+(8)(12)One stopSF +6.00%N/A(6)07/2027— — —— 
Azul Systems, Inc.*Senior securedSF +4.50%(i)8.95%04/20279,492 9,620 0.39,492 
Azul Systems, Inc.+Senior securedSF +4.50%N/A(6)04/2026— — —— 
Azurite Intermediate Holdings, Inc.+One stopSF +6.00%(h)10.33%03/2031973 963 —973 
Azurite Intermediate Holdings, Inc.+One stopSF +6.00%(h)10.33%03/2031428 423 —428 
Azurite Intermediate Holdings, Inc.+(5)One stopSF +6.00%N/A(6)03/2031— (2)—— 
Baxter Planning Systems, LLC+(26)One stopSF +6.25%(i)7.16% cash/3.38%PIK05/20314,164 4,164 0.14,164 
Baxter Planning Systems, LLC+(5)One stopSF +6.25%N/A(6)05/2031— (5)—— 
Baxter Planning Systems, LLC+(5)One stopSF +5.75%N/A(6)05/2031— (3)—— 
Bayshore Intermediate #2, L.P.^+(26)One stopSF +6.25%(i)7.18% cash/3.38%PIK10/2028122,707 122,645 3.1122,707 
Bayshore Intermediate #2, L.P.+One stopSF +5.75%(i)10.06%10/202746 45 —46 
BestPass, Inc.*+One stopSF +4.75%(h)9.08%08/203152,470 52,242 1.352,470 
BestPass, Inc.+(5)One stopSF +4.75%N/A(6)08/2031— (23)—— 
BestPass, Inc.+(5)One stopSF +4.75%N/A(6)08/2031— (30)—— 
Bloomerang, LLC+One stopSF +6.00%(i)10.30%12/20294,142 4,174 0.14,142 
Bloomerang, LLC+One stopSF +6.00%(i)10.30%12/2029414 405 —414 
Bloomerang, LLC+One stopSF +6.00%(i)10.32%12/202930 28 —30 
Blue Bidco Limited+(8)(9)(10)One stopE + 5.00%(d)7.04%06/20325,360 5,129 0.15,307 
Blue Bidco Limited+(8)(9)(10)One stopSN +5.00%(f)9.22%06/20329,465 9,202 0.29,370 
Blue Bidco Limited+(5)(8)(9)(10)One stopSN +5.00%N/A(6)06/2032— (23)—(46)
Blue Bidco Limited+(8)(10)One stopSF +5.00%(j)9.26%06/20321,338 1,332 —1,325 
Bottomline Technologies, Inc.+(5)One stopSF +4.50%N/A(6)05/2028— (4)—— 
Bottomline Technologies, Inc.+One stopSF +4.50%(i)8.80%05/202945,811 45,570 1.245,811 
Bullhorn, Inc.*+One stopSF +5.00%(h)9.33%10/202977,997 77,852 1.977,217 
Bullhorn, Inc.*+One stopSF +5.00%(h)9.33%10/20293,190 3,222 0.13,158 
Bullhorn, Inc.+One stopSF +5.00%(h)9.33%10/20291,643 1,662 —1,627 
Bullhorn, Inc.+One stopSF +5.00%(h)9.33%10/2029736 733 —729 
Bullhorn, Inc.+One stopSF +5.00%(h)9.33%10/2029587 585 —581 
Bullhorn, Inc.+(5)One stopSF +5.00%N/A(6)10/2029— (2)—(5)
Burning Glass Intermediate Holdings Company, Inc.*One stopSF +5.00%(i)9.45%06/202811,232 11,209 0.311,232 
Burning Glass Intermediate Holdings Company, Inc.+One stopSF +5.00%(j)9.43%06/2026154 154 —154 

See Notes to Consolidated Financial Statements.
32
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%(j)10.14%01/2029$8,332 $8,279 0.2%$8,332 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%(j)10.14%01/20292,204 2,177 0.12,204 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +6.00%N/A(6)01/2029— — —— 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)One stopSF +6.00%N/A(6)01/2029— (1)—— 
Calabrio, Inc.^+One stopSF +5.50%(i)9.83%04/202774,108 74,159 1.974,108 
Calabrio, Inc.+One stopSF +5.50%(i)9.83%04/20275,445 5,508 0.15,445 
Calabrio, Inc.+One stopSF +5.50%(i)9.83%04/2027202 201 —202 
Camelia Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)9.72%08/20305,555 5,140 0.15,555 
Camelia Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)9.72%08/2030787 709 —787 
Camelia Bidco Limited+(8)(9)(10)One stopA + 5.50%(e)9.16%08/2030330 324 —330 
Camelia Bidco Limited+(5)(8)(9)(10)One stopSN +5.50%N/A(6)08/2030— (26)—— 
CB Buyer, Inc.+One stopSF +5.25%(i)9.55%07/203150,076 49,662 1.350,076 
CB Buyer, Inc.+(5)One stopSF +5.25%N/A(6)07/2031— (45)—— 
CB Buyer, Inc.+One stopSF +5.25%(i)9.55%07/20311,520 1,454 —1,520 
Coupa Holdings, LLC+One stopSF +5.25%(i)9.53%02/203031,719 31,455 0.831,719 
Coupa Holdings, LLC+(5)One stopSF +5.25%N/A(6)02/2029— (1)—— 
Coupa Holdings, LLC+(5)One stopSF +5.25%N/A(6)02/2030— (17)—— 
Crewline Buyer, Inc.+One stopSF +6.75%(h)11.08%11/203010,857 10,827 0.310,857 
Crewline Buyer, Inc.+(5)One stopSF +6.75%N/A(6)11/2030— (1)—— 
Daxko Acquisition Corporation^*One stopSF +4.75%(h)9.08%10/202839,153 39,135 1.039,153 
Daxko Acquisition Corporation*+One stopSF +4.75%(h)9.08%10/20283,302 3,278 0.13,302 
Daxko Acquisition Corporation+One stopSF +4.75%(h)9.08%10/2028198 196 —198 
Daxko Acquisition Corporation+One stopSF +4.75%(h)9.08%10/2028133 117 —133 
Daxko Acquisition Corporation+(5)One stopSF +4.75%N/A(6)10/2028— (9)—— 
Denali Bidco Limited+(8)(9)(10)One stopSN +5.00%(f)9.22%08/20308,073 7,535 0.28,073 
Denali Bidco Limited+(8)(9)(10)One stopE + 5.00%(c)6.98%08/20302,811 2,581 0.12,811 
Denali Bidco Limited+(8)(9)(10)One stopE + 5.00%(c)6.98%08/20302,007 1,840 0.12,007 
Denali Bidco Limited+(8)(9)(10)One stopE + 5.00%(c)6.98%08/2030784 714 —784 
Denali Bidco Limited+(5)(8)(9)(10)One stopSN +5.00%N/A(6)08/2030— (2)—— 
Diligent Corporation+One stopSF +5.00%(i)9.33%08/20308,985 8,970 0.28,985 
Diligent Corporation+One stopSF +5.00%(i)9.33%08/20301,541 1,531 —1,541 
Diligent Corporation+(5)One stopSF +5.00%N/A(6)08/2030— (9)—— 
Diligent Corporation+One stopSF +5.00%(i)9.33%08/203070 64 —70 
Einstein Parent, Inc.+One stopSF +6.50%(i)10.77%01/20319,062 8,894 0.28,972 
Einstein Parent, Inc.+(5)One stopSF +6.50%N/A(6)01/2031— (17)—(9)
Espresso Bidco, Inc.+(26)One stopSF +5.75%(i)7.17% cash/2.88%PIK03/203218,251 17,990 0.518,251 
Espresso Bidco, Inc.+(5)One stopSF +5.25%N/A(6)03/2032— (36)—— 
Espresso Bidco, Inc.+(5)One stopSF +5.25%N/A(6)03/2032— (32)—— 
Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(i)9.05%09/20304,881 4,777 0.14,881 
Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(i)9.05%09/20304,449 4,411 0.14,449 
Evergreen IX Borrower 2023, LLC+(5)One stopSF +4.75%N/A(6)10/2029— (11)—— 
FirstUp, Inc.^+One stopSF +6.75%(i)11.05%07/202713,126 13,107 0.312,994 
FirstUp, Inc.+One stopSF +6.75%(i)11.05%07/20271,251 1,243 —1,239 
FirstUp, Inc.+(5)One stopSF +6.75%N/A(6)07/2027— (1)—(2)
Gainsight, Inc.^+One stopSF +5.75%(i)10.23%07/202714,171 14,202 0.414,171 
Gainsight, Inc.+(5)One stopSF +5.75%N/A(6)07/2027— (1)—— 
GS Acquisitionco, Inc.^*+One stopSF +5.25%(i)9.55%05/2028121,779 122,061 3.1121,779 
GS Acquisitionco, Inc.+One stopSF +5.25%(i)9.55%05/2028123 122 —123 
GS Acquisitionco, Inc.+One stopSF +5.25%(i)9.55%05/202841 38 —41 
GTIV, LLC*+One stopSF +4.75%(h)9.08%02/202972,169 71,798 1.871,446 
GTIV, LLC+(5)One stopSF +4.75%N/A(6)02/2029— (1)—(3)

See Notes to Consolidated Financial Statements.
33
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.82% cash/4.13%PIK07/2029$8,970 $8,847 0.2%$8,970 
GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.80% cash/4.13%PIK07/20295,264 5,258 0.15,264 
GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.80% cash/4.13%PIK07/20293,441 3,415 0.13,441 
GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.82% cash/4.13%PIK07/20291,026 1,015 —1,026 
GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.80% cash/4.13%PIK07/2029630 628 —630 
GTY Technology Holdings, Inc.+(26)One stopSF +6.63%(i)6.76% cash/4.13%PIK07/2029438 438 —438 
GTY Technology Holdings, Inc.+One stopSF +6.00%(a)(i)10.96%07/2029539 523 —539 
Gurobi Optimization, LLC+One stopSF +4.50%(i)8.80%09/203150,565 50,117 1.350,565 
Gurobi Optimization, LLC+(5)One stopSF +4.50%N/A(6)09/2031— (39)—— 
Hornet Security Holding GMBH+(8)(9)(19)One stopE + 4.75%(d)7.21%02/2031791 719 —799 
Hornet Security Holding GMBH+(8)(9)(19)One stopE + 4.75%(d)7.21%02/2031527 479 —533 
Hornet Security Holding GMBH+(8)(9)(19)One stopE + 4.75%(b)6.64%08/203015 12 —15 
Hornet Security Holding GMBH+(8)(9)(19)One stopE + 4.75%(d)6.80%02/2031110 105 —112 
Hyland Software, Inc.*+One stopSF +5.00%(h)9.33%09/203046,886 47,601 1.246,886 
Hyland Software, Inc.+(5)One stopSF +5.00%N/A(6)09/2029— (1)—— 
Icefall Parent, Inc.+One stopSF +5.75%(i)10.03%01/20301,407 1,400 —1,407 
Icefall Parent, Inc.+(5)One stopSF +5.75%N/A(6)01/2030— (1)—— 
ICIMS, Inc.*+(26)One stopSF +5.75%(i)10.03%08/202812,478 12,430 0.311,854 
ICIMS, Inc.+One stopSF +5.75%(i)10.03%08/202848 45 —32 
IQN Holding Corp. *+(26)One stopSF +5.75%(i)6.96% cash/3.13%PIK05/202922,712 22,760 0.622,598 
IQN Holding Corp. +One stopSF +5.25%(i)9.58%05/2028164 164 —164 
IQN Holding Corp. +(26)One stopSF +5.75%(i)6.93% cash/3.13%PIK05/20294,014 3,974 0.13,994 
IQN Holding Corp. +(5)One stopSF +5.75%N/A(6)05/2029— — —(6)
Island Bidco AB+(8)(9)(17)(26)One stopE + 7.25%(d)2.04% cash/7.25%PIK07/202812,020 10,882 0.312,020 
Island Bidco AB+(8)(17)(26)One stopSF +7.00%(j)7.67% cash/3.50%PIK07/20284,917 4,928 0.14,917 
Island Bidco AB+(8)(17)(26)One stopSF +7.00%(j)7.67% cash/3.50%PIK07/20283,628 3,615 0.13,628 
Island Bidco AB+(8)(9)(17)One stopE + 6.50%N/A(6)07/2028— — —— 
Island Bidco AB+(8)(17)One stopSF +6.50%(j)10.77%07/202850 50 —50 
LeadsOnline, LLC^+One stopSF +4.50%(i)8.79%02/202812,950 13,084 0.312,950 
LeadsOnline, LLC+One stopSF +4.50%(i)8.79%02/20282,286 2,308 0.12,286 
LeadsOnline, LLC+One stopSF +4.50%(i)8.80%02/2028663 661 —663 
LeadsOnline, LLC+(5)One stopSF +4.50%N/A(6)02/2028— (1)—— 
Lighthouse Bidco GMBH+(8)(9)(19)One stopE + 5.00%(c)6.98%12/203120,133 17,721 0.520,133 
Lighthouse Bidco GMBH+(5)(8)(9)(19)One stopE + 5.00%N/A(6)06/2031— (30)—— 
Lighthouse Bidco GMBH+(5)(8)(9)(19)One stopE + 5.00%N/A(6)12/2031— (100)—— 
LogicMonitor, Inc.+One stopSF +5.50%(i)9.78%11/203153,749 53,443 1.453,749 
LogicMonitor, Inc.+(5)One stopSF +5.50%N/A(6)11/2031— (38)—— 
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.90%12/202910,709 10,431 0.310,709 
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.90%12/20291,622 1,485 —1,622 
Matrix42 Holding GMBH+(8)(9)(19)One stopE + 6.25%(d)8.90%12/2029835 767 —835 
Matrix42 Holding GMBH+(5)(8)(9)(19)One stopE + 6.25%N/A(6)06/2029— (1)—— 
Matrix42 Holding GMBH+(8)(19)One stopSF +6.25%N/A(6)06/2029— — —— 
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.25%(c)7.26%11/203117,332 15,331 0.417,332 
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(16)One stopSF +5.25%(i)9.58%11/203111,017 10,866 0.311,017 
Metatiedot Bidco Oy & Metatiedot US, LLC+(8)(9)(16)One stopE + 5.25%(c)7.26%11/2031140 91 —140 
Metatiedot Bidco Oy & Metatiedot US, LLC+(5)(8)(9)(16)One stopE + 5.25%N/A(6)11/2030— (43)—— 
Mindbody, Inc.+One stopSF +6.00%(i)10.43%09/202761,966 61,872 1.661,966 
Mindbody, Inc.+One stopSF +6.00%(i)10.43%09/20272,134 2,129 0.12,134 
Mindbody, Inc.+One stopSF +7.00%N/A(6)09/2027— — —— 
Ministry Brands Holdings LLC+One stopSF +5.50%(h)9.93%12/202830,831 30,737 0.830,214 
Ministry Brands Holdings LLC+One stopSF +5.50%(h)9.93%12/20282,900 2,904 0.12,843 

See Notes to Consolidated Financial Statements.
34
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Ministry Brands Holdings LLC+One stopP + 4.50%(a)12.00%12/2027$30 $27 —%$24 
MYOB Invest Co Pty Ltd+(8)(9)(11)One stopA + 5.50%(e)9.21%06/203035,932 35,104 0.935,572 
Navex TopCo, Inc.+One stopSF +5.25%(h)9.57%11/20305,342 5,425 0.15,342 
Navex TopCo, Inc.+(5)One stopSF +5.75%N/A(6)11/2028— (1)—— 
Naviga Inc.+(7)(26)Senior securedSF +1.00%(i)5.40%PIK09/2026185 121 —67 
Onit, Inc.+One stopSF +4.75%(i)9.03%01/20325,415 5,365 0.15,415 
Onit, Inc.+(5)One stopSF +4.75%N/A(6)01/2032— (7)—— 
Onit, Inc.+(5)One stopSF +4.75%N/A(6)01/2032— (11)—— 
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)One stopE + 5.75%(c)7.73%11/20292,324 2,084 0.12,342 
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(8)(9)(14)One stopE + 5.00%(c)6.98%11/2029348 285 —348 
Panzura, LLC+(26)One stopN/A4.00% cash/11.00%PIK08/2027128 119 —116 
Personify, Inc.+One stopSF +4.75%(i)9.05%09/202818,530 18,452 0.518,530 
Personify, Inc.*One stopSF +4.75%(i)9.05%09/202813,722 13,650 0.313,722 
Personify, Inc.*+One stopSF +4.75%(i)9.05%09/20289,727 9,672 0.29,727 
Personify, Inc.+(5)One stopSF +4.75%N/A(6)09/2028— (2)—— 
Pineapple German Bidco GMBH+(8)(19)(26)One stopSF +5.25%(i)9.54%01/203115,046 14,909 0.414,858 
Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 5.50%(c)7.44%01/20315,321 4,545 0.15,088 
Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 5.25%(c)7.19%01/20311,143 1,039 —1,129 
Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 5.50%(c)7.44%01/2031354 318 —350 
Pineapple German Bidco GMBH+(8)(19)(26)One stopSF +5.25%(i)9.54%01/203177 75 —76 
Pineapple German Bidco GMBH+(8)(9)(19)(26)One stopE + 5.25%(c)7.19%01/203178 71 —78 
Pineapple German Bidco GMBH+(5)(8)(9)(19)One stopE + 5.25%N/A(6)01/2031— (58)—(125)
PING Identity Holding Corp.+One stopSF +4.75%(i)9.05%10/202915,031 14,999 0.415,031 
PING Identity Holding Corp.+(5)One stopSF +4.75%N/A(6)10/2028— (1)—— 
Pluralsight, LLC+(26)One stopSF +7.50%(i)11.83%PIK08/20296,541 6,343 0.26,475 
Pluralsight, LLC+(26)One stopSF +4.50%(i)7.33% cash/1.50%PIK08/20294,019 3,921 0.13,979 
Pluralsight, LLC+(26)One stopSF +4.50%(i)7.33% cash/1.50%PIK08/20292,010 2,010 0.11,990 
Pluralsight, LLC+(5)One stopSF +4.50%N/A(6)08/2029— — —(10)
Pluralsight, LLC+(5)One stopSF +4.50%N/A(6)08/2029— — —(25)
ProcessUnity Holdings, LLC^+One stopSF +6.50%(i)10.80%09/20286,014 6,023 0.26,014 
ProcessUnity Holdings, LLC+One stopSF +6.75%(i)11.05%09/20284,240 4,221 0.14,240 
ProcessUnity Holdings, LLC+One stopSF +6.50%(i)10.80%09/20282,864 2,846 0.12,864 
ProcessUnity Holdings, LLC+One stopSF +6.50%(i)10.80%09/20281,203 1,199 —1,203 
ProcessUnity Holdings, LLC+One stopSF +6.50%(i)10.80%09/202864 63 —64 
QAD, Inc.*+One stopSF +4.75%(h)9.08%11/202742,929 43,404 1.142,929 
QAD, Inc.+(5)One stopSF +4.75%N/A(6)11/2027— (2)—— 
Quant Buyer, Inc.*+One stopSF +5.25%(i)9.56%06/20297,350 7,294 0.27,350 
Quant Buyer, Inc.*+One stopSF +5.25%(i)9.58%06/20294,439 4,403 0.14,439 
Quant Buyer, Inc.*+One stopSF +5.25%(i)9.58%06/20294,327 4,313 0.14,327 
Quant Buyer, Inc.+One stopSF +5.25%(i)9.58%06/2029170 167 —170 
Quant Buyer, Inc.+(5)One stopSF +5.25%N/A(6)06/2029— (45)—— 
Rainforest Bidco Limited+(8)(9)(10)(26)One stopSN +6.05%(f)7.72% cash/2.55%PIK07/202921,718 19,446 0.621,610 
Rainforest Bidco Limited+(8)(10)(26)One stopSF +6.05%(g)7.79% cash/2.55%PIK07/20293,739 3,717 0.13,720 
Rainforest Bidco Limited+(8)(9)(10)(26)One stopSN +6.80%(f)8.22% cash/2.80%PIK07/20292,269 1,993 0.12,269 
Rainforest Bidco Limited+(8)(9)(10)(26)One stopSN +6.05%(f)7.72% cash/2.55%PIK07/20291,596 1,419 —1,588 
Rainforest Bidco Limited+(8)(10)One stopSF +4.00%(g)8.29%07/2029999 999 —999 
Riskonnect Parent, LLC*+One stopSF +5.00%(j)9.22%12/202845,285 45,695 1.144,832 
Riskonnect Parent, LLC+One stopSF +5.00%(j)9.22%12/20282,125 2,140 0.12,103 
Riskonnect Parent, LLC+One stopSF +5.00%(j)9.22%12/2028817 810 —809 

See Notes to Consolidated Financial Statements.
35
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Riskonnect Parent, LLC+One stopSF +5.00%(j)9.22%12/2028$575 $567 —%$569 
Riskonnect Parent, LLC+One stopSF +5.00%(i)9.32%12/202877 73 —68 
Riskonnect Parent, LLC+(5)One stopSF +5.00%N/A(6)12/2028— (8)—(10)
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(i)10.55%05/202713,056 12,980 0.313,056 
Rodeo Buyer Company & Absorb Software Inc.^+(8)(12)One stopSF +6.25%(i)10.70%05/20277,616 7,607 0.27,616 
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%N/A(6)05/2027— — —— 
Rodeo Buyer Company & Absorb Software Inc.+(8)(12)One stopSF +6.25%(i)10.55%05/20272,000 1,990 0.12,000 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.25%(c)7.53%07/202953,853 47,198 1.453,853 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.50%(c)7.76%07/20294,401 3,981 0.14,401 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.50%(c)7.82%07/20291,622 1,491 —1,626 
Sonatype, Inc.^+One stopSF +5.50%(h)9.81%01/202869,460 69,570 1.869,460 
Sonatype, Inc.+One stopSF +5.50%N/A(6)01/2028— — —— 
Spartan Buyer Acquisition Co.^*+(26)One stopSF +7.50%(i)10.83% cash/1.00%PIK06/202744,819 44,671 1.144,370 
Spartan Buyer Acquisition Co.+(26)One stopSF +7.50%(i)10.83% cash/1.00%PIK06/20272,851 2,825 0.12,822 
Spartan Buyer Acquisition Co.+(5)(26)One stopP + 6.50%(a)13.00% cash/1.00%PIK06/20272 (1)—(2)
Telesoft Holdings LLC^*+One stopSF +5.75%(h)10.18%12/202621,019 21,168 0.521,019 
Telesoft Holdings LLC+One stopSF +6.25%(h)10.68%12/20261,421 1,428 —1,421 
Telesoft Holdings LLC+One stopSF +5.75%(h)10.18%12/202674 73 —74 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%(h)10.43%07/20284,800 4,783 0.14,800 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%N/A(6)07/2028— — —— 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.90% cash/1.00%PIK06/20274,213 4,208 0.13,244 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.90% cash/1.00%PIK06/20271,117 1,117 —861 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.90% cash/1.00%PIK06/2027701 701 —540 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(h)8.90% cash/1.00%PIK06/2027526 526 —405 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(i)8.90% cash/1.00%PIK06/2027193 193 —149 
TI Intermediate Holdings, LLC+(26)Senior securedSF +5.50%(i)8.90% cash/1.00%PIK06/202791 91 —69 
Togetherwork Holdings, LLC*+One stopSF +5.00%(h)9.33%05/203127,763 27,721 0.727,485 
Togetherwork Holdings, LLC+One stopSF +5.00%(h)9.33%05/2031696 666 —649 
Togetherwork Holdings, LLC+(5)One stopSF +5.00%N/A(6)05/2031— (15)—(24)
Transform Bidco Limited+(8)(10)One stopSF +6.50%(i)10.76%01/20315,405 5,478 0.15,405 
Transform Bidco Limited+(8)(10)One stopSF +6.50%(i)10.76%01/20314,308 4,227 0.14,308 
Transform Bidco Limited+(8)(9)(10)One stopA + 6.25%(e)10.01%01/20314,010 3,938 0.14,010 
Transform Bidco Limited+(8)(9)(10)One stopSN +6.25%(f)10.47%01/2031653 602 —653 
Transform Bidco Limited+(5)(8)(10)One stopSF +7.00%N/A(6)06/2030— (2)—— 
Transform Bidco Limited+(5)(8)(10)One stopSF +7.00%N/A(6)01/2031— (76)—— 
Transform Bidco Limited+(5)(8)(10)One stopSF +6.50%N/A(6)01/2031— (35)—— 
Tricentis Operations Holdings, Inc.+(26)One stopSF +6.25%(i)5.68% cash/4.88%PIK02/20327,646 7,610 0.27,646 
Tricentis Operations Holdings, Inc.+(5)One stopSF +5.50%N/A(6)02/2032— (4)—— 
Tricentis Operations Holdings, Inc.+(5)One stopSF +5.50%N/A(6)02/2032— (7)—— 
Vantage Bidco GMBH+(8)(9)(19)(26)One stopE + 6.25%(c)8.23%04/20319,261 8,392 0.29,261 
Vantage Bidco GMBH+(5)(8)(9)(19)One stopE + 6.25%N/A(6)10/2030— (12)—— 
Varinem German Midco GMBH+(8)(9)(19)One stopE + 5.25%(d)7.84%07/20317,800 7,159 0.27,820 
Varinem German Midco GMBH+(8)(9)(19)One stopE + 5.00%(c)7.35%07/20314,159 3,834 0.14,159 
Vendavo, Inc.+One stopSF +5.75%(i)10.17%09/202727,165 26,736 0.624,720 
Vendavo, Inc.+One stopSF +5.75%(a)(i)10.29%09/20272,055 2,038 0.11,831 
Vendavo, Inc.+One stopSF +5.75%(i)10.17%09/2027990 987 —901 
Viper Bidco, Inc.+One stopSF +5.00%(i)9.30%11/203137,986 37,812 1.037,986 
Viper Bidco, Inc.+(8)(9)One stopSN +5.00%(f)9.22%11/203119,099 17,431 0.519,099 
Viper Bidco, Inc.+(5)One stopSF +5.00%N/A(6)11/2031— (18)—— 
Viper Bidco, Inc.+(5)One stopSF +5.00%N/A(6)11/2031— (22)—— 
WebPT, Inc.+One stopSF +6.25%(i)10.68%01/2028929 921 —873 

See Notes to Consolidated Financial Statements.
36
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Zendesk, Inc.^+One stopSF +5.00%(i)9.32%11/2028$28,438 $28,349 0.7%$28,438 
Zendesk, Inc.+One stopSF +5.00%(i)9.32%11/20282,185 2,168 0.12,185 
Zendesk, Inc.+One stopSF +5.00%N/A(6)11/2028— — —— 
2,197,226 2,167,988 54.82,185,860 
Specialty Retail
Ave Holdings III, Corp*+One stopSF +5.50%(j)9.97%02/202823,240 23,050 0.622,775 
Ave Holdings III, Corp+One stopSF +5.50%(j)9.97%02/20286,061 6,149 0.25,940 
Ave Holdings III, Corp+One stopSF +5.50%(j)9.97%02/2028796 796 —780 
Ave Holdings III, Corp+(5)One stopSF +5.50%N/A(6)02/2028— (1)—(6)
Biscuit Parent, LLC*+One stopSF +4.75%(i)9.05%02/203120,055 19,887 0.520,055 
Biscuit Parent, LLC+(5)One stopSF +4.75%N/A(6)02/2031— (1)—— 
Biscuit Parent, LLC+(5)One stopSF +4.75%N/A(6)02/2031— (42)—— 
Cavender Stores L.P.*Senior securedSF +5.00%(i)9.30%10/20295,418 5,382 0.25,418 
Consilio Midco Limited+(8)(9)(10)Senior securedE + 4.75%(c)6.73%04/203213,180 12,657 0.313,114 
Consilio Midco Limited+(8)(10)Senior securedSF +4.75%(i)9.05%04/203210,689 10,637 0.310,636 
Consilio Midco Limited+(8)(10)Senior securedSF +4.75%(i)9.05%04/20326,589 6,557 0.26,555 
Consilio Midco Limited+(5)(8)(10)Senior securedSF +4.75%N/A(6)04/2032— — —(19)
Consilio Midco Limited+(5)(8)(10)Senior securedSF +4.75%N/A(6)04/2032— — —(12)
Consilio Midco Limited+(8)(9)(10)Subordinated debtE + 7.50%(d)9.71%04/20331,350 1,294 —1,340 
Consilio Midco Limited+(8)(10)Subordinated debtSF +7.50%(j)11.64%04/20331,681 1,669 —1,669 
Consilio Midco Limited+(5)(8)(10)Subordinated debtSF +4.75%N/A(6)04/2033— — —(6)
CVP Holdco, Inc.+One stopSF +4.75%(h)9.08%06/203113,529 13,413 0.313,529 
CVP Holdco, Inc.+One stopSF +4.75%(h)9.07%06/2031736 721 —736 
CVP Holdco, Inc.+(5)One stopSF +4.75%N/A(6)06/2030— (12)—— 
Cycle Gear, Inc.+One stopSF +6.75%(h)11.18%04/202646,304 45,825 1.246,304 
Metal Supermarkets US Buyer, LLC+(8)(12)One stopSF +4.75%(j)8.97%12/203011,544 11,492 0.311,544 
Metal Supermarkets US Buyer, LLC+(5)(8)(12)One stopSF +4.75%N/A(6)12/2030— (6)—— 
PetVet Care Centers LLC*+One stopSF +6.00%(h)10.33%11/20304,704 4,739 0.14,421 
PetVet Care Centers LLC+(5)One stopSF +6.00%N/A(6)11/2029— (2)—(6)
PetVet Care Centers LLC+(5)One stopSF +6.00%N/A(6)11/2030— (6)—— 
Radiance Borrower, LLC+(26)One stopSF +5.75%(h)7.33% cash/2.75%PIK06/203121,850 21,713 0.621,850 
Radiance Borrower, LLC+One stopSF +5.25%(h)9.58%06/2031205 190 —205 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/20285,216 5,221 0.15,242 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.30%PIK09/20293,364 3,338 0.13,390 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.30%PIK09/20291,785 1,771 0.11,799 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.30%PIK09/20291,492 1,481 —1,511 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.30%PIK09/2029872 852 —879 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.30%PIK09/2029650 644 —655 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/2028536 534 —539 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/2028498 494 —500 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/2028349 347 —351 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/2028341 340 —342 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/2028383 377 —383 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/2028270 269 —271 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/2028249 248 —249 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/2028168 168 —169 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.30%PIK09/2029165 164 —167 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/2028154 153 —155 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/2028112 111 —113 

See Notes to Consolidated Financial Statements.
37
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/2028$104 $104 —%$105 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/202885 84 —86 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/202879 78 —79 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.05%08/2028636 632 —639 
Salon Lofts Group, LLC+(5)(26)Second lienSF +9.00%N/A(6)09/2029— (17)—26 
Salon Lofts Group, LLC+(5)Senior securedSF +5.25%N/A(6)08/2028— (23)—— 
Salon Lofts Group, LLC+(26)Second lienSF +9.00%(i)13.30%PIK09/2029663 658 —670 
Salon Lofts Group, LLC+Senior securedSF +5.25%(i)9.55%08/20282,233 2,224 0.12,233 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.^*+(8)(12)One stopSF +5.25%(i)9.55%12/202930,918 30,679 0.830,610 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(9)(12)One stopCA +5.25%(l)7.93%12/20297,930 7,878 0.27,851 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(12)One stopSF +5.25%(i)9.55%12/20291,231 1,158 —1,186 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)(12)One stopSF +5.25%(i)9.55%12/2028331 326 —325 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)5.45% cash/6.25%PIK10/202640,880 40,172 0.831,477 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)5.45% cash/6.25%PIK10/20262,965 2,887 0.12,283 
Titan Fitness, LLC+(26)One stopSF +7.25%(i)5.45% cash/6.25%PIK10/2026510 486 —318 
Titan Fitness, LLC+(26)One stopSF +2.50%(i)6.95%10/202612 2 —12 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)9.40%03/20288,939 9,901 0.28,939 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)9.41%03/20288,746 9,190 0.28,746 
VSG Acquisition Corp. and Sherrill, Inc.*+One stopSF +5.50%(i)10.09%04/202812,020 11,827 0.312,020 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.50%(i)10.09%04/20282,079 2,054 0.12,079 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.50%(i)10.09%04/20281,606 1,552 —1,606 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.50%(i)10.09%04/202838 32 —38 
326,540 324,497 7.9 314,865 

See Notes to Consolidated Financial Statements.
38
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.+(8)(10)One stopSF +6.00%(j)10.45%03/2028$2,347 $2,328 0.1%$2,112 
Dollfus Mieg Company, Inc.+(8)(10)One stopSF +6.00%(j)10.45%03/20281,170 1,160 —1,052 
Dollfus Mieg Company, Inc.+(8)(10)One stopSF +6.00%(j)10.45%03/20281,027 1,020 —925 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.81% cash/1.25%PIK09/20259,943 9,935 0.39,943 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.81% cash/1.25%PIK09/20253,996 3,991 0.13,996 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.81% cash/1.25%PIK09/20252,057 2,054 0.12,057 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.81% cash/1.25%PIK09/2025683 682 —683 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.81% cash/1.25%PIK09/2025312 312 —312 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.81% cash/1.25%PIK09/2025299 298 —299 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.82% cash/1.25%PIK09/20251,086 1,085 —1,086 
Elite Sportswear, L.P.+(26)Senior securedSF +7.50%(i)10.82% cash/1.25%PIK09/202537 37 —37 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.95%11/20269,131 9,086 0.29,154 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.95%11/20266,326 6,294 0.26,342 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.95%11/2026979 974 —982 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.95%11/2026880 875 —882 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.95%11/2026617 614 —619 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)9.95%11/20262 — —2 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(h)10.94%07/20291,292 1,292 —1,292 
Shoes For Crews Global, LLC+(26)Senior securedSF +7.00%(h)6.44% cash/5.00%PIK07/2029747 725 —747 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(h)10.94%07/2029418 418 —418 
Shoes For Crews Global, LLC+(5)Senior securedSF +6.50%N/A(6)07/2029— (29)—— 
43,349 43,151 1.042,940 
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.19% cash/3.25%PIK06/202820,406 20,190 0.518,672 
Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.19% cash/3.25%PIK06/202821,167 20,780 0.519,367 
Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.25%(i)8.44% cash/3.25%PIK06/20286,283 6,146 0.25,780 
Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.19% cash/3.25%PIK06/20282,590 2,497 —2,370 
Marcone Yellowstone Buyer Inc.+(26)One stopSF +7.00%(i)8.19% cash/3.25%PIK06/20286,780 6,513 0.26,204 
57,226 56,126 1.452,393 
Transportation Infrastructure
LDS Intermediate Holdings, LLC+One stopSF +5.00%(h)9.33%02/20327,427 7,383 0.27,427 
LDS Intermediate Holdings, LLC+(5)One stopSF +5.00%N/A(6)02/2032— (7)—— 
LDS Intermediate Holdings, LLC+(5)One stopSF +5.00%N/A(6)02/2032— (9)—— 
7,427 7,367 0.27,427 
Water Utilities
S.J. Electro Systems, LLC*Senior securedSF +4.75%(i)9.18%06/202724,287 24,157 0.624,165 
S.J. Electro Systems, LLC*+Senior securedSF +4.75%(i)9.18%06/202718,630 18,593 0.418,538 
S.J. Electro Systems, LLC+Senior securedSF +4.75%(i)9.18%06/20271,176 1,168 —1,169 
S.J. Electro Systems, LLC+(5)Senior securedSF +4.75%N/A(6)06/2027— (45)—(43)
S.J. Electro Systems, LLC+(5)Senior securedSF +4.75%N/A(6)06/2027— (5)—(5)
Vessco Midco Holdings, LLC*One stopSF +4.75%(h)(j)9.05%07/203122,500 22,305 0.622,500 
Vessco Midco Holdings, LLC+One stopSF +4.75%(h)(j)9.04%07/20312,925 2,893 0.12,925 
Vessco Midco Holdings, LLC+(5)One stopSF +4.75%N/A(6)07/2031— (22)—— 
69,518 69,044 1.7 69,249 
Total non-controlled/non-affiliate company debt investments8,310,587 8,214,993 205.3 8,202,321 






See Notes to Consolidated Financial Statements.
39
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments (23)(24)
Aerospace & Defense
PPW Aero Buyer, Inc.+LP unitsN/AN/A02/2023N/A93 $948 —%$606 
Tronair Parent, Inc.+LLC unitsN/AN/A07/2021N/A— 40 —84 
988 —690 
Air Freight & Logistics
RJW Group Holdings, Inc.+LP unitsN/AN/A11/2024N/A4,370 4,370 0.14,716 
Auto Components
Arnott, LLC+LP unitsN/AN/A12/2024N/A— 350 —355 
Polk Acquisition Corp.+LP interestN/AN/A06/2016N/A5 314 —25 
664 —380 
Automobiles
CAP-KSI Holdings, LLC+Preferred stockN/AN/A06/2024N/A645 645 —702 
CAP-KSI Holdings, LLC+LP unitsN/AN/A06/2024N/A645 — —125 
CG Group Holdings, LLC+LP unitsN/AN/A07/2021N/A1 983 —883 
Go Car Wash Parent, Corp.+(25)Preferred stockN/A17.00%Non-Cash04/2022N/A— 3,634 0.13,534 
Go Car Wash Parent, Corp.+Common stockN/AN/A04/2022N/A— 553 —— 
MOP GM Holding, LLC+LP unitsN/AN/A11/2020N/A— 499 —339 
MOP GM Holding, LLC+Preferred stockN/AN/A06/2024N/A— 51 —60 
National Express Wash Parent Holdco, LLC+LP unitsN/AN/A07/2022N/A1 103 —176 
POY Holdings, LLC+LLC unitsN/AN/A11/2022N/A446 820 —635 
Quick Quack Car Wash Holdings, LLC+LP unitsN/AN/A06/2024N/A1,085 1,085 0.11,363 
Quick Quack Car Wash Holdings, LLC+LLC unitsN/AN/A06/2024N/A215 215 —259 
Yorkshire Parent, Inc.+LP unitsN/AN/A12/2023N/A— 544 —577 
9,132 0.28,653 
Beverages
Spindrift Beverage Co. Inc.+LP unitsN/AN/A02/2025N/A2 2,039 0.12,231 
Biotechnology
Cobepa BlueSky Aggregator, SCSp+(25)LP unitsN/AN/A10/2023N/A4 40 —43 
Cobepa BlueSky Aggregator, SCSp+(25)Preferred stockN/A15.00%Non-Cash04/2024N/A5 59 —57 
Cobepa BlueSky Aggregator, SCSp+LP interestN/AN/A12/2021N/A219 1,899 —67 
1,998 —167 
Building Products
BECO Holding Company, Inc.+(25)Preferred stockN/A11.75%Non-Cash11/2021N/A132 19,666 0.520,001 
BECO Holding Company, Inc.+LP interestN/AN/A11/2021N/A10 1,218 —928 
20,884 0.520,929 
Chemicals
Inhance Technologies Holdings, LLC+Preferred stockN/AN/A12/2021N/A12 7,284 —195 

See Notes to Consolidated Financial Statements.
40
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Inhance Technologies Holdings, LLC+LLC unitsN/AN/A07/2018N/A— $124 —%$— 
7,408 —195 
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+LP interestN/AN/A10/2021N/A773 836 —962 
CHA Vision Holdings, Inc.+LP unitsN/AN/A01/2024N/A— 461 —544 
North Haven Stack Buyer, LLCLLC unitsN/AN/A07/2021N/A516 637 —1,232 
PT Intermediate Holdings III, LLC+LLC unitsN/AN/A12/2021N/A16 1,787 0.11,841 
Radwell Parent, LLC+LP unitsN/AN/A03/2022N/A4 477 —415 
4,198 0.14,994 
Containers & Packaging
Chase Intermediate+LP unitsN/AN/A04/2022N/A217 209 — 401 
Diversified Consumer Services
CHHJ Midco, LLC+(25)LLC unitsN/AN/A01/2021N/A27 311 —456 
CHVAC Services Investment, LLC+Common stockN/AN/A05/2024N/A105 267 —439 
DP Flores Holdings, LLC+LLC unitsN/AN/A09/2022N/A106 98 —169 
EMS LINQ, LLC+LP interestN/AN/A12/2021N/A761 758 —394 
EWC Growth Partners LLC+LLC interestN/AN/A03/2020N/A— 12 —— 
HS Spa Holdings, Inc.+Common stockN/AN/A05/2022N/A729 732 —634 
Liminex, Inc.+Common stockN/AN/A11/2020N/A17 633 —486 
NSG Buyer, Inc. +(8)LP unitsN/AN/A11/2022N/A3 2,992 0.13,892 
PADI Holdco, Inc.+(25)LLC interestN/AN/A07/2017N/A1 945 0.11,398 
Project Alpha Intermediate Holdings, Inc.+LP unitsN/AN/A05/2025N/A327 1,359 —1,359 
Virginia Green Acquisition, LLC+LP unitsN/AN/A12/2023N/A397 407 —446 
8,514 0.29,673 
Electric Utilities
Smart Energy Systems, Inc.+WarrantN/AN/A01/2025N/A18 96 — 375 
Electrical Equipment
Wildcat TopCo, Inc.+LP unitsN/AN/A12/2024N/A503 503 — 563 
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+Preferred stockN/AN/A03/2014N/A— 372 —56 
Inventus Power, Inc.+LLC unitsN/AN/A04/2018N/A— 88 —276 
Inventus Power, Inc.+LP interestN/AN/A05/2019N/A— 20 —61 
Inventus Power, Inc.+Common stockN/AN/A03/2014N/A— — —— 
480 —393 


See Notes to Consolidated Financial Statements.
41
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Hopdoddy Holdings, LLC+LLC unitsN/AN/A08/2015N/A44 $217 —%$271 
Hopdoddy Holdings, LLC+LLC unitsN/AN/A02/2016N/A20 61 —60 
Mendocino Farms, LLC+Common stockN/AN/A06/2018N/A227 1,041 —1,370 
PDI TA Holdings, Inc.+Preferred stockN/AN/A02/2023N/A135 4,613 0.26,305 
Ruby Slipper Cafe LLC, The+LLC unitsN/AN/A06/2024N/A3 47 —52 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A01/2018N/A38 423 —112 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A08/2020N/A2 28 —52 
6,430 0.28,222 
Food Products
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2021N/A107 195 —288 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A05/2023N/A6 14 —15 
Borrower R365 Holdings, LLC+LLC unitsN/AN/A01/2022N/A4 9 —11 
Borrower R365 Holdings, LLC+Common stockN/AN/A06/2022N/A1 3 —4 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2022N/A2 4 —5 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A05/2023N/A1 3 —4 
Borrower R365 Holdings, LLC+LP unitsN/AN/A05/2023N/A— 1 —1 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A04/2024N/A21 73 —64 
Kodiak Cakes, LLC+Common stockN/AN/A06/2021N/A— 557 0.11,806 
Louisiana Fish Fry Products, Ltd.+Common stockN/AN/A07/2021N/A— 599 —253 
Louisiana Fish Fry Products, Ltd.+Preferred stockN/AN/A09/2022N/A— 24 —36 
P&P Food Safety Holdings, Inc.+Preferred stockN/AN/A03/2024N/A— 31 —41 
P&P Food Safety Holdings, Inc.+Common stockN/AN/A12/2020N/A5 434 —342 
Purfoods, LLC+LLC interestN/AN/A05/2016N/A— 945 0.15,513 
Zullas, L.C.+LP unitsN/AN/A06/2025N/A— 250 —250 
3,142 0.28,633 
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+LP interestN/AN/A06/2019N/A— 98 —96 
Blue River Pet Care, LLC+Common stockN/AN/A08/2019N/A— 734 —778 
CCSL Holdings, LLC+(8)LP interestN/AN/A12/2020N/A— 499 —577 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A— 557 —664 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A8 483 —909 
JHC Investment Intermediate Holdings, LLC+LLC unitsN/AN/A03/2024N/A5,293 — 0.11,516 
2,371 0.14,540 


See Notes to Consolidated Financial Statements.
42
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Providers & Services
Active Day, Inc.+LLC interestN/AN/A12/2015N/A2 $1,099 0.1%$2,049 
Acuity Eyecare Holdings, LLC+LLC interestN/AN/A03/2017N/A1,632 2,235 0.25,335 
Acuity Eyecare Holdings, LLC+LLC unitsN/AN/A05/2021N/A889 1,023 0.13,421 
ADCS Clinics Intermediate Holdings, LLC+Preferred stockN/AN/A05/2016N/A2 1,119 0.11,170 
ADCS Clinics Intermediate Holdings, LLC+Common stockN/AN/A05/2016N/A— 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+LLC unitsN/AN/A03/2021N/A180 192 —134 
CRH Healthcare Purchaser, Inc.+LP interestN/AN/A12/2018N/A531 456 —853 
DCA Investment Holding, LLC(7)(25)Preferred stockN/A8.00%Non-Cash12/2022N/A1,142 659 —100 
DCA Investment Holding, LLCCommon stockN/AN/A12/2022N/A12 5 —— 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A— 749 —— 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A— 79 —— 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A11 4 —— 
Encorevet Group LLC+Preferred stockN/AN/A05/2024N/A3 261 —85 
ERC Topco Holdings, LLC+LLC unitsN/AN/A03/2025N/A3 4,841 0.14,650 
Krueger-Gilbert Health Physics, LLC+Common stockN/AN/A05/2019N/A239 324 —636 
MWD Management, LLC & MWD Services, Inc.+LLC interestN/AN/A06/2017N/A412 335 —624 
New Look Corporation and New Look Vision Group Inc. +(8)(9)(12)Common stockN/AN/A05/2021N/A— 409 —446 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A— 528 —859 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A4 74 —— 
Pyramid Healthcare Acquisition Corp.+Common stockN/AN/A05/2021N/A257 310 —392 
Radiology Partners, Inc.+LLC unitsN/AN/A02/2018N/A11 68 —91 
Radiology Partners, Inc.+LLC interestN/AN/A09/2014N/A43 55 —360 
Sage Dental Management, LLC+LLC unitsN/AN/A10/2012N/A— 249 —486 
Sage Dental Management, LLC+LLC unitsN/AN/A10/2012N/A3 3 —— 
Southern Veterinary Partners, LLC+(25)Preferred stockN/A10.00%Non-Cash12/2024N/A5 1,247 0.15,194 
Southern Veterinary Partners, LLC+(25)Preferred stockN/A10.00%Non-Cash12/2024N/A— 254 —432 
Southern Veterinary Partners, LLC+LLC unitsN/AN/A12/2024N/A52 81 —268 
Southern Veterinary Partners, LLC+LLC unitsN/AN/A12/2024N/A4 15 —22 
Southern Veterinary Partners, LLC+(25)Preferred stockN/A10.00%Non-Cash12/2024N/A— 12 —51 
Southern Veterinary Partners, LLC+(25)Preferred stockN/A10.00%Non-Cash12/2024N/A— 3 —4 
Southern Veterinary Partners, LLC+LLC unitsN/AN/A12/2024N/A1 — —3 
Southern Veterinary Partners, LLC+LLC unitsN/AN/A12/2024N/A— — —— 
Suveto Buyer, LLC+Common stockN/AN/A11/2021N/A8 727 —523 
17,422 0.728,188 


See Notes to Consolidated Financial Statements.
43
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Technology
Amberfield Acquisition Co.+LLC unitsN/AN/A05/2024N/A446 $449 —%$452 
Connexin Software, Inc.+LLC interestN/AN/A02/2018N/A180 228 —325 
Connexin Software, Inc.+LLC unitsN/AN/A02/2024N/A12 16 —26 
HSI Halo Acquisition, Inc.+(25)Preferred stockN/A10.00%Non-Cash10/2019N/A— 121 —251 
HSI Halo Acquisition, Inc.+LP interestN/AN/A10/2019N/A— 14 —98 
Modernizing Medicine, Inc.+(25)Preferred stockN/A13.00%Non-Cash04/2025N/A5 4,534 0.14,432 
Symplr Software, Inc.+(25)Preferred stockN/A11.00%Non-Cash10/2021N/A15 20,715 0.520,457 
Symplr Software, Inc.+(25)Preferred stockSF +10.50%(i)14.80%Non-Cash11/2018N/A3 6,309 0.27,365 
Symplr Software, Inc.+(25)Preferred stockN/A11.00%Non-Cash12/2020N/A2 2,609 0.12,715 
Symplr Software, Inc.+(25)Preferred stockN/A11.00%Non-Cash06/2021N/A1 1,571 0.11,588 
Symplr Software, Inc.+LLC unitsN/AN/A09/2021N/A— 161 —138 
Symplr Software, Inc.+Common stockN/AN/A11/2018N/A219 237 —789 
Tebra Technologies, Inc.+LLC interestN/AN/A07/2022N/A348 2,824 0.14,631 
Tebra Technologies, Inc.+WarrantN/AN/A03/2019N/A169 871 —675 
Tebra Technologies, Inc.+WarrantN/AN/A06/2017N/A53 162 —6 
Tebra Technologies, Inc.+Preferred stockN/AN/A09/2018N/A1 8 —13 
40,829 1.143,961 
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+Common stockN/AN/A09/2017N/A5 603 —602 
Freddy's Frozen Custard LLC+LP interestN/AN/A03/2021N/A287 384 —838 
Harri US LLC+LLC unitsN/AN/A02/2022N/A119 892 —702 
Harri US LLC+Preferred stockN/AN/A10/2021N/A102 649 —586 
Harri US LLC+WarrantN/AN/A10/2021N/A34 171 —195 
Harri US LLC+Preferred stockN/AN/A10/2023N/A96 1,141 0.11,407 
Harri US LLC+WarrantN/AN/A03/2024N/A9 69 —137 
Harri US LLC+WarrantN/AN/A02/2025N/A10 — —— 
Harri US LLC+WarrantN/AN/A06/2025N/A9 107 —120 
LMP TR Holdings, LLCLLC unitsN/AN/A05/2013N/A712 712 —622 
PB Group Holdings, LLC+LP unitsN/AN/A08/2024N/A383 886 0.11,054 
Rooster BidCo Limited+(8)(10)Preferred stockN/AN/A03/2025N/A1,258 1,301 —1,301 
SSRG Holdings, LLC+LP interestN/AN/A11/2019N/A46 604 —650 
7,519 0.28,214 
Insurance
Accession Risk Management Group, Inc.+(25)Preferred stockN/A13.25%Non-Cash08/2023N/A9 11,025 0.311,026 
Majesco+(25)Preferred stockN/A9.00%Non-Cash09/2020N/A— 576 —653 
Majesco+LP interestN/AN/A09/2020N/A97 94 —390 
Oakbridge Insurance Agency LLC+LP unitsN/AN/A11/2023N/A20 404 —517 
12,099 0.312,586 
Internet & Direct Marketing Retail
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A25 26,216 0.520,134 
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A15 15,735 0.312,085 
Revalize, Inc.+Preferred stockN/AN/A12/2022N/A11 11,050 0.27,885 
Revalize, Inc.+Preferred stockN/AN/A04/2022N/A4 4,285 0.13,001 
57,286 1.143,105 

See Notes to Consolidated Financial Statements.
44
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
IT Services
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A02/2020N/A804 $2,398 0.2%$8,619 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A10/2020N/A211 931 0.12,260 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A07/2021N/A48 408 —519 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+WarrantN/AN/A08/2020N/A277 779 0.12,815 
Critical Start, Inc.+Common stockN/AN/A05/2022N/A343 379 —156 
Kentik Technologies, Inc.+Preferred stockN/AN/A09/2021N/A509 2,933 0.12,954 
Kentik Technologies, Inc.+WarrantN/AN/A11/2024N/A— 3 —3 
Netwrix Corporation+LLC unitsN/AN/A06/2022N/A7 19 —20 
Optimizely North America, Inc.+Common stockN/AN/A10/2018N/A92 1,016 0.11,667 
Saturn Borrower Inc.+LP unitsN/AN/A09/2020N/A520 470 —698 
9,336 0.619,711 
Leisure Products
Massage Envy, LLC+LLC interestN/AN/A09/2012N/A749 210 0.11,947 
Movement Holdings, LLC+(8)(10)LLC unitsN/AN/A03/2024N/A— 152 —108 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A82 141 —93 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A56 96 —64 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A47 78 —53 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A41 70 —45 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A18 29 —20 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A2 2 —2 
778 0.12,332 
Life Sciences Tools & Services
Celerion Buyer, Inc.+(25)LP unitsN/AN/A11/2022N/A1,302 1,096 —891 
Celerion Buyer, Inc.+LP unitsN/AN/A11/2022N/A1,302 188 0.13,108 
PAS Parent Inc.+LP interestN/AN/A12/2021N/A15 1,651 0.11,875 
PAS Parent Inc.+Preferred stockN/AN/A03/2023N/A2 267 —339 
3,202 0.26,213 
Oil, Gas & Consumable Fuels
W3 Co.+LLC interestN/AN/A03/2017N/A3 1,632 —1,277 
W3 Co.+Preferred stockN/AN/A01/2019N/A— 224 —241 
1,856 —1,518 
Paper & Forest Products
Messenger, LLC+LLC unitsN/AN/A12/2021N/A8 667 —816 
Messenger, LLC+LLC unitsN/AN/A12/2021N/A1 — —— 
667 — 816 
Pharmaceuticals
Amalthea Parent, Inc.+(8)(12)LP interestN/AN/A03/2021N/A701 605 —408 
Cobalt Buyer Sub, Inc.+(25)Preferred stockN/A13.75%Non-Cash10/2021N/A11 17,759 0.518,783 
Cobalt Buyer Sub, Inc.+Preferred stockN/AN/A10/2021N/A— 246 —134 
Cobalt Buyer Sub, Inc.+Common stockN/AN/A10/2021N/A3 2 —— 
Creek Parent, Inc.+LP interestN/AN/A12/2024N/A3,372 3,372 0.13,651 
21,984 0.622,976 


See Notes to Consolidated Financial Statements.
45
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)

Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Professional Services
Eclipse Buyer, Inc.+(25)Preferred stockN/A12.50%Non-Cash09/2024N/A— $1,767 0.1%$1,797 
Enboarder, Inc.+(8)Preferred stockN/AN/A01/2022N/A83 859 —550 
Filevine, Inc.+Preferred stockN/AN/A04/2022N/A362 2,867 0.14,987 
Filevine, Inc.+WarrantN/AN/A04/2022N/A54 224 —633 
Filevine, Inc.+Preferred stockN/AN/A05/2024N/A21 176 —291 
Net Health Acquisition Corp.+LP interestN/AN/A12/2017N/A14 1,684 0.12,392 
Procure Acquireco, Inc.+LP interestN/AN/A12/2021N/A— 901 —1,216 
8,478 0.311,866 
Real Estate Management & Development
Inhabit IQ Inc.+Common stockN/AN/A01/2018N/A2 528 —663 
SC Landco Parent, LLC+Common stockN/AN/A09/2022N/A2 274 —259 
802 —922 
Road & Rail
Internet Truckstop Group, LLC+LP interestN/AN/A04/2019N/A554 587 —410 
Software
Anaplan, Inc.+LP interestN/AN/A06/2022N/A962 1,254 0.11,498
Aras Corporation+(25)Preferred stockN/A12.00%Non-Cash04/2021N/A1 2,140 0.12,346
Aras Corporation+LP interestN/AN/A04/2021N/A427 446—696
Astute Holdings, Inc.+LP interestN/AN/A04/2019N/A— 520—204
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/A07/2021N/A37 405—595
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/A02/2023N/A4 46—67
Bayshore Intermediate #2, L.P.+Common stockN/AN/A10/2021N/A5,841 5,8900.27,322
Calabrio, Inc.+LP interestN/AN/A04/2021N/A1 1,157—1,168
Calabrio, Inc.+LP interestN/AN/A04/2021N/A134 0—0
CB Buyer, Inc.+LP unitsN/AN/A07/2024N/A258 258—176
Cloudbees, Inc.+Preferred stockN/AN/A11/2021N/A179 2,0070.12,113
Cloudbees, Inc.+WarrantN/AN/A05/2018N/A158 445—1,103
Cloudbees, Inc.+Preferred stockN/AN/A06/2018N/A86 602—807
Cynet Security Ltd.+(8)(15)Preferred stockN/AN/A08/2022N/A220 855—1,074
Denali Bidco Limited+(8)(10)LP interestN/AN/A08/2023N/A431 610—1,033
Diligent Corporation+(25)Preferred stockN/A10.50%Non-Cash04/2021N/A24 32,9080.934,382
Diligent Corporation+Preferred stockN/AN/A04/2016N/A415 9120.11,762
Energy Worldnet, LLC+(25)LLC unitsN/AN/A02/2025N/A50 52—52
FirstUp, Inc.+Common stockN/AN/A07/2021N/A305 661—228
FirstUp, Inc.+Preferred stockN/AN/A03/2025N/A14 27—29
GS Acquisitionco, Inc.+(25)Preferred stockN/A11.00%Non-Cash04/2021N/A35 49,1021.351,707
GS Acquisitionco, Inc.+(25)Preferred stockN/A11.00%Non-Cash11/2021N/A5 6,2620.26,425
GS Acquisitionco, Inc.+LP interestN/AN/A09/2021N/A1 363—846
GS Acquisitionco, Inc.+(25)Preferred stockSF +10.50%(i)14.80%Non-Cash08/2023N/A— 134—134
GTY Technology Holdings, Inc.+LP unitsN/AN/A07/2022N/A73 91—168
Gurobi Optimization, LLC+Common stockN/AN/A09/2024N/A— 709—777
Impartner, Inc.+Preferred stockN/AN/A10/2021N/A39 307—200
Kaseya Inc.+(25)Preferred stockSF +10.75%(i)14.92%Non-Cash06/2022N/A3 4,0720.14,030
Kaseya Inc.+LP interestN/AN/A06/2022N/A250 252—285

See Notes to Consolidated Financial Statements.
46
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
LogicMonitor, Inc.+LP interestN/AN/A12/2024N/A250 $250 —%$266 
Menlo Ridgeview Co-Invest, LLC+LLC interestN/AN/A05/2025N/A931 946—946
Ministry Brands Holdings LLC+LP interestN/AN/A12/2021N/A799 774—620
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+WarrantN/AN/A10/2019N/A6 17—16
Onit, Inc.+WarrantN/AN/A02/2023N/A— 14—16
Panzura, LLC+LLC unitsN/AN/A03/2025N/A2 6 —— 
Personify, Inc.+LP interestN/AN/A09/2018N/A879 1,396 0.12,132 
Pluralsight, LLC+LLC unitsN/AN/A08/2024N/A1,988 3,6630.14,648
QAD, Inc.+(25)Preferred stockN/A9.00%Non-Cash11/2021N/A1 1,330—1,326
QAD, Inc.+Common stockN/AN/A11/2021N/A68 134 —40 
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A— 358—168
RegEd Aquireco, LLC+Preferred stockN/AN/A07/2023N/A— 29—37
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A4 21—0
Riskonnect Parent, LLC+(25)Preferred stockN/A11.00%Non-Cash04/2022N/A26 35,3250.935,515
Riskonnect Parent, LLC+LP interestN/AN/A11/2021N/A1,382 1,4140.11,429
Riskonnect Parent, LLC+(25)Preferred stockSF +10.50%(i)14.70%Non-Cash07/2022N/A— 1,028—1,034 
Riskonnect Parent, LLC+(25)Preferred stockN/A10.50%Non-Cash06/2024N/A— 55—58 
Rokt Inc.+Common stockN/AN/A01/2025N/A20 683 —718 
SnapLogic, Inc.+Preferred stockN/AN/A09/2019N/A344 1,029 0.12,007 
SnapLogic, Inc.+WarrantN/AN/A09/2019N/A131 162 —517 
Spartan Buyer Acquisition Co.+Common stockN/AN/A12/2020N/A1 794 —414 
Spartan Buyer Acquisition Co.+Preferred stockN/AN/A12/2022N/A— 110—131
StrongDM, Inc.+Preferred stockN/AN/A05/2025N/A424 2,2570.12,257
Telesoft Holdings LLC+LP interestN/AN/A12/2019N/A137 129—133
Templafy APS and Templafy, LLC+(8)(18)WarrantN/AN/A07/2022N/A— 82—43
Togetherwork Holdings, LLC+Preferred stockN/AN/A07/2024N/A307 1,342—1,303
Transform Bidco Limited+(8)(10)LP interestN/AN/A04/2025N/A2,349 2,3490.12,349
Tricentis Operations Holdings, Inc.+LP interestN/AN/A02/2025N/A40 40—42
Zendesk, Inc.+LP unitsN/AN/A11/2022N/A63 708—627
168,932 4.6180,019 


See Notes to Consolidated Financial Statements.
47
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
Ave Holdings III, Corp+(25)Preferred stockN/A11.50%Non-Cash02/2022N/A15 $19,975 0.5%$17,377 
Ave Holdings III, Corp+LP unitsN/AN/A02/2022N/A2 1,736 —159 
Batteries Plus Holding Corporation+LP interestN/AN/A07/2016N/A10 1,287 —1,386 
Cycle Gear, Inc.+LLC unitsN/AN/A02/2016N/A2,002 481 —258 
Cycle Gear, Inc.+Preferred stockN/AN/A01/2023N/A75 75 —156 
Metal Supermarkets US Buyer, LLC+(8)(12)Preferred stockN/AN/A12/2024N/A3 347 —347 
Metal Supermarkets US Buyer, LLC+(8)(12)LLC unitsN/AN/A12/2024N/A1 — —— 
Salon Lofts Group, LLC+LP unitsN/AN/A08/2022N/A— 137 —106 
VSG Acquisition Corp. and Sherrill, Inc.+LP unitsN/AN/A04/2022N/A— 57 —83 
24,095 0.519,872 
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(25)LLC interestN/AN/A11/2015N/A20 238 —337 
Georgica Pine Clothiers, LLC+Common stockN/AN/A08/2020N/A— — —2 
MakerSights, Inc.+Preferred stockN/AN/A06/2021N/A56 265 —96 
Shoes For Crews Global, LLC+LLC unitsN/AN/A06/2024N/A2 1,083 —1,233 
1,586 —1,668 
Total non-controlled/non-affiliate company equity investments450,884 12.0 480,132 
Total non-controlled/non-affiliate company investments8,665,877 217.3 8,682,453 


See Notes to Consolidated Financial Statements.
48
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Maturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments(28)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(26)One stopSF +1.00%(i)5.30%PIK06/2027$7,486 $7,071 0.1%$4,193 
Abita Brewing Co., L.L.C.+(7)(26)Second lienSF +1.00%(i)5.30%PIK06/20275,154 3,724 —360 
Abita Brewing Co., L.L.C.+(26)One stopSF +1.00%(i)5.31%PIK06/20272,295 2,295 0.11,904 
14,935 13,090 0.26,457 
Energy, Equipment & Services
Benetech, Inc.+(7)(26)One stopSF +1.00%(i)5.30%PIK08/20274,926 3,623 0.12,019 
Benetech, Inc.+(7)(26)One stopSF +1.00%(i)5.30%PIK08/20271,090 732 —102 
6,016 4,355 0.12,121 
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+(26)One stopSF +6.00%(i)5.48% cash/5.00%PIK11/20292,812 2,812 0.12,812 
G & H Wire Company, Inc.+One stopSF +6.00%N/A(6)11/2029— — —— 
2,812 2,812 0.12,812 
Healthcare Providers & Services
Bayside Opco, LLC+One stopSF +7.25%(i)11.70%06/202612,758 12,723 0.312,758 
Bayside Opco, LLC+(26)Subordinated debtSF +10.00%(i)14.45%PIK06/20265,624 5,385 0.15,624 
Bayside Opco, LLC+One stopSF +7.25%(i)11.70%06/20264,513 4,440 0.14,513 
Bayside Opco, LLC+One stopSF +7.00%N/A(6)06/2026— — —— 
Elite Dental Partners LLC+(7)(26)One stopSF +5.25%(i)9.70%PIK09/202617,949 13,029 0.15,205 
Elite Dental Partners LLC+(7)(26)One stopSF +12.00%(i)16.45%PIK09/202611,035 7,225 0.13,752 
Elite Dental Partners LLC+(26)One stopSF +5.25%(i)9.70%PIK09/20261,935 1,935 0.11,935 
Elite Dental Partners LLC+(26)One stopSF +5.25%(i)9.70%PIK09/2026567 567 —567 
Opening Day Borrower 111 LLC+(26)One stopSF +6.25%(i)10.68%PIK05/20273,847 3,847 0.13,847 
SPF Borrower LLC+(26)One stopSF +6.25%(i)8.70% cash/2.00%PIK02/202816,191 16,191 0.416,191 
SPF Borrower LLC+(26)One stopSF +9.50%(i)13.95%02/20288,625 8,625 0.28,625 
SPF Borrower LLC+One stopSF +6.25%N/A(6)02/2028— — —— 
83,044 73,967 1.563,017 
Life Sciences Tools & Services
Reaction Biology Corporation+(26)One stopSF +4.75%(i)4.30% cash/4.75%PIK03/20292,857 2,857 0.12,743 
Reaction Biology Corporation+(26)One stopSF +4.75%(i)4.30% cash/4.75%PIK03/2029683 683 —683 
3,540 3,540 0.13,426 
Multiline Retail
Fleet Farm Group, LLC+(26)Senior securedSF +5.50%(i)9.78%PIK12/20265,273 5,273 0.15,167 
Fleet Farm Group, LLC+One stopSF +5.50%N/A(6)12/2026— — —— 
5,273 5,273 0.15,167 
Software
Switchfly LLC+(26)One stopN/A1.00%PIK10/20261,423 1,423 —1,281 
Specialty Retail
Chestnut Optical Midco, Inc.+One stopSF +1.00%(i)5.30%06/202945,064 41,466 1.039,657 
Chestnut Optical Midco, Inc.+(5)One stopSF +1.00%N/A(6)06/2029— — —(338)
Chestnut Optical Midco, Inc.+One stopSF +1.00%(i)5.30%06/20292,817 2,817 —1,014 
47,881 44,283 1.040,333 
Total non-controlled/affiliate company debt investments164,924 148,743 3.1124,614 




See Notes to Consolidated Financial Statements.
49
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)



Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(23)(24)
Beverages
Abita Brewing Co., L.L.C.+WarrantN/AN/A02/2021N/A210$— —%$— 
Healthcare Equipment & Supplies
G & H Wire Company, Inc.+LLC unitsN/AN/A11/2024N/A1593,810 0.14,209 
Healthcare Providers & Services
Bayside Opco, LLC+LLC unitsN/AN/A05/2023N/A6 2,592 0.39,321 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 2,902 —— 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 1,250 —— 
Elite Dental Partners LLCLLC unitsN/AN/A09/2020N/A— — —— 
Opening Day Borrower 111 LLC+Preferred stockN/AN/A09/2024N/A181 21,172 0.519,733 
Opening Day Borrower 111 LLC+LLC unitsN/AN/A04/2023N/A181 7,836 —245 
SPF Borrower LLC+LLC unitsN/AN/A02/2024N/A— 9,347 0.312,522 
45,099 1.1 41,821 
Life Sciences Tools & Services
Reaction Biology Corporation+LLC unitsN/AN/A03/2025N/A1394,980 0.14,137 
Multiline Retail
Fleet Farm Group, LLCLLC unitsN/AN/A12/2024N/A12923,874 0.624,503 
Software
Switchfly LLC+LLC interestN/AN/A09/2018N/A98,370 2,321 —811 
Switchfly LLC+Preferred stockN/AN/A09/2024N/A7,275 5,375 0.25,723 
Switchfly LLC+LLC unitsN/AN/A03/2022N/A950 950 —587 
8,646 0.27,121 
Specialty Retail
Chestnut Optical Midco, Inc.+LLC unitsN/AN/A06/2024N/A189 53,764 1.560,835 
Total non-controlled/affiliate company equity investments140,173 3.6 142,626 
Total non-controlled/affiliate company investments288,916 6.7 267,240 


See Notes to Consolidated Financial Statements.
50
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
Investment Type
Spread
Above
Index(1)
Interest
Rate(2)
Acquisition DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Controlled affiliate company investments(29)
Debt investments
IT Services
MMan Acquisition Co.+(26)One stopN/A8.00%PIK03/2026$2,094 $2,094 0.1%$1,968 
MMan Acquisition Co.+(26)One stopN/A12.00%PIK03/20261,173 1,173 —1,173 
MMan Acquisition Co.+(26)One stopN/A12.00%PIK03/20261,261 1,261 —1,261 
MMan Acquisition Co.+(26)One stopN/A12.00%PIK03/2026365 365 —365 
Total controlled affiliate company debt investments4,893 4,893 0.14,767 
Equity investments(23)(24)
IT Services
MMan Acquisition Co.+Preferred stockN/AN/A09/2024N/A— 7,832 0.27,089 
Total controlled affiliate equity investments7,832 0.27,089 
Total controlled affiliate company investments12,725 0.311,856 
Total investments8,967,518 224.3 8,961,549 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund
Institutional Shares (CUSIP 09248U718)		4.21%(30)$40,862 1.0%$40,862 
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Institutional Share Class (CUSIP 61747C582)		4.18%(30)591 —591 
Morgan Stanley US Dollar Liquidity Fund
Institutional Distributing Share Class (CUSIP L64887109)		4.32%(30)14,126 0.414,126 
Allspring Government Money Market Fund
Select Share Class (CUSIP 949921126)		4.26%(30)6,412 0.26,412 
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)4.09%(30)46,878 1.246,878 
Total money market funds108,869 2.8108,869 
Total investments and money market funds$9,076,387 227.1%$9,070,418 

See Notes to Consolidated Financial Statements.
51
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
^
Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022 Debt Securitization (as defined in Note 7).
*
Denotes that all or a portion of the loan collateralizes the notes offered in the 2024 Debt Securitization (as defined in Note 7).
+
Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian Overnight Repo Rate Average (“CORRA” or “CA”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of June 30, 2025. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of June 30, 2025, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed could not be the applicable index rate outstanding as of June 30, 2025, as the loan could have priced or repriced based on an index rate prior to June 30, 2025.
(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 7.50% as of June 30, 2025.
(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 1.93% as of June 30, 2025.
(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 1.94% as of June 30, 2025.
(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 2.04% as of June 30, 2025.
(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 3.60% as of June 30, 2025.
(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.22% as of June 30, 2025.
(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.45% as of June 30, 2025.
(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.32% as of June 30, 2025.
(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.29% as of June 30, 2025.
(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.15% as of June 30, 2025.
(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 2.75% as of June 30, 2025.
(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 2.68% as of June 30, 2025.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of June 30, 2025.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See Note 6.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of June 30, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.
(7)Investment was on non-accrual status as of June 30, 2025, meaning that the Company has ceased recognizing interest or non-cash dividend income on the investment.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2025, total non-qualifying assets at fair value represented 15.7% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2.
(10)The headquarters of this portfolio company is located in the United Kingdom.
(11)The headquarters of this portfolio company is located in Australia.
(12)The headquarters of this portfolio company is located in Canada.
(13)The headquarters of this portfolio company is located in Luxembourg.
(14) The headquarters of this portfolio company is located in Netherlands.
(15)The headquarters of this portfolio company is located in Israel.
(16)The headquarters of this portfolio company is located in Finland.
(17)The headquarters of this portfolio company is located in Sweden.
(18)The headquarters of this portfolio company is located in Denmark.
(19)The headquarters of this portfolio company is located in Germany.
(20)The headquarters of this portfolio company is located in France.
(21)The headquarters of this portfolio company is located in Jersey.
(22)The headquarters of this portfolio company is located in Spain.

See Notes to Consolidated Financial Statements.
52
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) - (continued)
June 30, 2025
(Dollar and share amounts in thousands)
(23) Equity investments are non-income producing securities unless otherwise noted.
(24) Ownership of certain equity investments occurs through a holding company or partnership.
(25) The Company holds an equity investment that is income producing.
(26) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the nine months ended June 30, 2025.
(27) The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.
(28) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the nine months ended June 30, 2025 were as follows:
Portfolio CompanyFair value as of September 30, 2024
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of June 30, 2025Interest, dividend and fee income
Abita Brewing Co. LLC$6,000 $9,247 $(7,735)$(1,055)$— $6,457 $78 
Bayside Opco, LLC29,127 863 (119)2,345 — 32,216 2,437 
Benetech, Inc.1,793 347 (538)519 — 2,121 8 
Chestnut Optical Midco, Inc.(c)
93,864 3,490 — 3,814 — 101,168 2,557 
Elite Dental Partners LLC11,696 3,244 (2,540)(941)— 11,459 156 
Fleet Farm Group LLC— 29,147 — 523 — 29,670 239 
G & H Wire Company, Inc.— 6,623 — 398 — 7,021 176 
Opening Day Borrower 111 LLC24,936 12,072 (8,225)(4,958)— 23,825 182 
Reaction Biology Corporation— 10,227 (1,707)(957)— 7,563 94 
SPF Borrower LLC36,653 538 (246)393 — 37,338 2,239 
Switchfly LLC7,313 713 — 376 — 8,402 22 
Total Non-Controlled Affiliates$211,382 $76,511 $(21,110)$457 $— $267,240 $8,188 
(a)
Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(c)
Formerly known as Imperial Optical Midco Inc.
(29) As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the nine months ended June 30, 2025 were as follows:
Portfolio CompanyFair value as of September 30, 2024
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of June 30, 2025Interest, dividend and fee income
MMan Acquisition Co.$12,205 $362 $— $(711)$— $11,856 $377 
Total Controlled Affiliates$12,205 $362 $— $(711)$— $11,856 $377 
(a)
Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(30) The rate shown is the annualized seven-day yield as of June 30, 2025.


See Notes to Consolidated Financial Statements.
53
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 CostPercentage
of Net
Assets
Fair
Value (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace & Defense
PPW Aero Buyer, Inc.~+One stopSF +6.50%(h)(i)11.24%02/2029$34,377 $34,130 0.9%$34,892 
PPW Aero Buyer, Inc.+One stopSF +5.50%(i)10.10%02/20294,292 4,262 0.14,292 
PPW Aero Buyer, Inc.+(5)One stopSF +5.50%N/A(6)02/2029— (87)—— 
PPW Aero Buyer, Inc.+One stopSF +6.50%(a)(h)(i)12.20%02/202952 51 —52 
38,721 38,356 1.039,236 
Airlines
Accelya Lux Finco S.A.R.L.<+(8)(13)(25)One stopSF +7.00%(i)7.70% cash/4.00%PIK12/20268,903 8,808 0.28,547
Auto Components                
Collision SP Subco, LLC<+One stopSF +5.50%(i)10.75%01/2030886 875 —886 
Collision SP Subco, LLC+One stopSF +5.50%(h)(j)10.36%01/2030162 157 —162 
Collision SP Subco, LLC+One stopSF +5.50%(i)10.75%01/203014 13 —14 
Covercraft Parent III, Inc.&+Senior securedSF +4.50%(i)9.97%08/20276,826 6,781 0.26,621 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(h)9.45%08/20271,381 1,360 —1,339 
Covercraft Parent III, Inc.+Senior securedSF +4.50%(h)9.62%08/202760 56 —54 
North Haven Falcon Buyer, LLC<+(25)One stopSF +8.00%(i)8.12% cash/5.00%PIK05/20279,106 8,415 0.27,285 
North Haven Falcon Buyer, LLC+(25)One stopSF +8.00%(i)8.00% cash/5.00%PIK05/20271,525 1,408 —1,220 
OEConnection, LLC~+One stopSF +5.25%(h)10.10%04/203110,288 10,243 0.310,288 
OEConnection, LLC+(5)One stopSF +5.25%N/A(6)04/2031— (8)—— 
OEConnection, LLC+(5)One stopSF +5.25%N/A(6)04/2031— (8)—— 
Polk Acquisition Corp.*#+(25)Senior securedSF +7.50%(h)10.20% cash/2.25%PIK12/202418,598 18,542 0.417,297 
Polk Acquisition Corp.+(25)Senior securedSF +7.50%(h)10.20% cash/2.25%PIK12/2024110 110 —102 
Polk Acquisition Corp.+(25)Senior securedSF +7.50%(h)10.20% cash/2.25%PIK12/2024119 119 —108 
49,075 48,063 1.145,376 
Automobiles                
CAP-KSI Holdings, LLC+One stopSF +5.25%(i)9.85%06/20306,584 6,490 0.26,584 
CAP-KSI Holdings, LLC+One stopSF +5.25%(h)10.10%06/2030182 167 —182 
CG Group Holdings, LLC*#~<+(25)One stopSF +8.75%(i)11.35% cash/2.00%PIK07/202745,910 45,698 1.145,452 
CG Group Holdings, LLC+(25)One stopSF +8.75%(h)11.60% cash/2.00%PIK07/2026704 698 —698 
Denali Midco 2, LLC~+One stopSF +6.00%(h)10.95%12/202744,627 44,451 1.144,627 
Denali Midco 2, LLC&<+One stopSF +6.00%(h)10.95%12/202710,401 10,591 0.310,401 
Denali Midco 2, LLC&+One stopSF +6.00%(h)10.95%12/20273,113 3,170 0.13,113 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,891 1,926 0.11,891 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,797 1,829 0.11,797 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,568 1,597 0.11,568 
Denali Midco 2, LLC<+One stopSF +6.50%(h)11.45%12/20271,508 1,492 0.11,508 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,292 1,292 —1,292 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,254 1,254 —1,254 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,254 1,254 —1,254 
Denali Midco 2, LLC<+One stopSF +6.00%(h)10.95%12/20271,034 1,034 —1,034 
Denali Midco 2, LLC+One stopSF +6.50%(h)11.45%12/2027469 465 —469 
Denali Midco 2, LLC+One stopSF +6.50%(h)11.45%12/2027406 401 —406 
Denali Midco 2, LLC+One stopSF +5.75%(h)10.70%12/2027394 394 —394 
Denali Midco 2, LLC+One stopSF +6.50%(h)11.45%12/2027343 340 —343 

See Notes to Consolidated Financial Statements.
54
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 CostPercentage
of Net
Assets
Fair
Value (4)
Denali Midco 2, LLC+One stopSF +6.50%(h)11.45%12/2027$201 $200 —%$201 
Denali Midco 2, LLC+One stopSF +6.00%(h)10.95%12/2027200 197 —200 
Denali Midco 2, LLC+One stopSF +6.50%(h)11.45%12/2027101 100 —101 
Denali Midco 2, LLC+(5)One stopSF +5.75%N/A(6)12/2027— (4)—— 
High Bar Brands Operating, LLC<+Senior securedSF +5.00%(i)9.60%12/20291,435 1,430 0.11,435 
High Bar Brands Operating, LLC<+Senior securedSF +5.00%(i)9.60%12/2029299 298 —299 
High Bar Brands Operating, LLC+Senior securedSF +5.00%(i)9.60%12/2029254 250 —254 
High Bar Brands Operating, LLC+(5)Senior securedSF +5.25%N/A(6)12/2029— (1)—— 
JHCC Holdings LLC~+One stopSF +5.25%(i)9.85%09/202717,889 17,792 0.517,889 
JHCC Holdings LLC<+One stopSF +5.25%(i)9.85%09/20275,179 5,262 0.15,179 
JHCC Holdings LLC+One stopSF +5.25%(i)9.85%09/20274,951 4,950 0.14,951 
JHCC Holdings LLC+One stopSF +5.25%(i)9.87%09/20273,714 3,691 0.13,714 
JHCC Holdings LLC+One stopSF +5.25%(i)9.92%09/20272,797 2,819 0.12,797 
JHCC Holdings LLC<+One stopSF +5.25%(i)9.85%09/20271,659 1,642 —1,659 
JHCC Holdings LLC<+One stopSF +5.25%(i)9.85%09/2027732 727 —732 
JHCC Holdings LLC<+One stopSF +5.25%(i)9.85%09/2027695 693 —695 
JHCC Holdings LLC+One stopP + 4.25%(a)12.25%09/202766 64 —66 
MOP GM Holding, LLC*#~^+One stopSF +5.75%(i)10.50%11/202632,888 32,862 0.832,559 
MOP GM Holding, LLC&+One stopSF +5.75%(j)11.33%11/20263,866 3,858 0.13,827 
MOP GM Holding, LLC~+One stopSF +5.75%(j)11.09%11/20263,617 3,597 0.13,581 
MOP GM Holding, LLC^+One stopSF +5.75%(j)11.09%11/20263,537 3,516 0.13,502 
MOP GM Holding, LLC^+One stopSF +5.75%(i)10.50%11/20262,621 2,604 0.12,594 
MOP GM Holding, LLC&+One stopSF +5.75%(j)11.09%11/20262,161 2,149 0.12,140 
MOP GM Holding, LLC&+One stopSF +5.75%(j)11.09%11/20261,993 1,975 —1,973 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.50%11/2026726 721 —718 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.50%11/2026533 530 —528 
MOP GM Holding, LLC+One stopSF +5.75%(i)(j)10.62%11/2026400 397 —396 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.09%11/2026267 265 —264 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.50%11/2026203 202 —201 
MOP GM Holding, LLC+One stopSF +5.75%(i)10.50%11/202689 88 —88 
MOP GM Holding, LLC+One stopSF +5.75%(j)11.09%11/202689 88 —88 
MOP GM Holding, LLC+(5)One stopSF +5.75%N/A(6)11/2026— (34)—— 
National Express Wash Parent Holdco, LLC&+One stopSF +5.50%(i)10.74%07/20299,620 9,560 0.29,428 
National Express Wash Parent Holdco, LLC+One stopSF +5.50%(j)9.75%07/2029140 135 —132 
National Express Wash Parent Holdco, LLC+(5)One stopSF +6.00%N/A(6)07/2029— (2)—— 
POY Holdings, LLC#^&<+One stopSF +5.50%(i)10.25%11/202728,489 28,766 0.728,489 
POY Holdings, LLC<+One stopSF +5.50%(i)10.25%11/20273,703 3,764 0.13,703 
POY Holdings, LLC~+One stopSF +5.50%(i)10.25%11/20271,311 1,311 —1,311 
POY Holdings, LLC+One stopSF +5.50%(i)10.89%11/2027873 873 —873 
POY Holdings, LLC+One stopSF +5.50%(i)10.25%11/2027651 651 —651 
POY Holdings, LLC+One stopSF +5.50%(i)10.29%11/2027291 291 —291 
POY Holdings, LLC+One stopSF +5.50%(i)10.29%11/202731 29 —31 
POY Holdings, LLC+(5)One stopSF +5.50%N/A(6)11/2027— (28)—— 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)9.60%06/20313,608 3,578 0.13,608 
Quick Quack Car Wash Holdings, LLC+One stopSF +4.75%(h)9.60%06/2031140 129 —140 
Quick Quack Car Wash Holdings, LLC+(5)One stopSF +4.75%N/A(6)06/2031— (3)—— 

See Notes to Consolidated Financial Statements.
55
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 CostPercentage
of Net
Assets
Fair
Value (4)
TWAS Holdings, LLC#&<One stopSF +6.75%(h)11.70%12/2026$46,804 $46,658 1.2%$46,804 
TWAS Holdings, LLC*~&+One stopSF +6.75%(h)11.70%12/202641,809 41,768 1.041,809 
TWAS Holdings, LLC<+One stopSF +6.75%(h)11.70%12/202610,854 10,845 0.310,854 
TWAS Holdings, LLC<+One stopSF +6.75%(h)11.70%12/20268,288 8,354 0.28,288 
TWAS Holdings, LLC<+One stopSF +6.75%(h)11.70%12/20265,264 5,306 0.15,264 
TWAS Holdings, LLC+(5)One stopSF +6.75%N/A(6)12/2026— (6)—— 
Yorkshire Parent, Inc.<+One stopSF +6.00%(i)10.60%12/20292,634 2,672 0.12,634 
Yorkshire Parent, Inc.+(5)One stopSF +6.00%N/A(6)12/2029— (1)—— 
Yorkshire Parent, Inc.+(5)One stopSF +6.00%N/A(6)12/2029— (1)—— 
382,403 382,120 9.5381,208 
Banks
OSP Hamilton Purchaser, LLC<+One stopSF +5.00%(i)10.25%12/20291,745 1,769 0.11,745 
OSP Hamilton Purchaser, LLC+One stopSF +5.00%(i)10.26%12/2029331 325 —331 
OSP Hamilton Purchaser, LLC+One stopSF +5.00%N/A(6)12/2029— — —— 
2,076 2,094 0.12,076 
Beverages
Financial Information Technologies, LLC~&<+One stopSF +5.25%(i)9.85%06/203034,626 34,555 0.934,626 
Financial Information Technologies, LLC+(25)One stopN/A14.00%PIK06/203119,894 19,758 0.519,894 
Financial Information Technologies, LLC+(5)One stopSF +5.25%N/A(6)06/2030— (1)—— 
Financial Information Technologies, LLC<+One stopSF +5.25%(i)9.85%06/20302,221 2,218 0.12,221 
Financial Information Technologies, LLC+(5)One stopSF +5.25%N/A(6)06/2030— (1)—— 
Watermill Express, LLC^+One stopSF +5.75%(i)10.50%07/20293,064 3,046 0.13,072 
Watermill Express, LLC+One stopSF +5.75%(i)10.50%07/2029296 296 —297 
Watermill Express, LLC+One stopSF +5.75%(i)10.96%07/2029111 108 —111 
Watermill Express, LLC<+One stopSF +5.75%(i)10.50%07/2029739 735 —742 
Watermill Express, LLC+One stopSF +5.75%(i)10.60%07/2029371 369 —371 
Watermill Express, LLC+One stopSF +5.00%(i)9.75%07/2029582 569 —564 
Winebow Holdings, Inc.~<One stopSF +6.25%(h)11.20%12/20279,354 9,247 0.28,887 
71,258 70,899 1.870,785 
Building Products
BECO Holding Company, Inc.#~&<+One stopSF +5.25%(i)10.00%11/202840,999 41,632 1.040,999 
BECO Holding Company, Inc.+(5)One stopSF +5.25%N/A(6)11/2027— (2)—— 
40,999 41,630 1.040,999 
Capital Markets
BlueMatrix Holdings, LLC~+One stopSF +5.25%(i)9.85%01/20312,540 2,564 0.12,540 
BlueMatrix Holdings, LLC+One stopSF +5.25%N/A(6)01/2031— — —— 
BlueMatrix Holdings, LLC+(5)One stopSF +5.25%N/A(6)01/2031— (7)—— 
2,540 2,557 0.12,540 
Chemicals
Inhance Technologies Holdings, LLC#<+(25)One stopSF +6.50%(i)7.98% cash/4.00%PIK12/202415,132 14,768 0.312,257 
Inhance Technologies Holdings, LLC#&(25)One stopSF +6.50%(i)7.98% cash/4.00%PIK12/202413,742 13,204 0.311,130 
Inhance Technologies Holdings, LLC<+(25)One stopSF +6.50%(i)7.98% cash/4.00%PIK12/20242,673 2,563 0.12,165 
Inhance Technologies Holdings, LLC+(25)One stopSF +6.50%(i)7.98% cash/4.00%PIK12/2024314 297 —251 
Krayden Holdings, Inc.+Senior securedSF +4.75%(h)9.60%03/20299,840 9,743 0.39,741 
Krayden Holdings, Inc.+(5)Senior securedSF +4.75%N/A(6)03/2029— (33)—(34)
Krayden Holdings, Inc.+(5)Senior securedSF +4.75%N/A(6)03/2029— (48)—(49)

See Notes to Consolidated Financial Statements.
56
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 CostPercentage
of Net
Assets
Fair
Value (4)
PHM NL SP Bidco B.V.+(8)(9)(14)(25)One stopE + 9.25%(d)9.41% cash/3.00%PIK09/2028$51,136 $50,266 1.1%$46,023 
PHM NL SP Bidco B.V.+(8)(14)(25)One stopSF +9.25%(g)11.33% cash/3.00%PIK09/202819,993 19,250 0.417,994 
PHM NL SP Bidco B.V.+(8)(9)(14)(25)One stopSN +6.75%(f)8.70% cash/3.00%PIK09/202811,497 10,881 0.310,348 
PHM NL SP Bidco B.V.+(8)(9)(14)(25)One stopE + 6.75%(d)7.50% cash/3.00%PIK09/20285,332 5,138 0.14,807 
129,659 126,029 2.9114,633 
Commercial Services & Supplies
BradyIFS Holdings, LLC^+One stopSF +6.00%(i)11.25%10/20294,842 4,926 0.14,842 
BradyIFS Holdings, LLC+One stopSF +6.00%(h)(i)11.18%10/2029382 381 —382 
CI (Quercus) Intermediate Holdings, LLC~<+One stopSF +5.00%(i)9.63%06/203127,427 27,109 0.727,427 
CI (Quercus) Intermediate Holdings, LLC+One stopSF +5.00%(i)10.05%06/203153 34 —53 
CI (Quercus) Intermediate Holdings, LLC+(5)One stopSF +5.00%N/A(6)06/2031— (50)—— 
Encore Holdings, LLC+One stopSF +5.50%(i)10.25%11/20284,564 4,501 0.14,575 
Encore Holdings, LLC<+One stopSF +5.50%(i)10.20%11/2028907 895 —910 
Encore Holdings, LLC+One stopSF +5.25%(i)10.11%11/20281,170 1,163 —1,170 
FR Vision Holdings, Inc.<+One stopSF +5.50%(i)10.78%01/20311,070 1,066 —1,070 
FR Vision Holdings, Inc.+One stopSF +5.50%(i)10.78%01/203190 89 —90 
FR Vision Holdings, Inc.+One stopSF +5.50%N/A(6)01/2030— — —— 
Kleinfelder Intermediate, LLC<+One stopSF +6.25%(i)11.31%09/20304,087 3,987 0.14,087 
Kleinfelder Intermediate, LLC+One stopP + 4.00%(a)12.00%09/2028120 112 —120 
Kleinfelder Intermediate, LLC+(5)One stopSF +5.00%N/A(6)09/2030— (5)—— 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.31%07/20271,564 1,549 0.11,568 
North Haven Stack Buyer, LLC+Senior securedSF +5.00%(i)9.60%07/2027158 132 —158 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.53%07/2027284 281 —285 
North Haven Stack Buyer, LLC+(5)Second lienN/AN/A(6)01/2028— (15)—— 
North Haven Stack Buyer, LLC*#~<Senior securedSF +5.25%(i)10.50%07/202712,284 12,271 0.312,315 
North Haven Stack Buyer, LLC+(25)Second lienN/A10.00% cash/2.50%PIK01/20282,277 2,257 0.12,290 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.85%07/20271,481 1,472 0.11,485 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.53%07/20271,418 1,410 0.11,422 
North Haven Stack Buyer, LLC#~Senior securedSF +5.25%(i)10.50%07/20274,139 4,126 0.14,149 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.50%07/20271,371 1,366 —1,374 
North Haven Stack Buyer, LLC#~Senior securedSF +5.25%(i)10.50%07/20271,366 1,361 —1,369 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.37%07/2027200 200 —201 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.50%07/2027100 100 —100 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)10.34%07/2027166 157 —166 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.85%07/20272,281 2,268 0.12,287 
North Haven Stack Buyer, LLC+Senior securedSF +5.25%(i)9.85%07/2027485 481 —485 
North Haven Stack Buyer, LLC+(25)Second lienN/A10.00% cash/2.50%PIK01/20281,501 1,481 0.11,511 
North Haven Stack Buyer, LLC+Senior securedSF +5.00%(i)9.59%07/2027910 904 —910 
North Haven Stack Buyer, LLC+Senior securedSF +5.00%(i)9.67%07/2027689 684 —689 
Profile Products LLC<+One stopSF +5.50%(h)10.70%11/20279,052 8,974 0.28,600 
Profile Products LLC<+(8)One stopSF +5.50%(h)10.70%11/20271,835 1,811 —1,743 
Profile Products LLC+One stopP + 4.50%(a)12.50%11/202772 71 —68 
Profile Products LLC+(5)One stopSF +5.75%N/A(6)11/2027— (1)—(4)
PSC Parent, Inc.~+One stopSF +5.25%(h)10.42%04/20315,505 5,495 0.25,505 
PSC Parent, Inc.+One stopSF +5.25%(a)(h)10.36%04/2030377 372 —377 
PSC Parent, Inc.+(5)One stopSF +5.25%N/A(6)04/2031— (6)—— 
PSC Parent, Inc.+One stopSF +5.25%(h)10.10%04/2031917 913 —917 
PT Intermediate Holdings III, LLC<+(25)One stopSF +5.00%(i)7.85% cash/1.75%PIK04/203012,234 12,262 0.312,234 
PT Intermediate Holdings III, LLC+(5)One stopSF +4.75%N/A(6)04/2030— (1)—— 
Radwell Parent, LLC#^+One stopSF +5.50%(i)10.10%03/202934,289 33,967 0.833,947 
Radwell Parent, LLC&<+One stopSF +5.50%(i)10.10%03/202932,407 32,458 0.832,083 
Radwell Parent, LLC+One stopSF +5.50%(i)10.10%03/2029248 199 —235 

See Notes to Consolidated Financial Statements.
57
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 CostPercentage
of Net
Assets
Fair
Value (4)
Radwell Parent, LLC+One stopSF +5.50%(i)10.10%03/2029$553 $551 —%$540 
Trinity Air Consultants Holdings Corporation<+One stopSF +5.25%(i)10.61%06/20282,632 2,610 0.12,632 
Trinity Air Consultants Holdings Corporation+One stopSF +5.25%(j)10.40%06/2028530 530 —530 
Trinity Air Consultants Holdings Corporation+One stopSF +5.25%N/A(6)06/2028— — —— 
Trinity Air Consultants Holdings Corporation+One stopSF +5.25%(j)10.45%06/2028494 492 —494 
WRE Holding Corp.+One stopSF +5.00%(j)9.25%07/203116,514 16,355 0.416,514 
WRE Holding Corp.+One stopSF +5.00%(j)9.81%07/2031241 219 —241 
WRE Holding Corp.+(5)One stopSF +5.00%N/A(6)07/2030— (23)—— 
195,286 193,941 4.8194,146 
Communications Equipment
Lightning Finco Limited+(8)(10)One stopSF +5.50%(g)10.76%09/202814,802 14,775 0.414,802 
Lightning Finco Limited+(8)(9)(10)One stopE + 5.50%(d)9.17%09/20281,692 1,744 —1,692 
16,494 16,519 0.416,494 
Construction & Engineering
Consor Intermediate II, LLC~+One stopSF +4.75%(i)9.35%05/20314,050 4,062 0.14,050 
Consor Intermediate II, LLC+(5)One stopSF +4.75%N/A(6)05/2031— (17)—— 
Consor Intermediate II, LLC+(5)One stopSF +4.75%N/A(6)05/2031— (3)—— 
4,050 4,042 0.14,050 
Containers & Packaging
Chase Intermediate#~&<+One stopSF +4.75%(i)10.00%10/202849,331 50,053 1.249,331 
Chase Intermediate+(5)One stopSF +4.75%N/A(6)10/2028— (2)—— 
Chase Intermediate+One stopSF +4.75%(i)9.90%10/2028938 932 —938 
Fortis Solutions Group, LLC*#~^&+One stopSF +5.50%(i)10.20%10/202851,533 51,172 1.350,501 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)10.20%10/2028199 101 —70 
Fortis Solutions Group, LLC+One stopSF +5.50%(i)10.20%10/2028141 76 —138 
Fortis Solutions Group, LLC+One stopSF +5.50%(a)(i)10.78%10/2027162 153 —152 
 102,304 102,485 2.5101,130 
Diversified Consumer Services
Any Hour, LLC~+One stopSF +5.00%(i)9.60%05/20309,066 9,001 0.28,975 
Any Hour, LLC+(25)One stopN/A13.00%PIK05/20312,876 2,824 0.12,847 
Any Hour, LLC+One stopSF +5.00%(i)9.90%05/2030303 290 —294 
Any Hour, LLC+One stopSF +5.00%(i)10.28%05/2030257 238 —230 
Apex Service Partners, LLC<+One stopSF +5.00%(h)9.86%10/20304,434 4,508 0.14,390 
Apex Service Partners, LLC+One stopSF +5.00%(h)9.86%10/20301,545 1,476 0.11,406 
Apex Service Partners, LLC+One stopSF +5.00%(h)9.86%10/20301,055 1,041 —1,045 
Apex Service Partners, LLC+One stopSF +5.00%(h)9.86%10/202938 36 —38 
Certus Pest, Inc.#~One stopSF +5.75%(i)10.50%02/20261,730 1,715 0.11,730 
Certus Pest, Inc.#~One stopSF +5.75%(i)10.50%02/20261,659 1,638 0.11,659 
Certus Pest, Inc.+One stopSF +5.75%(i)10.50%02/20261,197 1,197 —1,197 
Certus Pest, Inc.#~One stopSF +5.75%(i)10.50%02/20261,182 1,176 —1,182 
Certus Pest, Inc.~+One stopSF +5.75%(i)10.50%02/2026820 814 —820 
Certus Pest, Inc.#~One stopSF +5.75%(i)10.50%02/2026723 709 —723 
Certus Pest, Inc.+One stopSF +5.75%(i)10.50%02/2026704 701 —704 
Certus Pest, Inc.~+One stopSF +5.75%(i)10.50%02/2026416 412 —416 
Certus Pest, Inc.+One stopSF +5.75%(i)10.50%02/2026260 255 —260 
Certus Pest, Inc.+One stopSF +5.75%(i)10.50%02/2026142 133 —142 
Certus Pest, Inc.+One stopSF +5.75%(i)10.50%02/202660 58 —60 
Certus Pest, Inc.+One stopSF +5.75%N/A(6)02/2026— — —— 
CHHJ Midco, LLC#~Senior securedSF +5.00%(j)10.51%01/20263,732 3,724 0.13,732 
CHHJ Midco, LLC+Senior securedSF +5.00%N/A(6)01/2026— — —— 
CHVAC Services Investment, LLC~+One stopSF +5.00%(i)9.60%05/20302,945 2,922 0.12,945 

See Notes to Consolidated Financial Statements.
58
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 CostPercentage
of Net
Assets
Fair
Value (4)
CHVAC Services Investment, LLC+One stopSF +5.00%(i)9.60%05/2030$1,371 $1,329 —%$1,371 
CHVAC Services Investment, LLC+(5)One stopSF +5.00%N/A(6)05/2030— (3)—— 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(i)10.73%07/20272,400 2,387 0.12,400 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(i)10.73%07/20272,339 2,322 0.12,339 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(i)10.72%07/20271,533 1,523 0.11,533 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(i)10.68%07/20271,083 1,076 —1,083 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(i)10.73%07/20271,154 1,147 —1,154 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.25%(i)10.65%07/2027696 690 —696 
COP Hometown Acquisitions, Inc.+(5)Senior securedSF +5.25%N/A(6)07/2027— (2)—— 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.50%(g)(i)10.83%07/20271,383 1,381 —1,383 
COP Hometown Acquisitions, Inc.<+Senior securedSF +5.50%(i)10.75%07/20271,045 1,043 —1,045 
COP Hometown Acquisitions, Inc.+Senior securedSF +5.50%(i)10.74%07/2027922 920 —922 
EMS LINQ, LLC^+One stopSF +6.25%(i)11.41%12/202713,835 13,868 0.413,835 
EMS LINQ, LLC+One stopSF +6.25%(i)11.41%12/202796 95 —96 
Entomo Brands Acquisitions, Inc.<+Senior securedSF +5.50%(i)10.25%07/20294,389 4,392 0.14,389 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)10.25%07/202930 29 —30 
Entomo Brands Acquisitions, Inc.+Senior securedSF +5.50%(i)10.25%07/20291,263 1,240 —1,263 
EWC Growth Partners LLC<+One stopSF +6.00%(i)10.75%03/2026959 956 —939 
EWC Growth Partners LLC&+One stopSF +6.00%(i)10.75%03/20261,125 1,125 —1,103 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.75%03/202638 38 —36 
EWC Growth Partners LLC+One stopSF +6.00%(i)10.75%03/2026107 107 —105 
FPG Intermediate Holdco, LLC+(25)One stopSF +6.75%(j)7.25% cash/4.00%PIK03/202714,093 13,790 0.310,992 
FPG Intermediate Holdco, LLC+(25)One stopSF +6.75%(j)7.25% cash/4.00%PIK03/20277,800 7,491 0.26,084 
FPG Intermediate Holdco, LLC+(25)One stopSF +6.75%(h)(j)7.81% cash/4.00%PIK03/2027126 125 —126 
FSS Buyer LLC&+One stopSF +5.00%(h)9.85%08/20287,666 7,652 0.27,666 
FSS Buyer LLC+One stopSF +5.00%N/A(6)08/2027— — —— 
HS Spa Holdings, Inc.<+One stopSF +5.25%(i)10.31%06/202911,550 11,530 0.311,550 
HS Spa Holdings, Inc.+One stopSF +5.25%(a)(h)11.15%06/202864 62 —64 
HS Spa Holdings, Inc.+(5)One stopSF +5.25%N/A(6)06/2029— (2)—— 
Learn-it Systems, LLC<+(25)Senior securedSF +5.25%(i)7.25% cash/2.75%PIK09/20263,381 3,377 0.13,381 
Learn-it Systems, LLC+(25)Senior securedSF +5.25%(i)7.25% cash/2.75%PIK09/20261,991 1,985 0.11,991 
Learn-it Systems, LLC+(25)Senior securedSF +5.25%(i)7.25% cash/2.75%PIK09/2026847 844 —847 
Learn-it Systems, LLC+Senior securedSF +5.25%N/A(6)09/2026— — —— 
Liminex, Inc.<+One stopSF +7.25%(i)12.46%11/202635,650 35,614 0.935,650 
Liminex, Inc.<+One stopSF +7.25%(i)12.46%11/202623,516 23,443 0.623,516 
Liminex, Inc.<+One stopSF +7.25%(i)12.46%11/202615,953 15,763 0.415,953 
Liminex, Inc.^<+One stopSF +7.25%(i)12.46%11/202620,321 20,685 0.520,321 
Litera Bidco, LLC~+One stopSF +5.00%(h)9.85%05/20285,201 5,213 0.15,201 
Litera Bidco, LLC+One stopSF +5.00%(h)9.85%05/20281,060 1,053 —1,060 
Litera Bidco, LLC+(5)One stopSF +5.00%N/A(6)05/2028— (2)—— 
Litera Bidco, LLC+(5)One stopSF +5.00%N/A(6)05/2028— (1)—— 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.70%04/2029456 414 —410 
Mario Purchaser, LLC<+One stopSF +5.75%(h)10.70%04/202911,384 11,329 0.311,270 
Mario Purchaser, LLC+(25)One stopSF +10.75%(h)15.70%PIK04/20324,428 4,447 0.14,384 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.70%04/20295,241 5,268 0.15,188 
Mario Purchaser, LLC+One stopSF +5.75%(h)10.70%04/202814 14 —14 
NSG Buyer, Inc. *#&+One stopSF +6.25%(h)11.20%11/202934,332 34,267 0.934,589 
NSG Buyer, Inc. +(5)One stopSF +5.50%N/A(6)11/2029— (2)—— 
NSG Buyer, Inc. +(5)One stopSF +6.25%N/A(6)11/2028— (1)—— 
NSG Buyer, Inc. +One stopSF +5.50%(h)10.35%11/20291,785 1,779 0.11,785 
PADI Holdco, Inc.*#One stopSF +6.25%(i)11.46%01/202721,353 21,136 0.521,353 
PADI Holdco, Inc.+(8)(9)One stopE + 6.25%(c)9.76%01/202720,130 20,416 0.520,130 
PADI Holdco, Inc.+One stopSF +6.25%(i)11.66%01/2027823 814 —823 

See Notes to Consolidated Financial Statements.
59
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 CostPercentage
of Net
Assets
Fair
Value (4)
PADI Holdco, Inc.+One stopSF +6.25%(i)11.35%01/2027$170 $168 —%$170 
PADI Holdco, Inc.+One stopSF +6.25%(i)11.67%01/2027214 212 —214 
Provenance Buyer LLC*#~<+One stopSF +5.50%(h)10.45%06/202720,797 20,617 0.519,756 
Provenance Buyer LLC#&One stopSF +5.50%(h)10.45%06/202714,010 13,953 0.313,309 
Provenance Buyer LLC+One stopSF +5.50%(h)10.45%06/2027125 121 —112 
RW AM Holdco LLC#&+One stopSF +5.25%(i)9.95%04/202826,368 25,712 0.624,523 
RW AM Holdco LLC+(5)One stopSF +5.25%N/A(6)04/2028— (13)—(22)
Virginia Green Acquisition, LLC<+One stopSF +5.25%(j)9.50%12/20302,416 2,456 0.12,416 
Virginia Green Acquisition, LLC+One stopSF +5.25%N/A(6)12/2029— — —— 
Virginia Green Acquisition, LLC+One stopSF +5.25%(j)9.50%12/203099 98 —99 
384,276 382,358 9.4375,442 
Diversified Financial Services
Avalara, Inc.<+One stopSF +6.25%(i)10.85%10/202818,170 18,095 0.518,170 
Avalara, Inc.+(5)One stopSF +7.25%N/A(6)10/2028— (2)—— 
Baker Tilly Advisory Group, LP+One stopSF +5.00%(h)9.85%06/20313,301 3,255 0.13,301 
Baker Tilly Advisory Group, LP+(5)One stopSF +5.00%N/A(6)06/2030— (10)—— 
Baker Tilly Advisory Group, LP+(5)One stopSF +5.00%N/A(6)06/2031— (4)—— 
Banker's Toolbox, Inc.&+One stopSF +4.50%(i)9.10%07/202720,569 20,521 0.520,569 
Banker's Toolbox, Inc.+One stopSF +4.50%N/A(6)07/2027— — —— 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%(d)8.84%07/203116,585 15,959 0.416,430 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)(25)Subordinated debtE + 8.00%(d)3.59% cash/8.00%PIK07/20321,935 1,861 0.11,916 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%N/A(6)07/2031— — —— 
Ceres Groupe SAS & Ceres PikCo+(8)(9)(20)One stopE + 5.25%N/A(6)07/2031— — —— 
Finastra USA, Inc.<+One stopSF +7.25%(i)12.18%09/20295,373 5,292 0.15,393 
Finastra USA, Inc.+One stopSF +7.25%(i)12.18%09/202946 45 —46 
Flash Topco, Inc.*&One stopSF +5.75%(i)11.10%10/202817,094 16,883 0.416,240 
Flash Topco, Inc.+One stopSF +6.50%(i)11.71%10/2028143 141 —136 
Flash Topco, Inc.+One stopSF +6.50%(i)11.72%12/202475 74 —74 
Higginbotham Insurance Agency, Inc.<+One stopSF +4.50%(h)9.35%11/20288,093 8,128 0.28,093 
Higginbotham Insurance Agency, Inc.+One stopSF +4.75%(h)9.60%11/2028220 218 —220 
91,604 90,456 2.390,588 


See Notes to Consolidated Financial Statements.
60
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 CostPercentage
of Net
Assets
Fair
Value (4)
Diversified Telecommunication Services
NTI Connect, LLC<+Senior securedSF +5.00%(i)9.75%07/2027$1,529 $1,521 —%$1,529 
Electrical Equipment
Power Grid Holdings, Inc.<+One stopSF +4.75%(i)10.00%12/20301,425 1,408 —1,425 
Power Grid Holdings, Inc.+(5)One stopSF +4.75%N/A(6)12/2030— (2)—— 
1,425 1,406 —1,425 
Electronic Equipment, Instruments & Components
CST Holding Company&<One stopSF +5.00%(h)9.95%11/202834,063 33,123 0.834,063 
CST Holding Company+(5)One stopSF +5.00%N/A(6)11/2028— (3)—— 
34,063 33,120 0.834,063 

Food & Staples Retailing
Mendocino Farms, LLC<+One stopSF +5.50%(h)10.35%03/20301,001 998 —1,001 
Mendocino Farms, LLC+(5)One stopSF +5.50%N/A(6)03/2030— (1)—— 
Mendocino Farms, LLC+One stopSF +5.50%N/A(6)03/2030— — —— 
Mendocino Farms, LLC+One stopSF +5.50%(h)10.35%03/2030112 111 —112 
PDI TA Holdings, Inc.<+One stopSF +5.25%(h)(i)10.47%02/20311,143 1,138 —1,143 
PDI TA Holdings, Inc.+(5)One stopSF +5.25%N/A(6)02/2031— (1)—— 
PDI TA Holdings, Inc.+(5)One stopSF +5.25%N/A(6)02/2031— (1)—— 
Ruby Slipper Cafe LLC, The*+One stopSF +7.50%(i)12.25%07/20252,304 2,295 0.12,304 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)12.25%07/2025515 513 —515 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)12.25%07/2025340 339 —340 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)12.25%07/2025190 190 —190 
Ruby Slipper Cafe LLC, The+One stopSF +7.50%(i)12.25%07/2025— — —— 
Wineshipping.com LLC&+One stopSF +5.75%(j)10.74%10/20279,674 9,545 0.39,190 
Wineshipping.com LLC+One stopSF +5.75%(i)11.20%10/2027265 259 —251 
Wineshipping.com LLC+One stopSF +5.75%(a)(i)11.20%10/2027146 142 —138 
15,690 15,527 0.415,184 


See Notes to Consolidated Financial Statements.
61
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 CostPercentage
of Net
Assets
Fair
Value (4)
Food Products
Blast Bidco Inc.<+One stopSF +6.00%(i)10.60%10/2030$4,905 $4,843 0.1%$4,905 
Blast Bidco Inc.+(5)One stopSF +6.00%N/A(6)10/2029— (7)—— 
Borrower R365 Holdings, LLC^+One stopSF +6.00%(i)10.75%06/202718,823 18,811 0.518,823 
Borrower R365 Holdings, LLC<+One stopSF +6.00%(i)10.75%06/20271,556 1,545 —1,556 
Borrower R365 Holdings, LLC+One stopSF +6.00%(i)10.75%06/2027231 231 —231 
Borrower R365 Holdings, LLC+(5)One stopSF +6.00%N/A(6)06/2027— (1)—— 
Eagle Family Foods Group, LLC+One stopSF +5.00%(i)10.33%08/203013,432 13,301 0.313,298 
Eagle Family Foods Group, LLC+One stopSF +5.00%(i)10.33%08/2030201 187 —186 
Kodiak Cakes, LLC^+Senior securedSF +5.25%(i)10.50%06/202846,378 45,974 1.246,378 
Kodiak Cakes, LLC+(5)Senior securedSF +5.25%N/A(6)06/2028— (5)—— 
Louisiana Fish Fry Products, Ltd.*~<+One stopSF +6.25%(i)11.00%07/202713,700 13,669 0.413,564 
Louisiana Fish Fry Products, Ltd.+One stopSF +6.25%(i)11.00%07/2027196 193 —192 
MAPF Holdings, Inc.*#~^&+One stopSF +6.50%(i)11.25%12/202651,975 51,816 1.246,258 
MAPF Holdings, Inc.+One stopSF +6.50%(i)11.25%12/2026600 593 —534 
MAPF Holdings, Inc.<+One stopSF +6.50%(i)11.25%12/20261,666 1,640 —1,482 
MAPF Holdings, Inc.+One stopN/A19.00%12/20261,214 1,187 —1,076 
P&P Food Safety Holdings, Inc.*~&+One stopSF +6.00%(i)10.75%12/202624,812 24,779 0.624,068 
P&P Food Safety Holdings, Inc.+(5)One stopSF +6.00%N/A(6)12/2026— (2)—(6)
Ultimate Baked Goods Midco LLC<+One stopSF +6.25%(i)11.41%08/20279,314 9,329 0.29,314 
Ultimate Baked Goods Midco LLC+One stopSF +6.25%(i)11.40%08/202748 31 —48 
Ultimate Baked Goods Midco LLC+One stopSF +5.50%(i)10.66%08/20271,926 1,917 —1,926 
Whitebridge Pet Brands, LLC*#&+One stopSF +4.75%(h)9.70%07/202726,358 26,339 0.726,358 
Whitebridge Pet Brands, LLC+(5)One stopSF +4.75%N/A(6)07/2027— (1)—— 
Wizard Bidco Limited<+(8)(10)One stopSF +6.00%(i)10.60%03/202922,740 22,637 0.622,740 
Wizard Bidco Limited<+(8)(9)(10)(25)One stopSN +5.00%(f)8.45% cash/1.50%PIK03/202910,977 10,583 0.310,483 
Wizard Bidco Limited+(8)(9)(10)One stopSN +6.00%(f)10.95%03/20298,322 7,718 0.28,322 
Wizard Bidco Limited+(8)(9)(10)One stopSN +4.75%(f)9.70%09/2028200 183 —192 
Wizard Bidco Limited+(5)(8)(9)(10)One stopSN +6.00%N/A(6)03/2029— (43)—— 
259,574 257,447 6.3251,928 


See Notes to Consolidated Financial Statements.
62
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 CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Equipment & Supplies
Aspen Medical Products, LLC#~+One stopSF +4.75%(h)9.81%06/2025$5,013 $5,023 0.1%$5,013 
Aspen Medical Products, LLC<+One stopSF +4.75%(h)9.81%06/2025321 320 —321 
Aspen Medical Products, LLC+One stopSF +4.75%N/A(6)06/2025— — —— 
Baduhenna Bidco Limited+(8)(10)One stopSF +6.20%(g)11.29%08/20287,744 7,750 0.27,638 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.20%(c)9.76%08/20284,614 4,789 0.14,550 
Baduhenna Bidco Limited+(8)(10)One stopSF +6.20%(g)11.29%08/20281,912 1,912 0.11,886 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.20%(f)11.27%08/20281,353 1,342 —1,334 
Baduhenna Bidco Limited+(8)(9)(10)One stopE + 6.20%(c)9.55%08/20281,101 1,087 —1,086 
Baduhenna Bidco Limited+(8)(9)(10)One stopSN +6.25%(f)11.20%08/2028572 518 —537 
Belmont Instrument, LLC*#&One stopSF +6.25%(i)10.85%08/202814,504 14,397 0.414,504 
Belmont Instrument, LLC+One stopSF +6.25%(i)10.85%08/202866 63 —66 
Blades Buyer, Inc.#~<+Senior securedSF +5.00%(h)10.30%03/202812,285 12,244 0.312,285 
Blades Buyer, Inc.<+Senior securedSF +5.25%(h)10.55%03/20281,743 1,729 —1,743 
Blades Buyer, Inc.<+Senior securedSF +5.00%(h)10.30%03/20281,409 1,401 —1,409 
Blades Buyer, Inc.+Senior securedSF +4.75%(h)10.05%03/202860 57 —58 
Blue River Pet Care, LLC*#~&+One stopSF +5.00%(h)9.95%07/202662,942 63,036 1.662,942 
Blue River Pet Care, LLC<+One stopSF +5.00%(h)9.95%07/202612,462 12,676 0.312,462 
Blue River Pet Care, LLC<+One stopSF +5.00%(h)9.95%07/20262,905 2,956 0.12,905 
Blue River Pet Care, LLC<+One stopSF +5.00%(h)9.95%07/20262,793 2,841 0.12,793 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.95%07/20262,765 2,813 0.12,765 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.95%07/20262,125 2,161 0.12,125 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.95%07/20261,258 1,258 —1,258 
Blue River Pet Care, LLC+One stopSF +5.00%(h)9.95%07/2026417 416 —417 
Blue River Pet Care, LLC+One stopP + 4.00%(a)(h)11.19%07/2026150 148 —150 
Blue River Pet Care, LLC+(5)One stopSF +5.00%N/A(6)07/2026— (3)—— 
CCSL Holdings, LLC*#~(8)One stopSF +5.75%(h)10.60%12/202821,060 21,007 0.520,903 
CCSL Holdings, LLC<+(8)One stopSF +5.75%(h)10.60%12/20285,685 5,701 0.15,642 
CCSL Holdings, LLC<+(8)(9)One stopSN +5.75%(f)10.70%12/20283,579 3,350 0.13,552 
CCSL Holdings, LLC+(8)One stopSF +5.75%(h)10.60%12/20283,497 3,467 0.13,472 
CCSL Holdings, LLC+(8)One stopSF +5.75%(h)10.60%12/20282,906 2,878 0.12,884 
CCSL Holdings, LLC+(8)One stopSF +5.75%(h)10.60%12/2028120 118 —116 
CCSL Holdings, LLC+(5)(8)One stopSF +5.75%N/A(6)12/2028— (6)—(7)
CCSL Holdings, LLC+(5)(8)(9)One stopE + 5.75%N/A(6)12/2028— — —(247)
CCSL Holdings, LLC+(5)(8)(9)One stopE + 5.75%N/A(6)12/2028— (46)—(48)
CMI Parent Inc.+One stopSF +5.00%(h)9.85%12/202622,581 22,476 0.622,468 
CMI Parent Inc.~^+One stopSF +5.00%(h)9.85%12/202619,888 20,037 0.519,789 
CMI Parent Inc.^+Senior securedSF +5.00%(h)9.85%12/20269,533 9,588 0.29,485 
CMI Parent Inc.<+One stopSF +5.00%(h)9.85%12/20268,943 8,993 0.28,899 
CMI Parent Inc.+(5)One stopSF +5.00%N/A(6)12/2026— (1)—(3)
G & H Wire Company, Inc.+(7)(25)One stopSF +9.00%(i)6.21% cash/8.00%PIK12/202512,622 11,929 0.26,564 
G & H Wire Company, Inc.+(7)(25)One stopSF +9.00%(i)6.21% cash/8.00%PIK12/2025106 100 —34 
HuFriedy Group Acquisition, LLC+One stopSF +5.50%(i)10.56%06/20317,931 7,855 0.27,851 
HuFriedy Group Acquisition, LLC+(5)One stopSF +5.50%N/A(6)05/2030— (8)—(9)
HuFriedy Group Acquisition, LLC+(5)One stopSF +5.50%N/A(6)06/2031— (16)—(17)
JHC Investment Intermediate Holdings, LLC+(25)One stopSF +8.75%(i)7.45% cash/6.00%PIK03/20291,351 1,351 —1,351 
JHC Investment Intermediate Holdings, LLC+(7)(25)One stopSF +8.75%(i)13.45%PIK03/2029856 542 —684 
TIDI Legacy Products, Inc.<+One stopSF +5.50%(h)10.35%12/20293,520 3,584 0.13,520 
TIDI Legacy Products, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— 
TIDI Legacy Products, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— 
YI, LLC<+One stopSF +5.75%(h)10.87%12/20294,430 4,428 0.14,430 
YI, LLC+(5)One stopSF +5.75%N/A(6)12/2029— (1)—— 
YI, LLC+(5)One stopSF +5.75%N/A(6)12/2029— (9)—— 
269,122 268,251 6.5261,560 

See Notes to Consolidated Financial Statements.
63
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 CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Providers & Services
AAH TOPCO, LLC <+One stopSF +5.25%(h)10.20%12/2027$8,672 $8,621 0.2%$8,672 
AAH TOPCO, LLC +One stopSF +5.25%(h)10.22%12/20278,152 8,194 0.28,152 
AAH TOPCO, LLC +(25)Subordinated debtN/A11.50%PIK12/20312,730 2,614 0.12,566 
AAH TOPCO, LLC +One stopSF +5.25%(h)10.22%12/20271,483 1,504 0.11,483 
AAH TOPCO, LLC +(5)One stopSF +5.50%N/A(6)12/2027— (1)—— 
Active Day, Inc.#+One stopSF +5.00%(h)9.95%08/202517,388 17,342 0.417,388 
Active Day, Inc.#+One stopSF +5.00%(h)9.95%08/20251,343 1,339 —1,343 
Active Day, Inc.*#One stopSF +5.00%(h)9.95%08/2025865 863 —865 
Active Day, Inc.+One stopSF +5.00%(h)9.95%08/2025689 687 —689 
Active Day, Inc.+One stopSF +5.00%(h)9.95%08/2025608 606 —608 
Active Day, Inc.*#One stopSF +5.00%(h)9.95%08/2025597 596 —597 
Active Day, Inc.+One stopSF +5.25%N/A(6)08/2025— — —— 
Active Day, Inc.+One stopSF +5.00%(h)9.95%08/2025— — —— 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)10.92%03/202616,177 16,111 0.416,177 
Acuity Eyecare Holdings, LLC+(25)One stopN/A16.50%PIK06/202714,304 14,189 0.414,733 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.00%03/20263,996 3,983 0.13,996 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.14%03/20263,559 3,548 0.13,559 
Acuity Eyecare Holdings, LLC#+One stopSF +6.25%(i)11.00%03/20263,504 3,493 0.13,504 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.00%03/20263,138 3,140 0.13,138 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)11.22%03/20262,006 1,995 —2,006 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.00%03/20261,829 1,833 —1,829 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)11.15%03/20261,023 1,019 —1,023 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.00%03/2026443 442 —443 
Acuity Eyecare Holdings, LLC+(25)One stopSF +13.00%(i)11.00% cash/6.75%PIK03/2026279 278 —279 
Acuity Eyecare Holdings, LLC+One stopSF +6.00%(i)11.39%03/2026212 211 —212 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.00%03/2026163 163 —163 
Acuity Eyecare Holdings, LLC+Senior securedSF +6.25%(i)11.58%03/2026108 107 —108 
Acuity Eyecare Holdings, LLC+(25)One stopSF +13.00%(i)11.12% cash/6.75%PIK03/2026109 108 —109 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%(i)11.00%03/20261 1 —1 
Acuity Eyecare Holdings, LLC+One stopSF +6.25%N/A(6)03/2026— — —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)Subordinated debtN/A13.75%PIK03/202815,672 15,862 0.415,672 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC~+One stopSF +6.00%(i)11.16%03/20276,419 6,429 0.26,419 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC^+One stopSF +6.00%(i)11.16%03/20275,365 5,366 0.15,365 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)Subordinated debtN/A13.75%PIK03/20283,400 3,378 0.13,400 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(25)Subordinated debtN/A13.75%PIK03/20281,300 1,293 —1,300 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)11.35%03/2027837 836 —837 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+One stopSF +6.00%(i)11.35%03/2027397 397 —397 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+(5)One stopSF +6.00%N/A(6)03/2027— (1)—— 
Bamboo US Bidco LLC<+(25)One stopSF +6.75%(i)8.62% cash/3.38%PIK09/20302,716 2,655 0.12,689 
Bamboo US Bidco LLC<+(8)(9)(25)One stopE + 6.75%(c)7.01% cash/3.38%PIK09/20301,882 1,752 0.11,863 
Bamboo US Bidco LLC+(25)One stopSF +6.75%(i)8.56% cash/3.38%PIK09/2030201 196 —197 
Bamboo US Bidco LLC+(5)One stopSF +6.00%N/A(6)09/2029— (13)—(4)
Community Care Partners, LLC<+One stopSF +6.00%(h)10.96%06/20263,490 3,445 0.13,385 
CRH Healthcare Purchaser, Inc.<+Senior securedSF +6.25%(i)11.00%06/202523,379 23,408 0.623,379 
CRH Healthcare Purchaser, Inc.~<Senior securedSF +6.25%(i)11.00%06/20256,318 6,305 0.26,318 
CRH Healthcare Purchaser, Inc.~+Senior securedSF +6.25%(i)11.00%06/20255,667 5,684 0.25,667 
CRH Healthcare Purchaser, Inc.<+Senior securedSF +6.25%(i)11.00%06/20254,281 4,273 0.14,281 

See Notes to Consolidated Financial Statements.
64
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 CostPercentage
of Net
Assets
Fair
Value (4)
CRH Healthcare Purchaser, Inc.+Senior securedSF +6.25%(i)10.98%06/2025$240 $240 —%$240 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)One stopSF +5.50%(j)10.81%04/2031771 757 —764 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(9)(10)One stopSN +5.50%(f)10.45%04/2031478 445 —473 
Datix Bidco Limited and RL Datix Holdings, Inc.+(8)(10)Senior securedSF +5.50%N/A(6)10/2024— — —— 
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopSF +5.50%N/A(6)04/2031— (2)—(2)
Datix Bidco Limited and RL Datix Holdings, Inc.+(5)(8)(10)One stopSF +5.50%N/A(6)10/2030— (2)—(1)
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/202715,592 15,351 0.415,047 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/20278,137 8,013 0.27,852 
Encorevet Group LLC~+One stopSF +6.75%(i)11.96%02/20274,209 4,143 0.14,061 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/20272,140 2,108 0.12,065 
Encorevet Group LLC~+One stopSF +6.75%(i)11.96%02/20271,888 1,859 0.11,823 
Encorevet Group LLC~+One stopSF +6.75%(i)11.96%02/20271,176 1,137 —1,135 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027977 945 —943 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027962 939 —928 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027921 898 —888 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027833 814 —804 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027422 409 —408 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027358 349 —345 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027175 171 —169 
Encorevet Group LLC+One stopSF +6.75%(i)11.96%02/2027168 163 —162 
Encorevet Group LLC+One stopSF +6.75%(i)11.73%02/202794 92 —90 
Encorevet Group LLC+(25)One stopN/A13.00%PIK05/202795 89 —89 
Encorevet Group LLC+One stopSF +8.75%(i)13.50%02/20275 5 —5 
ERC Topco Holdings, LLC&<+(7)(25)One stopSF +6.25%(i)7.60% cash/3.25%PIK11/202826,963 22,760 0.416,178 
ERC Topco Holdings, LLC+(7)(25)One stopSF +6.25%(i)8.38% cash/3.25%PIK11/2027232 195 —112 
ERC Topco Holdings, LLC&<+(7)(25)One stopSF +6.25%(i)4.60% cash/6.25%PIK11/2028459 376 —275 
ERC Topco Holdings, LLC+(7)(25)One stopSF +6.25%(i)4.60% cash/6.25%PIK11/20282 2 —2 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.<+(8)(9)(12)One stopCA +5.75%(k)10.36%03/202711,272 11,322 0.311,272 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)10.36%03/20274,074 4,107 0.14,074 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)10.36%03/20272,775 2,811 0.12,774 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)10.36%03/20272,642 2,673 0.12,642 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.^+(8)(12)One stopSF +5.75%(i)11.15%03/20271,105 1,104 —1,105 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.<+(8)(12)One stopSF +5.75%(i)11.15%03/2027554 554 —554 
FYI Optical Acquisitions, Inc. & FYI USA, Inc.+(8)(9)(12)One stopCA +5.75%(k)10.36%03/2027481 473 —481 
Heartland Veterinary Partners LLC<+Senior securedSF +4.75%(h)9.70%12/20262,533 2,556 0.12,507 
Heartland Veterinary Partners LLC<+Senior securedSF +4.75%(h)9.70%12/20261,202 1,196 —1,190 
Heartland Veterinary Partners LLC+Senior securedSF +4.75%N/A(6)12/2026— — —— 
Klick Inc.&+(8)(12)Senior securedSF +4.50%(i)9.20%03/202813,629 13,657 0.413,629 
Klick Inc.+(5)(8)(12)Senior securedSF +4.50%N/A(6)03/2028— (2)—— 
Klick Inc.+(8)(12)Senior securedSF +4.50%(i)9.10%03/20283,179 3,163 0.13,179 

See Notes to Consolidated Financial Statements.
65
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 CostPercentage
of Net
Assets
Fair
Value (4)
Krueger-Gilbert Health Physics, LLC~+Senior securedSF +5.75%(i)10.50%05/2026$2,599 $2,589 0.1%$2,599 
Krueger-Gilbert Health Physics, LLC~+Senior securedSF +5.75%(i)10.50%05/20262,386 2,377 0.12,386 
Krueger-Gilbert Health Physics, LLC~+Senior securedSF +5.75%(i)10.50%05/20261,526 1,527 0.11,526 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(i)10.50%05/20261,395 1,388 —1,395 
Krueger-Gilbert Health Physics, LLC<+Senior securedSF +5.75%(i)10.50%05/2026615 614 —615 
Krueger-Gilbert Health Physics, LLC+(5)Senior securedSF +5.75%N/A(6)05/2026— (1)—— 
Krueger-Gilbert Health Physics, LLC+Senior securedSF +5.75%(i)10.50%05/202690 90 —90 
Krueger-Gilbert Health Physics, LLC+One stopSF +5.75%(i)10.50%05/2026671 668 —671 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.<+(8)(9)(12)(25)One stopCA +6.00%(l)8.25% cash/2.00%PIK05/202826,214 27,849 0.625,165 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#<(8)(12)One stopSF +5.50%(i)10.25%05/20285,882 5,818 0.15,646 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.#<+(8)(12)One stopSF +5.50%(i)10.25%05/20284,150 4,075 0.13,984 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopCA +5.50%(l)9.75%05/20281,641 1,695 —1,576 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopCA +5.50%(l)9.75%05/2028855 868 —821 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(12)(25)One stopSF +6.00%(i)8.75% cash/2.00%PIK05/2028130 125 —125 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)One stopCA +5.50%(l)9.80%05/202676 58 —65 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(5)(8)(12)One stopSF +5.50%N/A(6)05/2026— (2)—(4)
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/202718,333 18,088 0.518,333 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/202712,277 12,148 0.312,277 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/20272,467 2,440 0.12,467 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/20272,383 2,362 0.12,383 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/20271,508 1,489 —1,508 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/20271,368 1,353 —1,368 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/2027680 672 —680 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/2027533 528 —533 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/2027180 178 —180 
Pinnacle Treatment Centers, Inc.+One stopSF +5.50%(i)10.56%01/2027103 101 —103 
Pinnacle Treatment Centers, Inc.+One stopP + 4.25%(a)12.25%01/2027290 269 —290 
Premise Health Holding Corp.<+One stopSF +5.50%(j)10.76%03/20311,391 1,385 —1,391 
Premise Health Holding Corp.+(5)One stopSF +5.50%N/A(6)03/2030— (1)—— 
Pyramid Healthcare Acquisition Corp.#&+One stopSF +4.75%(i)10.15%05/202725,098 25,160 0.625,098 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)10.15%05/20272,595 2,579 0.12,595 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)10.03%05/20272,170 2,163 0.12,170 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)9.96%05/20271,192 1,188 —1,192 
Pyramid Healthcare Acquisition Corp.+One stopSF +4.75%(i)10.10%05/20271,092 1,088 —1,092 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)10.15%05/2027738 735 —738 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)10.15%05/2027245 244 —245 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)10.15%05/2027216 215 —216 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)10.15%05/2027202 201 —202 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)9.96%05/2027202 201 —202 
Pyramid Healthcare Acquisition Corp.<+One stopSF +4.75%(i)10.15%05/202779 79 —79 
Pyramid Healthcare Acquisition Corp.+(5)One stopSF +4.75%N/A(6)05/2027— (1)—— 
Suveto Buyer, LLC+One stopSF +4.25%(h)9.20%09/202727,743 27,736 0.727,639 
Suveto Buyer, LLC+One stopSF +4.25%(a)(h)9.58%09/2027196 193 —194 
436,956 432,652 10.5422,905 

See Notes to Consolidated Financial Statements.
66
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 CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Technology
Alegeus Technologies Holdings Corp.+Senior securedSF +8.25%(i)13.46%09/2026$535 $532 —%$535 
Amberfield Acquisition Co.&<+One stopSF +5.00%(i)9.60%05/20304,866 4,856 0.14,866 
Amberfield Acquisition Co.+(5)One stopSF +5.00%N/A(6)05/2030— (31)—— 
Amberfield Acquisition Co.+(5)One stopSF +5.00%N/A(6)05/2030— (2)—— 
Color Intermediate, LLC<+Senior securedSF +4.75%(i)9.45%10/202917,565 17,523 0.417,565 
Connexin Software, Inc.<+One stopSF +8.50%(i)13.25%03/202711,759 11,732 0.311,759 
Connexin Software, Inc.+One stopSF +8.50%N/A(6)03/2027— — —— 
Crow River Buyer, Inc.<+One stopSF +7.75%(h)(i)13.00%01/20296,032 6,016 0.26,032 
Crow River Buyer, Inc.+One stopSF +7.75%(i)12.85%01/202926 25 —26 
ESO Solution, Inc.^<+One stopSF +7.00%(i)12.06%05/202711,360 11,387 0.311,360 
ESO Solution, Inc.+One stopSF +7.00%(i)12.06%05/20273,803 3,734 0.13,803 
ESO Solution, Inc.+One stopSF +7.00%(i)(j)11.96%03/202778 77 —78 
HealthEdge Software, Inc.+One stopSF +4.75%(h)9.85%07/203119,412 19,224 0.519,218 
HealthEdge Software, Inc.+(5)One stopSF +4.75%N/A(6)07/2031— (25)—(26)
HealthEdge Software, Inc.+(5)One stopSF +4.75%N/A(6)07/2031— (42)—(43)
Kona Buyer, LLC+One stopSF +4.50%(i)9.78%07/203115,832 15,678 0.415,674 
Kona Buyer, LLC+(5)One stopSF +4.50%N/A(6)07/2031— (18)—(19)
Kona Buyer, LLC+One stopSF +4.50%N/A(6)07/2031— — —— 
Kona Buyer, LLC+(5)One stopSF +4.50%N/A(6)07/2031— (23)—(23)
Lacker Bidco Limited<+(8)(9)(10)One stopSN +5.25%(f)10.20%02/2031634 599 —634 
Lacker Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)10.20%02/2031142 133 —142 
Lacker Bidco Limited+(5)(8)(9)(10)One stopSN +5.25%N/A(6)08/2030— (2)—— 
Neptune Holdings, Inc.~+One stopSF +5.75%(i)10.35%09/203016,180 16,362 0.416,180 
Neptune Holdings, Inc.+(5)One stopSF +5.75%N/A(6)08/2029— (1)—— 
Netsmart Technologies, Inc.+(25)One stopSF +5.20%(h)7.35% cash/2.70%PIK08/203151,325 50,821 1.350,812 
Netsmart Technologies, Inc.+(5)One stopSF +5.20%N/A(6)08/2031— (69)—(70)
Netsmart Technologies, Inc.+(5)One stopSF +5.20%N/A(6)08/2031— (34)—(34)
Plasma Buyer LLC<+One stopSF +5.75%(i)10.35%05/20298,036 7,876 0.27,795 
Plasma Buyer LLC+One stopSF +6.25%(i)10.88%05/2029182 177 —173 
Plasma Buyer LLC+One stopSF +5.75%(i)10.35%05/202862 59 —60 
QF Holdings, Inc.+One stopSF +5.00%(i)10.35%12/2027931 926 —931 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/202511,150 11,119 0.311,261 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/202510,853 10,720 0.310,962 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/20257,151 7,131 0.27,222 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/20251,839 1,834 —1,857 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/20251,634 1,630 —1,651 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/20251,226 1,222 —1,238 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/20251,022 1,019 —1,031 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/2025817 815 —825 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/2025163 162 —164 
Tebra Technologies, Inc.+(25)One stopSF +8.00%(i)9.25% cash/3.50%PIK06/202586 86 —88 
Transaction Data Systems, Inc.*#~^+One stopSF +4.50%(i)9.25%02/202675,488 75,367 1.975,488 
Transaction Data Systems, Inc.+(5)One stopSF +4.50%N/A(6)02/2026— (2)—— 
Veranex, Inc.<+(7)(25)Senior securedSF +6.75%(j)7.65% cash/4.25%PIK04/20283,385 3,320 0.12,403 
Veranex, Inc.+(7)(25)Senior securedSF +6.75%(j)7.81% cash/4.25%PIK04/2028399 305 —284 
Veranex, Inc.+(7)(25)Senior securedSF +6.75%(j)7.57% cash/4.25%PIK04/2028102 88 —72 
284,075 282,306 7.0281,974 

See Notes to Consolidated Financial Statements.
67
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 CostPercentage
of Net
Assets
Fair
Value (4)
Hotels, Restaurants & Leisure
Barteca Restaurants, LLC#~+One stopSF +6.00%(i)11.21%08/2028$13,680 $13,652 0.4%$13,680 
Barteca Restaurants, LLC+One stopSF +6.00%(i)11.40%08/2028690 685 —690 
Barteca Restaurants, LLC+One stopSF +6.00%(i)10.75%08/2028471 432 —471 
Barteca Restaurants, LLC+One stopSF +6.00%(i)10.85%08/202840 38 —40 
BJH Holdings III Corp.~&<+One stopSF +4.50%(i)9.97%08/202770,467 70,805 1.869,940 
BJH Holdings III Corp.+One stopSF +4.50%(h)(i)9.88%08/2027675 670 —666 
Cafe Rio Holding, Inc.*#+One stopSF +5.50%(h)10.45%09/202818,006 18,005 0.417,827 
Cafe Rio Holding, Inc.#+One stopSF +5.50%(h)10.45%09/20283,210 3,195 0.23,178 
Cafe Rio Holding, Inc.#+One stopSF +5.50%(h)10.45%09/20282,157 2,157 0.12,135 
Cafe Rio Holding, Inc.*#One stopSF +5.50%(h)10.45%09/20281,369 1,369 —1,355 
Cafe Rio Holding, Inc.#+One stopSF +5.50%(h)10.45%09/20281,208 1,208 —1,196 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/2028187 187 —185 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/2028173 173 —171 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/2028124 123 —123 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/202899 98 —98 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/202897 96 —96 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/202878 78 —78 
Cafe Rio Holding, Inc.+One stopSF +5.50%(h)10.45%09/202850 50 —49 
Cafe Rio Holding, Inc.+(5)One stopSF +5.50%N/A(6)09/2028— (1)—(1)
Davidson Hotel Company, LLC&+One stopSF +5.25%(h)10.20%07/20256,716 6,731 0.26,716 
Davidson Hotel Company, LLC+One stopSF +5.25%(h)10.20%07/20251,160 1,159 —1,160 
Davidson Hotel Company, LLC+One stopSF +5.25%N/A(6)07/2025— — —— 
EOS Fitness Opco Holdings, LLC#~+One stopSF +5.25%(h)10.10%01/202811,063 11,051 0.310,981 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(i)9.92%01/20282,830 2,809 0.12,809 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(h)(i)10.19%01/20281,802 1,786 0.11,788 
EOS Fitness Opco Holdings, LLC<+One stopSF +5.25%(h)10.10%01/20281,773 1,762 0.11,761 
EOS Fitness Opco Holdings, LLC<+One stopSF +5.25%(h)10.10%01/20281,486 1,475 0.11,475 
EOS Fitness Opco Holdings, LLC<+One stopSF +5.25%(h)10.10%01/20281,235 1,230 —1,226 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(h)10.10%01/20281,093 1,090 —1,084 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(h)10.10%01/20281,069 1,061 —1,061 
EOS Fitness Opco Holdings, LLC+One stopSF +5.25%(h)(i)10.10%01/2028450 446 —446 
EOS Fitness Opco Holdings, LLC+(5)One stopSF +5.25%N/A(6)01/2028— — —(1)
EOS Fitness Opco Holdings, LLC+(5)One stopSF +5.25%N/A(6)01/2028— (106)—(106)
ESN Venture Holdings, LLC*~&One stopSF +5.75%(i)10.35%10/20285,409 5,348 0.15,409 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.93%10/2028924 919 —924 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.35%10/2028817 809 —817 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.35%10/2028375 372 —375 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.85%10/2028265 261 —265 
ESN Venture Holdings, LLC+One stopSF +5.75%(i)10.35%10/2028209 201 —209 
ESN Venture Holdings, LLC+(5)One stopSF +5.75%N/A(6)10/2028— (69)—— 
Freddy's Frozen Custard LLC<+One stopSF +5.00%(h)10.20%03/20271,397 1,393 —1,397 
Freddy's Frozen Custard LLC+One stopSF +5.00%(h)10.20%03/202710 9 —10 
GFP Atlantic Holdco 2, LLC<+One stopSF +6.00%(i)11.13%11/20271,078 1,076 —1,078 
GFP Atlantic Holdco 2, LLC+(5)One stopSF +6.00%N/A(6)11/2027— (3)—— 
Harri US LLC^+(25)One stopSF +10.00%(i)11.21% cash/4.00%PIK08/20261,251 1,193 —1,211 
Harri US LLC+(25)One stopSF +10.00%(i)11.21% cash/4.00%PIK08/2026847 835 —821 
Harri US LLC+(25)One stopSF +10.00%(i)11.21% cash/4.00%PIK08/2026822 811 —797 
Harri US LLC+(5)One stopSF +10.00%N/A(6)08/2026— (1)—(2)
Harri US LLC+(5)One stopSF +10.00%N/A(6)08/2026— (39)—(41)
Health Buyer, LLC<+Senior securedSF +5.25%(i)9.85%04/20293,893 3,881 0.13,853 
Health Buyer, LLC<+Senior securedSF +5.50%(i)10.10%04/20291,776 1,753 0.11,776 
Health Buyer, LLC+Senior securedSF +5.50%(i)10.10%04/2029714 703 —714 

See Notes to Consolidated Financial Statements.
68
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 ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Health Buyer, LLC+Senior securedSF +5.25%N/A(6)04/2028$— $— —%$— 
Health Buyer, LLC+(5)Senior securedSF +5.50%N/A(6)04/2029— (1)—— 
PB Group Holdings, LLC+(25)One stopSF +5.50%(h)7.60% cash/2.75%PIK08/203036,728 36,547 0.936,544 
PB Group Holdings, LLC+(5)One stopSF +5.00%N/A(6)08/2030— (22)—(22)
SDC Holdco, LLC+One stopSF +5.00%(i)9.60%06/203121,737 21,632 0.621,737 
SDC Holdco, LLC+(25)Second lienSF +8.50%(i)13.10%PIK06/20323,340 3,317 0.13,340 
SDC Holdco, LLC+One stopSF +5.00%(i)9.66%06/2031192 183 —192 
SSRG Holdings, LLC+One stopSF +5.00%(i)10.25%11/202712,533 12,473 0.312,470 
SSRG Holdings, LLC~&+One stopSF +5.00%(i)9.60%11/20277,784 7,878 0.27,744 
SSRG Holdings, LLC+One stopSF +5.00%(i)9.60%11/2027817 806 —804 
SSRG Holdings, LLC<+One stopSF +5.00%(i)9.60%11/2027613 611 —611 
Super REGO, LLC+(25)Subordinated debtN/A15.00%PIK03/2030108 106 —108 
YE Brands Holding, LLC~<+One stopSF +4.75%(i)9.35%10/202717,632 17,828 0.417,632 
YE Brands Holding, LLC+One stopSF +4.75%(i)9.40%10/2027933 927 —933 
YE Brands Holding, LLC+One stopSF +4.75%(i)9.47%10/202754 54 —54 
265,716 265,305 6.6264,137 
Household Products
WU Holdco, Inc.~+One stopSF +5.00%(i)9.60%03/20274,849 4,867 0.14,849 
WU Holdco, Inc.<+One stopSF +5.00%(i)9.60%03/20271,713 1,709 0.11,713 
WU Holdco, Inc.+One stopSF +5.00%(i)9.60%03/2027446 443 —446 
WU Holdco, Inc.+One stopSF +5.00%(i)9.60%03/20271,567 1,557 —1,567 
WU Holdco, Inc.+One stopSF +5.00%(i)9.73%03/202761 60 —61 
8,636 8,636 0.28,636 
Industrial Conglomerates
Arch Global CCT Holdings Corp.#<+Senior securedSF +4.75%(i)9.44%04/20263,193 3,194 0.13,128 
Arch Global CCT Holdings Corp.<+Senior securedSF +4.75%(i)9.45%04/2026642 632 —629 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(i)9.44%04/2026596 587 —585 
Arch Global CCT Holdings Corp.+Senior securedSF +4.75%(a)(i)9.58%04/202593 93 —93 
Dwyer Instruments, Inc.<+One stopSF +5.75%(i)10.45%07/20275,827 5,824 0.25,827 
Dwyer Instruments, Inc.+(5)One stopSF +5.75%N/A(6)07/2027— (1)—— 
Dwyer Instruments, Inc.+One stopSF +5.75%(i)10.45%07/20271,477 1,465 —1,477 
Dwyer Instruments, Inc.<+One stopSF +5.75%(i)10.45%07/2027472 468 —472 
Dwyer Instruments, Inc.+(5)One stopSF +5.75%N/A(6)07/2027— (2)—— 
Essential Services Holdings Corporation+One stopSF +5.00%(i)10.29%06/203111,514 11,403 0.311,399 
Essential Services Holdings Corporation+(5)One stopSF +5.00%N/A(6)06/2030— (13)—(14)
Essential Services Holdings Corporation+(5)One stopSF +5.00%N/A(6)06/2031— (11)—(23)
Excelitas Technologies Corp.+(5)One stopSF +5.25%N/A(6)08/2029— (58)—(84)
Excelitas Technologies Corp.<+One stopSF +5.25%(i)9.85%08/202910,022 9,958 0.29,920 
Excelitas Technologies Corp.<+(8)(9)One stopE + 5.25%(c)8.60%08/20291,919 1,792 —1,901 
Excelitas Technologies Corp.+(5)One stopSF +5.25%N/A(6)08/2028— (3)—(4)
Excelitas Technologies Corp.+(5)One stopSF +5.25%N/A(6)08/2029— (3)—(3)
Specialty Measurement Bidco Limited<+(8)(10)One stopSF +6.25%(g)11.34%11/202711,146 11,110 0.311,146 
Specialty Measurement Bidco Limited<+(8)(9)(10)One stopE + 6.25%(c)9.76%11/202710,428 10,847 0.310,428 
Specialty Measurement Bidco Limited+(8)(9)(10)One stopE + 6.25%(c)9.76%11/20275,129 4,905 0.15,129 
Specialty Measurement Bidco Limited<+(8)(10)One stopSF +6.50%(g)11.59%11/20272,020 2,045 0.12,040 
Specialty Measurement Bidco Limited<+(8)(10)One stopSF +6.50%(g)11.59%11/20273,767 3,736 0.13,805 
Specialty Measurement Bidco Limited+(8)(9)(10)One stopE + 6.50%(c)10.01%11/20274,543 4,431 0.14,588 
72,788 72,399 1.872,439 


See Notes to Consolidated Financial Statements.
69
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 CostPercentage
of Net
Assets
Fair
Value (4)
Insurance
Accession Risk Management Group, Inc.*#~^+One stopSF +4.75%(i)9.96%11/2029$37,070 $37,068 0.9%$36,885 
Accession Risk Management Group, Inc.~^+One stopSF +4.75%(i)9.81%11/20299,499 9,399 0.29,453 
Accession Risk Management Group, Inc.&+One stopSF +4.75%(i)9.69%11/20298,361 8,353 0.28,319 
Accession Risk Management Group, Inc.&<+One stopSF +4.75%(i)9.53%11/20295,249 5,307 0.15,223 
Accession Risk Management Group, Inc.+(5)One stopSF +4.75%N/A(6)11/2029— (17)—(13)
Accession Risk Management Group, Inc.+(5)One stopSF +4.75%N/A(6)11/2029— (4)—(3)
Accession Risk Management Group, Inc.+One stopSF +4.75%(i)9.79%11/20297,243 7,242 0.27,207 
Accession Risk Management Group, Inc.+(5)One stopSF +4.75%N/A(6)11/2029— (134)—(111)
Alera Group, Inc.^<+One stopSF +5.25%(h)10.10%10/202835,416 35,476 0.935,416 
Alera Group, Inc.&+One stopSF +5.25%(h)10.10%10/202810,065 10,064 0.310,065 
Alera Group, Inc.&+One stopSF +5.25%(h)10.10%10/20284,018 4,083 0.14,018 
Alera Group, Inc.+One stopSF +5.75%(h)10.60%10/20281,063 1,082 —1,080 
AMBA Buyer, Inc.&+One stopSF +5.25%(i)9.95%07/20274,468 4,479 0.14,468 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.95%07/20271,330 1,328 —1,330 
AMBA Buyer, Inc.<+One stopSF +5.25%(i)9.95%07/20271,122 1,118 —1,122 
AMBA Buyer, Inc.+One stopSF +5.25%N/A(6)07/2027— — —— 
AMBA Buyer, Inc.+One stopSF +5.25%(i)9.95%07/2027162 162 —162 
Ben Nevis Midco Limited<+(8)(10)One stopSF +5.50%(h)10.35%03/2028561 551 —561 
Ben Nevis Midco Limited<+(8)(10)One stopSF +5.50%(i)10.56%03/2028378 378 —378 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(h)10.34%03/202860 59 —60 
Ben Nevis Midco Limited+(8)(10)One stopSF +5.50%(h)10.36%03/202892 85 —92 
Captive Resources Midco, LLC<+(25)One stopSF +5.25%(h)10.10%07/202915,470 15,443 0.415,470 
Captive Resources Midco, LLC+(5)One stopSF +5.25%N/A(6)07/2028— (2)—— 
Disco Parent, Inc.<+One stopSF +7.50%(i)12.56%03/20296,246 6,215 0.26,246 
Disco Parent, Inc.+(5)One stopSF +7.50%N/A(6)03/2029— (1)—— 
Doxa Insurance Holdings LLC<+One stopSF +5.25%(i)10.06%12/20301,735 1,772 —1,739 
Doxa Insurance Holdings LLC+One stopSF +5.50%N/A(6)12/2029— — —— 
Doxa Insurance Holdings LLC+One stopSF +5.25%(i)10.22%12/20301,434 1,439 —1,438 
Doxa Insurance Holdings LLC+(5)One stopSF +5.00%N/A(6)12/2030— (27)—— 
Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(c)9.39%04/20311,089 1,032 —1,079 
Gimlet Bidco GMBH+(8)(9)(19)One stopE + 5.75%(c)9.39%04/203181 69 —76 
Illumifin Corporation<+(25)One stopSF +7.00%(i)6.54% cash/6.00%PIK09/20274,565 4,376 0.14,018 
Integrated Specialty Coverages, LLC<+One stopSF +6.00%(h)(i)(j)10.98%07/20305,051 5,021 0.15,051 
Integrated Specialty Coverages, LLC+(5)One stopSF +6.00%N/A(6)07/2029— (1)—— 
Integrated Specialty Coverages, LLC+One stopSF +6.00%(h)(i)(j)10.88%07/20301,008 987 —1,008 
Integrity Marketing Acquisition, LLC~&+One stopSF +5.00%(i)10.07%08/202844,556 44,205 1.144,110 
Integrity Marketing Acquisition, LLC+(5)One stopSF +5.00%N/A(6)08/2028— (4)—(4)
Integrity Marketing Acquisition, LLC+(5)One stopSF +5.00%N/A(6)08/2028— (14)—(39)
J.S. Held Holdings, LLC~^<+One stopSF +5.50%(i)10.25%12/202622,378 22,364 0.622,154 
J.S. Held Holdings, LLC&+One stopSF +5.50%(i)10.25%12/20265,400 5,384 0.15,346 
J.S. Held Holdings, LLC<+One stopSF +5.50%(i)10.25%12/20265,223 5,207 0.15,171 
J.S. Held Holdings, LLC<+One stopSF +5.50%(i)10.25%12/20265,055 5,046 0.15,005 
J.S. Held Holdings, LLC+One stopSF +5.50%(i)10.25%12/2026160 158 —159 
J.S. Held Holdings, LLC+(5)One stopSF +5.50%N/A(6)12/2026— (6)—(6)
Keystone Agency Partners LLC<+Senior securedSF +5.00%(i)9.60%05/20273,558 3,534 0.13,558 
Keystone Agency Partners LLC+Senior securedSF +5.00%(i)9.60%05/20272,039 2,031 0.12,039 
Keystone Agency Partners LLC&+Senior securedSF +5.00%(i)9.60%05/20272,875 2,926 0.12,875 
Keystone Agency Partners LLC<+Senior securedSF +5.00%(i)9.60%05/2027618 617 —618 

See Notes to Consolidated Financial Statements.
70
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 CostPercentage
of Net
Assets
Fair
Value (4)
Keystone Agency Partners LLC+Senior securedSF +5.00%(i)9.60%05/2027$2,108 $2,086 0.1%$2,108 
Majesco~^<One stopSF +4.75%(i)9.35%09/202828,248 28,283 0.728,248 
Majesco+(5)One stopSF +4.75%N/A(6)09/2027— (1)—— 
MRH Trowe Germany GMBH+(8)(9)(19)One stopE + 6.00%(c)9.49%02/2029789 768 —789 
Norvax, LLC^<+(8)Senior securedSF +8.00%(h)12.95%09/202539,654 38,981 1.038,860 
Norvax, LLC<+(8)Senior securedSF +8.00%(h)12.95%09/202512,271 12,048 0.312,026 
Oakbridge Insurance Agency LLC<+One stopSF +5.50%(h)10.66%11/20292,281 2,320 0.12,281 
Oakbridge Insurance Agency LLC+One stopP + 4.50%(a)(h)12.07%11/202930 30 —30 
Oakbridge Insurance Agency LLC+One stopSF +5.50%(h)10.66%11/202991 90 —91 
Pareto Health Intermediate Holdings, Inc.&+One stopSF +6.25%(i)10.85%05/203022,115 22,045 0.622,115 
Pareto Health Intermediate Holdings, Inc.+One stopSF +6.25%(i)10.85%05/20307,372 7,348 0.27,372 
Pareto Health Intermediate Holdings, Inc.+(5)One stopSF +6.25%N/A(6)06/2029— (1)—— 
Patriot Growth Insurance Services, LLC&<+One stopSF +5.00%(i)9.75%10/202815,445 15,443 0.415,368 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(i)9.75%10/20283,156 3,142 0.13,141 
Patriot Growth Insurance Services, LLC+One stopSF +5.00%(h)9.95%10/202835 27 —35 
Patriot Growth Insurance Services, LLC+One stopSF +5.75%(i)10.35%10/20281,481 1,476 —1,447 
People Corporation<+(8)(9)(12)One stopCA +5.25%(l)9.83%02/202824,688 25,371 0.624,688 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)9.83%02/202820,716 20,701 0.520,716 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)9.83%02/20288,101 8,442 0.28,101 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)9.59%02/20286,802 6,703 0.26,802 
People Corporation+(8)(9)(12)One stopCA +5.25%(l)7.37%02/202771 71 —71 
450,152 449,223 11.1447,112 
Internet & Direct Marketing Retail
Revalize, Inc.~^+One stopSF +5.75%(i)11.15%04/202720,510 20,188 0.519,279 
Revalize, Inc.^+One stopSF +5.75%(i)11.15%04/202712,005 11,826 0.311,284 
Revalize, Inc.^+One stopSF +5.75%(i)11.15%04/20275,952 5,863 0.15,595 
Revalize, Inc.^+One stopSF +5.75%(i)11.15%04/20273,585 3,513 0.13,370 
Revalize, Inc.<+One stopSF +5.75%(i)11.15%04/20272,440 2,385 0.12,294 
Revalize, Inc.<+One stopSF +5.75%(i)11.15%04/20272,396 2,312 —2,253 
Revalize, Inc.+One stopSF +5.75%(i)11.15%04/2027234 221 —219 
Revalize, Inc.+One stopSF +5.75%(i)10.80%04/2027252 236 —224 
47,374 46,544 1.144,518 
IT Services
Acquia, Inc.^+One stopSF +7.00%(i)12.46%10/202512,020 12,030 0.312,020 
Acquia, Inc.+One stopSF +7.00%(i)12.47%10/202544 44 —44 
Acquia, Inc.+One stopSF +7.00%(i)12.46%10/20251,083 1,080 —1,083 
CivicPlus, LLC^+(25)One stopSF +5.75%(i)10.96%08/20279,175 9,190 0.29,175 
CivicPlus, LLC<+(25)One stopSF +5.75%(i)10.96%08/20275,430 5,442 0.25,430 
CivicPlus, LLC<+(25)One stopSF +5.75%(i)10.96%08/20274,301 4,308 0.14,301 
CivicPlus, LLC+(25)One stopSF +11.75%(i)(j)17.00%PIK06/2034552 548 —552 
CivicPlus, LLC+One stopSF +8.50%N/A(6)08/2027— — —— 
Critical Start, Inc.<+(25)One stopSF +6.75%(i)8.40% cash/3.63%PIK05/20285,254 5,252 0.15,201 
Critical Start, Inc.<+(25)One stopSF +6.75%(i)8.40% cash/3.63%PIK05/20282,413 2,384 0.12,388 
Critical Start, Inc.+(5)One stopSF +6.25%N/A(6)05/2028— (1)—(2)
Delinea Inc.^+One stopSF +5.75%(i)10.50%03/202822,609 22,618 0.622,609 
Delinea Inc.#^One stopSF +5.75%(i)10.50%03/202813,127 13,128 0.313,127 
Delinea Inc.+(5)One stopSF +5.75%N/A(6)03/2027— (1)—— 
Delinea Inc.<One stopSF +6.00%(i)10.75%03/202811,500 11,486 0.311,500 
Goldcup 31018 AB<+(8)(9)(17)(25)One stopE + 6.50%(d)10.18%PIK07/202914,282 13,351 0.414,283 
Goldcup 31018 AB+(8)(9)(17)(25)One stopE + 6.50%(d)10.18%PIK07/20291,332 1,269 —1,332 

See Notes to Consolidated Financial Statements.
71
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 ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Goldcup 31018 AB+(5)(8)(9)(17)One stopE + 6.50%N/A(6)01/2029$— $(1)—%$— 
Netwrix Corporation*&+One stopSF +5.50%(i)10.56%06/20297,975 7,980 0.27,975 
Netwrix Corporation+(5)One stopSF +5.50%N/A(6)06/2029— (1)—— 
Netwrix Corporation+One stopSF +5.50%(i)10.56%06/2029386 384 —422 
Optimizely North America, Inc.#^<One stopSF +5.25%(i)10.00%04/202625,860 25,849 0.625,860 
Optimizely North America, Inc.+(8)(9)One stopE + 5.50%(c)8.85%04/202623,933 24,037 0.623,933 
Optimizely North America, Inc.*#^One stopSF +5.25%(i)10.00%04/202614,317 14,346 0.414,317 
Optimizely North America, Inc.*<One stopSF +5.25%(i)10.00%04/20267,956 7,951 0.27,956 
Optimizely North America, Inc.+One stopSF +5.25%N/A(6)04/2026— — —— 
PDQ Intermediate, Inc.+(25)Subordinated debtN/A13.75%PIK10/2031114 113 —114 
Recordxtechnologies, LLC#~<One stopSF +5.25%(i)9.85%12/202718,874 19,063 0.518,874 
Recordxtechnologies, LLC+One stopSF +5.25%(i)9.85%12/20271,769 1,786 —1,769 
Recordxtechnologies, LLC+One stopSF +5.25%(i)9.85%12/20272 — —2 
Recordxtechnologies, LLC<+One stopSF +5.25%(i)9.85%12/2027894 886 —894 
Recordxtechnologies, LLC+One stopSF +5.25%(i)9.85%12/202712,553 12,439 0.312,553 
ReliaQuest Holdings, LLC<+(25)One stopSF +6.75%(i)8.37% cash/3.63%PIK04/203111,710 11,711 0.311,710 
ReliaQuest Holdings, LLC+(5)One stopSF +6.75%N/A(6)04/2031— (5)—— 
ReliaQuest Holdings, LLC+(5)One stopSF +6.25%N/A(6)04/2031— (2)—— 
Saturn Borrower Inc.~<+One stopSF +6.50%(i)11.25%09/202627,535 27,313 0.726,983 
Saturn Borrower Inc.+One stopSF +6.50%(h)(i)11.28%09/2026444 437 —434 
WPEngine, Inc.<+One stopSF +6.50%(i)11.62%08/20295,438 5,419 0.15,438 
WPEngine, Inc.+One stopSF +6.50%N/A(6)08/2029— — —— 
Zarya Holdco, Inc.<+One stopSF +6.50%(i)11.56%07/20271,413 1,406 —1,385 
Zarya Holdco, Inc.<+One stopSF +6.50%(i)11.56%07/20277,247 7,296 0.27,102 
Zarya Holdco, Inc.+(5)One stopSF +6.50%N/A(6)07/2027— — —(2)
271,542 270,535 6.7270,762 


See Notes to Consolidated Financial Statements.
72
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 CostPercentage
of Net
Assets
Fair
Value (4)
Leisure Products
Crunch Holdings, LLC+One stopSF +4.75%(h)9.61%09/2031$57,121 $56,836 1.4%$56,836 
Crunch Holdings, LLC+(5)One stopSF +4.75%N/A(6)09/2031— (39)—(39)
Movement Holdings, LLC<+One stopSF +5.25%(h)10.10%03/2030841 839 —841 
Movement Holdings, LLC+One stopSF +5.25%N/A(6)03/2030— — —— 
Movement Holdings, LLC+(5)One stopSF +5.25%N/A(6)03/2030— (2)—— 
WBZ Investment, LLC#&+(25)One stopSF +6.75%(i)11.50%03/20277,804 7,804 0.27,804 
WBZ Investment, LLC&+(25)One stopSF +6.75%(i)11.50%03/20271,717 1,717 0.11,717 
WBZ Investment, LLC&+(25)One stopSF +6.75%(i)11.50%03/20271,194 1,194 —1,194 
WBZ Investment, LLC&+(25)One stopSF +6.75%(i)11.50%03/2027628 628 —628 
WBZ Investment, LLC+One stopSF +6.75%N/A(6)03/2027— — —— 
69,305 68,977 1.768,981 
Life Sciences Tools & Services
Celerion Buyer, Inc.*#~One stopSF +5.50%(i)10.73%11/202929,605 29,352 0.729,605 
Celerion Buyer, Inc.+(5)One stopSF +5.50%N/A(6)11/2028— (1)—— 
Celerion Buyer, Inc.+(5)One stopSF +5.50%N/A(6)11/2029— (68)—— 
Graphpad Software, LLC+One stopSF +4.75%(i)9.35%06/20318,869 8,826 0.28,869 
Graphpad Software, LLC+(5)One stopSF +4.75%N/A(6)06/2031— (4)—— 
Graphpad Software, LLC+One stopSF +4.75%(i)9.35%06/2031222 211 —222 
PAS Parent Inc.+(5)One stopSF +5.00%N/A(6)12/2028— (18)—(39)
PAS Parent Inc.*#~&<+One stopSF +5.00%(h)9.85%12/202855,514 55,532 1.454,960 
PAS Parent Inc.+One stopSF +5.00%(h)9.85%12/2027130 124 —124 
PAS Parent Inc.+One stopSF +5.00%(h)9.85%12/20282,643 2,664 0.12,608 
Reaction Biology Corporation#+(7)(25)One stopSF +6.90%(i)7.10% cash/4.40%PIK03/20298,600 8,374 0.26,622 
Reaction Biology Corporation+(7)(25)One stopSF +6.90%(i)7.10% cash/4.40%PIK03/20292,861 2,482 0.12,203 
Reaction Biology Corporation+(7)(25)One stopSF +6.90%(i)7.10% cash/4.40%PIK03/20291,903 1,650 —1,465 
Reaction Biology Corporation+(7)(25)One stopSF +6.90%(i)7.10% cash/4.40%PIK03/2029306 278 —236 
Unchained Labs, LLC+Senior securedSF +5.50%(h)10.40%08/20271,400 1,387 —1,372 
Unchained Labs, LLC<+Senior securedSF +5.50%(h)10.40%08/20271,182 1,167 —1,158 
Unchained Labs, LLC+(5)Senior securedSF +5.50%N/A(6)08/2027— (1)—(2)
113,235 111,955 2.7109,403 
Machinery
AI Titan Parent, Inc.+One stopSF +4.75%(i)9.81%08/203110,508 10,405 0.310,403 
AI Titan Parent, Inc.+(5)One stopSF +4.75%N/A(6)08/2031— (10)—(11)
AI Titan Parent, Inc.+(5)One stopSF +4.75%N/A(6)08/2031— (13)—(13)
Blackbird Purchaser, Inc.<+One stopSF +5.50%(i)10.10%12/20304,476 4,559 0.14,476 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)10.10%12/2030265 264 —265 
Blackbird Purchaser, Inc.+One stopSF +5.50%(i)10.10%12/202915 15 —15 
Chase Industries, Inc.+(25)(26)Senior securedSF +7.00%(i)10.25% cash/1.50%PIK05/202513,837 13,816 0.313,145 
Chase Industries, Inc.+(25)(26)Senior securedSF +7.00%(i)10.25% cash/1.50%PIK05/20251,308 1,300 —1,242 
Chase Industries, Inc.+(25)(26)Senior securedSF +7.00%(i)10.25% cash/1.50%PIK05/2025255 250 —228 
30,664 30,586 0.729,750 
Marine
Project Nike Purchaser, LLC&+One stopSF +5.25%(i)9.85%04/202933,867 34,038 0.933,529 
Project Nike Purchaser, LLC<+One stopSF +5.25%(i)9.85%04/2029750 747 —742 
Project Nike Purchaser, LLC+One stopSF +5.25%(i)9.85%04/2029250 248 —246 
34,867 35,033 0.934,517 
Media
Lotus Topco, Inc.+One stopSF +4.75%(j)9.00%06/20305,164 5,127 0.15,164 
Lotus Topco, Inc.+(5)One stopSF +4.75%N/A(6)06/2030— (7)—— 

See Notes to Consolidated Financial Statements.
73
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 ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Lotus Topco, Inc.+(5)One stopSF +4.75%N/A(6)06/2030$— $(18)$—%$— 
Triple Lift, Inc.^+One stopSF +5.75%(i)10.71%05/20287,300 7,203 0.27,008 
Triple Lift, Inc.<+One stopSF +5.75%(i)10.71%05/20281,557 1,526 —1,495 
Triple Lift, Inc.+One stopSF +5.75%(i)11.20%05/202854 52 —50 
14,075 13,883 0.313,717 
Multiline Retail
Fleet Farm Group, LLC*#+(7)One stopSF +7.00%(j)12.56%12/202643,652 43,416 0.831,866 
Oil, Gas & Consumable Fuels
3ES Innovation, Inc.*+(8)(12)One stopSF +6.50%(h)11.45%05/202525,451 25,549 0.725,451 
3ES Innovation, Inc.+(8)(12)One stopSF +6.50%N/A(6)05/2025— — —— 
Envernus, Inc.<+One stopSF +5.50%(h)10.35%12/20295,131 5,222 0.15,131 
Envernus, Inc.+One stopSF +5.50%(h)10.35%12/20295 5 —5 
Envernus, Inc.+One stopSF +5.50%N/A(6)12/2029— — —— 
Project Power Buyer, LLC*#~<+One stopSF +6.75%(i)11.35%05/202653,171 53,103 1.353,171 
Project Power Buyer, LLC+One stopSF +6.75%N/A(6)05/2025— — —— 
83,758 83,879 2.183,758 
Paper & Forest Products
Messenger, LLC#~<+One stopSF +5.75%(i)10.50%12/202714,397 14,417 0.414,397 
Messenger, LLC+(8)(9)One stopSN +5.75%(f)10.80%12/2027926 875 —926 
Messenger, LLC+One stopSF +5.75%(i)10.50%12/2027520 519 —520 
Messenger, LLC+(8)(9)One stopSN +5.75%N/A(6)12/2027— — —— 
Messenger, LLC~+One stopSF +5.75%(i)11.15%12/20271,508 1,537 0.11,508 
Messenger, LLC<+One stopSF +5.75%(i)10.50%12/2027756 756 —756 
Messenger, LLC+One stopSF +5.75%N/A(6)12/2027— — —— 
18,107 18,104 0.518,107 
Personal Products
IMPLUS Footcare, LLC+(25)One stopSF +8.75%(i)12.51% cash/1.00%PIK07/202530,500 30,500 0.727,450 
IMPLUS Footcare, LLC+(25)One stopSF +8.75%(i)12.51% cash/1.00%PIK07/20255,209 5,209 0.14,688 
IMPLUS Footcare, LLC*+(25)One stopSF +8.75%(i)12.51% cash/1.00%PIK07/2025751 751 —675 
36,460 36,460 0.832,813 

See Notes to Consolidated Financial Statements.
74
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 CostPercentage
of Net
Assets
Fair
Value (4)
Pharmaceuticals
ACP Ulysses Buyer, Inc.*#~&One stopSF +5.50%(i)10.75%02/2029$30,144 $29,977 0.8%$30,144 
ACP Ulysses Buyer, Inc.*<One stopSF +5.50%(i)10.75%02/20291,303 1,285 —1,303 
Amalthea Parent, Inc.*#~^&<+(8)One stopSF +5.00%(j)10.75%03/202787,644 85,520 2.182,385 
Amalthea Parent, Inc.+(8)One stopSF +5.00%(h)9.96%03/2027360 338 —328 
Apothecary Products, LLC+Senior securedSF +5.75%(j)10.59%07/20252,321 2,310 0.12,321 
Apothecary Products, LLC+(5)Senior securedSF +5.75%N/A(6)07/2025— (3)—— 
Caerus Midco 3 S.A.R.L.<+(8)(13)One stopSF +5.00%(i)9.60%05/202929,411 29,445 0.729,117 
Caerus Midco 3 S.A.R.L.<+(8)(13)One stopSF +5.00%(i)9.60%05/20294,876 4,879 0.14,827 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(i)9.60%05/20291,986 1,962 —1,941 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(i)9.60%05/2029315 311 —308 
Caerus Midco 3 S.A.R.L.+(8)(13)One stopSF +5.00%(h)9.87%05/2029262 259 —256 
Cobalt Buyer Sub, Inc.&+One stopSF +5.50%(h)10.35%10/202814,836 14,789 0.414,651 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(h)10.35%10/20284,975 4,957 0.14,913 
Cobalt Buyer Sub, Inc.<+One stopSF +5.50%(h)10.35%10/20283,758 3,684 0.13,711 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(h)10.35%10/2027146 130 —128 
Cobalt Buyer Sub, Inc.+One stopSF +5.50%(h)10.35%10/20286,397 6,319 0.26,317 
Cobalt Buyer Sub, Inc.+(5)One stopSF +5.50%N/A(6)10/2028— (78)—(80)
Spark Bidco Limited<+(8)(9)(10)(25)Senior securedSN +4.88%(f)8.70% cash/1.13%PIK08/202837,712 37,449 0.936,204 
Spark Bidco Limited<+(8)(9)(10)Senior securedSN +6.00%(f)10.95%08/20285,558 5,133 0.15,558 
Spark Bidco Limited+(8)(9)(10)(25)Senior securedSN +4.88%(f)8.70% cash/1.13%PIK08/20284,571 3,962 0.14,388 
Spark Bidco Limited+(8)(10)Senior securedSF +6.00%(i)10.60%08/20283,991 3,984 0.13,991 
Spark Bidco Limited+(8)(9)(10)(25)Senior securedSN +4.88%(f)8.70% cash/1.13%PIK08/20283,999 3,624 0.13,840 
Spark Bidco Limited+(5)(8)(9)(10)Senior securedSN +4.88%N/A(6)02/2028— (5)—(8)
244,565 240,231 5.9236,543 
Professional Services
ALKU Intermediate Holdings, LLC<+One stopSF +6.25%(j)10.50%5/1/20296,797 6,824 0.2 6,882 
ALKU Intermediate Holdings, LLC<+One stopSF +5.50%(j)9.75%5/1/2029751 743 — 751 
bswift, LLC<+One stopSF +6.38%(i)11.68%11/1/20287,681 7,664 0.2 7,817 
Citrin Cooperman Advisors LLC+One stopSF +5.00%(i)10.32%10/1/20278,058 8,077 0.2 8,058 
Citrin Cooperman Advisors LLC&+One stopSF +5.00%(i)10.32%10/1/20273,498 3,449 0.1 3,498 
Citrin Cooperman Advisors LLC+One stopSF +5.00%(i)10.42%10/1/20271,038 1,029 — 1,038 
Citrin Cooperman Advisors LLC+One stopSF +5.25%(i)10.67%10/1/2027664 663 — 664 
Citrin Cooperman Advisors LLC<+One stopSF +5.25%(i)10.67%10/1/2027253 253 — 253 
DISA Holdings Corp.<+Senior securedSF +5.00%(i)10.02%9/1/20285,242 5,207 0.1 5,242 
DISA Holdings Corp.<+Senior securedSF +5.00%(i)10.02%9/1/2028808 796 — 808 
DISA Holdings Corp.+One stopSF +5.00%(i)10.02%9/1/2028691 682 — 691 
DISA Holdings Corp.+Senior securedSF +5.00%(i)10.02%9/1/2028611 604 — 611 
DISA Holdings Corp.+(25)Subordinated debtSF +8.50%(h)11.51% cash/2.00%PIK3/1/2029104 103 — 104 
DISA Holdings Corp.+Senior securedSF +5.00%(i)10.11%9/1/202870 65 — 70 
DISA Holdings Corp.+(5)Senior securedSF +5.00%N/A(6)9/1/2028— (2)— — 
Eclipse Buyer, Inc.+One stopSF +4.75%(i)9.74%9/1/203114,283 14,141 0.4 14,140 
Eclipse Buyer, Inc.+(5)One stopSF +4.75%N/A(6)9/1/2031— (69)— (18)
Eclipse Buyer, Inc.+(5)One stopSF +4.75%N/A(6)9/1/2031— (12)— (12)
Eliassen Group, LLC<+One stopSF +5.75%(i)10.35%4/1/20282,149 2,132 0.1 2,084 
Eliassen Group, LLC+One stopSF +5.75%(i)10.88%4/1/2028145 144 — 140 
Filevine, Inc.^+(25)One stopSF +6.50%(i)9.47% cash/2.50%PIK4/1/20278,241 8,279 0.2 8,344 
Filevine, Inc.+One stopSF +6.50%N/A(6)4/1/2027— — — — 
IG Investments Holdings, LLC&+One stopSF +6.00%(i)11.35%9/1/20289,122 9,107 0.2 9,122 
IG Investments Holdings, LLC&+One stopSF +6.00%(i)11.35%9/1/2028782 776 — 782 
IG Investments Holdings, LLC+One stopSF +6.00%N/A(6)9/1/2027— — — — 
NBG Acquisition Corp. and NBG-P Acquisition Corp.#~^&<One stopSF +5.25%(i)10.65%11/1/202834,023 33,720 0.8 33,004 

See Notes to Consolidated Financial Statements.
75
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 CostPercentage
of Net
Assets
Fair
Value (4)
NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stopSF +5.25%(i)10.72%11/1/2028$791 $785 — %$767 
NBG Acquisition Corp. and NBG-P Acquisition Corp.+One stopSF +5.25%(i)10.65%11/1/2028306 298 — 292 
PlanSource Holdings, Inc.<+One stopSF +6.25%(j)11.64%6/1/202514,234 14,287 0.4 14,091 
PlanSource Holdings, Inc.<+One stopSF +6.25%(j)11.64%6/1/20252,416 2,413 0.1 2,391 
PlanSource Holdings, Inc.+One stopSF +6.25%(j)11.64%6/1/2025695 695 — 689 
PlanSource Holdings, Inc.+(5)One stopSF +6.25%N/A(6)6/1/2025— — — (3)
Procure Acquireco, Inc.#~&+One stopSF +5.00%(j)9.99%12/1/202824,925 24,975 0.6 24,925 
Procure Acquireco, Inc.+One stopSF +5.00%(i)9.75%12/1/20281,145 1,145 — 1,145 
Procure Acquireco, Inc.+(5)One stopSF +5.00%N/A(6)12/1/2028— (1)— — 
Teaching Company, The+One stopSF +5.75%(j)11.09%1/1/202613,614 13,614 0.4 13,614 
Teaching Company, The+One stopSF +5.75%N/A(6)1/1/2026— — — — 
Varicent Intermediate Holdings Corporation+(25)One stopSF +6.00%(i)7.35% cash/3.25%PIK8/1/203146,971 46,283 1.2 46,267 
Varicent Intermediate Holdings Corporation+(5)One stopSF +6.00%N/A(6)8/1/2031— (91)— (93)
Varicent Intermediate Holdings Corporation+(5)One stopSF +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 stopSF +5.50%(h)10.45%07/202537,583 37,792 1.037,583 
Inhabit IQ Inc.#~+One stopSF +5.50%(h)10.45%07/202521,694 21,725 0.621,694 
Inhabit IQ Inc.~+One stopSF +5.50%(h)10.45%07/202515,607 15,632 0.415,607 
Inhabit IQ Inc.*^One stopSF +5.50%(h)10.45%07/202521,366 21,484 0.521,366 
Inhabit IQ Inc.*#~One stopSF +5.50%(h)10.45%07/20257,460 7,456 0.27,460 
Inhabit IQ Inc.<+One stopSF +5.50%(h)10.45%07/20253,988 3,998 0.13,988 
Inhabit IQ Inc.#<+One stopSF +5.50%(h)10.45%07/20251,745 1,744 —1,745 
Inhabit IQ Inc.#<+One stopSF +5.50%(h)10.45%07/20251,478 1,477 —1,478 
Inhabit IQ Inc.#<+One stopSF +5.50%(h)10.45%07/20251,461 1,461 —1,461 
Inhabit IQ Inc.<+One stopSF +5.50%(h)10.45%07/20251,166 1,165 —1,166 
Inhabit IQ Inc.<+One stopSF +5.50%(h)10.45%07/2025614 614 —614 
Inhabit IQ Inc.+One stopSF +5.50%N/A(6)07/2025— — —— 
Inhabit IQ Inc.<One stopSF +5.50%(h)10.45%07/2025680 680 —680 
MRI Software, LLC*~^+One stopSF +4.75%(i)9.35%02/202728,915 29,128 0.728,625 
MRI Software, LLC~^&+One stopSF +4.75%(i)9.35%02/202713,155 13,261 0.313,023 
MRI Software, LLC+(5)One stopSF +4.75%N/A(6)02/2027— (25)—(31)
MRI Software, LLC+One stopSF +4.75%(i)9.35%02/2027947 942 —938 
MRI Software, LLC+One stopSF +4.75%(i)9.35%02/20273,217 3,134 0.13,086 
RPL Bidco Limited<+(8)(9)(10)One stopSN +5.50%(f)10.45%08/20286,052 5,865 0.26,052 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)10.45%08/202827,932 28,284 0.727,932 
RPL Bidco Limited<+(8)(9)(10)One stopA + 5.50%(e)9.85%08/202812,173 11,762 0.312,173 
RPL Bidco Limited<+(8)(9)(10)One stopA + 5.50%(e)9.87%08/20282,955 3,036 0.12,955 
RPL Bidco Limited+(8)(9)(10)One stopSN +5.50%N/A(6)02/2028— — —— 
210,188 210,615 5.2 209,595 
Road & Rail
Internet Truckstop Group, LLC~+One stopSF +5.50%(i)10.25%04/202728,632 28,669 0.728,346 
Internet Truckstop Group, LLC&+One stopSF +5.50%(i)10.25%04/202712,553 12,523 0.312,427 
Internet Truckstop Group, LLC+(5)One stopSF +5.50%N/A(6)04/2027— (3)—(3)
41,185 41,189 1.040,770 


See Notes to Consolidated Financial Statements.
76
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 CostPercentage
of Net
Assets
Fair
Value (4)
Software
Anaplan, Inc.^<+One stopSF +5.25%(i)9.85%06/2029$24,680 $24,917 0.6%$24,680 
Anaplan, Inc.+One stopSF +5.25%(i)9.85%06/202913,000 12,969 0.313,000 
Anaplan, Inc.+(5)One stopSF +5.25%N/A(6)06/2028— (1)—— 
Appfire Technologies, LLC~^+One stopSF +4.75%(i)9.35%03/202855,159 55,072 1.455,159 
Appfire Technologies, LLC+One stopSF +4.75%(i)9.35%03/20281,603 1,562 0.11,603 
Appfire Technologies, LLC+(5)One stopSF +4.75%N/A(6)03/2028— (3)—— 
Appfire Technologies, LLC+(5)One stopSF +4.75%N/A(6)03/2028— (124)—— 
Aras Corporation^<+(25)One stopSF +5.50%(i)10.10%04/202928,740 28,732 0.728,740 
Aras Corporation+One stopSF +5.50%(i)10.10%04/20291,217 1,195 —1,217 
Armstrong Bidco Limited<+(8)(9)(10)One stopSN +5.25%(f)10.20%06/20295,815 5,361 0.25,815 
Armstrong Bidco Limited+(8)(9)(10)One stopSN +5.25%(f)10.20%06/20293,034 2,728 0.13,034 
Arrow Buyer, Inc.<+One stopSF +5.75%(i)10.35%07/203025,104 24,934 0.625,104 
Arrow Buyer, Inc.+One stopSF +5.75%(i)10.35%07/20301,645 1,640 0.11,645 
Arrow Buyer, Inc.+(5)One stopSF +5.75%N/A(6)07/2030— (25)—— 
Artifact Bidco, Inc.+One stopSF +4.50%(i)9.10%05/20311,489 1,475 0.11,474 
Artifact Bidco, Inc.+(5)One stopSF +4.50%N/A(6)05/2031— (2)—(2)
Artifact Bidco, Inc.+(5)One stopSF +4.50%N/A(6)05/2030— (1)—(1)
Artifact Bidco, Inc.+(5)One stopSF +4.50%N/A(6)05/2030— (1)—(1)
Auvik Networks Inc.^+(8)(12)(25)One stopSF +6.25%(i)8.25% cash/3.25%PIK07/202710,663 10,693 0.310,663 
Auvik Networks Inc.<+(8)(12)(25)One stopSF +6.25%(i)8.25% cash/3.25%PIK07/20271,918 1,911 0.11,918 
Auvik Networks Inc.<+(8)(12)(25)One stopSF +6.25%(i)8.25% cash/3.25%PIK07/2027976 972 —976 
Auvik Networks Inc.+(8)(12)One stopSF +6.00%N/A(6)07/2027— — —— 
Axiom Merger Sub Inc.<+One stopSF +4.75%(j)10.31%04/20266,717 6,695 0.26,666 
Axiom Merger Sub Inc.+(8)(9)One stopE + 4.75%(c)(d)8.58%04/20262,764 2,749 0.12,743 
Axiom Merger Sub Inc.<+One stopSF +4.75%(j)10.31%04/20261,218 1,211 —1,209 
Axiom Merger Sub Inc.+One stopSF +4.75%(j)9.96%04/2026175 174 —174 
Axiom Merger Sub Inc.+One stopSF +4.75%N/A(6)10/2025— — —— 
Axiom Merger Sub Inc.+(5)One stopSF +4.75%N/A(6)04/2026— (92)—(98)
Azul Systems, Inc.~Senior securedSF +4.50%(i)9.25%04/20279,492 9,675 0.39,492 
Azul Systems, Inc.+Senior securedSF +4.50%N/A(6)04/2026— — —— 
Azurite Intermediate Holdings, Inc.+One stopSF +6.50%(h)11.35%03/2031622 614 —622 
Azurite Intermediate Holdings, Inc.<+One stopSF +6.50%(h)11.35%03/2031428 422 —428 
Azurite Intermediate Holdings, Inc.+(5)One stopSF +6.50%N/A(6)03/2031— (2)—— 
Baxter Planning Systems, LLC<+(25)One stopSF +6.25%(i)8.12% cash/3.38%PIK05/20314,060 4,059 0.14,060 
Baxter Planning Systems, LLC+(5)One stopSF +6.25%N/A(6)05/2031— (5)—— 
Baxter Planning Systems, LLC+(5)One stopSF +5.75%N/A(6)05/2031— (4)—— 
Bayshore Intermediate #2, L.P.^+(25)One stopSF +7.75%(i)13.13%PIK10/2028117,557 117,481 2.9117,557 
Bayshore Intermediate #2, L.P.+(5)One stopSF +6.75%N/A(6)10/2027— (2)—— 
BestPass, Inc.+One stopSF +5.25%(h)10.10%08/203152,867 52,609 1.352,602 
BestPass, Inc.+(5)One stopSF +5.25%N/A(6)08/2031— (25)—(26)
BestPass, Inc.+(5)One stopSF +5.25%N/A(6)08/2031— (34)—(35)
Bloomerang, LLC<+One stopSF +6.00%(h)10.85%12/20294,142 4,180 0.14,142 
Bloomerang, LLC+(5)One stopSF +6.00%N/A(6)12/2029— (1)—— 
Bloomerang, LLC+(5)One stopSF +6.00%N/A(6)12/2029— (12)—— 
Bonterra LLC^<+One stopSF +7.00%(i)11.60%09/202792,893 92,384 2.391,501 
Bonterra LLC+One stopSF +7.00%(i)11.94%09/20277,599 7,487 0.27,485 
Bonterra LLC+(25)One stopSF +7.75%(i)12.35%PIK09/20273,836 3,793 0.13,778 
Bonterra LLC+One stopSF +7.00%(i)11.64%09/2027232 227 —226 
Bottomline Technologies, Inc.<+One stopSF +5.25%(h)10.10%05/202941,062 40,846 1.040,652 
Bottomline Technologies, Inc.<+One stopSF +5.75%(h)10.60%05/20295,098 5,024 0.15,112 
Bottomline Technologies, Inc.+(5)One stopSF +5.00%N/A(6)05/2028— (5)—(6)
Bullhorn, Inc.~&+One stopSF +5.00%(h)9.85%10/202977,997 77,728 2.077,997 

See Notes to Consolidated Financial Statements.
77
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 CostPercentage
of Net
Assets
Fair
Value (4)
Bullhorn, Inc.~<One stopSF +5.00%(h)9.85%10/2029$3,190 $3,228 0.1%$3,190 
Bullhorn, Inc.&+One stopSF +5.00%(h)9.85%10/20291,643 1,664 0.11,643 
Bullhorn, Inc.<+One stopSF +5.00%(h)9.85%10/2029736 733 —736 
Bullhorn, Inc.<+One stopSF +5.00%(h)9.85%10/2029587 584 —587 
Bullhorn, Inc.+(5)One stopSF +5.00%N/A(6)10/2029— (2)—— 
Burning Glass Intermediate Holdings Company, Inc.#~+One stopSF +5.00%(h)9.95%06/202812,431 12,402 0.312,431 
Burning Glass Intermediate Holdings Company, Inc.+(5)One stopSF +5.00%N/A(6)06/2026— (1)—— 
Bynder BidCo, Inc.& Bynder BidCo B.V.<+(8)(14)One stopSF +7.25%(i)12.53%01/20298,332 8,270 0.28,332 
Bynder BidCo, Inc.& Bynder BidCo B.V.<+(8)(14)One stopSF +7.25%(i)12.53%01/20292,204 2,172 0.12,204 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(8)(14)One stopSF +7.25%N/A(6)01/2029— — —— 
Bynder BidCo, Inc.& Bynder BidCo B.V.+(5)(8)(14)One stopSF +7.25%N/A(6)01/2029— (1)—— 
Calabrio, Inc.^<+One stopSF +5.50%(i)10.56%04/202774,669 74,739 1.974,669 
Calabrio, Inc.<+One stopSF +5.50%(i)10.56%04/20275,487 5,575 0.25,487 
Calabrio, Inc.+(5)One stopSF +5.50%N/A(6)04/2027— (2)—— 
Camelia Bidco Limited<+(8)(9)(10)One stopSN +5.50%(f)10.45%08/20305,411 5,138 0.15,411 
Camelia Bidco Limited+(8)(9)(10)One stopSN +5.50%(f)10.45%08/2030766 707 —766 
Camelia Bidco Limited+(8)(9)(10)One stopA + 5.50%(e)9.93%08/2030346 324 —346 
Camelia Bidco Limited+(5)(8)(9)(10)One stopSN +5.50%N/A(6)08/2030— (29)—— 
CB Buyer, Inc.+One stopSF +5.25%(i)9.85%07/203146,611 46,161 1.246,611 
CB Buyer, Inc.+(5)One stopSF +5.25%N/A(6)07/2031— (51)—— 
CB Buyer, Inc.+(5)One stopSF +5.25%N/A(6)07/2031— (63)—— 
Coupa Holdings, LLC<+One stopSF +5.50%(i)10.75%02/203031,960 31,650 0.831,960 
Coupa Holdings, LLC+(5)One stopSF +5.50%N/A(6)02/2029— (1)—— 
Coupa Holdings, LLC+(5)One stopSF +5.50%N/A(6)02/2030— (20)—— 
Crewline Buyer, Inc.<+One stopSF +6.75%(i)11.35%11/20305,403 5,452 0.15,403 
Crewline Buyer, Inc.+(5)One stopSF +6.75%N/A(6)11/2030— (1)—— 
Daxko Acquisition Corporation~^+One stopSF +5.00%(h)9.85%10/202839,458 39,434 1.039,458 
Daxko Acquisition Corporation&+One stopSF +5.00%(h)9.85%10/20283,328 3,298 0.13,328 
Daxko Acquisition Corporation+One stopSF +5.00%(h)9.85%10/2028199 197 —199 
Daxko Acquisition Corporation+One stopP + 4.00%(a)12.00%10/202864 52 —64 
Daxko Acquisition Corporation+(5)One stopSF +5.00%N/A(6)10/2028— (20)—— 
Denali Bidco Limited<+(8)(9)(10)One stopSN +6.00%(f)10.95%08/20307,864 7,541 0.27,903 
Denali Bidco Limited+(8)(9)(10)One stopE + 6.00%(c)9.35%08/20302,657 2,583 0.12,669 
Denali Bidco Limited<+(8)(9)(10)One stopE + 6.00%(c)9.35%08/20301,897 1,839 0.11,906 
Denali Bidco Limited<+(8)(9)(10)One stopE + 5.50%(c)8.85%08/2030741 713 —741 
Denali Bidco Limited+(5)(8)(9)(10)One stopSN +5.50%N/A(6)08/2030— (2)—— 
Diligent Corporation<+One stopSF +5.00%(j)10.09%08/20308,985 8,967 0.28,985 
Diligent Corporation+One stopSF +5.00%(j)10.09%08/20301,541 1,530 0.11,541 
Diligent Corporation+(5)One stopSF +5.00%N/A(6)08/2030— (11)—— 
Diligent Corporation+(5)One stopSF +5.00%N/A(6)08/2030— (6)—— 
Dragon UK Bidco Limited<+(8)(9)(10)One stopSN +5.75%(f)10.70%02/202923,038 22,316 0.622,807 
Dragon UK Bidco Limited+(8)(9)(10)One stopCA +5.75%(k)9.67%02/20294,493 4,440 0.14,447 
Dragon UK Bidco Limited+(5)(8)(9)(10)One stopSN +5.75%N/A(6)02/2029— (34)—(19)
Evergreen IX Borrower 2023, LLC<+One stopSF +4.75%(i)9.35%09/20304,919 4,798 0.14,869 
Evergreen IX Borrower 2023, LLC+One stopSF +4.75%(i)9.35%09/20304,483 4,439 0.14,438 
Evergreen IX Borrower 2023, LLC+(5)One stopSF +4.75%N/A(6)10/2029— (13)—(4)
FirstUp, Inc.^+(25)One stopSF +6.75%(i)11.35%07/202713,126 13,138 0.312,863 
FirstUp, Inc.<+(25)One stopSF +6.75%(i)11.35%07/20271,251 1,242 —1,226 
FirstUp, Inc.+(5)One stopSF +6.75%N/A(6)07/2027— (1)—(4)

See Notes to Consolidated Financial Statements.
78
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 CostPercentage
of Net
Assets
Fair
Value (4)
Gainsight, Inc.^+(25)One stopSF +6.00%(i)11.40%PIK07/2027$17,981 $18,006 0.4%$17,981 
Gainsight, Inc.+(25)One stopSF +6.00%(i)11.40%PIK07/2027128 127 —128 
GS Acquisitionco, Inc.~^&<+One stopSF +5.25%(i)9.85%05/2028122,743 123,093 3.0121,514 
GS Acquisitionco, Inc.+One stopSF +5.25%(i)9.85%05/202870 68 —65 
GS Acquisitionco, Inc.+(5)One stopSF +5.25%N/A(6)05/2028— (1)—(3)
GTIV, LLC+One stopSF +4.75%(j)10.01%02/202972,727 72,274 1.872,000 
GTIV, LLC+(5)One stopSF +4.75%N/A(6)02/2029— (2)—(3)
GTY Technology Holdings, Inc.<+(25)One stopSF +6.88%(i)7.18% cash/4.30%PIK07/20295,100 5,092 0.15,049 
GTY Technology Holdings, Inc.<+(25)One stopSF +6.88%(h)7.54% cash/4.30%PIK07/20293,330 3,298 0.13,296 
GTY Technology Holdings, Inc.+(25)One stopSF +6.88%(i)7.18% cash/4.30%PIK07/2029611 608 —605 
GTY Technology Holdings, Inc.+(25)One stopSF +7.13%(i)7.92% cash/4.45%PIK07/2029424 424 —424 
GTY Technology Holdings, Inc.+(5)One stopSF +6.25%N/A(6)07/2029— (2)—(2)
GTY Technology Holdings, Inc.+(5)One stopSF +7.13%N/A(6)07/2029— (2)—— 
Gurobi Optimization, LLC+One stopSF +4.75%(h)(i)9.47%09/203152,763 52,240 1.352,235 
Gurobi Optimization, LLC+(5)One stopSF +4.75%N/A(6)09/2031— (44)—(44)
Hornet Security Holding GMBH<+(8)(9)(19)(25)One stopE + 7.00%(d)5.91% cash/4.50%PIK02/2031748 719 —748 
Hornet Security Holding GMBH<+(8)(9)(19)(25)One stopE + 7.00%(c)(d)5.91% cash/4.50%PIK02/2031498 480 —498 
Hornet Security Holding GMBH+(5)(8)(9)(19)One stopE + 6.50%N/A(6)08/2030— (1)—— 
Hornet Security Holding GMBH+(5)(8)(9)(19)One stopE + 6.50%N/A(6)02/2031— (3)—— 
Hyland Software, Inc.~&<+One stopSF +6.00%(h)10.85%09/203047,242 48,060 1.247,242 
Hyland Software, Inc.+(5)One stopSF +6.00%N/A(6)09/2029— (1)—— 
Icefall Parent, Inc.<+One stopSF +6.50%(h)11.35%01/20301,407 1,399 —1,407 
Icefall Parent, Inc.+(5)One stopSF +6.50%N/A(6)01/2030— (1)—— 
ICIMS, Inc.<+(25)One stopSF +5.75%(h)(i)10.67%08/202812,469 12,419 0.311,845 
ICIMS, Inc.+One stopSF +5.75%(h)10.62%08/202896 93 —80 
ICIMS, Inc.+(5)One stopSF +5.75%N/A(6)08/2028— (7)—(103)
IQN Holding Corp. #&+One stopSF +5.25%(i)10.31%05/202922,887 22,944 0.622,887 
IQN Holding Corp. +One stopSF +5.25%(i)10.31%05/202852 52 —52 
Island Bidco AB<+(8)(9)(17)(25)One stopE + 7.25%(b)(d)3.65% cash/7.25%PIK07/202810,768 10,302 0.310,768 
Island Bidco AB<+(8)(17)(25)One stopSF +7.00%(j)8.76% cash/3.50%PIK07/20284,791 4,804 0.14,791 
Island Bidco AB+(8)(17)(25)One stopSF +7.00%(i)(j)8.76% cash/3.50%PIK07/20283,535 3,519 0.13,535 
Island Bidco AB+(5)(8)(9)(17)One stopE + 6.50%N/A(6)07/2028— (1)—— 
Island Bidco AB+(8)(17)One stopSF +6.50%N/A(6)07/2028— — —— 
Juvare, LLC*~One stopSF +6.25%(i)11.46%10/202610,537 10,531 0.310,221 
Juvare, LLC&+One stopSF +6.25%(i)11.46%10/20262,432 2,417 0.12,359 
Juvare, LLC+One stopSF +6.25%(i)11.46%10/2026769 761 —745 
Juvare, LLC+One stopSF +6.25%(i)11.46%04/2026100 100 —98 
Kaseya Inc.^<+(25)One stopSF +5.50%(i)10.75%06/202923,506 23,702 0.623,506 
Kaseya Inc.+One stopSF +5.50%(i)10.78%06/2029271 266 —271 
Kaseya Inc.+(25)One stopSF +5.50%(i)10.10%06/2029136 134 —136 
Kaseya Inc.+One stopSF +5.50%(i)10.75%06/202986 83 —86 
LeadsOnline, LLC^+One stopSF +4.75%(i)10.17%02/202813,049 13,221 0.313,049 
LeadsOnline, LLC<+One stopSF +4.75%(i)10.17%02/20282,303 2,332 0.12,303 
LeadsOnline, LLC<+One stopSF +4.75%(i)9.45%02/2028667 665 —667 
LeadsOnline, LLC+(5)One stopSF +4.75%N/A(6)02/2028— (1)—— 
Matrix42 Holding GMBH<+(8)(9)(13)One stopE + 6.25%(d)9.92%01/203010,121 10,417 0.310,121 
Matrix42 Holding GMBH<+(8)(9)(13)One stopE + 6.25%(d)9.92%12/20291,533 1,483 —1,533 
Matrix42 Holding GMBH<+(8)(9)(13)One stopE + 6.25%(d)9.92%01/2030789 765 —789 
Matrix42 Holding GMBH+(5)(8)(9)(13)One stopE + 6.25%N/A(6)01/2030— (1)—— 
Matrix42 Holding GMBH+(8)(13)One stopSF +6.25%N/A(6)01/2028— — —— 
Mindbody, Inc.<+One stopSF +7.00%(i)12.40%09/202561,966 62,207 1.561,966 
Mindbody, Inc.<+One stopSF +7.00%(i)12.40%09/20252,134 2,133 0.12,134 

See Notes to Consolidated Financial Statements.
79
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 ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Mindbody, Inc.+One stopSF +7.00%N/A(6)09/2025$— $— —%$— 
Ministry Brands Holdings LLC<+One stopSF +5.50%(h)10.45%12/202831,070 30,952 0.830,448 
Ministry Brands Holdings LLC+One stopSF +5.50%(h)10.45%12/20282,923 2,926 0.12,864 
Ministry Brands Holdings LLC+(5)One stopSF +5.50%N/A(6)12/2027— (4)—(6)
Navex TopCo, Inc.<+One stopSF +5.50%(h)10.60%11/20305,382 5,477 0.15,382 
Navex TopCo, Inc.+(5)One stopSF +5.75%N/A(6)11/2028— (1)—— 
Naviga Inc.+(7)Senior securedSF +7.00%(h)12.25%12/2024160 147 —48 
Orsay Bidco 1 B.V. and Sky Group Holding B.V.+(5)(8)(9)(14)One stopE + 5.75%N/A(6)11/2029— (26)—— 
Panzura, LLC+(25)One stopN/A4.00% cash/15.00%PIK08/2027118 106 —98 
Personify, Inc.*#~+One stopSF +5.25%(i)10.00%09/202513,866 13,895 0.313,866 
Personify, Inc.#&One stopSF +5.25%(i)10.00%09/20259,810 9,828 0.29,810 
Personify, Inc.+One stopSF +5.25%N/A(6)09/2025— — —— 
Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 7.00%(c)10.51%PIK01/20311,052 1,012 —1,042 
Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 7.00%(c)10.51%PIK01/2031250 237 —247 
Pineapple German Bidco GMBH+(8)(9)(19)(25)One stopE + 7.00%(c)10.51%PIK01/203172 69 —72 
PING Identity Holding Corp.<+One stopSF +4.75%(i)9.35%10/202915,145 15,105 0.415,145 
PING Identity Holding Corp.+(5)One stopSF +4.75%N/A(6)10/2028— (1)—— 
Pluralsight, LLC+(25)One stopSF +7.50%(i)12.57%PIK08/20295,963 5,730 0.15,725 
Pluralsight, LLC+(25)One stopSF +4.50%(i)8.12% cash/1.50%PIK08/20293,975 3,859 0.13,856 
Pluralsight, LLC+(25)One stopSF +4.50%(i)9.62% cash/1.50%PIK08/20291,988 1,988 —1,928 
Pluralsight, LLC+(5)One stopSF +4.50%N/A(6)08/2029— — —(30)
Pluralsight, LLC+(5)One stopSF +4.50%N/A(6)08/2029— — —(75)
ProcessUnity Holdings, LLC^+One stopSF +6.50%(h)11.35%09/20286,014 6,025 0.16,014 
ProcessUnity Holdings, LLC<+One stopSF +6.50%(h)11.35%09/20282,864 2,841 0.12,864 
ProcessUnity Holdings, LLC+One stopSF +6.50%(h)11.35%09/20281,203 1,198 —1,203 
ProcessUnity Holdings, LLC+One stopSF +6.50%(h)11.35%09/202890 89 —90 
QAD, Inc.&<+One stopSF +4.75%(h)9.60%11/202743,261 43,887 1.143,261 
QAD, Inc.+(5)One stopSF +4.75%N/A(6)11/2027— (2)—— 
Quant Buyer, Inc.<+One stopSF +5.25%(i)10.39%06/20297,406 7,339 0.27,406 
Quant Buyer, Inc.<+One stopSF +5.25%(i)10.31%06/20294,360 4,343 0.14,360 
Quant Buyer, Inc.~+One stopSF +5.25%(i)10.31%06/20293,015 2,982 0.13,015 
Quant Buyer, Inc.+(5)One stopSF +5.25%N/A(6)06/2029— (4)—— 
Quant Buyer, Inc.+(5)One stopSF +5.25%N/A(6)06/2029— (51)—— 
Rainforest Bidco Limited+(8)(9)(10)(25)One stopSN +6.05%(f)8.45% cash/2.55%PIK07/202920,740 19,016 0.519,962 
Rainforest Bidco Limited+(8)(10)(25)One stopSF +6.05%(g)8.34% cash/2.55%PIK07/20293,664 3,638 0.13,526 
Rainforest Bidco Limited+(8)(9)(10)(25)One stopSN +6.55%(f)8.95% cash/2.55%PIK07/20292,159 1,971 0.12,159 
Rainforest Bidco Limited+(8)(9)(10)(25)One stopSN +6.05%(f)8.45% cash/2.55%PIK07/20291,524 1,383 —1,467 
Riskonnect Parent, LLC*<+One stopSF +5.50%(i)10.25%12/202845,635 46,131 1.145,407 
Riskonnect Parent, LLC+One stopSF +5.50%(i)10.25%12/20282,141 2,161 0.12,131 
Riskonnect Parent, LLC<+One stopSF +5.50%(i)10.10%12/2028823 816 —815 
Riskonnect Parent, LLC+One stopSF +5.50%(i)10.10%12/2028579 570 —573 
Riskonnect Parent, LLC+(5)One stopSF +5.50%N/A(6)12/2028— (5)—(4)
Riskonnect Parent, LLC+(5)One stopSF +5.50%N/A(6)12/2028— (9)—(10)
Rodeo Buyer Company & Absorb Software Inc.^<+One stopSF +6.25%(h)11.20%05/20277,616 7,613 0.27,616 
Rodeo Buyer Company & Absorb Software Inc.+One stopSF +6.25%N/A(6)05/2027— — —— 
SailPoint Technologies Holdings, Inc.^+One stopSF +6.00%(i)11.10%08/202914,654 14,569 0.414,654 
SailPoint Technologies Holdings, Inc.+(5)One stopSF +6.00%N/A(6)08/2028— (2)—— 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.50%(c)9.20%07/202950,901 47,198 1.350,901 
Sapphire Bidco Oy+(8)(9)(16)One stopE + 5.75%(c)9.41%07/20294,160 3,981 0.14,170 

See Notes to Consolidated Financial Statements.
80
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 CostPercentage
of Net
Assets
Fair
Value (4)
Sapphire Bidco Oy<+(8)(9)(16)One stopE + 5.75%(c)9.46%07/2029$1,533 $1,491 —%$1,537 
Sonatype, Inc.<+One stopSF +6.75%(h)12.01%12/202555,697 55,865 1.455,697 
Sonatype, Inc.^+One stopSF +6.75%(h)12.01%12/202513,763 13,983 0.313,763 
Sonatype, Inc.+(5)One stopSF +6.75%N/A(6)12/2025— (1)—— 
Spartan Buyer Acquisition Co.*#^<+(25)One stopSF +7.50%(i)(j)11.24% cash/1.00%PIK06/202744,700 44,526 1.144,251 
Spartan Buyer Acquisition Co.<+(25)One stopSF +7.50%(i)(j)11.24% cash/1.00%PIK06/20272,849 2,814 0.12,820 
Spartan Buyer Acquisition Co.+(5)(25)One stopP + 6.50%(a)13.50% cash/1.00%PIK06/20272 (2)—(2)
Telesoft Holdings LLC~^&+One stopSF +5.75%(h)10.70%12/202621,186 21,485 0.521,186 
Telesoft Holdings LLC<+One stopSF +6.25%(h)11.20%12/20261,432 1,452 —1,432 
Telesoft Holdings LLC+One stopSF +5.75%(h)10.70%12/202674 73 —74 
Templafy APS and Templafy, LLC<+(8)(18)One stopSF +6.00%(i)11.40%07/20284,800 4,778 0.14,800 
Templafy APS and Templafy, LLC+(8)(18)One stopSF +6.00%N/A(6)07/2028— — —— 
TI Intermediate Holdings, LLC~+(25)Senior securedSF +5.50%(i)9.20% cash/1.00%PIK06/20274,168 4,152 0.13,668 
TI Intermediate Holdings, LLC<+(25)Senior securedSF +5.50%(i)9.20% cash/1.00%PIK06/20271,105 1,099 —972 
TI Intermediate Holdings, LLC+(25)Senior securedSF +5.50%(i)9.20% cash/1.00%PIK06/2027693 690 —610 
TI Intermediate Holdings, LLC+(25)Senior securedSF +5.50%(i)9.20% cash/1.00%PIK06/2027520 517 —458 
TI Intermediate Holdings, LLC<+(25)Senior securedSF +5.50%(i)9.20% cash/1.00%PIK06/2027191 190 —168 
TI Intermediate Holdings, LLC+(25)Senior securedSF +5.50%(i)9.20% cash/1.00%PIK06/202743 43 —31 
Togetherwork Holdings, LLC&+One stopSF +5.25%(h)10.10%05/203127,973 27,926 0.727,973 
Togetherwork Holdings, LLC+(5)One stopSF +5.25%N/A(6)05/2031— (33)—— 
Togetherwork Holdings, LLC+(5)One stopSF +5.25%N/A(6)05/2031— (16)—— 
Transform Bidco Limited<+(8)(10)One stopSF +7.00%(i)12.31%01/20315,405 5,502 0.15,337 
Transform Bidco Limited+(5)(8)(10)One stopSF +7.00%N/A(6)06/2030— (1)—(2)
Transform Bidco Limited+(5)(8)(10)One stopSF +7.00%N/A(6)01/2031— (143)—(145)
Vantage Bidco GMBH<+(8)(9)(19)(25)One stopE + 6.25%(c)6.47% cash/3.13%PIK04/20318,742 8,377 0.28,654 
Vantage Bidco GMBH+(5)(8)(9)(19)One stopE + 6.25%N/A(6)10/2030— (14)—(11)
Varinem German Midco GMBH+(8)(9)(19)One stopE + 6.00%(d)9.67%07/20317,373 7,151 0.27,299 
Varinem German Midco GMBH+(8)(9)(19)One stopE + 6.00%N/A(6)07/2031— — —— 
Vector CS Midco Limited & Cloudsense Ltd.+(7)(8)(9)(10)(25)One stopN/A4.50% cash/8.21%PIK11/202412,736 10,407 0.27,004 
Vector CS Midco Limited & Cloudsense Ltd.+(7)(8)(9)(10)(25)One stopN/A4.50% cash/8.21%PIK11/2024252 195 —138 
Vendavo, Inc.*#&+One stopSF +5.75%(i)10.84%09/202727,377 26,955 0.625,460 
Vendavo, Inc.+One stopSF +5.75%(i)(j)10.69%09/20271,303 1,283 —1,129 
Vendavo, Inc.+One stopSF +5.75%(i)10.84%09/2027998 993 —928 
WebPT, Inc.+One stopSF +6.75%(i)11.91%01/2028931 922 —903 
Workforce Software, LLC^+(25)One stopSF +7.25%(i)9.46% cash/3.00%PIK07/202541,999 42,205 1.041,999 
Workforce Software, LLC^+(25)One stopSF +7.25%(i)9.46% cash/3.00%PIK07/20257,436 7,443 0.27,436 
Workforce Software, LLC<+(25)One stopSF +7.25%(i)9.46% cash/3.00%PIK07/20255,266 5,262 0.15,266 
Workforce Software, LLC<+(25)One stopSF +7.25%(i)9.46% cash/3.00%PIK07/20251,580 1,592 —1,580 
Workforce Software, LLC+(5)One stopSF +6.50%N/A(6)07/2025— (1)—— 
Zendesk, Inc.^+One stopSF +5.00%(i)9.69%11/202828,647 28,538 0.728,647 
Zendesk, Inc.+(5)One stopSF +5.00%N/A(6)11/2028— (1)—— 
Zendesk, Inc.+(5)One stopSF +5.00%N/A(6)11/2028— (34)—— 
2,077,748 2,064,059 51.32,058,537 


See Notes to Consolidated Financial Statements.
81
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 CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
Ave Holdings III, Corp*<+One stopSF +5.25%(j)9.75%02/2028$23,420 $23,176 0.6%$23,420 
Ave Holdings III, Corp&+One stopSF +5.25%(j)9.75%02/20286,108 6,219 0.26,108 
Ave Holdings III, Corp+One stopSF +5.25%(j)9.75%02/2028802 802 —802 
Ave Holdings III, Corp+(5)One stopSF +5.25%N/A(6)02/2028— (2)—— 
Biscuit Parent, LLC<+One stopSF +4.75%(i)9.35%02/20311,332 1,329 —1,332 
Biscuit Parent, LLC+(5)One stopSF +4.75%N/A(6)02/2031— (1)—— 
Cavender Stores L.P.~Senior securedSF +5.00%(i)9.60%10/20295,459 5,417 0.25,459 
Consilio Midco Limited<+(8)(9)(10)One stopE + 6.25%(c)9.61%05/202838,182 38,065 1.038,182 
Consilio Midco Limited<+(8)(10)One stopSF +5.75%(i)10.50%05/202815,686 15,654 0.415,686 
Consilio Midco Limited#&(8)(10)One stopSF +5.75%(i)10.50%05/202815,587 15,646 0.415,587 
Consilio Midco Limited#~(8)(10)One stopSF +5.75%(i)10.50%05/20282,935 2,913 0.12,935 
Consilio Midco Limited#~(8)(10)One stopSF +5.75%(i)10.50%05/20281,951 1,943 0.11,951 
Consilio Midco Limited~+(8)(10)One stopSF +5.75%(i)10.50%05/2028998 987 —998 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/2028500 485 —500 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/2028222 215 —222 
Consilio Midco Limited+(8)(10)One stopSF +5.75%(i)10.50%05/2028168 167 —168 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/2028130 127 —130 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/2028127 123 —127 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/202895 92 —95 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/2028114 111 —114 
Consilio Midco Limited+(8)(9)(10)One stopE + 6.25%(c)9.61%05/202860 58 —60 
Consilio Midco Limited+(8)(10)One stopSF +5.50%(i)10.10%05/2028143 139 —140 
Consilio Midco Limited+(8)(10)One stopSF +5.75%N/A(6)05/2028— — —— 
Consilio Midco Limited+(8)(10)One stopSF +5.50%(i)10.10%05/202874 62 —58 
CVP Holdco, Inc.+One stopSF +5.00%(h)9.85%06/203113,529 13,399 0.413,529 
CVP Holdco, Inc.+(5)One stopSF +7.50%N/A(6)06/2030— (14)—— 
CVP Holdco, Inc.+(5)One stopSF +7.50%N/A(6)06/2031— (17)—— 
Cycle Gear, Inc.*#+One stopSF +6.75%(i)12.15%01/202646,529 46,463 1.145,133 
PetVet Care Centers LLC~+One stopSF +6.00%(h)10.85%11/20304,740 4,779 0.14,503 
PetVet Care Centers LLC+(5)One stopSF +6.00%N/A(6)11/2029— (2)—(4)
PetVet Care Centers LLC+(5)One stopSF +6.00%N/A(6)11/2030— (6)—— 
PPV Intermediate Holdings, LLC#~<+One stopSF +5.75%(i)10.81%08/202914,189 14,110 0.414,189 
PPV Intermediate Holdings, LLC+(25)One stopN/A14.75%PIK08/20308,929 8,997 0.29,108 
PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/20301,799 1,766 0.11,799 
PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/2030416 410 —416 
PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/203076 75 —76 
PPV Intermediate Holdings, LLC+(25)One stopN/A13.75%PIK08/203075 71 —75 
PPV Intermediate Holdings, LLC+(5)One stopSF +5.75%N/A(6)08/2029— (9)—— 
PPV Intermediate Holdings, LLC+(5)One stopSF +5.25%N/A(6)08/2029— (68)—(70)
Radiance Borrower, LLC+(25)One stopSF +5.75%(h)7.85% cash/2.75%PIK06/203121,558 21,403 0.521,558 
Radiance Borrower, LLC+One stopSF +5.25%(h)10.10%06/2031410 393 —410 
Salon Lofts Group, LLC<+Senior securedSF +5.75%(i)10.35%08/20285,256 5,261 0.15,256 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(i)13.60%PIK09/20293,045 3,014 0.13,045 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(i)13.60%PIK09/20291,615 1,598 —1,615 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(i)(j)14.30%PIK09/2029578 572 —578 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%09/2029540 538 —540 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(i)(j)14.11%PIK09/2029786 762 —786 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028349 347 —349 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028344 342 —344 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028272 271 —272 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028156 155 —156 

See Notes to Consolidated Financial Statements.
82
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 CostPercentage
of Net
Assets
Fair
Value (4)
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(i)13.60%PIK09/2029$150 $148 —%$150 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028114 113 —114 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028105 104 —105 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/202886 86 —86 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/202880 80 —80 
Salon Lofts Group, LLC+(5)Senior securedSF +5.75%N/A(6)08/2028— (4)—— 
Salon Lofts Group, LLC+(5)Senior securedSF +5.75%N/A(6)08/2028— (2)—— 
Salon Lofts Group, LLC+(5)Senior securedSF +5.75%N/A(6)08/2028— (6)—— 
Salon Lofts Group, LLC+(25)Second lienSF +9.00%(i)13.60%PIK09/2029304 266 —304 
Salon Lofts Group, LLC+Senior securedSF +5.75%(i)10.35%08/2028170 169 —170 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.~^&<+(8)One stopSF +5.25%(i)9.85%12/202929,510 29,234 0.729,510 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.<+(8)(9)One stopCA +5.25%(l)9.18%12/20298,039 7,938 0.28,039 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(8)One stopSF +5.25%(i)9.85%12/2028501 495 —501 
Surewerx Purchaser III, Inc. & Jet Equipment & Tools Ltd.+(5)(8)One stopSF +5.25%N/A(6)12/2029— (60)—— 
Titan Fitness, LLC*#<+(25)One stopSF +7.25%(h)10.05% cash/2.50%PIK10/202638,898 38,338 0.833,063 
Titan Fitness, LLC+(25)One stopSF +7.25%(h)10.05% cash/2.50%PIK10/20262,822 2,749 0.12,398 
Titan Fitness, LLC+(25)One stopSF +7.25%(h)9.92% cash/2.50%PIK10/2026423 400 —300 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)10.23%03/20289,465 9,969 0.29,465 
Vermont Aus Pty Ltd+(8)(9)(11)One stopA + 5.75%(e)10.23%03/202810,081 10,081 0.310,081 
VSG Acquisition Corp. and Sherrill, Inc.&+One stopSF +5.50%(i)11.01%04/202812,113 11,918 0.311,749 
VSG Acquisition Corp. and Sherrill, Inc.+One stopSF +5.50%(i)11.01%04/20281,617 1,571 —1,569 
VSG Acquisition Corp. and Sherrill, Inc.+(5)One stopSF +5.50%N/A(6)04/2028— (6)—(6)
353,762 351,918 8.6 345,415 

See Notes to Consolidated Financial Statements.
83
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 CostPercentage
of Net
Assets
Fair
Value (4)
Textiles, Apparel & Luxury Goods
Dollfus Mieg Company, Inc.<+(8)(10)One stopSF +6.00%(j)10.58%03/2028$2,347 $2,325 0.1%$2,112 
Dollfus Mieg Company, Inc.<+(8)(10)One stopSF +6.00%(j)10.58%03/20281,170 1,159 —1,052 
Dollfus Mieg Company, Inc.<+(8)(10)One stopSF +6.00%(j)10.58%03/20281,027 1,018 —925 
Elite Sportswear, L.P.+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/20259,951 9,913 0.39,951 
Elite Sportswear, L.P.+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/20253,999 3,983 0.13,999 
Elite Sportswear, L.P.+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/20252,058 2,050 0.12,058 
Elite Sportswear, L.P.*+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/2025683 680 —683 
Elite Sportswear, L.P.+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/2025312 311 —312 
Elite Sportswear, L.P.*+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/2025298 298 —298 
Elite Sportswear, L.P.+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/2025115 111 —115 
Elite Sportswear, L.P.+(25)Senior securedSF +7.25%(i)11.12% cash/1.00%PIK09/20254 4 —4 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)10.25%11/20249,211 9,207 0.29,235 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)10.25%11/20246,375 6,371 0.26,391 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)10.25%11/2024987 986 —989 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)10.25%11/2024886 886 —889 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)10.25%11/2024622 622 —623 
Georgica Pine Clothiers, LLC+One stopSF +5.50%(i)10.25%11/20242 2 —2 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(h)11.82%07/20291,302 1,302 —1,302 
Shoes For Crews Global, LLC+(25)Senior securedSF +7.00%(h)7.32% cash/5.00%PIK07/2029718 690 —688 
Shoes For Crews Global, LLC+Senior securedSF +6.50%(h)11.82%07/2029421 421 —421 
Shoes For Crews Global, LLC+(5)Senior securedSF +6.50%N/A(6)07/2029— (34)—— 
42,488 42,305 1.042,049 
Trading Companies & Distributors
Marcone Yellowstone Buyer Inc.<+One stopSF +6.25%(i)11.73%06/202820,073 19,822 0.517,915 
Marcone Yellowstone Buyer Inc.&<+One stopSF +6.25%(i)11.73%06/202820,821 20,421 0.518,583 
Marcone Yellowstone Buyer Inc.<+One stopSF +6.50%(i)11.98%06/20286,181 6,035 0.25,563 
Marcone Yellowstone Buyer Inc.<+One stopSF +6.25%(i)11.72%06/20282,548 2,463 0.12,274 
Marcone Yellowstone Buyer Inc.&+One stopSF +6.25%(i)11.73%06/20286,670 6,425 0.15,953 
56,293 55,166 1.450,288 
Water Utilities
S.J. Electro Systems, LLC+Senior securedSF +4.75%(i)9.85%06/202724,409 24,228 0.624,226 
S.J. Electro Systems, LLC~&<Senior securedSF +4.75%(i)10.15%06/202718,775 18,722 0.518,635 
S.J. Electro Systems, LLC<+Senior securedSF +4.75%(i)10.15%06/20271,184 1,175 —1,176 
S.J. Electro Systems, LLC+(5)Senior securedSF +4.75%N/A(6)06/2027— (63)—(63)
Vessco Midco Holdings, LLC+One stopSF +5.25%(h)(j)10.22%07/203122,500 22,281 0.622,275 
Vessco Midco Holdings, LLC+One stopSF +5.25%(j)9.54%07/20311,100 1,064 —1,025 
Vessco Midco Holdings, LLC+(5)One stopSF +5.25%N/A(6)07/2031— (24)—(25)
67,968 67,383 1.7 67,249 
Total non-controlled/non-affiliate company debt investments7,686,718 7,639,077 188.0 7,546,848 











See Notes to Consolidated Financial Statements.
84
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 DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments (21)(22)
Aerospace & Defense
PPW Aero Buyer, Inc.+LP unitsN/AN/A02/2023N/A93 $948 —%$771 
Tronair Parent, Inc.+LLC unitsN/AN/A07/2021N/A— 40 —66 
988 —837 
Auto Components
Polk Acquisition Corp.+LP interestN/AN/A06/2016N/A5 314 —— 
Automobiles
CAP-KSI Holdings, LLC+Preferred stockN/AN/A06/2024N/A645 645 —645 
CAP-KSI Holdings, LLC+LP unitsN/AN/A06/2024N/A645 — —— 
CG Group Holdings, LLC+LP unitsN/AN/A07/2021N/A1 983 —645 
Go Car Wash Parent, Corp.+(23)Preferred stockN/A17.00%Non-Cash04/2022N/A— 3,202 0.13,136 
Go Car Wash Parent, Corp.+Common stockN/AN/A04/2022N/A— 554 —19 
MOP GM Holding, LLC+LP unitsN/AN/A11/2020N/A— 499 —546 
MOP GM Holding, LLC+Preferred stockN/AN/A06/2024N/A— 34 —36 
National Express Wash Parent Holdco, LLC+LP unitsN/AN/A07/2022N/A1 103 —134 
POY Holdings, LLC+LLC unitsN/AN/A11/2022N/A446 820 —966 
Quick Quack Car Wash Holdings, LLC+LP unitsN/AN/A06/2024N/A1,085 1,085 0.11,143 
Quick Quack Car Wash Holdings, LLC+LLC unitsN/AN/A06/2024N/A215 215 —226 
Yorkshire Parent, Inc.+LP unitsN/AN/A12/2023N/A— 544 —577 
8,684 0.28,073 
Biotechnology
Cobepa BlueSky Aggregator, SCSp+LP unitsN/AN/A10/2023N/A4 40 —41 
Cobepa BlueSky Aggregator, SCSp+(23)Preferred stockN/A15.00%Non-Cash04/2024N/A5 54 —53 
Cobepa BlueSky Aggregator, SCSp+LP interestN/AN/A12/2021N/A219 1,899 —670 
1,993 —764 
Building Products
BECO Holding Company, Inc.+(23)Preferred stockN/A11.75%Non-Cash11/2021N/A132 17,967 0.517,976 
BECO Holding Company, Inc.+LP interestN/AN/A11/2021N/A10 1,218 —987 
19,185 0.518,963 
Chemicals
Inhance Technologies Holdings, LLC+Preferred stockN/AN/A12/2021N/A12 7,283 0.14,902 
Inhance Technologies Holdings, LLC+LLC unitsN/AN/A07/2018N/A— 124 —— 
7,407 0.14,902 
Commercial Services & Supplies
CI (Quercus) Intermediate Holdings, LLC+LP interestN/AN/A10/2021N/A773 836 —996 
FR Vision Holdings, Inc.+LP unitsN/AN/A01/2024N/A— 461 —471 
Franchise Brands plc+(8)(9)(10)(23)(24)Common stockN/AN/A04/2023N/A51 113 —118 
North Haven Stack Buyer, LLCLLC unitsN/AN/A07/2021N/A516 637 —846 
PT Intermediate Holdings III, LLC+LLC unitsN/AN/A12/2021N/A16 1,787 0.11,879 
Radwell Parent, LLC+LP unitsN/AN/A03/2022N/A4 477 —465 
4,311 0.14,775 

See Notes to Consolidated Financial Statements.
85
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 DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Containers & Packaging
Chase Intermediate+LP unitsN/AN/A04/2022N/A217 $209 — %$337 
Diversified Consumer Services
CHHJ Midco, LLC+(23)LLC unitsN/AN/A01/2021N/A27 311 —419 
CHVAC Services Investment, LLC+Common stockN/AN/A05/2024N/A105 267 —301 
DP Flores Holdings, LLC+LLC unitsN/AN/A09/2022N/A106 119 —137 
EMS LINQ, LLC+LP interestN/AN/A12/2021N/A761 758 —748 
EWC Growth Partners LLC+LLC interestN/AN/A03/2020N/A— 12 —— 
HS Spa Holdings, Inc.+Common stockN/AN/A05/2022N/A729 732 —730 
Liminex, Inc.+Common stockN/AN/A11/2020N/A17 634 —681 
NSG Buyer, Inc. +(8)LP unitsN/AN/A11/2022N/A3 2,992 0.13,616 
PADI Holdco, Inc.+LLC interestN/AN/A07/2017N/A1 987 0.1868 
Project Alpha Intermediate Holdings, Inc.+(23)Preferred stockN/A9.00%Non-Cash08/2016N/A— 1,148 0.11,646 
Project Alpha Intermediate Holdings, Inc.+Common stockN/AN/A08/2016N/A202 329 —755 
Virginia Green Acquisition, LLC+LP unitsN/AN/A12/2023N/A397 407 —454 
8,696 0.310,355 
Electronic Equipment, Instruments & Components
Inventus Power, Inc.+Preferred stockN/AN/A03/2014N/A— 372 —20 
Inventus Power, Inc.+LLC unitsN/AN/A04/2018N/A— 88 —276 
Inventus Power, Inc.+LP interestN/AN/A05/2019N/A— 20 —61 
Inventus Power, Inc.+Common stockN/AN/A03/2014N/A— — —— 
480 —357 


See Notes to Consolidated Financial Statements.
86
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 DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Food & Staples Retailing
Hopdoddy Holdings, LLC+LLC unitsN/AN/A08/2015N/A44 $217 —%$217 
Hopdoddy Holdings, LLC+LLC unitsN/AN/A02/2016N/A20 61 —48 
Mendocino Farms, LLC+(23)Common stockN/AN/A06/2018N/A227 1,041 —1,433 
PDI TA Holdings, Inc.+Preferred stockN/AN/A02/2023N/A135 4,613 0.25,660 
Ruby Slipper Cafe LLC, The+LLC unitsN/AN/A06/2024N/A3 47 —49 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A01/2018N/A38 423 —174 
Ruby Slipper Cafe LLC, The+LLC interestN/AN/A08/2020N/A2 28 —46 
6,430 0.27,627 
Food Products
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2021N/A107 195 —302 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A05/2023N/A6 14 —15 
Borrower R365 Holdings, LLC+LLC unitsN/AN/A01/2022N/A4 9 —11 
Borrower R365 Holdings, LLC+Common stockN/AN/A06/2022N/A1 3 —4 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A06/2022N/A2 4 —6 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A05/2023N/A1 3 —4 
Borrower R365 Holdings, LLC+LP unitsN/AN/A05/2023N/A— 1 —1 
Borrower R365 Holdings, LLC+Preferred stockN/AN/A04/2024N/A21 73 —68 
Kodiak Cakes, LLC+(23)Common stockN/AN/A06/2021N/A— 557 —842 
Louisiana Fish Fry Products, Ltd.+Common stockN/AN/A07/2021N/A— 599 —331 
Louisiana Fish Fry Products, Ltd.+Preferred stockN/AN/A09/2022N/A— 24 —36 
P&P Food Safety Holdings, Inc.+Preferred stockN/AN/A03/2024N/A— 32 —35 
P&P Food Safety Holdings, Inc.+Common stockN/AN/A12/2020N/A5 434 —238 
Purfoods, LLC+LLC interestN/AN/A05/2016N/A— 945 0.24,991 
2,893 0.26,884 
Healthcare Equipment & Supplies
Aspen Medical Products, LLC+LP interestN/AN/A06/2019N/A— 98 —111 
Blue River Pet Care, LLC+Common stockN/AN/A08/2019N/A— 734 0.1856 
CCSL Holdings, LLC+(8)LP interestN/AN/A12/2020N/A— 499 —680 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A— 557 —626 
CMI Parent Inc.+Common stockN/AN/A08/2019N/A8 483 —716 
G & H Wire Company, Inc.+LLC interestN/AN/A09/2017N/A335 269 —— 
JHC Investment Intermediate Holdings, LLC+LLC unitsN/AN/A03/2024N/A5,293 — —188 
2,640 0.13,177 


See Notes to Consolidated Financial Statements.
87
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 DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Providers & Services
Active Day, Inc.+LLC interestN/AN/A12/2015N/A2 $1,099 0.1%$1,217 
Acuity Eyecare Holdings, LLC+LLC interestN/AN/A03/2017N/A1,632 2,235 0.14,614 
Acuity Eyecare Holdings, LLC+LLC unitsN/AN/A05/2021N/A889 1,023 0.12,919 
ADCS Clinics Intermediate Holdings, LLC+Preferred stockN/AN/A05/2016N/A2 1,119 0.11,300 
ADCS Clinics Intermediate Holdings, LLC+Common stockN/AN/A05/2016N/A— 6 —— 
AVG Intermediate Holdings & AVG Subsidiary Holdings LLC+LLC unitsN/AN/A03/2021N/A180 192 —184 
CRH Healthcare Purchaser, Inc.+LP interestN/AN/A12/2018N/A531 456 —625 
DCA Investment Holding, LLC(23)Preferred stockN/A8.00%Non-Cash12/2022N/A1,142 659 —783 
DCA Investment Holding, LLCCommon stockN/AN/A12/2022N/A12 5 —— 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A— 749 —435 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A— 79 —108 
Emerge Intermediate, Inc.+LLC unitsN/AN/A02/2021N/A11 4 —— 
Encorevet Group LLC+Preferred stockN/AN/A05/2024N/A3 261 —203 
Krueger-Gilbert Health Physics, LLC+Common stockN/AN/A05/2019N/A239 324 —621 
Midwest Veterinary Partners, LLC+(23)Preferred stockN/A12.00%Non-Cash08/2021N/A1 1,984 0.12,123 
Midwest Veterinary Partners, LLC+WarrantN/AN/A07/2019N/A9 152 —482 
Midwest Veterinary Partners, LLC+(23)Preferred stockN/A10.00%Non-Cash07/2019N/A— 57 —68 
MWD Management, LLC & MWD Services, Inc.+LLC interestN/AN/A06/2017N/A412 335 —660 
NDX Parent, LLC+Common stockN/AN/A06/2021N/A— 278 —11 
NDX Parent, LLC+Preferred stockN/AN/A01/2023N/A84 88 —82 
New Look (Delaware) Corporation and NL1 AcquireCo, Inc.+(8)(9)(12)Common stockN/AN/A05/2021N/A— 407 —311 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A— 528 —866 
Pinnacle Treatment Centers, Inc.+LLC interestN/AN/A08/2016N/A4 74 —1,036 
Pyramid Healthcare Acquisition Corp.+Common stockN/AN/A05/2021N/A257 310 —385 
Radiology Partners, Inc.+LLC unitsN/AN/A02/2018N/A11 68 —86 
Radiology Partners, Inc.+LLC interestN/AN/A09/2014N/A43 55 —340 
Sage Dental Management, LLC+LLC unitsN/AN/A10/2012N/A— 249 —617 
Sage Dental Management, LLC+LLC unitsN/AN/A10/2012N/A3 3 —— 
Suveto Buyer, LLC+Common stockN/AN/A11/2021N/A8 727 —534 
13,526 0.520,610 


See Notes to Consolidated Financial Statements.
88
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 DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Healthcare Technology
Amberfield Acquisition Co.+LLC unitsN/AN/A05/2024N/A446 $449 —%$447 
Connexin Software, Inc.+LLC interestN/AN/A02/2018N/A180 228 —301 
Connexin Software, Inc.+LLC unitsN/AN/A02/2024N/A12 16 —23 
HSI Halo Acquisition, Inc.+(23)Preferred stockN/A10.00%Non-Cash10/2019N/A— 102 —233 
HSI Halo Acquisition, Inc.+LP interestN/AN/A10/2019N/A— 14 —58 
Symplr Software, Inc.+(23)Preferred stockN/A11.00%Non-Cash10/2021N/A15 18,931 0.519,043 
Symplr Software, Inc.+(23)Preferred stockSF +10.50%(i)15.10%Non-Cash11/2018N/A3 5,513 0.26,675 
Symplr Software, Inc.+(23)Preferred stockN/A11.00%Non-Cash12/2020N/A2 2,373 0.12,527 
Symplr Software, Inc.+(23)Preferred stockN/A11.00%Non-Cash06/2021N/A1 1,433 —1,478 
Symplr Software, Inc.+LLC unitsN/AN/A09/2021N/A— 161 —185 
Symplr Software, Inc.+Common stockN/AN/A11/2018N/A219 237 —1,064 
Tebra Technologies, Inc.+LLC interestN/AN/A07/2022N/A348 2,824 0.12,972 
Tebra Technologies, Inc.+WarrantN/AN/A03/2019N/A169 871 —547 
Tebra Technologies, Inc.+WarrantN/AN/A06/2017N/A53 162 —56 
Tebra Technologies, Inc.+Preferred stockN/AN/A09/2018N/A1 8 —11 
33,322 0.935,620 
Hotels, Restaurants & Leisure
Cafe Rio Holding, Inc.+Common stockN/AN/A09/2017N/A5 603 —760 
Freddy's Frozen Custard LLC+LP interestN/AN/A03/2021N/A287 384 —648 
Harri US LLC+LLC unitsN/AN/A02/2022N/A119 892 —711 
Harri US LLC+Preferred stockN/AN/A10/2021N/A102 649 —587 
Harri US LLC+WarrantN/AN/A10/2021N/A34 171 —196 
Harri US LLC+Preferred stockN/AN/A10/2023N/A96 1,141 0.11,342 
Harri US LLC+WarrantN/AN/A03/2024N/A9 69 —132 
LMP TR Holdings, LLCLLC unitsN/AN/A05/2013N/A712 712 0.11,691 
PB Group Holdings, LLC+LP unitsN/AN/A08/2024N/A383 886 —886 
SSRG Holdings, LLC+(23)LP interestN/AN/A11/2019N/A46 604 —566 
6,111 0.27,519 
Insurance
Accession Risk Management Group, Inc.+(23)Preferred stockN/A13.25%Non-Cash08/2023N/A9 9,987 0.39,988 
Majesco+(23)Preferred stockN/A9.00%Non-Cash09/2020N/A— 534 —611 
Majesco+LP interestN/AN/A09/2020N/A97 94 —324 
Oakbridge Insurance Agency LLC+LP unitsN/AN/A11/2023N/A20 404 —412 
11,019 0.311,335 
Internet & Direct Marketing Retail
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A25 26,215 0.830,067 
Revalize, Inc.+Preferred stockN/AN/A12/2021N/A15 15,735 0.418,046 
Revalize, Inc.+Preferred stockN/AN/A12/2022N/A11 11,050 0.311,768 
Revalize, Inc.+Preferred stockN/AN/A04/2022N/A4 4,285 0.14,481 
57,285 1.664,362 
IT Services
Appriss Health Intermediate Holdings, Inc+(23)Preferred stockN/A11.00%Non-Cash05/2021N/A3 3,664 0.13,777 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A02/2020N/A804 2,398 0.27,470 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A10/2020N/A211 931 0.11,959 
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+Preferred stockN/AN/A07/2021N/A48 407 —449 

See Notes to Consolidated Financial Statements.
89
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 DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Arctic Wolf Networks, Inc. and Arctic Wolf Networks Canada, Inc.+WarrantN/AN/A08/2020N/A277 $779 0.1%$2,393 
Critical Start, Inc.+Common stockN/AN/A05/2022N/A343 379 —175 
Kentik Technologies, Inc.+Preferred stockN/AN/A09/2021N/A275 1,587 —1,578 
Netwrix Corporation+LLC unitsN/AN/A06/2022N/A7 19 —18 
Optimizely North America, Inc.+Common stockN/AN/A10/2018N/A92 1,089 —1,528 
Saturn Borrower Inc.+LP unitsN/AN/A09/2020N/A485 418 —267 
11,671 0.519,614 
Leisure Products
Massage Envy, LLC+LLC interestN/AN/A09/2012N/A749 210 0.11,682 
Movement Holdings, LLC+LLC unitsN/AN/A03/2024N/A— 152 —136 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A82 141 —119 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A56 96 —82 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A47 78 —66 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A41 70 —59 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A18 29 —25 
WBZ Investment, LLC+LLC interestN/AN/A09/2018N/A2 2 —2 
778 0.12,171 
Life Sciences Tools & Services
Celerion Buyer, Inc.+LP unitsN/AN/A11/2022N/A1,302 1,309 —1,302 
Celerion Buyer, Inc.+LP unitsN/AN/A11/2022N/A1,302 188 —982 
PAS Parent Inc.+LP interestN/AN/A12/2021N/A15 1,651 0.11,618 
PAS Parent Inc.+Preferred stockN/AN/A03/2023N/A2 267 —299 
Reaction Biology Corporation+LLC unitsN/AN/A03/2022N/A— 321 —4 
3,736 0.14,205 
Oil, Gas & Consumable Fuels
W3 Co.+LLC interestN/AN/A03/2017N/A3 1,633 —1,679 
W3 Co.+Preferred stockN/AN/A01/2019N/A— 224 —252 
1,857 —1,931 
Paper & Forest Products
Messenger, LLC+LLC unitsN/AN/A12/2021N/A8 667 —620 
Messenger, LLC+LLC unitsN/AN/A12/2021N/A1 — —— 
667 —620 
Pharmaceuticals
Amalthea Parent, Inc.+(8)LP interestN/AN/A03/2021N/A701 606 —390 
Cobalt Buyer Sub, Inc.+(23)Preferred stockN/A13.75%Non-Cash10/2021N/A11 15,926 0.417,048 
Cobalt Buyer Sub, Inc.+Preferred stockN/AN/A10/2021N/A— 246 —306 
Cobalt Buyer Sub, Inc.+Common stockN/AN/A10/2021N/A3 2 —27 
16,780 0.417,771 


See Notes to Consolidated Financial Statements.
90
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 DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Professional Services
Eclipse Buyer, Inc.+(23)Preferred stockN/A12.50%Non-Cash09/2024N/A— $1,609 0.1%$1,595 
Enboarder, Inc.+(8)(11)Preferred stockN/AN/A01/2022N/A83 859 —567 
Filevine, Inc.+Preferred stockN/AN/A04/2022N/A362 2,867 0.13,992 
Filevine, Inc.+WarrantN/AN/A04/2022N/A54 224 —485 
Filevine, Inc.+Preferred stockN/AN/A05/2024N/A21 176 —234 
Net Health Acquisition Corp.+LP interestN/AN/A12/2017N/A14 1,684 0.12,311 
Procure Acquireco, Inc.+LP interestN/AN/A12/2021N/A— 901 —1,150 
8,320 0.310,334 
Real Estate Management & Development
Inhabit IQ Inc.+Common stockN/AN/A01/2018N/A73 595 —1,488 
SC Landco Parent, LLC+Common stockN/AN/A09/2022N/A2 274 —260 
869 —1,748 
Road & Rail
Internet Truckstop Group, LLC+LP interestN/AN/A04/2019N/A554 587 —402 
Software
Anaplan, Inc.+LP interestN/AN/A06/2022N/A962 1,254 0.11,492
Aras Corporation+(23)Preferred stockN/A12.00%Non-Cash04/2021N/A1 1,937 0.22,108
Aras Corporation+LP interestN/AN/A04/2021N/A427 446—531
Astute Holdings, Inc.+LP interestN/AN/A04/2019N/A— 520—547
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/A07/2021N/A37 405—504
Auvik Networks Inc.+(8)(12)Preferred stockN/AN/A02/2023N/A4 46—57
Bayshore Intermediate #2, L.P.+Common stockN/AN/A10/2021N/A5,841 5,8900.26,231
Calabrio, Inc.+LP interestN/AN/A04/2021N/A1 1,157—1,135
Calabrio, Inc.+LP interestN/AN/A04/2021N/A134 0—0
CB Buyer, Inc.+LP unitsN/AN/A07/2024N/A258 258—258
Cloudbees, Inc.+Preferred stockN/AN/A11/2021N/A179 2,0080.12,021
Cloudbees, Inc.+WarrantN/AN/A05/2018N/A158 445—1,157
Cloudbees, Inc.+Preferred stockN/AN/A06/2018N/A86 602—797
Cynet Security Ltd.+(8)(15)Preferred stockN/AN/A08/2022N/A220 855—1,008
Denali Bidco Limited+(8)(10)LP interestN/AN/A08/2023N/A431 610—824
Diligent Corporation+(23)Preferred stockN/A10.50%Non-Cash04/2021N/A24 30,1080.831,231
Diligent Corporation+Preferred stockN/AN/A04/2016N/A415 9120.12,543
FirstUp, Inc.+Common stockN/AN/A07/2021N/A305 661—346
GS Acquisitionco, Inc.+(23)Preferred stockN/A11.00%Non-Cash04/2021N/A35 44,8991.246,202
GS Acquisitionco, Inc.+(23)Preferred stockN/A11.00%Non-Cash11/2021N/A5 5,7400.15,741
GS Acquisitionco, Inc.+LP interestN/AN/A09/2021N/A1 363—952
GS Acquisitionco, Inc.+(23)Preferred stockSF +10.50%(i)15.10%Non-Cash08/2023N/A— 120—120
GTY Technology Holdings, Inc.+LP unitsN/AN/A07/2022N/A73 91—140
Gurobi Optimization, LLC+Common stockN/AN/A09/2024N/A— 709—709
Impartner, Inc.+Preferred stockN/AN/A10/2021N/A39 307—217
Kaseya Inc.+(23)Preferred stockSF +10.75%(i)15.35%Non-Cash06/2022N/A5 5,7500.25,787
Kaseya Inc.+LP interestN/AN/A06/2022N/A250 252—267
Ministry Brands Holdings LLC+LP interestN/AN/A12/2021N/A799 773—704

See Notes to Consolidated Financial Statements.
91
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 DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
mParticle, Inc.+Preferred stockN/AN/A09/2021N/A227 $1,429 —%$1,120 
mParticle, Inc.+WarrantN/AN/A08/2020N/A115 143—382
Onapsis, Inc., Virtual Forge GMBH and Onapsis GMBH+WarrantN/AN/A10/2019N/A6 17 —20 
Onit, Inc.+(23)Preferred stockN/A15.00%Non-Cash02/2023N/A— 117—128
Onit, Inc.+WarrantN/AN/A02/2023N/A— 14—20
Panzura, LLC+LLC unitsN/AN/A09/2023N/A2 6 —— 
Personify, Inc.+LP interestN/AN/A09/2018N/A879 1,3960.12,303
Pluralsight, LLC+LLC unitsN/AN/A08/2024N/A1,988 3,663 0.13,663 
QAD, Inc.+(23)Preferred stockN/A9.00%Non-Cash11/2021N/A1 1,243—1,147
QAD, Inc.+Common stockN/AN/A11/2021N/A68 134—0
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A— 358—163
RegEd Aquireco, LLC+Preferred stockN/AN/A07/2023N/A— 27—32
RegEd Aquireco, LLC+LP interestN/AN/A12/2018N/A4 21—0
Riskonnect Parent, LLC+(23)Preferred stockN/A11.00%Non-Cash04/2022N/A26 32,3590.831,936 
Riskonnect Parent, LLC+LP interestN/AN/A11/2021N/A1,382 1,412—1,513 
Riskonnect Parent, LLC+(23)Preferred stockSF +10.50%(i)15.10%Non-Cash07/2022N/A— 920 —934 
Riskonnect Parent, LLC+(23)Preferred stockN/A10.50%Non-Cash06/2024N/A— 51 —52 
SnapLogic, Inc.+Preferred stockN/AN/A09/2019N/A344 1,028 —1,707 
SnapLogic, Inc.+WarrantN/AN/A09/2019N/A131 162 —439 
Spartan Buyer Acquisition Co.+Common stockN/AN/A12/2020N/A1 794—584
Spartan Buyer Acquisition Co.+Preferred stockN/AN/A12/2022N/A— 110—132
Telesoft Holdings LLC+LP interestN/AN/A12/2019N/A137 129—123
Templafy APS and Templafy, LLC+(8)(18)WarrantN/AN/A07/2022N/A— 82—96
Togetherwork Holdings, LLC+Preferred stockN/AN/A07/2024N/A307 1,342—1,355
Workforce Software, LLC+(23)Common stockN/AN/A07/2019N/A— 9730.11,524
Workforce Software, LLC+Common stockN/AN/A01/2022N/A— 36—48
Zendesk, Inc.+LP unitsN/AN/A11/2022N/A63 708—602
155,792 4.1163,652 


See Notes to Consolidated Financial Statements.
92
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 DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Specialty Retail
Ave Holdings III, Corp+(23)Preferred stockN/A11.50%Non-Cash02/2022N/A15 $18,188 0.5%$17,541 
Ave Holdings III, Corp+LP unitsN/AN/A02/2022N/A2 1,737 —936 
Batteries Plus Holding Corporation+LP interestN/AN/A07/2016N/A10 1,287 —1,239 
Cycle Gear, Inc.+LLC unitsN/AN/A02/2016N/A2,002 481 —183 
Cycle Gear, Inc.+Preferred stockN/AN/A01/2023N/A75 75 —150 
Pet Holdings ULC+(8)(12)(23)LP interestN/AN/A04/2015N/A677 383 —657 
Salon Lofts Group, LLC+LP unitsN/AN/A08/2022N/A— 129 —112 
Southern Veterinary Partners, LLC+(23)Preferred stockN/A12.00%Non-Cash06/2021N/A5 6,397 0.27,200 
Southern Veterinary Partners, LLC+(23)Preferred stockN/A10.00%Non-Cash05/2018N/A— 899 —1,360 
Southern Veterinary Partners, LLC+LLC interestN/AN/A05/2018N/A148 188 0.25,022 
VSG Acquisition Corp. and Sherrill, Inc.+LP unitsN/AN/A04/2022N/A— 57 —47 
29,821 0.934,447 
Textiles, Apparel & Luxury Goods
Georgica Pine Clothiers, LLC+(23)LLC interestN/AN/A11/2015N/A20 239 —369 
Georgica Pine Clothiers, LLC+Common stockN/AN/A08/2020N/A— — —2 
MakerSights, Inc.+Preferred stockN/AN/A06/2021N/A56 265 —104 
Shoes For Crews Global, LLC+LLC unitsN/AN/A06/2024N/A2 1,083 —1,109 
1,587 —1,584 
Total non-controlled/non-affiliate company equity investments417,958 11.6464,976 
Total non-controlled/non-affiliate company investments8,057,035 199.68,011,824 


See Notes to Consolidated Financial Statements.
93
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 CostPercentage
of Net
Assets
Fair
Value (4)
Non-controlled/affiliate company investments(27)
Debt investments
Beverages
Abita Brewing Co., L.L.C.+(7)(25)One stopSF +1.00%(i)5.60%PIK06/2026$7,188 $7,071 0.1%$4,888 
Abita Brewing Co., L.L.C.+(7)(25)Second lienSF +8.00%(i)12.60%PIK06/20264,834 3,725 —435 
Abita Brewing Co., L.L.C.+(25)One stopSF +1.00%(i)(j)5.81%PIK06/2026783 783 —677 
12,805 11,579 0.16,000 
Energy, Equipment & Services
Benetech, Inc.+(7)(25)One stopSF +6.00%(i)10.75%PIK08/20264,645 3,623 0.11,626 
Benetech, Inc.+(7)(25)One stopSF +6.00%(i)10.75%PIK08/20261,210 920 —167 
5,855 4,543 0.11,793 
Healthcare Providers & Services
Bayside Opco, LLC+(25)One stopSF +7.25%(i)12.00%06/202612,845 12,782 0.312,845 
Bayside Opco, LLC+(25)Subordinated debtSF +10.00%(i)14.75%PIK06/20265,047 4,613 0.14,995 
Bayside Opco, LLC+(25)One stopSF +7.25%(i)12.00%06/20264,543 4,410 0.14,499 
Bayside Opco, LLC+One stopSF +7.00%N/A(6)06/2026— — —— 
Elite Dental Partners LLC+(7)(25)One stopSF +5.25%(i)9.85%PIK09/202516,683 13,029 0.25,505 
Elite Dental Partners LLC+(7)(25)One stopSF +12.00%(i)16.60%PIK09/20259,762 7,226 0.14,393 
Elite Dental Partners LLC+(25)One stopSF +5.25%(i)9.85%PIK09/20251,798 1,798 —1,798 
Opening Day Borrower 111 LLC+One stopSF +6.25%N/A(6)05/2027— — —— 
Opening Day Borrower 111 LLC+One stopSF +6.25%N/A(6)05/2027— — —— 
SPF Borrower LLC+(25)One stopSF +6.25%(i)9.00% cash/2.00%PIK02/202816,191 16,191 0.416,191 
SPF Borrower LLC+(25)One stopSF +9.50%(i)4.75% cash/9.50%PIK02/20288,333 8,333 0.28,333 
SPF Borrower LLC+One stopSF +6.25%N/A(6)02/2028— — —— 
75,202 68,382 1.458,559 
Software
Switchfly LLC+(25)One stopN/A1.00%PIK10/2026710 709 —526 
Specialty Retail
Imperial Optical Midco Inc.+One stopSF +1.00%(i)5.60%06/202945,065 40,793 1.040,558 
Imperial Optical Midco Inc.+(5)One stopSF +1.00%N/A(6)06/2029— — —(282)
Imperial Optical Midco Inc.+(5)One stopSF +1.00%N/A(6)06/2029— — —(1,502)
45,065 40,793 1.038,774 
Total non-controlled/affiliate company debt investments139,637 126,006 2.6105,652 
















See Notes to Consolidated Financial Statements.
94
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 DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Equity investments(21)(22)
Beverages
Abita Brewing Co., L.L.C.+WarrantN/AN/A02/2021N/A210$— —%$— 
Healthcare Providers & Services
Bayside Opco, LLC+LLC unitsN/AN/A05/2023N/A6 2,592 0.26,788 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 2,902 —— 
Elite Dental Partners LLCLLC interestN/AN/A09/2020N/A— 1,250 —— 
Elite Dental Partners LLCLLC unitsN/AN/A09/2020N/A— — —— 
Opening Day Borrower 111 LLC+Preferred stockN/AN/A09/2024N/A181 21,172 0.521,172 
Opening Day Borrower 111 LLC+LLC unitsN/AN/A04/2023N/A181 7,836 0.13,764 
SPF Borrower LLC+LLC unitsN/AN/A02/2024N/A— 9,347 0.312,129 
45,099 1.143,853 
Software
Switchfly LLC+LLC interestN/AN/A09/2018N/A98,370 2,321 —860 
Switchfly LLC+Preferred stockN/AN/A09/2024N/A7,275 5,375 0.15,375 
Switchfly LLC+LLC unitsN/AN/A03/2022N/A950 950 —552 
8,646 0.16,787 
Specialty Retail
Imperial Optical Midco Inc.+LLC unitsN/AN/A06/2024N/A189 53,764 1.455,090 
Total non-controlled/affiliate company equity investments107,509 2.6105,730 
Total non-controlled/affiliate company investments233,515 5.2211,382 


See Notes to Consolidated Financial Statements.
95
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 DateMaturity
Date
Principal ($) /
Shares(3)
Amortized CostPercentage
of Net
Assets
Fair
Value (4)
Controlled affiliate company investments(28)
Debt investments
IT Services
MMan Acquisition Co.+(25)One stopN/A8.00%PIK03/2026$1,971 $1,971 0.1%$1,813 
MMan Acquisition Co.+(25)One stopN/A12.00%PIK03/20261,073 1,073 —1,073 
MMan Acquisition Co.+(25)One stopN/A12.00%PIK03/20261,153 1,153 —1,153 
MMan Acquisition Co.+(25)One stopN/A12.00%PIK03/2026334 334 —334 
Total controlled affiliate company debt investments4,531 4,531 0.14,373 
Equity investments(21)(22)
IT Services
MMan Acquisition Co.+Preferred stockN/AN/A09/2024N/A— 7,832 0.27,832 
Total controlled affiliate equity investments7,832 0.27,832 
Total controlled affiliate company investments12,363 0.312,205 
Total investments8,302,913 205.18,235,411 
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
BlackRock Liquidity Funds T-Fund
Institutional Shares (CUSIP 09248U718)		4.83%(29)$103,410 2.6%$103,410 
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Institutional Share Class (CUSIP 61747C582)		4.78%(29)1,599 —1,599 
Morgan Stanley Institutional Liquidity Funds - Government Portfolio Institutional Share Class (CUSIP 61747C707)4.85%(29)7,465 0.27,465 
Morgan Stanley US Dollar Liquidity Fund
Institutional Distributing Share Class (CUSIP L64887109)		4.98%(29)10,658 0.310,658 
Allspring Government Money Market Fund
Select Share Class (CUSIP 949921126)		4.86%(29)2,616 0.12,616 
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio Institutional Share Class (CUSIP 61747C525)4.88%(29)87,353 2.287,353 
Total money market funds213,101 5.4213,101 
Total investments and money market funds$8,516,014 210.5%$8,448,512 

See Notes to Consolidated Financial Statements.
96
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
*
Denotes that all or a portion of the loan secures the notes offered in the 2018 Debt Securitization (as defined in Note 7).
#
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2018 Debt Securitization (as defined in Note 7).
~
Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2021 Debt Securitization (as defined in Note 7).
^
Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022 Debt Securitization (as defined in Note 7).
&
Denotes that all or a portion of the loan secures the notes offered in the GBDC 3 2022-2 Debt Securitization (as defined in Note 7).
<
Denotes that all or a portion of the loan collateralizes the GBDC 3 DB Credit Facility (as defined in Note 7).
+
Denotes that all or a portion of the investment collateralizes the JPM Credit Facility (as defined in Note 7).
(1)The majority of the investments bear interest at a rate that is permitted to be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Prime (“P”), Sterling Overnight Index Average ("SONIA" or “SN”), Australian Interbank Rate (”AUD” or ”A”) or Canadian Overnight Repo Rate Average (“CORRA” or “CA”) which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2024. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2024, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed could not be the applicable index rate outstanding as of September 30, 2024, as the loan could have priced or repriced based on an index rate prior to September 30, 2024.
(a) Denotes that all or a portion of the contract was indexed to the Prime rate, which was 8.00% as of September 30, 2024.
(b) Denotes that all or a portion of the contract was indexed to the 30-day EURIBOR, which was 3.35% as of September 30, 2024.
(c) Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 3.28% as of September 30, 2024.
(d) Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 3.11% as of September 30, 2024.
(e) Denotes that all or a portion of the contract was indexed to the Three-Month AUD, which was 4.43% as of September 30, 2024.
(f) Denotes that all or a portion of the contract was indexed to SONIA, which was 4.95% as of September 30, 2024.
(g) Denotes that all or a portion of the contract was indexed to Daily SOFR, which was 4.96% as of September 30, 2024.
(h) Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.85% as of September 30, 2024.
(i) Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.59% as of September 30, 2024.
(j) Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.25% as of September 30, 2024.
(k) Denotes that all or a portion of the contract was indexed to Daily CORRA, which was 4.30% as of September 30, 2024.
(l) Denotes that all or a portion of the contract was indexed to the 90-day Term CORRA, which was 3.92% as of September 30, 2024.
(2)For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2024.
(3)The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
(4)The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See Note 6.
(5)The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)The entire commitment was unfunded as of September 30, 2024. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.
(7)Loan was on non-accrual status as of September 30, 2024, meaning that the Company has ceased recognizing interest income on the loan.
(8)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2024, total non-qualifying assets at fair value represented 13.3% of the Company's total assets calculated in accordance with the 1940 Act.
(9)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2.
(10)The headquarters of this portfolio company is located in the United Kingdom.
(11)The headquarters of this portfolio company is located in Australia.
(12)The headquarters of this portfolio company is located in Canada.
(13)The headquarters of this portfolio company is located in Luxembourg.
(14) The headquarters of this portfolio company is located in Netherlands.
(15)The headquarters of this portfolio company is located in Israel.
(16)The headquarters of this portfolio company is located in Finland.
(17)The headquarters of this portfolio company is located in Sweden.
(18)The headquarters of this portfolio company is located in Denmark.

See Notes to Consolidated Financial Statements.
97
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments - (continued)
September 30, 2024
(Dollar and share amounts in thousands)
(19)The headquarters of this portfolio company is located in Germany.
(20)The headquarters of this portfolio company is located in France.
(21) Equity investments are non-income producing securities unless otherwise noted.
(22) Ownership of certain equity investments occurs through a holding company or partnership.
(23) The Company holds an equity investment that is income producing.
(24) The fair value of this investment was valued using Level 1 inputs. See Note 6.
(25) All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the year ended September 30, 2024.
(26) The fair value of the loan reflects the legal claim on par and accrued uncapitalized payment-in-kind (“PIK”) interest.
(27) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended September 30, 2024 were as follows:
Portfolio CompanyFair value as of September 30, 2023
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of September 30, 2024Interest, dividend and fee income
Abita Brewing Co. LLC$6,536 $2,166 $(709)$(1,993)$— $6,000 $575 
Bayside Opco, LLC22,044 2,758 (699)5,024 — 29,127 3,660 
Benetech, Inc.1,353 780 (843)503 — 1,793 9 
Elite Dental Partners LLC13,396 5,845 (3,013)(4,532)— 11,696 180 
Imperial Optical Midco Inc.— 94,556 — (692)— 93,864 1,008 
Opening Day Borrower 111 LLC24,438 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 LLC7,254 6,180 (5,378)1,157 (1,900)7,313 88 
Total Non-Controlled Affiliates$87,084 $177,905 $(37,747)$4,600 $(20,460)$211,382 $9,448 
(a)
Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(28) As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the year ended September 30, 2024 were as follows:
Portfolio CompanyFair value as of September 30, 2023
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of September 30, 2024Interest, dividend and fee income
MMan Acquisition Co.$12,790 $11,979 $(11,344)$10,406 $(11,626)$12,205 $439 
Total Controlled Affiliates$12,790 $11,979 $(11,344)$10,406 $(11,626)$12,205 $439 
(a)
Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(29) The rate shown is the annualized seven-day yield as of September 30, 2024.


See Notes to Consolidated Financial Statements.
98
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 1. Organization
Golub Capital BDC, Inc. (“GBDC” and, collectively with its consolidated subsidiaries, the “Company”) is an externally managed, closed-end, non-diversified management investment company. GBDC has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, GBDC has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
The Company’s investment strategy is to invest primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies that are, in most cases, sponsored by private equity firms. The Company also selectively invests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, U.S. middle-market companies. The Company has entered into the Fifth Amended and Restated Investment Advisory Agreement effective as of June 3, 2024 (the “Investment Advisory Agreement” or “Post-GBDC 3 Merger Advisory Agreement”) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC.
On September 16, 2019, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”), a Maryland corporation (the “GCIC Merger”), pursuant to that certain Agreement and Plan of Merger (as amended, the “GCIC Merger Agreement”), dated as of November 27, 2018, by and among the Company, GCIC, Fifth Ave Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“GCIC Merger Sub”), the Investment Adviser, and, for certain limited purposes, the Administrator.
On June 3, 2024, the Company completed its acquisition of Golub Capital BDC 3, Inc. (“GBDC 3”), a Maryland corporation (the “GBDC 3 Merger”), pursuant to that certain Agreement and Plan of Merger (as amended, the “GBDC 3 Merger Agreement”), dated as of January 16, 2024, by and among the Company, GBDC 3, Park Avenue Subsidiary Inc., a Maryland corporation and wholly owned subsidiary of the Company (“GBDC 3 Merger Sub”), the Investment Adviser, and, for certain limited purposes, Golub Capital LLC. Upon consummation of the GBDC 3 Merger, the Company entered into the Investment Advisory Agreement. The Investment Advisory Agreement replaced the Fourth Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of July 1, 2023 (the “Prior Investment Advisory Agreement”). Refer to Note 3 for more information on the Investment Advisory Agreement and the Prior Investment Advisory Agreement.
Note 2. Significant Accounting Policies and Recent Accounting Updates
Basis of presentation:  The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).
The accompanying unaudited interim consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended September 30, 2024, as filed with the U.S. Securities and Exchange Commission (the “SEC”).
Fair value of financial instruments: The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. On August 2, 2024, the Company’s board of directors (the “Board”) designated the Investment Adviser as the Company’s valuation designee (“Valuation Designee”) in accordance with Rule 2a-5 under the 1940 Act. As of such date, the Valuation Designee is responsible for determining the fair value of the Company’s portfolio investments, subject to oversight of the Board. In accordance with ASC Topic 820, the Valuation Designee has categorized the Company’s financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Investment Adviser’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.
The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Valuation Designee in determining fair value is greatest for financial instruments classified as Level 3.
Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Valuation Designee will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6.
Use of estimates:  The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Consolidation: As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries listed in the table below in its consolidated financial statements:
Entity NameAbbreviation
Golub Capital BDC CLO III Depositor LLC1
(“2018 CLO Depositor”)1
Golub Capital BDC CLO III LLC2
(“2018 Issuer”)2
Golub Capital BDC Holdings, LLC(“BDC Holdings”)
GCIC Holdings LLC(“GCIC Holdings”)
GCIC CLO II Depositor LLC 3
(“GCIC 2018 CLO Depositor”)3
GCIC CLO II LLC4
(“GCIC 2018 Issuer”)4
Golub Capital BDC CLO 8 Depositor LLC3
("BDC CLO 8 Depositor")3
Golub Capital BDC CLO 8 LLC4
(“2024 Issuer”)4
GCIC Funding LLC5
(“GCIC Funding”)5
GBDC Holdings Coinvest, Inc.
GBDC Holdings ED Coinvest, Inc.
GCIC North Haven Stack Buyer Coinvest, Inc.
GCIC Quick Quack Coinvest LLC5
GBDC Quick Quack Coinvest LLC5
Golub Capital 3 Holdings LLC(“GBDC 3 Holdings”)
GBDC 3 Funding LLC6
(“GBDC 3 Funding”)6
Golub Capital BDC 3 CLO 1 Depositor LLC1
(“GBDC 3 2021 CLO Depositor”)1
Golub Capital BDC 3 CLO 1 LLC2
(“GBDC 3 2021 Issuer”)2
Golub Capital BDC 3 ABS 2022-1 Depositor LLC(“GBDC 3 2022 ABS 2022-1 Depositor”)
Golub Capital BDC 3 ABS 2022-1 LLC(“GBDC 3 2022 Issuer”)
Golub Capital BDC 3 CLO 2 Depositor LLC(“GBDC 3 2022 CLO 2 Depositor”)
Golub Capital BDC 3 CLO 2 LLC6
(“GBDC 3 2022-2 Issuer”)6
GBDC 3 Holdings Coinvest, Inc.
GBDC 3 Quick Quack Coinvest LLC5
1.Prior to April 22, 2025, the date of each entity’s dissolution.
2.Prior to November 18, 2024, the date of each entity’s dissolution.
3.GCIC CLO II Depositor LLC (“GCIC 2018 CLO Depositor”) was renamed to Golub Capital BDC CLO 8 Depositor LLC (“BDC CLO 8 Depositor”) effective November 18, 2024.
4.GCIC CLO II LLC (“GCIC 2018 Issuer”) was renamed to Golub Capital BDC CLO 8 LLC (“2024 Issuer”) effective November 18, 2024.
5.Prior to April 30, 2025, the date of each entity’s dissolution.
6.Golub Capital BDC 3 CLO 2 LLC (“GBDC 3 2022-2 Issuer”) merged into GBDC 3 Funding LLC (“GBDC 3 Funding”) effective May 19, 2025.
Assets related to transactions that do not meet ASC Topic 860 requirements for accounting sale treatment are reflected in the Company’s Consolidated Statements of Financial Condition as investments. Those assets are owned by special purpose entities, including BDC Holdings, Funding II, GCIC Holdings, GBDC 3 Holdings, GBDC 3 Funding, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer, 2024 Issuer and, prior to November 18, 2024, GCIC 2018 Issuer, 2018 Issuer and GBDC 3 2021 Issuer that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of GBDC (or any affiliate of GBDC).
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Cash and cash equivalents and foreign currencies: Cash and cash equivalents and foreign currencies are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances exceed the Federal Deposit Insurance Corporation insurance limits.
Restricted cash and cash equivalents and restricted foreign currencies: Restricted cash and cash equivalents and restricted foreign currencies include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents and restricted foreign currencies are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.
Foreign currency translation: The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars. Non-U.S. dollar transactions during the period are valued at the prevailing spot rates on the applicable transaction date and the related assets and liabilities are revalued at the prevailing spot rates as of period-end.
Net assets and fair values are presented based on the applicable foreign exchange rates and fluctuations arising from the translation of assets and liabilities are included within the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.
Foreign security and currency transactions involve certain considerations and risks not typically associated with investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.
Derivative instruments:
The Company follows the guidance in ASC Topic 815 - Derivatives and Hedging (“ASC Topic 815”), when accounting for derivative instruments.
Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the forward currency contracts are included in the Consolidated Statements of Operations. Unrealized appreciation (depreciation) on forward currency contracts is recorded on the Consolidated Statements of Financial Condition as a component of “Net unrealized appreciation on derivatives” or “Net unrealized depreciation on derivatives” by counterparty on a net basis across all derivative instruments, not taking into account collateral posted, which is recorded separately, if applicable.
The primary risks associated with forward currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks can exceed the amounts reflected in the Consolidated Statements of Financial Condition.
Refer to Note 5 for more information regarding the forward currency contracts.
Interest rate swaps: The Company designated interest rate swaps as the hedging instrument in qualifying fair value hedge accounting relationships, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of “Interest and other debt financing expenses” in the Company’s Consolidated Statements of Operations. The fair value of the interest rate swaps is recorded on the Consolidated Statements of Financial Condition as a component of “Net unrealized appreciation on derivatives” or “Net unrealized depreciation on derivatives” by counterparty on a net basis across all derivative instruments, not taking into account collateral posted which is recorded separately, if applicable. Refer to Note 5 for more information regarding the interest rate swaps.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Revenue recognition:
Investments and related investment income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments.
Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and the Company accretes or amortizes such amounts over the life of the loan as interest income (“Discount Amortization”). For the three and nine months ended June 30, 2025, the Company received Loan Origination Fees that were capitalized of $5,122 and $22,662, respectively. For the three and nine months ended June 30, 2024, the Company received Loan Origination Fees that were capitalized of $6,300 and $10,298, respectively. For the three and nine months ended June 30, 2025, interest income included $6,449 and $19,404, respectively, of Discount Amortization. For the three and nine months ended June 30, 2024, interest income included $6,632 and $16,489, respectively, of Discount Amortization.
For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the three and nine months ended June 30, 2025, investment income included $13,516 and $38,577, respectively, of PIK interest and the Company capitalized PIK interest of $12,518 and $40,439, respectively, into the principal balance of certain debt investments. For the three and nine months ended June 30, 2024, investment income included $10,177 and $33,805, respectively, of PIK interest and the Company capitalized PIK interest of $11,245 and $36,551, respectively, into the principal balance of certain debt investments.
In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees that are not deemed to be an adjustment to yield as fee income when earned. For the three and nine months ended June 30, 2025, fee income included $81 and $1,378 from non-recurring prepayment premiums, respectively. For the three and nine months ended June 30, 2024, fee income included $162 and $338 from non-recurring prepayment premiums, respectively. Other income is recorded into income when earned.
For the three and nine months ended June 30, 2025, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $188,717 and $587,500, respectively. For the three and nine months ended June 30, 2024, the Company received interest and fee income in cash, which excludes capitalized loan origination fees, in the amounts of $132,038 and $417,195, respectively.
Dividend income on equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. The Company has certain preferred equity securities in the portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer.
For the three and nine months ended June 30, 2025, the Company recognized PIK and non-cash dividend income of $8,020 and $23,091, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and nine months ended June 30, 2024, the Company recognized PIK and non-cash dividend income of $5,287 and $13,890, respectively, which were capitalized into the cost basis of certain preferred equity investments. For the three and nine months ended June 30, 2025, the Company received $739 and $4,288 of cash payments of accrued and capitalized preferred dividends. For both the three and nine months ended June 30, 2024, the Company received $47 cash payments of accrued and capitalized preferred dividends.
Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three and nine months ended June 30, 2025, the Company recorded dividend income received in cash of $204 and $1,497, respectively, and return of capital distributions received in cash of less than $1 and $344, respectively. For the three and nine months ended June 30, 2024, the Company recorded dividend income received in cash of $418 and $555, respectively, and return of capital distributions received in cash of $733 and $1,551, respectively.
Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.
Non-accrual investments: A loan can be left on accrual status while the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any capitalized Loan Origination Fees are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, payments are likely to remain current. The total fair value of non-accrual loans was $56,195 and $93,204 as of June 30, 2025 and September 30, 2024, respectively.

Management reviews all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. The total fair value of non-accrual preferred equity securities was $100 as of June 30, 2025. There were no preferred equity securities on non-accrual status as of September 30, 2024.
Asset Acquisition: Pursuant to the GCIC Merger Agreement, the GCIC Merger Sub was first merged with and into GCIC, with GCIC as the surviving company, and, immediately following this initial merger, GCIC was then merged with and into the Company, with the Company as the surviving company. Pursuant to the GBDC 3 Merger Agreement, the GBDC 3 Merger Sub was first merged with and into GBDC 3, with GBDC 3 as the surviving company and, immediately following this initial merger, GBDC 3 was then merged with and into the Company, with the Company as the surviving company. The GCIC Merger and the GBDC 3 Merger were accounted for under the asset acquisition method of accounting in accordance with ASC 805 — Business Combinations — Related Issues (“ASC Topic 805”), also referred to as “asset acquisition.” Under the asset acquisition method of accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s books.
The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill. To the extent that the consideration paid to GCIC or GBDC 3’s stockholders exceeded the relative fair values of the net identifiable assets of GCIC or GBDC 3 acquired other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the GCIC or GBDC 3 assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets. As both GCIC and GBDC 3 did not have any “qualifying” assets at the time of acquisition, the premium was allocated to “non-qualifying” assets, which are GCIC and GBDC 3’s investments in loans and equity securities, including its investment in GCIC SLF. Immediately following the acquisitions of GCIC and GBDC 3, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC and GBDC 3 assets acquired were immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding reversal of the unrealized depreciation on the loans acquired from GCIC and GBDC 3 through their ultimate disposition. Amortization
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
expense of purchase premium for the three and nine months ended June 30, 2025 was $3,602 and $13,880, respectively. Amortization expense of purchase premium for the three and nine months ended June 30, 2024 was $3,086 and $5,493, respectively. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC or GBDC 3 and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired from GCIC or GBDC 3.
Income taxes: The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Company has made, and intends to continue to make, the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders.
Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company could then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended June 30, 2025, the Company did not record any U.S. federal excise tax expense. For the nine months ended June 30, 2025, the Company recorded a reversal of the accrual for U.S. federal excise tax expense of $475. For the three and nine months ended June 30, 2024, $125 and $1,124, respectively, was recorded for U.S. federal excise tax.
The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through June 30, 2025. The Company’s tax returns for the 2022 through 2024 tax years remain subject to examination by U.S. federal and most state tax authorities.
Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations. For the three and nine months ended June 30, 2025, the Company did not record any U.S. income taxes. For the three months ended June 30, 2024, the Company did not record any U.S. income taxes. For the nine months ended June 30, 2024, $71 was recorded for U.S. income taxes.
Dividends and distributions: Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company can retain such capital gains for investment in its discretion.
The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who participate in the DRIP will have their cash distribution reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares under the guidelines of the DRIP if the Company’s shares are trading at a premium to net asset value. The Company can purchase shares in the open market in connection with the obligations under the plan, and in particular, if the Company’s shares are trading at a significant discount to net asset value (“NAV”) and the Company is otherwise permitted under applicable law to
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
purchase such shares, the Company intends to purchase shares in the open market in connection with any obligations under the DRIP.
In the event the market price per share of the Company’s common stock on the date of a distribution exceeds the most recently computed NAV per share of the common stock, the Company will issue shares of common stock to participants in the DRIP at the greater of the most recently computed NAV per share of common stock or 95% of the current market price per share of common stock (or such lesser discount to the current market price per share that still exceeds the most recently computed NAV per share of common stock).
Share repurchase plan: The Company has a share repurchase program (the “Program”) which allows the Company to repurchase the Company’s outstanding common stock on the open market at prices below the Company’s NAV as reported in its most recently published consolidated financial statements. The Board re-approved the Program in August 2024 (the “2024 Program”) and August 2025 and the Program is implemented at the discretion of management. Shares can be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. The Program permits repurchases up to $150,000 of the Company's common stock. Refer to Note 11 for more information on the share repurchases under the Program.
Equity Distribution Agreement: On October 6, 2023, the Company entered into an equity distribution agreement as most recently amended on May 16, 2025, (the “2023 Equity Distribution Agreement”), by and among the Company, the Investment Adviser, the Administrator, and Keefe, Bruyette & Woods, Inc. and Regions Securities LLC (the “Placement Agents”), in connection with the sale by the Company of shares of its common stock, having an aggregate offering price of up to $288,043, in an “at the market offering,” in amounts and at times to be determined by the Company. Through June 30, 2025, the Company has issued $38,043 of shares of its common stock through the 2023 Equity Distribution Agreement. Actual sales, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions and the market price of the Company’s common stock. The 2023 Equity Distribution Agreement provides that the Company can offer and sell shares from time to time through, or to, the Placement Agents. Sales of the shares can be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on The Nasdaq Global Select Market or any similar securities exchange or sales made to or through a market maker other than on a securities exchange, at prices related to the prevailing market prices or at negotiated prices. Pursuant to the terms of the 2023 Equity Distribution Agreement, the Placement Agents receive a commission from the Company of up to 1.50% of the gross sales price of any shares sold through the Placement Agents under the 2023 Equity Distribution Agreement. Offering costs for the 2023 Equity Distribution Agreement are charged against the proceeds from equity offerings when proceeds are received. For the three months ended June 30, 2025, the Company did not issue any shares of common stock under the 2023 Equity Distribution Agreements. During the nine months ended June 30, 2025, the Company issued 2,408,940 shares of common stock under the 2023 Equity Distribution Agreement. During the three and nine months ended June 30, 2024, the Company did not issue any shares of common stock under the 2023 Equity Distribution Agreements.
Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of June 30, 2025 and September 30, 2024, the Company had deferred debt issuance costs of $26,853 and $25,361, respectively.
These amounts are amortized and included in interest expense and other debt financing expenses in the Consolidated Statements of Operations over the estimated average life of the borrowings. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, 2025 was $2,413 and $7,537, respectively. Amortization expense for deferred debt issuance costs for the three and nine months ended June 30, 2024 was $2,214 and $6,869, respectively.
Deferred offering costs: Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. Deferred offering costs are charged against the proceeds from equity offerings when received. These amounts are included in other assets on the Consolidated Statements of Financial Condition.
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Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Segment reporting: In accordance with ASC Topic 280 - Segment Reporting (“ASC Topic 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.    
The Company operates through a single operating and reporting segment with an investment objective to generate both current income and, to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (the “CODM”) is comprised of the Company’s chief executive officer, chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in evaluating the Company’s distribution policy. Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations. The Company has elected to early adopt ASC Topic 280 as of March 31, 2025.
Recent Accounting Updates: In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU No. 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-09.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU No. 2024-03 requires disaggregated disclosure of certain costs and expenses, including purchase of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting ASU No. 2024-03.
Note 3. Related Party Transactions
Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, GBDC. The Board most recently reapproved the Investment Advisory Agreement in May 2025. The Investment Advisory Agreement amended the Prior Investment Advisory Agreement in order to incorporate changes to the calculation of the incentive fee rates and the incentive fee cap. Under the Investment Advisory Agreement, the incentive fee rates were reduced from 20.0% to 15.0%, and the incentive fee cap was reduced from 20.0% to 15.0%. None of the other material terms changed in the Investment Advisory Agreement as compared to the Prior Investment Advisory Agreement, including the services to be provided and the calculation of the base management fee. The Investment Advisory Agreement was entered into and effective as of June 3, 2024, the closing of the GBDC 3 Merger. On August 3, 2023, the Board approved, and the Company entered into, the Prior Investment Advisory Agreement with the Investment Adviser, effective as of July 1, 2023, pursuant to which the base management fee rate was reduced from 1.375% to 1.0%. The Investment Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below).

The base management fee is calculated at an annual rate equal to 1.0% (or 1.375% for periods ending on or before June 30, 2023) of the fair value of the average adjusted gross assets of the Company at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds and securitization-related assets, leverage, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit for such derivative instruments with custodian but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee on such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial
107
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of the Company, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company.
The Investment Adviser serves as collateral manager under the 2018 Collateral Management Agreement (as described in Note 7), the GCIC 2018 Collateral Management Agreement (as described in Note 7), the 2021 Collateral Management Agreement (as described in Note 7), the 2022 Collateral Management Agreement (as described in Note 7), the 2022-2 Collateral Management Agreement (as described in Note 7) and the 2024 Collateral Management Agreement (as described in Note 7). Fees payable to the Investment Adviser for providing these services are offset against the base management fee payable by the Company under the Investment Advisory Agreement.
The base management fee incurred for the three and nine months ended June 30, 2025 was $22,082 and $65,376, respectively. The base management fee incurred for the three and nine months ended June 30, 2024 was $14,362 and $41,980, respectively.
The Company has structured the calculation of the Incentive Fee to include a fee limitation such that an Incentive Fee for any quarter can only be paid to the Investment Adviser if, after such payment, the cumulative Incentive Fees paid to the Investment Adviser, calculated on a per share basis, since April 13, 2010, the effective date of the Company’s election to become a BDC, would be less than or equal to 15.0% of the Company’s Cumulative Pre-Incentive Fee Net Income Per Share (as defined below).
The Company accomplishes this limitation by subjecting each quarterly Incentive Fee payable under the Income and Capital Gain Incentive Fee Calculation (as defined below) to a cap (the “Incentive Fee Cap”). Under the Investment Advisory Agreement, the Incentive Fee Cap in any quarter is equal to the difference between (a) 15.0% of Cumulative Pre-Incentive Fee Net Income Per Share (as defined below) and (b) Cumulative Incentive Fees Paid Per Share (as defined below). To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no Incentive Fee would be payable in that quarter. If, for any relevant period, the Incentive Fee Cap calculation results in the Company paying less than the amount of the Incentive Fee calculated above, then the difference between the Incentive Fee and the Incentive Fee Cap will not be paid by GBDC and will not be received by the Investment Adviser as an Incentive Fee either at the end of such relevant period or at the end of any future period. “Cumulative Pre-Incentive Fee Net Income Per Share” equals the sum of “Pre-Incentive Fee Net Income Per Share” (as defined below) for each quarterly period since April 13, 2010. “Pre-Incentive Fee Net Income Per Share” equals the sum of (i) Pre-Incentive Fee Net Investment Income (as defined below) and (ii) Adjusted Capital Returns for the applicable period, divided by (b) the weighted average number of shares of GBDC common stock outstanding during such period. “Adjusted Capital Returns” for any period is the sum of the realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation for such period; provided that the calculation of realized aggregate capital gains, realized aggregate capital losses, aggregate unrealized capital depreciation and aggregate unrealized capital appreciation shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation resulting solely from the asset acquisition for any premium or discount paid for the acquisition of assets in a merger. “Cumulative Incentive Fees Paid Per Share” is equal to the sum of Incentive Fees Paid Per Share since April 13, 2010. “Incentive Fees Paid Per Share” for any period is equal to the Incentive Fees accrued and/or payable to the Company for such period, divided by the weighted average number of shares of common stock of GBDC during such period.
“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of
108
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.
Incentive Fees are calculated and payable quarterly in arrears (or, upon termination of the Investment Advisory Agreement, as of the termination date).
The income and capital gains incentive fee calculation (the “Income and Capital Gain Incentive Fee Calculation”) has two parts, the income component (the “Income Incentive Fee”) and the capital gains component (the “Capital Gain Incentive Fee” and, together with the Income Incentive Fee, the “Incentive Fee”). The Income Incentive Fee is calculated quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter.
For the three and nine months ended June 30, 2025, the Income Incentive Fee incurred was $18,543 and $54,848, respectively. For the three and nine months ended June 30, 2024, the Income Incentive Fee incurred was $14,400 and $56,311, respectively.
On January 16, 2024, the Investment Adviser agreed to irrevocably waive any incentive fees payable under the Prior Investment Advisory Agreement in excess of 15% and waive incentive fees in excess of an incentive fee cap that was also reduced to 15%, in each case effective as of January 1, 2024, for periods ending on or prior to the earlier of (i) the closing of the acquisition of GBDC 3 pursuant to the GBDC 3 Merger Agreement or (ii) the termination of the GBDC 3 Merger Agreement (the “Waiver Period”), in accordance with the terms of a waiver letter agreement (the “GBDC 3 Merger Waiver”) to the Prior Investment Advisory Agreement.
In addition, the Investment Adviser unilaterally agreed to irrevocably waive 100% of the Income Incentive Fee payable to the Investment Adviser under the Investment Advisory Agreement for the three months ended June 30, 2024.
For the three and nine months ended June 30, 2024, the Investment Adviser irrevocably waived $14,400 and $19,557 of income incentive fees, respectively.
The Investment Advisory Agreement excludes the impact of asset acquisition resulting from a merger, including each of the GCIC Merger and GBDC 3 Merger, from the calculation of income subject to the Income Incentive Fee and the calculation of the Incentive Fee Cap. As a result, under the Investment Advisory Agreement, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or any amortization or accretion of any purchase premium or discount to interest income solely from the asset acquisition for any premium or discount paid for the acquisition of assets in a merger, such as the premium to net asset value paid for the shares of GCIC and GBDC 3 common stock in the GCIC Merger and GBDC 3 Merger. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value and an Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Incentive Fee would cause the Company to pay Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap.
Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 2.0% quarterly.
If market interest rates rise, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Incentive Fee based on such net investment income.
The Company’s Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of the Company’s total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds and securitization-related assets, unrealized depreciation or appreciation on
109
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee annual rate.
For periods ended on or before March 31, 2024, the Company calculated the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:
•Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income did not exceed the hurdle rate;
•100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 2.5%) is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Adviser with 20.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if the Company’s Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter; and
20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter.
For periods ended after June 3, 2024, including the three months ended June 30, 2024, the Company calculates the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows:
•Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
•100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to the Adviser equals 15.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. This portion of the Company’s Pre-Incentive Fee Net Investment Income is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Adviser with 15.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply; and
•15.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.
The Capital Gain Incentive Fee equals (a) 15.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), which commenced with the calendar year ending December 31, 2010, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Company’s “Capital Gain Incentive Fee Base” equals (1) the sum of (A) realized capital gains, if any, on a cumulative positive basis from the date the Company elected to become a BDC through the end of each calendar year, (B) all realized capital losses on a cumulative basis and (C) all unrealized capital depreciation on a cumulative basis less (2) all unamortized deferred debt issuance costs, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis.
•The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
•The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
•The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.
Realized capital gains and losses include gains and losses on investments, foreign currencies, including gains and losses on borrowings in foreign currencies, derivative contracts and any income tax related to cumulative aggregate realized gains and losses.
For the three and nine months ended June 30, 2025 and 2024, the Company did not accrue a Capital Gain Incentive Fee. As of June 30, 2025 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated
110
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
under the Investment Advisory Agreement as described above. Any payment due for a Capital Gain Incentive Fee under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year.
In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement, as applicable. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 15% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three and nine months ended June 30, 2025 and 2024, the Company did not accrue a capital gain incentive fee under GAAP. Changes in the accrual for the capital gain incentive fee under GAAP are included in incentive fee in the Consolidated Statements of Operations. As of both June 30, 2025 and September 30, 2024, there was no cumulative accrual of capital gain incentive fees under GAAP included in accounts payable and other liabilities on the Consolidated Statements of Financial Condition.
Administration Agreement:  Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment, provides the Company with clerical, bookkeeping and record keeping services at such facilities and provides the Company with other administrative services as the Administrator, subject to review by the Board, determines necessary to conduct the Company’s day-to-day operations. The Company reimburses the Administrator the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, fees and expenses associated with performing compliance functions and the Company’s allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. The Board reviews such expenses to determine that these expenses, including any allocation of expenses among the Company and other entities for which the Administrator provides similar services, are reasonable and comparable to administrative services charged by unaffiliated third-party asset managers. Under the Administration Agreement, the Administrator also provides, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance and will be paid an additional amount based on the cost of the services provided, which amount shall not exceed the amount the Company receives from such portfolio companies.
Included in accounts payable and other liabilities is $3,142 and $2,840 as of June 30, 2025 and September 30, 2024, respectively, for accrued allocated shared services under the Administration Agreement.
Other related party transactions: The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash.
Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2025 were $1,900 and $6,280, respectively. Total expenses reimbursed to the Administrator during the three and nine months ended June 30, 2024 were $5,716 and $9,752, respectively.
As of June 30, 2025 and September 30, 2024, included in accounts payable and other liabilities were $2,067 and $2,658, respectively, for expenses paid on behalf of the Company by the Administrator.
The Company is party to an unsecured revolving credit facility with the Investment Adviser (as amended, the “Adviser Revolver”) which, as of June 30, 2025 permits the Company to borrow a maximum of $300,000 and expires on June 13, 2032. As of September 30, 2024, the Company was permitted to borrow a maximum of $200,000 under the Adviser Revolver. Refer to Note 7, for discussion of the Adviser Revolver.
Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, an unsecured revolving credit facility with the Investment Adviser (“GBDC 3 Adviser Revolver”) that had a credit limit of $100,000. The GBDC 3 Adviser Revolver was terminated on June 11, 2024.
111
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
On June 3, 2024, the Company completed its acquisition of GBDC 3. Refer to Note 1 for more information regarding the GBDC 3 Merger.
Note 4. Investments
Investments as of June 30, 2025 and September 30, 2024 consisted of the following:
As of June 30, 2025As of September 30, 2024
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$487,388 $481,388 $480,592 $510,503 $506,178 $502,386 
One stop7,922,217 7,818,613 7,785,066 7,271,543 7,216,368 7,110,258 
Second lien33,322 31,640 28,625 18,430 17,125 14,054 
Subordinated debt37,477 36,988 37,419 30,410 29,943 30,175 
EquityN/A598,889 629,847 N/A533,299 578,538 
Total$8,480,404 $8,967,518 $8,961,549 $7,830,886 $8,302,913 $8,235,411 



112
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.
As of June 30, 2025As of September 30, 2024
Amortized Cost:        
United States        
Mid-Atlantic$1,577,535 17.6 %$1,502,136 18.1 %
Midwest1,388,979 15.5 1,391,538 16.8 
West1,352,377 15.1 1,133,878 13.7 
Southeast1,794,992 20.0 1,638,221 19.7 
Southwest1,144,848 12.8 1,041,814 12.5 
Northeast570,645 6.4 713,024 8.6 
Canada374,296 4.2 182,002 2.2 
United Kingdom390,652 4.4 395,769 4.8 
Australia54,195 0.6 20,909 0.2 
Luxembourg4,566 0.0 *58,328 0.7 
Netherlands12,824 0.1 95,950 1.2 
Finland78,915 0.9 52,670 0.6 
Sweden34,681 0.4 33,243 0.4 
Israel17,381 0.2 855 0.0 *
Denmark4,865 0.0 *4,860 0.1 
Germany79,107 0.9 19,896 0.2 
France20,238 0.2 17,820 0.2 
Jersey57,476 0.6 — — 
Spain8,946 0.1 — — 
Total$8,967,518 100.0 %$8,302,913 100.0 %
Fair Value:        
United States        
Mid-Atlantic$1,598,556 17.8 %$1,506,726 18.3 %
Midwest1,395,298 15.6 1,352,353 16.4 
West1,355,968 15.1 1,130,497 13.7 
Southeast1,750,634 19.5 1,634,599 19.8 
Southwest1,120,584 12.5 1,020,950 12.4 
Northeast571,480 6.4 713,123 8.7 
Canada370,838 4.1 178,003 2.2 
United Kingdom402,492 4.5 395,840 4.8 
Australia53,257 0.6 20,113 0.2 
Luxembourg4,882 0.1 57,439 0.7 
Netherlands 13,226 0.1 89,708 1.1 
Finland88,369 1.0 56,608 0.7 
Sweden36,891 0.4 34,709 0.4 
Israel17,665 0.2 1,008 0.0 *
Denmark4,843 0.1 4,896 0.1 
Germany85,152 1.0 20,493 0.3 
France22,204 0.2 18,346 0.2 
Jersey60,125 0.7 — — 
Spain9,085 0.1 — — 
Total$8,961,549 100.0 %$8,235,411 100.0 %
* Represents an amount less than 0.1%

113
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The industry compositions of the portfolio at amortized cost and fair value as a percentage of total investments in portfolio companies as of June 30, 2025 and September 30, 2024 were as follows:
As of June 30, 2025As of September 30, 2024
Amortized Cost:        
Aerospace & Defense$49,044 0.5 %$39,344 0.5 %
Air Freight & Logistics49,886 0.6 — — 
Airlines8,946 0.1 8,808 0.1 
Auto Components39,076 0.4 48,377 0.6 
Automobiles415,431 4.6 390,804 4.7 
Banks11,778 0.1 2,094 0.0 *
Beverages99,884 1.1 82,478 1.0 
Biotechnology1,998 0.0 *1,993 0.0 *
Building Products62,081 0.7 60,815 0.7 
Capital Markets12,715 0.1 2,557 0.0 *
Chemicals142,630 1.6 133,436 1.6 
Commercial Services & Supplies211,144 2.4 198,252 2.4 
Communications Equipment16,526 0.2 16,519 0.2 
Construction & Engineering12,022 0.1 4,042 0.1 
Containers & Packaging111,244 1.2 102,694 1.3 
Diversified Consumer Services474,804 5.3 391,054 4.7 
Diversified Financial Services172,669 1.9 90,456 1.1 
Diversified Telecommunication Services1,524 0.0 *1,521 0.0 *
Electric Utilities7,019 0.1 — — 
Electrical Equipment25,338 0.3 1,406 0.0 *
Electronic Equipment, Instruments & Components33,511 0.4 33,600 0.4 
Energy Equipment & Services4,355 0.0 *4,543 0.1 
Food & Staples Retailing29,891 0.3 21,957 0.3 
Food Products223,130 2.5 260,340 3.1 
Healthcare Equipment & Supplies316,835 3.5 270,891 3.3 
Healthcare Providers & Services678,332 7.6 559,659 6.7 
Healthcare Technology402,374 4.5 315,628 3.8 
Hotels, Restaurants & Leisure322,874 3.6 271,416 3.3 
Household Products9,507 0.1 8,636 0.1 
Industrial Conglomerates84,973 1.0 72,399 0.9 
Insurance531,664 5.9 460,242 5.5 
Internet & Direct Marketing Retail103,637 1.2 103,829 1.3 
IT Services311,294 3.5 294,569 3.5 
Leisure Products14,615 0.2 69,755 0.8 
Life Sciences Tools & Services133,738 1.5 115,691 1.4 
Machinery30,918 0.3 30,586 0.4 
Marine34,727 0.4 35,033 0.4 
Media15,508 0.2 13,883 0.2 
Multiline Retail29,147 0.3 43,416 0.5 
Oil, Gas & Consumable Fuels7,192 0.1 85,736 1.0 
Paper & Forest Products18,739 0.2 18,771 0.2 
Personal Products38,067 0.4 36,460 0.4 
Pharmaceuticals320,587 3.6 257,011 3.1 
Professional Services222,737 2.5 217,009 2.6 
Real Estate Management & Development110,772 1.2 211,484 2.6 
Road & Rail41,733 0.5 41,776 0.5 
Software2,346,989 26.2 2,229,206 26.9 
Specialty Retail446,639 5.0 476,296 5.7 
Textiles, Apparel & Luxury Goods44,737 0.5 43,892 0.5 
Trading Companies & Distributors56,126 0.6 55,166 0.7 
Transportation Infrastructure7,367 0.1 — — 
Water Utilities69,044 0.8 67,383 0.8 
Total$8,967,518 100.0 %$8,302,913 100.0 %
* Represents an amount less than 0.1%.
114
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of June 30, 2025As of September 30, 2024
Fair Value:        
Aerospace & Defense$49,485 0.6 %$40,073 0.5 %
Air Freight & Logistics51,131 0.6 — — 
Airlines9,085 0.1 8,547 0.1 
Auto Components33,772 0.4 45,376 0.6 
Automobiles414,744 4.6 389,281 4.7 
Banks11,811 0.1 2,076 0.0 *
Beverages93,317 1.1 76,785 0.9 
Biotechnology167 0.0 *764 0.0 *
Building Products61,404 0.7 59,962 0.7 
Capital Markets12,745 0.1 2,540 0.0 *
Chemicals133,509 1.5 119,535 1.5 
Commercial Services & Supplies212,507 2.4 198,921 2.4 
Communications Equipment16,591 0.2 16,494 0.2 
Construction & Engineering12,102 0.1 4,050 0.0 *
Containers & Packaging111,315 1.2 101,467 1.2 
Diversified Consumer Services463,060 5.2 385,797 4.7 
Diversified Financial Services177,673 2.0 90,588 1.1 
Diversified Telecommunication Services1,529 0.0 *1,529 0.0 *
Electric Utilities7,284 0.1 — — 
Electrical Equipment25,686 0.3 1,425 0.0 *
Electronic Equipment, Instruments & Components34,195 0.4 34,420 0.4 
Energy Equipment & Services2,121 0.0 *1,793 0.0 *
Food & Staples Retailing29,467 0.3 22,811 0.3 
Food Products228,970 2.6 258,812 3.1 
Healthcare Equipment & Supplies324,092 3.6 264,737 3.2 
Healthcare Providers & Services675,526 7.5 545,927 6.6 
Healthcare Technology406,310 4.5 317,594 3.9 
Hotels, Restaurants & Leisure324,265 3.6 271,656 3.3 
Household Products9,500 0.1 8,636 0.1 
Industrial Conglomerates91,429 1.0 72,439 0.9 
Insurance534,375 6.0 458,447 5.6 
Internet & Direct Marketing Retail84,087 0.9 108,880 1.3 
IT Services324,207 3.6 302,581 3.7 
Leisure Products16,172 0.2 71,152 0.9 
Life Sciences Tools & Services136,318 1.5 113,608 1.4 
Machinery30,640 0.3 29,750 0.4 
Marine34,588 0.4 34,517 0.4 
Media15,314 0.2 13,717 0.2 
Multiline Retail29,670 0.3 31,866 0.4 
Oil, Gas & Consumable Fuels6,776 0.1 85,689 1.0 
Paper & Forest Products18,947 0.2 18,727 0.2 
Personal Products20,910 0.2 32,813 0.4 
Pharmaceuticals323,059 3.6 254,314 3.1 
Professional Services225,511 2.5 218,402 2.7 
Real Estate Management & Development111,141 1.2 211,343 2.6 
Road & Rail41,179 0.5 41,172 0.5 
Software2,374,281 26.5 2,229,502 27.1 
Specialty Retail435,905 4.9 473,726 5.8 
Textiles, Apparel & Luxury Goods44,608 0.5 43,633 0.5 
Trading Companies & Distributors52,393 0.6 50,288 0.6 
Transportation Infrastructure7,427 0.1 — — 
Water Utilities69,249 0.8 67,249 0.8 
Total$8,961,549 100.0 %$8,235,411 100.0 %
* Represents an amount less than 0.1%.


115
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 5. Derivatives
The Company enters into derivatives from time to time to help mitigate its foreign currency and interest rate risk exposures.
Forward Currency Contracts
The outstanding forward currency contracts as of June 30, 2025 and September 30, 2024 were as follows:
As of June 30, 2025
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation Unrealized depreciation
Macquarie Bank Limited$7,000 CAD5,386 USD7/18/2025$242 $— 
Macquarie Bank Limited£8,750 GBP10,667 USD7/21/2025— (1,340)
Macquarie Bank Limited€20,700 EUR22,363 USD7/21/2025— (2,042)
Macquarie Bank Limited€10,100 EUR10,918 USD7/21/2025— (990)
Macquarie Bank Limited€16,100 EUR17,902 USD7/30/2025— (1,091)
Macquarie Bank Limited€3,900 EUR4,371 USD1/30/2026— (277)
Macquarie Bank Limited£21,900 GBP27,811 USD2/2/2026— (2,221)
Macquarie Bank Limited€35,000 EUR39,008 USD2/5/2026— (2,712)
Macquarie Bank LimitedA$26,100 AUD17,179 USD2/5/2026— (69)
Macquarie Bank Limited€14,650 EUR16,498 USD5/12/2027— (1,253)
Macquarie Bank Limited€20,300 EUR22,346 USD5/27/2027— (2,228)
$242 $(14,223)
SMBC Capital Markets, Inc.€22,000 EUR24,594 USD1/20/2026$— $(1,600)
SMBC Capital Markets, Inc.€23,750 EUR26,543 USD1/20/2026— (1,734)
SMBC Capital Markets, Inc.$7,400 CAD5,533 USD2/2/202646 — 
SMBC Capital Markets, Inc.£21,900 GBP27,746 USD2/5/2026— (2,266)
SMBC Capital Markets, Inc.€33,200 EUR39,008 USD5/27/2027— (1,309)
$46 $(6,909)

116
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of September 30, 2024
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation Unrealized depreciation
Macquarie Bank Limited€14,650 EUR$17,567 USD11/12/2024$1,225 $— 
Macquarie Bank Limited$5,200 CAD$4,245 USD12/9/2024390 — 
Macquarie Bank Limited€12,400 EUR$14,586 USD12/23/2024732 — 
Macquarie Bank Limited€7,900 EUR$8,682 USD2/5/2025— (152)
Macquarie Bank Limited€26,000 EUR$31,803 USD2/27/20252,654 — 
Macquarie Bank Limited£5,600 GBP$7,321 USD3/17/2025— (152)
Macquarie Bank Limited£13,945 GBP$19,149 USD3/31/2025522 — 
Macquarie Bank Limited$7,000 CAD$5,386 USD7/18/2025172 — 
Macquarie Bank Limited£8,750 GBP$10,667 USD7/21/2025— (964)
Macquarie Bank Limited€20,700 EUR$22,363 USD7/21/2025— (894)
Macquarie Bank Limited€10,100 EUR$10,918 USD7/21/2025— (430)
Macquarie Bank Limited€16,100 EUR$17,902 USD7/30/2025— (209)
Macquarie Bank Limited€3,900 EUR$4,371 USD1/30/2026— (45)
Macquarie Bank Limited£21,900 GBP$27,811 USD2/2/2026— (1,244)
Macquarie Bank Limited€35,000 EUR$39,008 USD2/5/2026— (618)
Macquarie Bank Limited$26,100 AUD$17,179 USD2/5/2026— (761)
$5,695 $(5,469)
SMBC Capital Markets, Inc.€22,000 EUR$24,594 USD1/20/2026$— $(387)
SMBC Capital Markets, Inc.€23,750 EUR$26,543 USD1/20/2026— (425)
SMBC Capital Markets, Inc.$7,400 CAD$5,533 USD2/2/2026— (4)
SMBC Capital Markets, Inc.£21,900 GBP$27,811 USD2/5/2026— (1,406)
$— $(2,222)
The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three and nine months ended June 30, 2025 and 2024 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:
Realized gain (loss) on forward currency contracts recognized in income
Risk exposure categoryThree months ended June 30,Nine months ended June 30,
2025202420252024
Foreign exchange $— $624 $7,203 $624 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure categoryThree months ended June 30,Nine months ended June 30,
2025202420252024
Foreign exchange $(22,219)$2,972 $(15,787)$1,589 
117
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and nine months ended June 30, 2025 and 2024:
Average U.S. Dollar notional outstandingThree months ended June 30,Nine months ended June 30,
2025202420252024
Forward currency contracts$296,011 $442,838 $324,980 $343,044 
Interest Rate Swaps
In connection with the 2028 Notes and 2029 Notes (each as defined in Note 7), the Company entered into interest rate swap agreements to more closely align the interest rate of such liability with its investment portfolio, which consists primarily of floating rate loans. The Company designated these interest rate swaps and the 2028 and 2029 Notes as a qualifying fair value hedge accounting relationship. See Note 7 for more information on the 2028 and 2029 Notes. As of June 30, 2025, the counterparties to the Company’s interest rate swap agreements were SMBC Capital Markets, Inc. and Macquarie Bank Limited. The outstanding interest rate swap contracts as of June 30, 2025 and September 30, 2024 were as follows:
As of June 30, 2025
CounterpartyHedged itemCompany receivesCompany paysMaturity dateNotional amountUnrealized appreciationUnrealized depreciation
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+3.327 %11/5/2028$225,000 $3,403 $— 
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+2.835 %11/5/2028225,000 6,910 — 
SMBC Capital Markets, Inc2029 Notes6.248%1M SOFR+2.444 %6/15/2029600,000 7,279 — 
$17,592 $— 
Macquarie Bank Limited2029 Notes5.881%3M SOFR+2.012 %6/15/2029150,000 $2,267 $— 
$2,267 $— 
As of September 30, 2024
CounterpartyHedged itemCompany receivesCompany paysMaturity dateNotional amountUnrealized appreciationUnrealized depreciation
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+3.327 %11/5/2028$225,000 $8,925 $— 
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+2.835 %11/5/2028225,000 13,298 — 
SMBC Capital Markets, Inc2029 Notes6.248%1M SOFR+2.444 %6/15/2029600,000 9,263 — 
$31,486 $— 
As a result of the Company’s designation as a hedging instrument in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instrument and the related hedged item, with the changes in the fair value of each being recorded in interest expense. The net unrealized gain/(loss) related to the fair value hedge was $155 and ($4,541), respectively, for the three and nine months ended June 30, 2025. The net unrealized gain/(loss) related to the fair value hedge was ($5,763) and ($2,991), respectively, for the three and nine months ended June 30, 2024. The net unrealized gain /(loss) related to the fair value hedge is included in “Interest and other debt financing expenses” in the Company’s Consolidated Statement of Operations. The table below presents the components of the net unrealized gain /(loss) related to the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the 2028 and 2029 Notes, from derivatives designated in a qualifying hedge accounting relationship for the three and nine months ended June 30, 2025 and 2024.
Three months ended June 30,
Nine months ended June 30,
2025202420252024
Hedging Instruments (Interest rate swaps)$9,598 $(7,916)$(11,627)$(13,744)
Hedged items (Unsecured notes)(9,443)2,153 7,086 10,753 
Fair market value adjustments for hedge accounting recognized in interest expense$155 $(5,763)$(4,541)$(2,991)
118
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The table below presents the carrying value of the 2028 and 2029 Notes as of June 30, 2025 and September 30, 2024 that are designated in qualifying hedging relationships and the related cumulative hedging adjustment (increase/(decrease)) from the current hedging relationships included in such carrying value:
As of June 30, 2025
As of September 30, 2024
DescriptionCarrying ValueCumulative Hedging AdjustmentCarrying ValueCumulative Hedging Adjustment
2028 Notes$456,834 $10,145 $460,642 $14,675 
2029 Notes755,252 9,657 606,271 12,213 
Offsetting Derivatives
In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with each of its derivative counterparties, Macquarie Bank Limited (“Macquarie”) and SMBC Capital Markets, Inc. (“SMBC” and, together with Macquarie, the “Counterparties” and each a “Counterparty”). Each ISDA Master Agreement is a bilateral agreement between the Company and each Counterparty that governs over the counter (“OTC”) derivatives, including forward currency contracts and interest rate swaps, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of each ISDA Master Agreements with each of the Counterparties permits a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from either Counterparty, if any, is included in the Consolidated Statements of Financial Condition as other assets or other liabilities. As of June 30, 2025 and September 30, 2024, there was $9,060 and $650, respectively, of collateral pledged for derivatives which is included in other assets on the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.
The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the consolidated financial statements of the Company including: the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of June 30, 2025 and September 30, 2024.
119
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of June 30, 2025
CounterpartyStatement of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) / Pledged(1)
Net Amounts(2)
Macquarie Bank LimitedNet unrealized depreciation on derivatives$2,509 $(14,223)$(11,714)$9,060 $(2,654)
SMBC Capital Markets, Inc.Net unrealized appreciation on derivatives17,638 (6,909)10,729 — 10,729 
As of September 30, 2024
CounterpartyStatement of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) / Pledged(1)
Net Amounts(2)
Macquarie Bank LimitedNet unrealized appreciation on derivatives$5,695 $(5,469)$226 $— $226 
SMBC Capital Markets, Inc.Net unrealized appreciation on derivatives31,486 (2,222)29,264 — 29,264 
(1)The actual collateral pledged could be more than the amount shown due to over collateralization.
(2)Represents the net amount due from/(to) counterparties in the event of default.
Exclusion of the Investment Adviser from Commodity Pool Operator Definition
Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company could cause the Investment Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. The Investment Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.
Note 6. Fair Value Measurements
The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Effective August 2, 2024, the Board designated the Investment Adviser as the Company’s Valuation Designee in accordance with Rule 2a-5 under the 1940 Act. The Company’s fair value analysis, currently undertaken by the Valuation Designee, includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:
120
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Level 1:     Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2:     Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Currently, the Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended June 30, 2025 and 2024. The following section describes the valuation techniques used to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.
Investments
Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of the portfolio company investments) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of June 30, 2025 were valued using Level 3 inputs. All investments as of September 30, 2024, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. As of June 30, 2025 and September 30, 2024, all money market funds included in cash and cash equivalents and restricted cash and cash equivalents were valued using Level 1 inputs and all forward currency contracts and interest rate swaps were valued using Level 2 inputs.
When determining fair value of Level 3 debt and equity investments, the Valuation Designee takes into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that affect the price at which similar investments are made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’s EBITDA can include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Valuation Designee uses a market interest rate yield analysis to determine fair value.
121
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
In addition, for certain debt investments, the Valuation Designee bases its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others could be willing to pay. Ask prices represent the lowest price that the Company and others could be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments could differ significantly from the values that would have been used had a ready market existed for such investments and could differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.
The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of June 30, 2025 and September 30, 2024:
As of June 30, 2025Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $8,331,702 $8,331,702 
Equity investments(1)
— — 629,847 629,847 
Money market funds(1)(2)
108,869 — — 108,869 
Forward currency contracts— 288 — 288 
Interest rate swaps— 19,859 — 19,859 
Total assets, at fair value:$108,869 $20,147 $8,961,549 $9,090,565 
Liabilities, at fair value:
Forward currency contracts $— $(21,132)$— $(21,132)
Total liabilities, at fair value:$— $(21,132)$— $(21,132)
As of September 30, 2024Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $7,656,873 $7,656,873 
Equity investments(1)
118 — 578,420 578,538 
Money market funds(1)(2)
213,101 — — 213,101 
Forward currency contracts— 5,695 — 5,695 
Interest rate swaps— 31,486 — 31,486 
Total assets, at fair value:$213,219 $37,181 $8,235,293 $8,485,693 
Liabilities at fair value:
Forward currency contracts $— $(7,691)$— $(7,691)
Total liabilities, at fair value:$— $(7,691)$— $(7,691)
(1)Refer to the Consolidated Schedules of Investments for further details.
(2)Included in cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Financial Condition.
122
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2025 reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held as of June 30, 2025 was $41,204 and $10,964, respectively. The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2024 reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held as of June 30, 2024 was ($61,787) and ($37,732), respectively.
The following tables present the changes in investments measured at fair value using Level 3 inputs for the nine months ended June 30, 2025 and 2024:
For the nine months ended June 30, 2025
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$7,656,873 $578,420 $8,235,293 
Net change in unrealized appreciation (depreciation) on investments40,145 (14,274)25,871 
Net translation of investments in foreign currencies35,668 (2)35,666 
Realized gain (loss) on investments(41,760)(70)(41,830)
Realized gain (loss) on translation of investments in foreign currencies(1,402)— (1,402)
Fundings of (proceeds from) revolving loans, net7,592 — 7,592 
Fundings of investments1,717,810 63,705 1,781,515 
PIK interest and non-cash dividends40,439 23,091 63,530 
Proceeds from non-cash dividends— (4,288)(4,288)
Proceeds from principal payments and sales of portfolio investments(1,129,187)(16,735)(1,145,922)
Accretion of discounts and amortization of premiums5,524 — 5,524 
Fair value, end of period$8,331,702 $629,847 $8,961,549 
For the nine months ended June 30, 2024
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$5,219,183 $297,330 $5,516,513 
Net change in unrealized appreciation (depreciation) on investments(41,400)5,803 (35,597)
Net translation of investments in foreign currencies14,457 (2)14,455 
Realized gain (loss) on investments(51,729)2,224 (49,505)
Realized gain (loss) on translation of investments in foreign currencies(6,831)— (6,831)
Funding of (proceeds from) revolving loans, net4,658 — 4,658 
Fundings of investments484,277 70,244 554,521 
PIK interest and non-cash dividends36,551 13,890 50,441 
Proceeds from non-cash dividends— (47)(47)
Proceeds from principal payments and sales of portfolio investments(855,953)(11,280)(867,233)
Accretion of discounts and amortization of premiums10,996 — 10,996 
Transfers in - GBDC 3 Merger2,527,770 147,280 2,675,050 
Fair value, end of period$7,341,979 $525,442 $7,867,421 


123
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2025 and September 30, 2024.
Quantitative Information about Level 3 Fair Value Measurements
Fair value as of June 30, 2025Valuation TechniquesUnobservable Input
Range (Weighted Average) (1)
Assets:        
Senior secured loans(2)
$480,592 Yield analysisMarket interest rate
7.0% - 15.5% (9.2%)
    Market comparable companiesEBITDA multiples
3.7x - 23.9x (13.9x)
One stop loans(3)(4)
$7,785,066 Yield analysisMarket interest rate
3.8% - 26.3% (9.2%)
  Market comparable companiesEBITDA multiples
3.4x - 36.0x (15.8x)
      Revenue multiples
1.4x - 18.0x (8.3x)
Subordinated debt and second lien loans(5)(6)
$66,044 Yield analysisMarket interest rate
8.8% - 16.3% (11.2%)
    Market comparable companiesEBITDA multiples
5.0x - 24.0x (15.3x)
      Revenue multiples
8.5x
Equity(7)
$629,847 Market comparable companiesEBITDA multiples
4.7x - 29.1x (16.3x)
      Revenue multiples
1.3x - 18.0x (8.5x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$8,249 of loans at fair value were valued using the market comparable companies approach only.
(3)$87,147 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $6,840,170 and $944,896 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)$360 of loans at fair value were valued using the market comparable companies approach only.
(6)The Company valued $65,990 and $54 of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively.
(7)The Company valued $550,405 and $79,442 of equity investments using EBITDA and revenue multiples, respectively.
124
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Quantitative Information about Level 3 Fair Value Measurements
Fair value as of September 30, 2024Valuation TechniquesUnobservable Input
Range
(Weighted Average)(1)
Assets:        
Senior secured loans(2)
$502,386 Yield analysisMarket interest rate
6.5% - 20.3% (10.5%)
    Market comparable companiesEBITDA multiples
1.5x - 24.0x (12.3x)
One stop loans(3)(4)
$7,057,577 Yield analysisMarket interest rate
4.3% - 21.0% (9.9%)
  Market comparable companiesEBITDA multiples
2.8x - 53.2x (16.0x)
      Revenue multiples
1.0x - 18.0x (7.9x)
52,681 Broker/dealer bids or quotesBroker/dealer bids or quotesN/A
Subordinated debt and second lien loans(5)
$44,229 Yield analysisMarket interest rate
10.0% - 15.5% (13.3%)
    Market comparable companiesEBITDA multiples
5.5x - 24.0x (16.0x)
Equity(6)
$578,420 Market comparable companiesEBITDA multiples
5.5x - 53.2x (18.2x)
      Revenue multiples
1.2x - 18.0x (8.1x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$2,807 of loans at fair value were valued using the market comparable companies approach only.
(3)$64,786 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $6,036,312 and $1,021,265 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
(5)$435 of loans at fair value were valued using the market comparable companies approach only.
(6)The Company valued $505,597 and $72,823 of equity investments using EBITDA and revenue multiples, respectively.
The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Valuation Designee.
The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates. The Valuation Designee uses EBITDA multiples and, to a lesser extent, revenue multiples on the Company’s debt and equity investments to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would have resulted in a significantly lower or higher fair value measurement. The Valuation Designee uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan’s effective yield was significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan could have been lower.
Other Financial Assets and Liabilities
ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “debt” which is reported at cost, all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. The fair value of the Company's 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes (as defined in Note 7) is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of the Company’s remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.
125
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The following are the carrying values and fair values of the Company’s debt as of June 30, 2025 and September 30, 2024.
As of June 30, 2025As of September 30, 2024
  Carrying ValueFair ValueCarrying ValueFair Value
Debt(1)
$5,154,001 $5,145,736 $4,624,791 $4,591,161 
(1) As of June 30, 2025 and September 30, 2024, carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship related to the 2028 and 2029 Notes. See Note 5 for additional information.
126
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 7. Borrowings
In accordance with the 1940 Act, with certain limited exceptions, prior to February 6, 2019, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. On February 5, 2019, the Company’s stockholders voted to approve the asset coverage requirement decrease to 150% from 200% in accordance with Section 61(a)(2) of the 1940 Act. Effective February 6, 2019, the reduced asset coverage requirement permits the Company to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. As of June 30, 2025, the Company’s asset coverage for borrowed amounts was 176.8%.
2024 Debt Securitization: On November 18, 2024, the Company completed a $2,200,500 term debt securitization (the “2024 Debt Securitization”). The notes offered in the 2024 Debt Securitization (“the 2024 Notes”) were issued by the 2024 Issuer and were backed by a diversified portfolio of senior secured loans. The transaction was executed through a private placement which consisted of $1,192,400 of Aaa/AAA Class A-1R Senior Secured Floating Rate Notes due 2036 (the “Class A-1R 2024 Notes”), which bear interest at three-month SOFR plus 1.56%; $171,600 of AAA Class A-2RR Senior Secured Floating Rate Notes due 2036, which bear interest at three-month SOFR plus 1.75% (the “Class A-2RR 2024 Notes”); $165,000 of AA Class B-R Senior Secured Floating Rate Notes, which bear interest at three-month SOFR plus 1.70% (the “Class B-R Notes”); $154,000 of A Class C-R Senior Secured Floating Rate Notes, which bear interest at three-month SOFR plus 2.10%; and $517,500 of Subordinated Notes due 2124 which do not bear interest (the “Subordinated Notes” and together with the Secured Notes, the “2024 Notes”). The Company indirectly retained all of the Class B-R, Class C-R and Subordinated Notes.
Through October 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2024 Issuer and in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2024 Debt Securitization, allowing the Company to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are scheduled to mature on October 20, 2036. The Subordinated 2024 Notes are due in 2124. The Class A-1R and Class A-2RR 2024 Notes are included in the June 30, 2025 Consolidated Statement of Financial Condition as debt of the company. As of June 30, 2025, the Class B-R, Class C-R and Subordinated 2024 Notes were eliminated in consolidation.

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

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

For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2024 Debt Securitization were as follows:
Three months ended June 30,
 Nine months ended June 30,
  2025202420252024
Stated interest expense$20,196 $— $50,637 $— 
Amortization of debt issuance costs232 — 573 — 
Total interest and other debt financing expenses$20,428 $— $51,210 $— 
Cash paid for interest expense$34,891 $— $34,891 $— 
Annualized average stated interest rate5.9 %N/A6.0 %N/A
Average outstanding balance$1,364,000 $— $1,124,176 $— 

127
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of June 30, 2025, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A-1R and A-2RR 2024 Notes are as follows:
DescriptionClass A-1R 2024 NotesClass A-2RR 2024 Notes
TypeSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$1,192,400$171,600
Fitch Rating“AAA”“NR”
S&P Rating“AAA”“AAA”
Interest Rate
SOFR + 1.56%
SOFR + 1.75%
As part of the 2024 Debt Securitization, the Company entered into a master loan sale agreement that provides for the sale of assets on the 2024 Debt Securitization closing date as well as future sales from the Company to the 2024 Issuer through the BDC CLO 8 Depositor, (1) the Company sold and/or contributed to the BDC CLO 8 Depositor the remainder of its ownership interest in the portfolio company investments securing the 2024 Debt Securitization and participations for the purchase price and other consideration set forth in the master loan sale agreement and (2) the BDC CLO 8 Depositor, in turn, sold to the 2024 Issuer all of its ownership interest in such portfolio loans and participations for the purchase price and other consideration set forth in the master loan sale agreement. Following these transfers, the 2024 Issuer, and not the BDC CLO 8 Depositor or the Company, holds all of the ownership interest in such portfolio company investments and participations.
2018 Debt Securitization: On November 16, 2018, the Company completed a $602,400 term debt securitization (the “2018 Debt Securitization”). The notes offered in the 2018 Debt Securitization (the “2018 Notes”) were issued by the 2018 Issuer, a subsidiary of the 2018 CLO Depositor, and were backed by a diversified portfolio of senior secured and second lien loans. The transaction was executed through a private placement which, through November 18, 2024, consisted of approximately $327,000 of AAA/AAA Class A 2018 Notes, which bore interest at three-month LIBOR plus 1.48%; $61,200 of AA Class B 2018 Notes, which bore interest at three-month LIBOR plus 2.10%; $20,000 of A Class C-1 2018 Notes, which bore interest at three-month LIBOR plus 2.80%; $38,800 of A Class C-2 2018 Notes, which bore interest at three-month LIBOR plus 2.65%; $42,000 of BBB- Class D 2018 Notes, which bore interest at three-month LIBOR plus 2.95%; and $113,400 of Subordinated 2018 Notes which did not bear interest. The Company indirectly retained all of the Class C-2, Class D and Subordinated 2018 Notes. The Class A, Class B and Class C-1 2018 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company. As of September 30, 2024, the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation.
Through January 20, 2023, the 2018 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2018 Debt Securitization.
On November 18, 2024, in connection with the 2024 Debt Securitization, the 2018 Issuer redeemed the outstanding 2018 Notes pursuant to the terms of the indenture governing the 2018 Notes. Following such redemption, the agreements which governed the 2018 Debt Securitization were terminated. The 2018 Notes would have otherwise matured on January 20, 2031.
As of September 30, 2024, there were 44 portfolio companies with a total fair value of $351,446 securing the 2018 Notes. The pool of loans in the 2018 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.
128
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The interest charged under the 2018 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%. For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2018 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$— $5,823 $1,839 $19,422 
Amortization of debt issuance costs— — — 2 
Total interest and other debt financing expenses$— $5,823 $1,839 $19,424 
Cash paid for interest expense$— $6,354 $5,152 $20,766 
Annualized average stated interest rateN/A7.4 %7.1 %7.4 %
Average outstanding balance$— $316,992 $34,603 $350,454 
As part of the 2018 Debt Securitization, GBDC entered into a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the 2018 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated 2018 Notes. As of September 30, 2024, the 2018 Notes (other than the Subordinated 2018 Notes) were the secured obligations of the 2018 Issuer and indentures governing the 2018 Notes include customary covenants and events of default.

GCIC 2018 Debt Securitization: Effective September 16, 2019, the Company assumed, as a result of the GCIC Merger, a $908,195 term debt securitization (the “GCIC 2018 Debt Securitization”). The GCIC 2018 Debt Securitization was originally completed on December 13, 2018. The notes offered in the GCIC 2018 Debt Securitization (the “GCIC 2018 Notes”) were issued by the GCIC 2018 Issuer, a subsidiary of GCIC 2018 CLO Depositor, and were secured by a diversified portfolio of senior secured and second lien loans. Through November 18, 2024, the GCIC 2018 Debt Securitization consisted of $490,000 of AAA/AAA Class A-1 GCIC 2018 Notes, $38,500 of AAA Class A-2 GCIC 2018 Notes, and $18,000 of AA Class B-1 GCIC 2018 Notes. In partial consideration for the loans transferred to the GCIC 2018 Issuer as part of the GCIC 2018 Debt Securitization, the GCIC 2018 CLO Depositor received and retained $27,000 of Class B-2 GCIC 2018 Notes, $95,000 of Class C GCIC 2018 Notes and $60,000 of Class D GCIC 2018 Notes and $179,695 of Subordinated GCIC 2018 Notes. On December 21, 2020, the Company and the GCIC 2018 Issuer amended the GCIC 2018 Debt Securitization to, among other things, (a) refinance the issued Class A-2 GCIC 2018 Notes issued by the GCIC 2018 Issuer by redeeming in full the $38,500 of Class A-2 GCIC 2018 Notes and issuing new Class A-2-R GCIC 2018 Notes in an aggregate principal amount of $38,500 that bore interest at a rate of 2.498%, which is a decrease from the rate of 4.665% of the Class A-2 GCIC 2018 Notes and (b) provide for a non-called period, during which the Class A-2-R GCIC 2018 Notes cannot be redeemed, from December 21, 2020 to but excluding June 21, 2021. The Class A-1, Class A-2-R and Class B-1 GCIC 2018 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company. As of September 30, 2024, the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation.
Through January 20, 2023, the GCIC 2018 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser in its capacity as collateral manager of the GCIC 2018 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GCIC 2018 Debt Securitization.
On November 18, 2024, in connection with the 2024 Debt Securitization, the GCIC 2018 Issuer redeemed the outstanding GCIC 2018 Notes pursuant to the terms of the indenture governing such GCIC 2018 Notes. Following such redemption, the agreements that governed the GCIC 2018 Debt Securitization were terminated. The GCIC 2018 Notes would have otherwise matured on January 20, 2031, and the Subordinated GCIC 2018 Notes would have otherwise matured on December 13, 2118.
As of September 30, 2024, there were 58 portfolio companies with a total fair value of $524,168 securing the GCIC 2018 Notes. The pool of loans in the GCIC 2018 Debt Securitization were required to meet certain requirements,
129
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.
The interest charged under the GCIC 2018 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%. For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the GCIC 2018 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$— $6,734 $1,682 $23,410 
Accretion of discounts on notes issued— — — — 
Amortization of debt issuance costs— — — — 
Total interest and other debt financing expenses$— $6,734 $1,682 $23,410 
Cash paid for interest expense$— $7,928 $4,861 $25,531 
Annualized average stated interest rateN/A6.8 %6.1 %6.8 %
Average outstanding balance$— $400,163 $36,904 $456,622 
As part of the GCIC 2018 Debt Securitization, GBDC assumed in the GCIC Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GCIC 2018 Issuer and to purchase or otherwise acquire the LLC equity interests in the GCIC Subordinated 2018 Notes. As of September 30, 2024, the GCIC 2018 Notes (other than the GCIC Subordinated 2018 Notes) were the secured obligations of the GCIC 2018 Issuer and indentures governing the GCIC 2018 Notes include customary covenants and events of default.

GBDC 3 2021 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $398,850 term debt securitization (the “GBDC 3 2021 Debt Securitization”). The GBDC 3 2021 Debt Securitization was originally completed on March 11, 2021. The GBDC 3 2021 Notes were issued by the GBDC 3 2021 Issuer and were backed by a diversified portfolio of senior secured and second lien loans. Through November 18, 2024, the GBDC 3 2021 Notes offered in the GBDC 3 2021 Debt Securitization consisted of $224,000 of AAA Class A GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 1.60%; $28,000 of AA Class B GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 1.85%; $36,000 of A Class C-1 GBDC 3 2021 Notes, which bore interest at the three-month SOFR plus 2.80%; $10,000 A Class C-2 GBDC 3 2021 Notes, which bore interest at 3.91%; up to $28,000 of BBB- Class D GBDC 3 2021 Notes, which were unfunded on the closing date of the GBDC 3 2021 Debt Securitization and which, if funded, would bear interest at the three-month SOFR plus a spread set in connection with the funding date but which in no event will be greater than 5.00% (the Class D GBDC 3 2021 Notes, together with the Class A GBDC 3 2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3 2021 Notes and the Class C-2 GBDC 3 2021 Notes are referred to as the “Secured GBDC 3 2021 Notes”); and approximately $100,850 of Subordinated GBDC 3 2021 Notes, which did not bear interest. The Class A GBDC 3 2021 Notes, the Class B GBDC 3 2021 Notes, the Class C-1 GBDC 3 2021 Notes, and the Class C-2 GBDC 3 2021 Notes were issued through a private placement through Deutsche Bank Securities Inc. The GBDC 3 2021 Issuer indirectly retained all of the Class D GBDC 3 2021 Notes and Subordinated GBDC 3 2021 Notes which were eliminated in consolidation. The Class A, Class B, Class C-1, and Class C-2 GBDC 3 2021 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company.
Through April 15, 2025, the GBDC 3 2021 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the GBDC 3 2021 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the GBDC 3 2021 Debt Securitization, allowing the Company to maintain the initial leverage in the GBDC 3 2021 Debt Securitization.
On November 18, 2024, in connection with the 2024 Debt Securitization, the GBDC 3 2021 Issuer redeemed the outstanding GBDC 3 2021 Notes pursuant to the terms of the indenture governing such GBDC 3 2021 Notes. Following such redemption, the agreements which governed the GBDC 3 2021 Debt Securitization were terminated.
130
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
The redemption of the GBDC 3 2021 Notes resulted in a realized loss on the extinguishment of debt of $48 for the three months ended December 31, 2024, which represented the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination. The Secured GBDC 3 2021 Notes would have otherwise matured on April 15, 2033 and the Subordinated GBDC 3 2021 Notes would have otherwise matured in 2121.
As of September 30, 2024, there were 81 portfolio companies with total fair value of $395,682 securing the GBDC 3 2021 Notes. The pool of loans in the GBDC 3 2021 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.
The interest charged under the GBDC 3 2021 Debt Securitization was based on three-month SOFR plus a spread adjustment of 0.26161%. For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2021 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
2025202420252024
Stated interest expense$— $1,680 $2,694 $1,680 
Amortization of debt issuance costs— — — — 
Total interest expense$— $1,680 $2,694 $1,680 
Cash paid for interest expense$— $— $7,355 $— 
Annualized average stated interest rateN/A7.4 %6.9 %7.4 %
Average outstanding balance$— $91,692 $52,396 $30,452 
As part of the GBDC 3 2021 Debt Securitization, GBDC assumed in the GBDC 3 Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GBDC 3 2021 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated GBDC 3 2021 Notes. As of September 30, 2024, the Secured GBDC 3 2021 Notes (other than the Subordinated GBDC 3 2021 Notes) were the secured obligations of the GBDC 3 2021 Issuer and indentures governing the Secured GBDC 3 2021 Notes include customary covenants and events of default.
GBDC 3 2022 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $401,750 asset-backed securitization (the “GBDC 3 2022 Debt Securitization”). The GBDC 3 2022 Debt Securitization was originally completed on January 25, 2022. The notes offered in the GBDC 3 2022 Debt Securitization were issued by the GBDC 3 2022 Issuer and are backed by a diversified portfolio of senior secured loans. The notes offered in the GBDC 3 2022 Debt Securitization consist of $252,000 of Class A Senior Secured Floating Rate Notes, which bear interest at a benchmark interest rate, which will be based on three-month term SOFR, plus 2.00% (the “Secured GBDC 3 2022 Notes”) and $149,750 of Subordinated Notes, which do not bear interest (the “Subordinated GBDC 3 2022 Notes” and, together with the Secured GBDC 3 2022 Notes, the “GBDC 3 2022 Notes”). The Secured GBDC 3 2022 Notes were issued through a private placement through Deutsche Bank Securities Inc. The GBDC 3 2022 Issuer indirectly retained all of the Subordinated GBDC 3 2022 Notes, and the Subordinated GBDC 3 2022 Notes were eliminated in consolidation. The Secured GBDC 3 2022 Notes are included in the June 30, 2025 and September 30, 2024 Consolidated Statements of Financial Condition as debt of the Company.
Through January 25, 2024, the GBDC 3 2022 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the GBDC 3 2022 Issuer, in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the GBDC 3 2022 Debt Securitization. There were repayments on the GBDC 3 2022 Notes of $14,751 during the period June 3, 2024 through September 30, 2024. The Secured GBDC 3 2022 Notes are due on January 18, 2030. The Subordinated GBDC 3 2022 Notes are due on January 25, 2122.
131
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
As of June 30, 2025 and September 30, 2024, there were 47 and 55 portfolio companies, respectively, with a total fair value of $293,120 and $377,755, respectively, securing the GBDC 3 2022 Debt Securitization. The pool of loans in the GBDC 3 2022 Debt Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.
The interest charged under the GBDC 3 2022 Debt Securitization is based on three-month term SOFR. The three-month term SOFR rate in effect as of June 30, 2025 based on the last interest rate reset was 4.3%.
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
2025202420252024
Stated interest expense$2,951 $1,437 $10,399 $1,437 
Amortization of debt issuance costs— — — — 
Total interest expense$2,951 $1,437 $10,399 $1,437 
Cash paid for interest expense$3,289 $— $11,581 $— 
Annualized average stated interest rate6.4 %7.5 %6.6 %7.5 %
Average outstanding balance$186,024 $77,411 $211,325 $25,710 
As of June 30, 2025, the class, amount, rating and interest rate (expressed as a spread to three-month term SOFR, as applicable) of the GBDC 3 2022 Debt Securitization was as follows:
DescriptionSecured GBDC 3 2022 Notes
TypeSenior Secured Floating Rate
Amount Outstanding$179,529
Kroll Bond Rating Agency RatingA
Interest Rate
SOFR + 2.0%
As part of the GBDC 3 2022 Debt Securitization, GBDC assumed in the GBDC 3 Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured loans (or participation interests therein) to the GBDC 3 2022 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated GBDC 3 2022 Notes. As of June 30, 2025 and September 30, 2024, the Secured GBDC 3 2022 Notes (other than the Subordinated GBDC 3 2022 Notes) were the secured obligations of the Secured GBDC 3 2022 and indentures governing the Secured GBDC 3 2022 Notes include customary covenants and events of default.
GBDC 3 2022-2 Debt Securitization: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a $386,600 term debt securitization (the “GBDC 3 2022-2 Debt Securitization”). The GBDC 3 2022-2 Debt Securitization was originally completed on December 14, 2022. The notes offered in the GBDC 3 2022-2 Debt Securitization (the “GBDC 3 2022-2 Notes”) were issued by the GBDC 3 2022-2 Issuer and were backed by a diversified portfolio of senior secured and second lien loans. Through December 16, 2024, the GBDC 3 2022-2 Notes offered in the GBDC 3 2022-2 Debt Securitization consisted of $140,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Notes due 2034, which bore interest at the three-month term SOFR plus 2.60%; $38,800 of AA Class B GBDC 3 Senior Secured Floating Rate Notes due 2034, which bore interest at the three-month term SOFR plus 3.09% (the “Class B GBDC 3 2022-2 Notes” and, together with the Class A GBDC 3 2022-2 Notes, the “Secured GBDC 3 2022-2 Notes”); $85,000 of AAA Class A GBDC 3 Senior Secured Floating Rate Loans maturing 2034, which bore interest at the three-month term SOFR plus 2.60% (the “Class A GBDC 3 2022-2 Loans” and, together with the Secured GBDC 3 2022-2 Notes, the “Secured GBDC 3 2022-2 Debt”); and $122,800 of Subordinated Notes due 2122 (the “Subordinated GBDC 3 2022-2 Notes”), which did not bear interest. The GBDC 3 2022-2 Issuer indirectly retained all of the Class B GBDC 3 2022-2 Notes and Subordinated GBDC 3 2022-2 Notes which were eliminated in consolidation. The Class A GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2
132
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Loans are included in the September 30, 2024 Consolidated Statement of Financial Condition as debt of the Company.
Through January 18, 2026, the GBDC 3 2022-2 Issuer was permitted to us all principal collections received on the underlying collateral to purchase new collateral under the direction of the Investment Adviser, in its capacity as collateral manager of the GBDC 3 2022-2 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the GBDC 3 2022-2 Debt Securitization, allowing the Company to maintain the initial leverage in the GBDC 3 2022-2 Debt Securitization.
On December 16, 2024, the GBDC 3 2022-2 Issuer redeemed the outstanding GBDC 3 2022-2 Notes pursuant to the terms of the indenture governing such GBDC 3 2022-2 Notes. Following such redemption, the agreements which governed the GBDC 3 2022-2 Debt Securitization were terminated. The Secured GBDC 3 2022-2 Notes and Class A GBDC 3 2022-2 Loans would have otherwise matured on January 18, 2034. The Subordinated GBDC 3 2022-2 Notes would have otherwise matured on December 14, 2122.
As of September 30, 2024, there were 73 portfolio companies with a total fair value of $377,471 securing the GBDC 3 2022-2 Debt Securitization. The pool of loans in the GBDC 3 2022-2 Debt Securitization were required to meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements. The interest charged under the GBDC 3 2022-2 Debt Securitization was based on three-month term SOFR. For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the GBDC 3 2022-2 Debt Securitization were as follows:
Three months ended June 30,
Nine months ended June 30,
2025202420252024
Stated interest expense$— $1,387 $3,504 $1,387 
Amortization of debt issuance costs— — — — 
Total interest expense$— $1,387 $3,504 $1,387 
Cash paid for interest expense$— $— $7,197 $— 
Annualized average stated interest rateN/A8.1 %7.5 %8.1 %
Average outstanding balance$— $69,231 $62,637 $22,993 
As part of the GBDC 3 2022-2 Debt Securitization, GBDC assumed in the GBDC 3 Merger a master loan sale agreement under which GBDC agreed to directly or indirectly sell or contribute certain senior secured and second lien loans (or participation interests therein) to the GBDC 3 2022-2 Issuer and to purchase or otherwise acquire the LLC equity interests in the Subordinated GBDC 3 2022-2 Notes. As of September 30, 2024, the Secured GBDC 3 2022-2 Notes (other than the Subordinated GBDC 3 2022-2 Notes) were the secured obligations of the GBDC 3 2022-2 Issuer and indentures governing the Secured GBDC 3 2022-2 Notes include customary covenants and events of default.
The Investment Adviser serves or served as collateral manager to each of the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer under separate collateral management agreements and receives a fee for providing these services. The total fees payable by the Company under the Investment Advisory Agreement are reduced by an amount equal to the total aggregate fees paid to the Investment Adviser by each of the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 and the 2024 Issuer for rendering such collateral management services.
133
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
GBDC 3 DB Credit Facility: Effective June 3, 2024, the Company assumed, as a result of the GBDC 3 Merger, a loan financing and servicing agreement (as amended, the “GBDC 3 DB Credit Facility”), with the Company and GBDC 3 Funding, as equity holder and as servicer, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto, each of the entities from time to time party thereto as securitization subsidiaries and Deutsche Bank Trust Company Americas, as collateral agent and as collateral custodian. The GBDC 3 DB Credit Facility was originally entered into on September 10, 2019 (the “GBDC 3 DB Credit Facility Effective Date”). On November 19, 2024, all amounts outstanding under the GBDC 3 DB Credit Facility were repaid, following which the agreements governing the GBDC 3 DB Credit Facility were terminated. The period during which GBDC 3 Funding may have requested drawdowns under the “GBDC 3 DB Credit Facility (the “Revolving Period”) commenced on the GBDC 3 DB Credit Facility Effective Date and would have continued through April 10, 2025. Prior to termination, the GBDC 3 DB Credit Facility allowed GBDC 3 Funding to borrow up to $625,000, subject to leverage and borrowing base restrictions, and had a maturity date of April 10, 2028.
Prior to termination, the GBDC 3 DB Credit Facility bore interest at the applicable base rate plus 2.30% per annum during the Revolving Period and 2.80% after the Revolving Period. The base rate under the GBDC 3 DB Credit Facility was (i) the three-month Canadian Overnight Repo Rate Average (“CORRA”) plus an adjustment equal to 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the three-month EURIBOR with respect to any advances denominated in euros, (iii) the three-month Bank Bill Swap Rate with respect to any advances denominated in Australian dollars, (iv) the daily simple Sterling Overnight Index Average with respect to any advances denominated U.K. pound sterling, the daily simple Swiss Average Rate Overnight with respect to any advances denominated in Swiss francs, (v) the three-month Copenhagen Interbank Offered Rate with respect to any advances denominated in Danish krones, (vi) the three-month Bank Bill Benchmark Rate with respect to any advances denominated in New Zealand dollars, (vii) the three-month Norwegian Krone Interbank Offered Rate with respect to any advances denominated in Norwegian krona, (viii) the three-month Stockholm Interbank Offered Rate with respect to any advances denominated in Swedish krona, and (ix) the three-month term SOFR with respect to any other advances. A syndication/agent fee was payable to the facility agent each quarter and was calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day. In addition, a non-usage fee of 0.25% per annum was payable on the undrawn amount under the GBDC 3 DB Credit Facility, and, during the Revolving Period, an additional fee based on unfunded commitments of the lenders could have been payable if borrowings under the GBDC 3 DB Credit Facility did not exceed a minimum utilization percentage threshold. A prepayment fee would have been payable in the event of any permanent reduction in commitments of the GBDC 3 DB Credit Facility in the amount of 0.50% or 0.25% of the amount of the reduction during the first or second year after the Effective Date, respectively.
The GBDC 3 DB Credit Facility was secured by all of the assets held by GBDC 3 Funding. GBDC 3 Funding made customary representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings under the GBDC 3 DB Credit Facility were subject to the leverage restrictions contained in the 1940 Act.
As of September 30, 2024, the Company had outstanding debt under the GBDC 3 DB Credit Facility of $411,489.
134
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the “GBDC 3 DB Credit Facility were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$— $3,076 $3,820 $3,076 
Facility fees— 154 244 154 
Accretion of discounts— — — — 
Total interest and other debt financing expenses$— $3,230 $4,064 $3,230 
Cash paid for interest expense and facility fees$— $— $11,680 $— 
Annualized average stated interest rate¹N/A7.6 %6.8 %7.6 %
Average outstanding balance$— $163,225 $75,658 $54,210 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
JPM Credit Facility: On February 11, 2021, the Company entered into a senior secured revolving credit facility (as amended, the “JPM Credit Facility”) with the Company, as borrower, JPMorgan Chase Bank N.A., as administrative agent and as collateral agent, and the lenders from time to time party thereto which, as of June 30, 2025, allowed the Company to borrow up to $1,997,500 in U.S. dollars and certain agreed upon foreign currencies (“Outstanding Commitments”), subject to leverage and borrowing base restrictions. Through a series of agreements, most recently on November 15, 2024 and December 6, 2024, the Company, through the accordion feature, increased the aggregate commitments under the JPM Credit Facility from $1,822,500 to $1,997,500. On April 4, 2025, the Company amended and restated the JPM Credit Facility to among other things, (i) change the applicable margin to a range of 1.525% to 1.775% for any Term Benchmark Loan or RFR Loan (as defined in the JPM Credit Facility) or a range of 0.525% to 0.775% for any ABR Loan (as defined in the JPM Credit Facility), (ii) reduce the unused fee rate on all unused commitments to 0.325% from 0.375%, (iii) extend the maturity date to April 4, 2030 from August 6, 2029 and (iv) amend the accordion provision to permit increases to the total commitments to up to $3,000,000.
The JPM Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $23,750, subject to increase or reduction from time to time pursuant to the terms of the JPM Credit Facility.
The JPM Credit Facility is secured by a first priority security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries thereunder.
Borrowings for any Term Benchmark Loan or RFR Loan (as defined in the JPM Credit Facility) under the JPM Credit Facility bear interest at the applicable base rate plus a margin of 1.525% if the gross borrowing base is equal to or greater than 2.0 times the Outstanding Commitments, 1.650% if the gross borrowing base is less than 2.0 times and equal to or greater than 1.60 times the Outstanding Commitments or 1.775% if the gross borrowing base is less than 1.60 times the Outstanding Commitments, subject to compliance with a borrowing base test. The applicable base rate under the JPM Credit Facility is (i) one-month SOFR with respect to any advances denominated in U.S. dollars plus an adjustment of 0.10%, (ii) SONIA with respect to any advances denominated in U.K. pound sterling plus an adjustment of 0.0326%, (iii) one-month EURIBOR with respect to any advances denominated in Euros, (iv) CORRA with respect to any advances denominated in Canadian Dollars plus an adjustment of 0.029547%, (v) Australian Bank Bill Swap Bid Rate (“BBSY”) with respect to any advances denominated in Australian Dollars plus an adjustment of 0.20% and (vi) the relevant rate as defined in the JPM Credit Facility for borrowings in other currencies. Borrowings for any ABR Loan (as defined in the JPM Credit Facility) bear interest at the applicable base rate plus a margin of 0.525% if the gross borrowing base is equal to or greater than 2.0 times the Outstanding Commitments, 0.650% if the gross borrowing base is less than 2.0 times and equal to or greater than 1.60 times the Outstanding Commitments or 0.775% if the gross borrowing base is less than 1.60 times the Outstanding Commitments. As of June 30, 2025, the applicable margin for Term Benchmark Loans and RFR Loans (as defined in the JPM Credit Facility) was 1.525% and the applicable margin for ABR Loans (as defined in the JPM Credit Facility) was 0.525%.

The Company pays a commitment fee of 0.325% per annum on the daily unused portion of commitments under the JPM Credit Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company
135
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
under the JPM Credit Facility. The JPM Credit Facility matures on April 4, 2030 and requires mandatory prepayment of interest and principal upon certain events during the one year amortization period of the facility.
As of June 30, 2025 and September 30, 2024, the Company had outstanding debt of $1,450,188 and $956,590, respectively, and no letters of credit outstanding under the JPM Credit Facility.
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the JPM Credit Facility were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$17,811 $3,423 $50,909 $15,898 
Facility fees671 1,125 2,308 3,358 
Amortization of debt issuance costs888 848 3,039 2,491 
Total interest and other debt financing expenses$19,370 $5,396 $56,256 $21,747 
Cash paid for interest expense and facility fees$18,162 $4,083 $55,617 $18,818 
Annualized average stated interest rate¹5.7 %7.1 %5.9 %7.1 %
Average outstanding balance$1,262,514 $194,775 $1,154,567 $300,911 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
2024 Notes: On October 2, 2020, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2024 Notes”), and on October 15, 2021, the Company issued an additional $100,000 in aggregate principal amount of 2024 Notes under the same terms of the original issuance. On April 8, 2024, the Company redeemed $500,000 in aggregate principal amount of the 2024 Notes. The 2024 Notes were redeemed at 100% of the principal amount, plus the accrued and unpaid interest thereon. The 2024 Notes bore interest at a rate of 3.375% per year payable semiannually in arrears on April 15 and October 15 of each year, commencing on April 15, 2021. The 2024 Notes would otherwise have matured on April 15, 2024.
The 2024 Notes were the Company’s general unsecured obligations that ranked senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2024 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2024 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$— $328 $— $8,766 
Accretion of discounts and amortization of premiums on notes issued— (53)— (747)
Amortization of debt issuance costs— 84 — 1,204 
Total interest and other debt financing expenses$— $359 $— $9,223 
Cash paid for interest expense$— $8,109 $— $16,547 
Annualized average stated interest rateN/A3.4 %N/A3.4 %
Average outstanding balance$— $38,462 $— $346,715 
136
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
2026 Notes: On February 24, 2021, the Company issued $400,000 in aggregate principal amount of unsecured notes (the “2026 Notes”) and on October 13, 2021, the Company issued an additional $200,000 aggregate principal amount of 2026 Notes under the same terms as the original issuance. As of both June 30, 2025 and September 30, 2024, outstanding aggregate principal amount of the 2026 Notes was $600,000. The 2026 Notes bear interest at a rate of 2.500% per year payable semiannually in arrears on February 24 and August 24 of each year, commencing on August 24, 2021. The 2026 Notes mature on August 24, 2026.
The 2026 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2026 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
At any time or from time to time, the Company could redeem some or all of the 2026 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed through July 24, 2026 (the date falling one month prior to the maturity date of the 2026 Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2026 Notes on or after July 24, 2026 (the date falling one month prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2026 Notes.
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2026 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$3,750 $3,750 $11,250 $11,250 
Accretion of discounts on notes issued132 132 397 398 
Amortization of debt issuance costs372 420 1,161 1,269 
Total interest and other debt financing expenses$4,254 $4,302 $12,808 $12,917 
Cash paid for interest expense$— $— $7,500 $7,500 
Annualized average stated interest rate2.5 %2.5 %2.5 %2.5 %
Average outstanding balance$600,000 $600,000 $600,000 $600,000 
2027 Notes: On August 3, 2021, the Company issued $350,000 in aggregate principal amount of unsecured notes (the “2027 Notes”). As of both June 30, 2025 and September 30, 2024, outstanding aggregate principal amount of the 2027 Notes was $350,000. The 2027 Notes bear interest at a rate of 2.050% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2022. The 2027 Notes mature on February 15, 2027.
The 2027 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2027 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
137
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
At any time or from time to time, the Company could redeem some or all of the 2027 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2027 Notes to be redeemed through January 15, 2027 (the date falling one month prior to the maturity date of the 2027 Notes), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 25 basis points, plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the Company redeems any 2027 Notes on or after January 15, 2027 (the date falling one month prior to the maturity date of the 2027 Notes), the redemption price for the 2027 Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2027 Notes.
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2027 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$1,794 $1,794 $5,382 $5,382 
Accretion of discounts on notes issued182 182 548 549 
Amortization of debt issuance costs203 231 635 698 
Total interest and other debt financing expenses$2,179 $2,207 $6,565 $6,629 
Cash paid for interest expense$— $— $3,588 $3,588 
Annualized average stated interest rate2.1 %2.1 %2.1 %2.1 %
Average outstanding balance$350,000 $350,000 $350,000 $350,000 
2028 Notes: On December 5, 2023, the Company issued $450,000 in aggregate principal amount of unsecured notes (the “2028 Notes”). As of June 30, 2025 and September 30, 2024, the outstanding aggregate principal amount of the 2028 Notes was $450,000. The 2028 Notes bear interest at a rate of 7.050% per year payable semi-annually in arrears on June 5 and December 5 of each year, commencing on June 5, 2024. The 2028 Notes mature on December 5, 2028.
The 2028 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2028 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
At any time or from time to time, the Company could redeem some or all of the 2028 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2028 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2028 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 45 basis points less interest accrued to the date of redemption. If the Company redeems any 2028 Notes on or after November 5, 2028 (the date falling one month prior to the maturity date of the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2028 Notes.
On December 5, 2023, the Company entered into an interest rate swap on the 2028 Notes with SMBC as the counterparty. Under the terms of the agreement, the Company agreed to receive a fixed rate of 7.310% and pay SMBC a rate of one-month Term SOFR + 3.327%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225,000 and terminates on November 5, 2028. The
138
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.
On April 11, 2024, the Company entered into an interest rate swap on the 2028 Notes pursuant to which the Company agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225,000 and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2028 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
2025202420252024
Stated interest expense$7,931 $7,931 $23,793 $18,153 
Net contractual interest rate swap expense197 1,279 1,050 2,368 
Net (gain)/loss related to the fair value hedge
(64)3,906 7,380 (279)
Accretion of discounts on notes issued241 241 722 552 
Amortization of debt issuance costs295 299 917 661 
Total interest and other debt financing expenses$8,600 $13,656 $33,862 $21,455 
Cash paid (received) for interest expense(1)
$7,930 $12,944 $24,831 $17,873 
Annualized average interest rate swap and stated interest rate(2)
7.2 %8.2 %7.4 %8.0 %
Average outstanding balance$450,000 $450,000 $450,000 $343,248 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the 2028 Notes.
(2) The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.
2029 Notes: On February 1, 2024, the Company issued $600,000 in aggregate principal amount of unsecured notes (the “2029 Notes”) and on December 3, 2024, the Company issued an additional $150,000 in aggregate principal amount of 2029 Notes under the same terms as the original issuance. As of June 30, 2025 and September 30, 2024, the outstanding aggregate principal amount of the 2029 Notes was $750,000 and $600,000, respectively. The 2029 Notes bear interest at a rate of 6.000% per year payable semi-annually in arrears on January 15 and July 15 of each year, commencing on July 15, 2024. The 2029 Notes mature on July 15, 2029.
The 2029 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2029 Notes; equal in right of payment to the Company’s existing and future indebtedness or other obligations that are not so subordinated or junior; effectively junior to any of the Company’s secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
At any time or from time to time, the Company could redeem some or all of the 2029 Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the 2029 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on the 2029 Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points less interest accrued to the date of redemption. If the Company redeems any 2029 Notes on or after June 15, 2029 (the date falling one month prior to the maturity date of the 2029 Notes), the redemption price for the 2029 Notes will be equal to 100% of the principal amount of the 2029 Notes to
139
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2029 Notes.
On February 1, 2024 and December 3, 2024, the Company entered into interest rate swap agreements on the 2029 Notes with SMBC and Macquarie, respectively, as counterparties. Under the terms of the agreement with SMBC, the Company (i) receives a fixed rate of 6.248% and (ii) pays SMBC a rate of one-month Term SOFR + 2.444% on the first $600,000 of 2029 Notes. Under the terms of the agreement with Macquarie, the Company (i) receives a fixed rate of 5.881% and (ii) pays Macquarie a floating interest rate of three-month Term SOFR + 2.012% on the second $150,000 of the 2029 Notes. The Company designated these interest rate swap as effective hedge accounting instruments. The total notional amount of both swap agreements is $750,000 and both agreements terminate on June 15, 2029. The carrying value of the 2029 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest and facility fees, annualized average stated interest rates and average outstanding balances for the 2029 Notes were as follows:
Three months ended June 30,
Nine months ended June 30,
2025202420252024
Stated interest expense$11,250 $9,000 $32,200 $15,000 
Net contractual interest rate swap expense1,064 2,405 3,957 3,923 
Net (gain)/loss related to the fair value hedge
(92)1,857 (2,840)3,270 
Accretion of discounts on notes issued272 309 841 513 
Amortization of debt issuance costs423 333 1,212 543 
Total interest and other debt financing expenses$12,917 $13,904 $35,370 $23,249 
Cash paid (received) for interest expense (1)
$2,368 $— $25,669 $— 
Annualized average interest rate swap and stated interest rate (2)
6.6 %7.6 %6.8 %7.6 %
Average outstanding balance$750,000 $600,000 $715,385 $330,657 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the 2029 Notes.
(2)     The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.
Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of June 30, 2025, the Company was permitted to borrow up to $300,000. On June 13, 2025, the Company amended the Adviser Revolver to, among other things, increase the borrowing capacity under the Adviser Revolver from $200,000 to $300,000, extend the maturity date to June 13, 2032, and amend the rate that interest accrues on each loan from the short-term applicable federal rate to the mid-term applicable federal rate. As of September 30, 2024, the Company was permitted to borrow up to $200,000. The Adviser Revolver bears an interest rate equal to the mid-term Applicable Federal Rate (“AFR”). The mid-term AFR as of June 30, 2025 was 4.0%. As of both June 30, 2025 and September 30, 2024, the Company had no outstanding debt under the Adviser Revolver.
140
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
For the three and nine months ended June 30, 2025 and 2024, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Stated interest expense$— $— $— $— 
Cash paid for interest expense— — — — 
Annualized average stated interest rateN/AN/AN/AN/A
Average outstanding balance$— $— $— $— 
For the three and nine months ended June 30, 2025, the average total debt outstanding was $4,962,538 and $4,867,651, respectively. For the three and nine months ended June 30, 2024, the average total debt outstanding was $3,351,951 and $3,211,972, respectively.
For the three and nine months ended June 30, 2025, the effective average interest rate, which includes amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on the Company's total debt was 5.7% and 5.9%, respectively. For the three and nine months ended June 30, 2024, the effective average interest rate, which includes amortization of debt financing costs, accretion of discounts and amortization of premiums on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on the Company's total debt was 6.5% and 5.9%, respectively.
A summary of the Company’s maturity requirements for borrowings as of June 30, 2025 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
GBDC 3 2022 Debt Securitization$179,529 $— $— $179,529 $— 
2024 Debt Securitization1,364,000 — — — 1,364,000 
JPM Credit Facility1,450,188 — — 1,450,188 — 
2026 Notes(1)
599,391 — 599,391 — — 
2027 Notes(1)
348,807 — 348,807 — — 
2028 Notes(1)(2)
456,834 — — 456,834 — 
2029 Notes(1)(2)
755,252 — — 755,252 — 
Total borrowings$5,154,001 $— $948,198 $2,841,803 $1,364,000 
(1) Represents principal outstanding plus unamortized premium and / or unaccreted original issue discount.
(2) Carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.

141
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 8. Commitments and Contingencies
Commitments: As of June 30, 2025, the Company had outstanding commitments to fund investments totaling $996,089, including $251,179 of commitments on undrawn revolvers. As of September 30, 2024, the Company had outstanding commitments to fund investments totaling $717,869, including $157,618 of commitments on undrawn revolvers.
Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as these involve future claims against the Company that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.
Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that could result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 for outstanding forward currency contracts and interest rate swap agreements as of June 30, 2025 and September 30, 2024. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it could not achieve the anticipated benefits of the derivative instruments and could realize a loss. The Company minimizes market risk through monitoring its investments and borrowings.
Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company has engaged and, in the future, may engage again in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company could be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.
Legal proceedings: In the normal course of business, the Company is subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company does not believe any disposition will have a material adverse effect on the Company’s consolidated financial statements.
Note 9. Financial Highlights
The financial highlights for the Company are as follows:
Nine months ended June 30,
Per share data:(1)
20252024
Net asset value at beginning of period$15.19$15.02 
Net increase (decrease) in net assets as a result of issuance of shares(2)
— 0.51 
Net increase in net assets as a result of repurchases of shares0.01 — 
Distributions declared:
From net investment income - after tax(1.26)(1.40)
Net investment income - after tax1.12 1.46 
Net realized gain (loss) on investment transactions(0.15)(0.28)
Net realized gain (loss) on extinguishment of debt0.00 (3)— 
Net change in unrealized appreciation (depreciation) on investment transactions(4)
0.09 0.01 
Net asset value at end of period$15.00 $15.32 
Per share market value at end of period$14.65 $15.71 
Total return based on market value(5)
5.10 %

17.41 %
Number of common shares outstanding266,376,416 264,609,056 
142
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Nine months ended June 30,
Listed below are supplemental data and ratios to the financial highlights:20252024
Ratio of net investment income - after tax to average net assets *9.84%12.92%
Ratio of total expenses to average net assets *(6)
11.37%11.92%
Ratio of incentive fee waiver to average net assets—%(0.72)%
Ratio of incentive fees to average net assets (6)
1.36%2.07%
Ratio of income and excise taxes to average net assets (6)
(0.01)%0.04%
Ratio of net expenses (without incentive fees) to average net assets *(6)
10.01%9.85%
Total return based on average net asset value(7)
6.96%6.57%
Total return based on average net asset value - annualized(7)
9.30%8.78%
Net assets at end of period$3,995,329$4,053,643
Average debt outstanding$4,867,651$3,211,972
Average debt outstanding per share$18.27$12.14
Portfolio turnover*17.80%13.11%
Asset coverage ratio(8)
176.75%192.15%
Asset coverage ratio per unit(9)
$1,768$1,922
Average market value per unit:(10)
2018 Debt SecuritizationN/AN/A
GCIC 2018 Debt SecuritizationN/AN/A
GBDC 3 2021 Debt SecuritizationN/AN/A
GBDC 3 2022 Debt SecuritizationN/AN/A
GBDC 3 2022-2 Debt SecuritizationN/AN/A
2024 Debt SecuritizationN/AN/A
DB Credit FacilityN/AN/A
JPM Credit FacilityN/AN/A
2024 NotesN/AN/A
2026 Notes$960$909
2027 Notes$938$882
2028 Notes$1,046$1,027
2029 Notes$1,003$980
Adviser RevolverN/AN/A
*Annualized for periods less than one year, unless otherwise noted.
(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)Net increase in net assets as a result of issuance of shares pursuant to the GBDC 3 Merger.
(3)Represents an amount less than $0.01.
(4)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding at the end of the period and as of the dividend record date.
(5)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
(6)Incentive fees and excise taxes are not annualized in the calculation.
(7)Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(8)Effective February 6, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC). Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).
(9)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
143
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
(10)Not applicable since such senior securities are not registered for public trading, with the exception of the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes. The average market value per unit calculated for the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes is based on the average monthly prices of such notes and is expressed in terms of dollar amounts per $1,000 of indebtedness.
Note 10. Earnings Per Share
The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three and nine months ended June 30, 2025 and 2024:
Three months ended June 30,
Nine months ended June 30,
  2025202420252024
Earnings available to stockholders$90,058 $9,252 $280,356 $178,586 
Basic and diluted weighted average shares outstanding266,844,118 199,969,889 265,882,773 180,047,668 
Basic and diluted earnings per share$0.34 $0.05 $1.05 $0.99 

Note 11. Common Stock Transactions
On October 6, 2023, the Company entered into the 2023 Equity Distribution Agreement (the “ATM Program”), as most recently amended on May 16, 2025, which provides that the Company may, from time to time, issue and sell shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $288,043 in an “at the market offering,” as defined in Rule 415 under the Securities Act of 1933, as amended.
For the nine months ended June 30, 2025, the Company issued common stock under the ATM Program as follows:
Total Number of Shares IssuedAverage Offering Price per shareGross ProceedsUnderwriting Fees/Offering ExpensesApproximate Dollar Value of Shares that May Yet be Issued Under the ATM Program
ATM Program2,408,940$15.79 $38,043 $609 $250,000 
On August 1, 2025, the Board reapproved the Program to repurchase up to $150,000 of the Company’s common stock, exclusive of shares repurchased prior to the date of such authorization (the “2025 Program”). Under the Program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. As of June 30, 2025, the repurchased shares have been retired and returned to the status of authorized but unissued shares of GBDC Common Stock.
As of June 30, 2025, Wells Fargo Securities, LLC, as broker, had repurchased 2,864,403 shares of the Company’s common stock pursuant to the 2024 Program at an average price of $14.06 per share for an aggregate purchase price of approximately $40,274.
For the three and nine months ended June 30, 2025, repurchases under the Program were as follows:
Month PurchasedTotal Number of Shares RepurchasedAverage Price Paid Per ShareApproximate Dollar Value of Shares that have been Purchased Under the PlanApproximate Dollar Value of Shares that May Yet be Purchased Under the Plan
March 1 - 31, 202577,777 $14.53 $1,130 $144,062 
April 1 - 30, 20252,285,299 $13.97 $31,918 $112,144 
May 1 - 31, 2025158,199 $14.27 $2,258 $109,886 
June 1 - 30, 202511,200 $14.29 $160 $109,726 
Total2,532,475 $14.00 $35,466 $150,000 *
*The Program was reapproved on August 1, 2025 to purchase $150,000 of the Company’s common stock, exclusive of shares repurchased prior to the date of such authorization. No additional shares have been purchased since the re-approval.
144
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
There were no repurchases under the Program for the nine months ended June 30, 2024.
On February 21, 2025, the Company filed an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of capital stock of the Company from 351,000,000 shares to 501,000,000 shares, consisting of 500,000,000 shares of common stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share (the “Certificate of Incorporation Amendment”). The Certificate of Incorporation Amendment became effective immediately upon filing.
Note 12. Dividends and Distributions
The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the nine months ended June 30, 2025 and 2024:
Date DeclaredRecord DatePayment DateAmount
Per Share		Cash
Distribution		DRIP Shares
Issued		DRIP Shares
Value
For the nine months ended June 30, 2025
06/02/202411/29/202412/13/2024$0.05 $10,760 — $2,454 (1)
11/14/202411/29/202412/13/2024$0.04 $8,607 — $1,964 (2)
11/14/202412/09/202412/27/2024$0.39 $84,514 1,221,469 $18,554 
02/03/202503/03/202503/28/2025$0.39 $89,334 1,001,354 $15,150 
05/02/202506/13/202506/27/2025$0.39 $87,755 — $16,136 (3)
For the nine months ended June 30, 2024
11/17/202312/01/202312/15/2023$0.07 $9,584 152,288 $2,287 
11/17/202312/08/202312/29/2023$0.37 $50,152 838,765 $12,599 
02/02/202402/15/202403/15/2024$0.07 $9,906 134,135 $2,035 
01/16/202403/01/202403/29/2024$0.39 $53,930 797,377 $12,599 
04/19/202405/02/202406/21/2024$0.39 $55,368 762,152 $11,524 
05/03/202405/16/202406/14/2024$0.06 $8,572 113,668 $1,718 
06/02/202406/13/202406/27/2024$0.05 $11,661 100,621 $1,521 
(1)In accordance with the Company's DRIP, 162,709 shares of the Company's stock were purchased in the open market at an average price of $15.08 and were allocated to stockholders of the Company participating in DRIP.
(2)In accordance with the Company’s DRIP, 130,168 shares of the Company’s stock were purchased in the open market at an average price of $15.08 and were allocated to stockholders of the Company participating in DRIP.
(3)In accordance with the Company's DRIP, 1,094,965 shares of the Company's stock were purchased in the open market at an average price of $14.74 and were allocated to stockholders of the Company participating in DRIP.
145
Golub Capital BDC, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(In thousands, except shares and per share data)
Note 13. Subsequent Events
In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:
On August 1, 2025, the Company’s Board declared a quarterly distribution of $0.39 per share payable on September 29, 2025 to holders of record as of September 15, 2025.
On August 1, 2025, the Company redeemed its GBDC 3 2022 Debt Securitization.


146
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information contained in this section should be read in conjunction with our unaudited interim consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In this report, “we,” “us,” “our” and “Golub Capital BDC” refer to Golub Capital BDC, Inc. and its consolidated subsidiaries.
Forward-Looking Statements
Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to:
•our future operating results;
•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives due to disruptions, including, without limitation, those caused by global health pandemics, or other large scale events;
•the effect of investments that we expect to make and the competition for those investments;
•our contractual arrangements and relationships with third parties;
•actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, or collectively, Golub Capital;
•the dependence of our future success on the general economy and its effect on the industries in which we invest;
•the ability of our portfolio companies to achieve their objectives;
•the use of borrowed money to finance a portion of our investments;
•the adequacy of our financing sources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•general economic and political trends and other external factors;
•changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets;
•elevated levels of inflation, and its impact on us, on our portfolio companies and on the industries in which we invest;
•the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;
•the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;
•the ability of GC Advisors to continue to effectively manage our business due to disruptions, including those caused by global health pandemics, or other large scale events;
•turmoil in Ukraine, Russia and the Middle East, including sanctions related to such turmoil, and the potential for volatility in energy prices and other supply chain issues and any impact on the industries in which we invest;
•our ability to qualify and maintain our qualification as a regulated investment company, or RIC, and as a business development company;
•the impact of information technology systems and systems failures, including data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;
•general price and volume fluctuations in the stock markets;
•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, and the rules and regulations issued thereunder and any actions toward repeal thereof; and
•the effect of changes to tax legislation and our tax position.
Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward-looking statements contained in this
147
Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2024.
We have based the forward-looking statements included in this report on information available to us on the date of this report. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission, or the SEC, including Annual Reports on Form 10-K, Registration Statements on Form N-2, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. This Quarterly Report on Form 10-Q contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data.
148
Overview
We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As a business development company and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code.
Our shares are currently listed on The Nasdaq Global Select Market under the symbol “GBDC.”
Our investment objective is to generate current income and capital appreciation by investing primarily in one stop (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies. We also selectively invest in second lien and subordinated loans of, and warrants and minority equity securities in U.S. middle-market companies. We intend to achieve our investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to U.S. middle-market companies with over $75.0 billion in capital under management(1) as of April 1, 2025, (2) selecting investments within our core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.
Our investment activities are managed by GC Advisors and supervised by our board of directors of which a majority of the members are independent of us, GC Advisors and its affiliates.
Under an investment advisory agreement, or the Investment Advisory Agreement, we have agreed to pay GC Advisors an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. The Investment Advisory Agreement was most recently approved by our board of directors in May 2025. Under an administration agreement, or the Administration Agreement, we are provided with certain administrative services by an administrator, or the Administrator, which is currently Golub Capital LLC. Under the Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement.
We seek to create a portfolio that includes primarily one stop and other senior secured loans by primarily investing approximately $10.0 million to $80.0 million of capital, on average, in the securities of U.S. middle-market companies. We also selectively invest more than $80.0 million in some of our portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base.
We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity, which could increase our risk of losing part or all of our investment.
As of June 30, 2025 and September 30, 2024, our portfolio at fair value was comprised of the following:
As of June 30, 2025As of September 30, 2024
Investment TypeInvestments at
 Fair Value
(In thousands)		Percentage of
Total
Investments		Investments at
 Fair Value
(In thousands)		Percentage of
Total
Investments
Senior secured$480,592 5.4 %$502,386 6.1 %
One stop7,785,066 86.9 7,110,258 86.3 
Second lien28,625 0.3 14,054 0.2 
Subordinated debt37,419 0.4 30,175 0.4 
Equity629,847 7.0 578,538 7.0 
Total$8,961,549 100.0 %$8,235,411 100.0 %
(1) “Capital under management” is a gross measure of invested capital including leverage as of April 1, 2025.
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One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of June 30, 2025 and September 30, 2024, one stop loans included $771.3 million and $1,021.3 million, respectively, of recurring revenue loans at fair value.
As of June 30, 2025 and September 30, 2024, we had debt and equity investments in 401 and 381 portfolio companies, respectively.
The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on (i) our average net asset value, (ii) our average net asset value per share, and (iii) the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:        
For the three months endedFor the nine months ended
  June 30, 2025March 31, 2025June 30, 2025June 30, 2024
Weighted average income yield (1)*
10.3%10.5%10.6%12.3%
Weighted average investment income yield (2)*
10.6%10.8%10.9%12.8%
Weighted average income yield of total investments (3)*
9.8%9.9%10.0%11.6%
Weighted average investment income yield of total investments (4)*
10.1%10.3%10.3%12.0%
Total return based on average net asset value excluding the one-time write-down of the GBDC 3 purchase premium (5)*
9.0%7.9%9.3%11.3%
Total return based on average net asset value (6)*
9.0%7.9%9.3%8.8%
Total return based on net asset value per share (7)*
9.1%8.0%9.3%8.6%
Total return based on market value (8)
(0.7)%2.4%5.1%17.4%
*Annualized for periods less than one year.
(1)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(2)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
(3)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income, excluding amortization of capitalized fees, discounts and purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.
(4)Represents income from interest, fees, interest earned on cash, accrued PIK and non-cash dividend income and amortization of capitalized fees and discounts, excluding amortization of purchase premium (as described in Note 2 of the consolidated financial statements), divided by the daily average total fair value of portfolio company investments, and does not represent a return to any investor in us.
(5)During the three and nine months ended June 30, 2024, we recognized a $51.7 million net change in unrealized depreciation on investments due to the one-time write-down of the purchase premium allocated to former GBDC 3 investments acquired in the GBDC 3 Merger.
(6)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(7)Total return based on net asset value per share is calculated as (a) net income per share for the period, (b) divided by net asset value per share as of the end of the period. Total return does not include sales load.
(8)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
Revenues: We generate revenue in the form of interest and fee income on debt investments and capital gains and distributions, if any, on portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, one stop, second lien or subordinated loans, typically have a term of three to seven
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years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities.
In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date.
In addition, we generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans as fee income. For additional details on revenues, see “Critical Accounting Policies—Revenue Recognition.” We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment or derivative instrument, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and derivative instruments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations.
Expenses: Our primary operating expenses include the payment of fees to GC Advisors under the Investment Advisory Agreement and interest expense on our outstanding debt. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:
•calculating our net asset value, or NAV (including the cost and expenses of any independent valuation firm);
•fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors and travel and lodging expenses;
•expenses related to unsuccessful portfolio acquisition efforts;
•offerings of our common stock and other securities;
•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);
•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;
•transfer agent, dividend agent and custodial fees and expenses;
•U.S. federal and state registration and franchise fees;
•all costs of registration and listing our shares on any securities exchange;
•U.S. federal, state and local taxes;
•independent directors’ fees and expenses;
•costs of preparing and filing reports or other documents required by the SEC or other regulators;
•costs of any reports, proxy statements or other notices to stockholders, including printing costs;
•costs associated with individual or group stockholders;
•costs associated with compliance under the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;
•our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;
•proxy voting expenses; and
•all other expenses incurred by us or the Administrator in connection with administering our business.
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We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.
Prior to the redemption of the 2018 Notes and termination of the documents governing the 2018 Debt Securitization on November 18, 2024, GC Advisors served as collateral manager for the 2018 Issuer under a collateral management agreement, or the 2018 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.25% of the principal balance of the portfolio loans held by the 2018 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the 2018 Collateral Management Agreement, the term "collection period" referred to the period commencing on the third business day prior to the preceding payment date and ending on (but excluding) the third business day prior to such payment date.
Prior to the redemption of the GCIC 2018 Notes and the termination of the documents governing the GCIC 2018 Debt Securitization, GC Advisors served as collateral manager for Golub Capital Investment Corporation CLO II LLC, or the GCIC 2018 Issuer, under a collateral management agreement, or the GCIC 2018 Collateral Management Agreement, and was entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GCIC 2018 Issuer at the beginning of the collection period relating to each payment date, which was payable in arrears on each payment date. Under the 2018 GCIC Collateral Management Agreement, the term “collection period” generally referred to a quarterly period commencing on the day after the end of the prior collection period to the tenth business day prior to the payment date.

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

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

GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC 3 ABS 2022-1 LLC, or the GBDC 3 2022 Issuer, under a collateral management agreement, or the GBDC 3 2022-2 Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the GBDC 3 2022 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the GBDC 3 2022 Collateral Management Agreement, the term “collection period” relating to any payment date, refers to the period commencing on the tenth business day prior to the preceding payment date and ending on (but excluding) the tenth business day prior to such payment date.
GC Advisors, as collateral manager for our indirect, wholly owned, consolidated subsidiary, Golub Capital BDC CLO 8 LLC, or the 2024 Issuer, under a collateral management agreement, or the 2024 Issuer Collateral Management Agreement, is entitled to receive an annual fee in an amount equal to 0.35% of the principal balance of the portfolio loans held by the 2024 Issuer at the beginning of the collection period relating to each payment date, which is payable in arrears on each payment date. Under the 2024 Issuer Collateral Management Agreement, the term “collection period” refers to the period commencing on the third business day prior to the preceding payment date and ending on (but excluding) the third business day prior to such payment date.
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Collateral management fees are paid directly by the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 2 2022-2 Issuer and the 2024 Issuer and are offset against the management fees payable under the Investment Advisory Agreement. The 2018 Issuer paid Morgan Stanley & Co. LLC structuring and placement fees for its services in connection with the structuring of the 2018 Debt Securitization. Before we acquired the GCIC 2018 Issuer as part of our acquisition of Golub Capital Investment Corporation, a Maryland corporation, or GCIC, on September 6, 2019, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of the GCIC 2018 Debt Securitization. Before we acquired the GBDC 3 2022 Issuer as a part of our acquisition of Golub Capital BDC 3, Inc., or GBDC 3, on June 3, 2024, the GBDC 3 2022 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GBDC 3 2022-2 Issuer as a part of our acquisition of GBDC 3 on June 3, 2024, the GBDC 3 2022-2 Issuer paid GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc. structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022-2 Debt Securitization (as defined in Note 7 of our consolidated financial statements).Term debt securitizations are also known as CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2018 Debt Securitization, GCIC 2018 Debt Securitization, the GBDC 3 2021 Debt Securitization, the GBDC 3 2022 Debt Securitization, the GBDC 3 2022-2 Debt Securitization and the 2024 Debt Securitization and collectively the Debt Securitizations, as applicable.
We believe that these administrative expenses approximate the amount of ongoing fees and expenses that we would be required to pay in connection with a traditional secured credit facility. Our common stockholders indirectly bear all of these expenses.
GBDC 3 Acquisition
On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger Agreement (as defined in Note 1 of our consolidated financial statements). Pursuant to the GBDC 3 Merger Agreement, and, immediately following the initial merger of GBDC 3 Merger Sub (as defined in Note 1 of our consolidated financial statements) with and into GBDC 3, was then merged with and into us, with us as the surviving company. As a result of, and as of the effective time of, the GBDC 3 Merger, GBDC 3’s separate existence ceased.
In accordance with the terms of the GBDC 3 Merger Agreement, at the effective time of the GBDC 3 Merger, each outstanding share of GBDC 3’s common stock was converted into the right to receive 0.9138 shares of our common stock (with GBDC 3’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the GBDC 3 Merger, we issued an aggregate of 92,115,308 shares of our common stock to former stockholders of GBDC 3.
Upon the consummation of the GBDC 3 Merger, we entered into the Investment Advisory Agreement, with GC Advisors, which replaced the Fourth Amended and Restated Investment Advisory Agreement by and between the Company and the Investment Adviser dated as of July 1, 2023, or the Prior Investment Advisory Agreement.
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Recent Developments
On August 1, 2025, our Board declared a quarterly distribution of $0.39 per share, which is payable on September 29, 2025 to holders of record as of September 15, 2025.
On August 1, 2025, we redeemed our GBDC 3 2022 Debt Securitization.

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Consolidated Results of Operations
In addition to our analysis of the year-to-date reporting period compared to the year-to-date prior period, we are presenting our analysis for the reporting quarter compared to the immediately preceding quarter as we believe this comparison will provide a more meaningful analysis of our business as our results are largely driven by market changes, not seasonal business activity.
Consolidated operating results for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024 are as follows:
Three months endedVariancesNine months endedVariances
  June 30, 2025March 31, 2025
June 30, 2025 vs March 31, 2025
June 30, 2025June 30, 2024
2025
vs.
2024
  (In thousands)
Interest income$192,934 $188,150 $4,784 $581,119 $439,438 $141,681 
Payment-in-kind interest income13,516 14,045 (529)38,577 33,805 4,772 
Loan Origination Fees Discount Amortization6,449 6,700 (251)19,404 16,489 2,915 
Acquisition purchase premium amortization(3,602)(4,592)990 (13,880)(5,493)(8,387)
Non-cash dividend income8,020 7,807 213 23,091 13,890 9,201 
Dividend income204 70 134 1,497 555 942 
Fee income823 1,712 (889)3,128 1,587 1,541 
Total investment income218,344 213,892 4,452 652,936 500,271 152,665 
Total net expenses117,082 115,230 1,852 356,897 236,286 120,611 
Net investment income before taxes101,262 98,662 2,600 296,039 263,985 32,054 
Income and excise taxes— — — (475)1,195 (1,670)
Net investment income after taxes101,262 98,662 2,600 296,514 262,790 33,724 
Net realized gain (loss) on investment transactions excluding purchase premium15 (10,698)10,713 (38,486)(49,951)11,465 
Net realized gain (loss) on investment transactions due to purchase premium(39)(343)304 (434)(490)56 
Net change in unrealized appreciation (depreciation) on investment transactions excluding purchase premium(15,032)(13,718)(1,314)8,087 11,406 (3,319)
Net change in unrealized appreciation (depreciation) on investment transactions due to purchase premium 3,641 4,935 (1,294)14,314 5,984 8,330 
Unrealized (depreciation) from the write-down of the GBDC 3 purchase premium— — — — (51,670)51,670 
Net gain (loss) on investment transactions (11,415)(19,824)8,409 (16,519)(84,721)68,202 
Net realized gain (loss) on extinguishment of debt— — — (48)— (48)
(Provision) benefit for taxes on unrealized appreciation on investments 211 146 65 409 517 (108)
Net increase (decrease) in net assets resulting from operations$90,058 $78,984 $11,074 $280,356 $178,586 $101,770 
Average earning debt investments, at fair value$8,138,124 $7,959,225 $178,899 $7,928,153 $5,137,959 $2,790,194 
Average earning preferred equity investments, at fair value$249,282 $244,810 $4,472 $245,864 $146,514 $99,350 
Net income can vary substantially from period to period for various reasons, including the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly and year-to-date comparisons of operating results may not be meaningful.
On September 16, 2019, and June 3, 2024, we completed our acquisitions of GCIC and GBDC 3, respectively. Each acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification, or ASC, 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC and GBDC 3’s stockholders exceeded the relative fair values of the assets acquired and liabilities assumed, the premium paid by us was allocated to the cost of the GCIC and GBDC 3 investments acquired by us pro-rata based on their relative fair value. Immediately following each acquisition of GCIC and GBDC 3, we recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC and GBDC 3 assets acquired was immediately recognized as unrealized
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depreciation on our Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the equity securities acquired from GCIC and GBDC 3 and disposition of such equity securities at fair value, we will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the equity securities acquired.
As a supplement to our GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful for the reasons described below:
•“Adjusted Net Investment Income” - excludes the amortization of the purchase price premium from net investment income calculated in accordance with GAAP;
•“Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee” - Adjusted Net Investment Income excluding the accrual or reversal for the capital gain incentive fee under GAAP;
•“Adjusted Net Realized and Unrealized Gain/(Loss)” - excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss resulting from the amortization of the premium on loans or from the sale of equity investments from the determination of realized and unrealized gain/(loss) determined in accordance with GAAP; and
•“Adjusted Net Income” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).
Three months endedNine months ended
June 30, 2025March 31, 2025June 30, 2025June 30, 2024
  (In thousands)
Net investment income after taxes$101,262 $98,662 $296,514 $262,790 
Add: Acquisition purchase premium amortization3,602 4,592 13,880 5,493 
Adjusted Net Investment Income $104,864 $103,254 $310,394 $268,283 
Net gain (loss) on investment transactions $(11,415)$(19,824)$(16,519)$(84,721)
Add: Realized loss on investment transactions due to purchase premium39 343 434 490 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium (3,641)(4,935)(14,314)(5,984)
Add: Unrealized depreciation from the write-down of the GBDC 3 purchase premium— — — 51,670 
Adjusted Net Realized and Unrealized Gain/(Loss)$(15,017)$(24,416)$(30,399)$(38,545)
Net increase (decrease) in net assets resulting from operations$90,058 $78,984 $280,356 $178,586 
Add: Acquisition purchase premium amortization3,602 4,592 13,880 5,493 
Add: Realized loss on investment transactions due to purchase premium39 343 434 490 
Less: Net change in unrealized appreciation on investment transactions due to purchase premium and purchase premium write-down(3,641)(4,935)(14,314)(5,984)
Add: Unrealized depreciation from the write-down of the GBDC 3 purchase premium— — — 51,670 
Adjusted Net Income$90,058 $78,984 $280,356 $230,255 
We believe that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our results of operations. In addition, we believe that providing the Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee is a useful non-GAAP financial measure as such accrual is not contractually payable under the terms of the Investment Advisory Agreement.
Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP.
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Investment Income
Investment income increased from the three months ended March 31, 2025 to the three months ended June 30, 2025 by $4.5 million primarily due to an increase in interest income as a result of an increase in the average earning debt investments balance of $178.9 million. Investment income increased from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 by $152.7 million, primarily due to (1) an increase in interest income as a result of an increase in the average earning debt investments balance of $2,790.2 million primarily driven by our acquisition of GBDC 3 and (2) an increase in non-cash dividend income driven by an increase in the average earning preferred equity investments balance of $99.4 million primarily driven by our acquisition of GBDC 3.
The annualized income yield by debt security type for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024 are as follows:
Three months endedNine months ended
  June 30, 2025March 31, 2025June 30, 2025June 30, 2024
Senior secured9.8%10.1%10.2%11.8%
One stop10.1%10.3%10.4%12.1%
Second lien13.3%13.4%13.5%14.2%
Subordinated debt13.6%13.8%13.8%15.6%
Income yields on senior secured and one stop loans decreased for the three months ended June 30, 2025 as compared to the three months ended March 31, 2025 and for the nine months ended June 30, 2025 as compared to the nine months ended June 30, 2024, primarily due to declining interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates, as 97.8% of the loan portfolio at fair value is subject to an interest rate floor. As of June 30, 2025 and September 30, 2024, the weighted average base rate floor of our loans was 0.78% and 0.81%, respectively.
As of June 30, 2025, we have second lien investments in six portfolio companies and subordinated debt investments in eight portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.
For additional details on investment yields and asset mix, refer to the “Liquidity and Capital Resources - Portfolio Composition, Investment Activity and Yield” section below.
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Expenses
The following table summarizes our expenses for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:
Three months endedVariancesNine months endedVariances
  June 30, 2025March 31, 2025
June 30, 2025 vs March 31, 2025
June 30, 2025June 30, 2024
2025 vs. 2024
  (In thousands)
Interest and other debt financing expenses$68,285 $67,432 $853 $212,716 $138,932 $73,784 
Amortization of debt issuance costs2,413 2,479 (66)7,537 6,869 668 
Base management fee22,082 21,714 368 65,376 41,980 23,396 
Income Incentive fee, net of waiver18,543 18,247 296 54,848 36,754 18,094 
Professional fees2,142 1,765 377 5,747 4,136 1,611 
Administrative service fee3,142 3,185 (43)9,229 6,480 2,749 
General and administrative expenses475 408 67 1,444 1,135 309 
Net expenses$117,082 $115,230 $1,852 $356,897 $236,286 $120,611 
Average debt outstanding$4,962,538 $4,834,487 $128,051 $4,867,651 $3,211,972 $1,655,679 
Interest Expense
Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the three months ended March 31, 2025 to the three months ended June 30, 2025 by $0.8 million, primarily due to an increase in interest expense as a result of an increase in the average debt outstanding of $128.1 million that was partially offset by (i) reduced borrowing costs on the JPM Credit Facility as a result of the April 2025 amendment that reduced the applicable margin to a range of 1.525% to 1.775% from a range of 1.75% to 1.875% and, to a lesser extent, (ii) lower interest base rates due to resetting interest rate contracts on borrowings denominated in foreign currencies. Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 by $74.5 million, primarily due to an increase in interest expense as a result of an increase in the average debt outstanding of $1,655.7 million driven by (1) the assumption of GBDC 3’s debt facilities and (2) the issuance of the 2029 Notes that was partially offset by decreasing interest base rates on borrowings from our floating rate debt facilities for the nine months ended June 30, 2025 as compared to the nine months ended June 30, 2024. For more information about our outstanding borrowings for the three and nine months ended June 30, 2025 and 2024, including the terms thereof, see Note 7 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.
For the three months ended June 30, 2025 and March 31, 2025, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt was 5.7% and 5.9%, respectively. For the nine months ended June 30, 2025 and June 30, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt, on our total debt was 5.9% and 5.9%, respectively. The effective average interest rate decreased for the three months ended June 30, 2025 compared to the three months ended March 31, 2025 primarily due to (i) reduced borrowing costs on the JPM Credit Facility as a result of the April 2025 amendment that reduced the applicable margin and, to a lesser extent, (ii) lower interest base rates due to resetting interest rate contracts on borrowings denominated in foreign currencies on our floating rate debt facilities. The effective annualized average interest rate remained relatively flat for the nine months ended June 30, 2025 compared to the nine months ended June 30, 2024.
Management Fee
The base management fee increased by $0.4 million from the three months ended March 31, 2025 to the three months ended June 30, 2025 primarily due to an increase in average adjusted gross assets from the three months ended March 31, 2025 to the three months ended June 30, 2025.
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The base management fee increased by $23.4 million from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 primarily due to an increase in average adjusted gross assets primarily as a result of our acquisition of GBDC 3 in June 2024.
Incentive Fees
The incentive fee payable under the Investment Advisory Agreement consists of two parts: (1) the income component, or the Income Incentive Fee, and (2) the capital gains component, or the Capital Gain Incentive Fee.
The Income Incentive Fee increased by $0.3 million from the three months ended March 31, 2025 to the three months ended June 30, 2025 due to an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by net funds growth. The Income Incentive Fee increased by $18.1 million from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 due to an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by net funds growth partially offset by the $14.4 million of income incentive fee waiver unilaterally provided by GC Advisors to waive 100% of Income Incentive Fees during the three months ended June 30, 2024. For each of the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024, we were fully through the Income Incentive Fee “catch-up” provision and the Income Incentive Fee was equal to 15% of Pre-Incentive Fee Net Investment Income for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, net of the GBDC 3 Merger Waiver (as defined in Note 3 of our consolidated financial statements) and 20% of Pre-Incentive Fee Net Investment Income for the three months ended December 31, 2023.
As of June 30, 2025 and September 30, 2024, there was no Capital Gain Incentive Fee payable as calculated under the Investment Advisory Agreement. In accordance with GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. As of June 30, 2025 and September 30, 2024, there was no capital gain incentive fee accrual calculated in accordance with GAAP. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. No Capital Gain Incentive Fees as calculated under the Investment Advisory Agreement or any prior investment advisory agreements, as applicable, have been payable since December 31, 2018.
For additional details on unrealized appreciation and depreciation of investments, refer to the “Net Realized and Unrealized Gains and Losses” section below.
Professional Fees, Administrative Service Fee and General and Administrative Expenses
In total, professional fees, the administrative service fee and general and administrative expenses increased by $0.4 million from the three months ended March 31, 2025 to the three months ended June 30, 2025 primarily due to an increase in professional fees and general and administrative expenses that was partially offset by a decrease in the administrative service fee.
In total, professional fees, the administrative service fee and general and administrative expenses increased by $4.7 million from the nine months ended June 30, 2024 to the nine months ended June 30, 2025, primarily due to an increase in the administrative service fee and professional fees.
The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024 were $1.9 million, $1.7 million, $6.3 million and $9.8 million, respectively.
As of June 30, 2025 and September 30, 2024, included in accounts payable and other liabilities were $2.1 million and $2.7 million, respectively, of expenses paid on behalf of us by the Administrator.
Net Realized and Unrealized Gains and Losses
The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:
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Three months endedVariancesNine months endedVariances
  June 30, 2025March 31, 2025
June 30, 2025 vs March 31, 2025
June 30, 2025June 30, 2024
2025 vs. 2024
  (in thousands)(In thousands)
Net realized gain (loss) from investments$376 $(16,864)$17,240 $(41,844)$(49,505)$7,661 
Net realized gain (loss) from foreign currency transactions(400)(174)(226)(4,279)(1,560)(2,719)
Net realized gain (loss) from forward currency contracts— 5,997 (5,997)7,203 624 6,579 
Net realized gain (loss) on investment transactions $(24)$(11,041)$11,017 $(38,920)$(50,441)$11,521 
Unrealized appreciation from investments$23,353 $47,086 $(23,733)$119,810 $54,076 $65,734 
Unrealized (depreciation) from investments(36,382)(51,801)15,419 (93,933)(38,015)(55,918)
Unrealized loss from write-down of the GBDC 3 purchase premium— — — — (51,670)51,670 
Unrealized appreciation (depreciation) from forward currency contracts(22,219)(15,495)(6,724)(15,787)1,589 (17,376)
Unrealized appreciation (depreciation) on foreign currency translation23,857 11,427 12,430 12,311 (260)12,571 
Net change in unrealized appreciation (depreciation) on investment transactions $(11,391)$(8,783)$(2,608)$22,401 $(34,280)$56,681 
Net realized gain (loss) on extinguishment of debt$— $— — $(48)$— $(48)
During the three months ended June 30, 2025, we had a net realized loss of less than $0.1 million, primarily attributable to the net realized gains recognized on the disposition of three equity investments, that was partially offset by realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended March 31, 2025, we had a net realized loss of $11.0 million, primarily attributable to realized losses recognized on (i) the restructure of debt and equity investments of two portfolio company investments and (ii) net realized gains recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars.
During the nine months ended June 30, 2025, we had a net realized loss of $38.9 million, primarily attributable to realized losses recognized on the restructuring of debt and equity investments of multiple portfolio company investments and the sale of a portfolio company debt investment that was partially offset by net realized gains recognized on the disposition of three equity investments and the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars. During the nine months ended June 30, 2024, we had a net realized loss of $50.4 million, primarily attributable to realized losses recognized on (i) the restructure of equity and debt investments of a portfolio company during the three months ended June 30, 2024 and (ii) the disposition of equity and debt investments of a portfolio company during the three months ended March 31, 2024 that were partially offset by realized gains recognized on the sale of equity investments in multiple portfolio companies throughout the nine months ended June 30, 2024.
For the three months ended June 30, 2025, we had $23.4 million in unrealized appreciation on 189 portfolio company investments, which was offset by $36.4 million in unrealized depreciation on 242 portfolio company investments. For the three months ended March 31, 2025, we had $47.1 million in unrealized appreciation on 188 portfolio company investments, which was offset by $51.8 million in unrealized depreciation on 226 portfolio company investments.
Unrealized appreciation for the three months ended June 30, 2025 and March 31, 2025 was primarily due to (i) improved performance from certain portfolio companies and (ii) fair valuing recent originations up to or near par. Unrealized depreciation for the three months ended June 30, 2025 and March 31, 2025 primarily resulted from isolated deterioration in the performance of (i) a small number of portfolio company equity investments, (ii) portfolio companies that were on non-accrual status and (iii) certain portfolio companies with pre-existing credit challenges.
For the nine months ended June 30, 2025, we had $119.8 million in unrealized appreciation on 251 portfolio company investments, which was offset by $93.9 million in unrealized depreciation on 180 portfolio company investments. For the nine months ended June 30, 2024, we had $54.1 million in unrealized appreciation on 165 portfolio company investments, which was offset by $38.0 million in unrealized depreciation on 239 portfolio company investments.
Unrealized appreciation for the nine months ended June 30, 2025 was primarily due to (i) the reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments and (ii) fair valuing recent
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originations up to or near par. Unrealized appreciation for the nine months ended June 30, 2024 primarily resulted from the reversal of unrealized depreciation on the disposition or restructuring of portfolio company investments, improved performance of certain portfolio companies and the reversal of unrealized depreciation due to spread tightening in the market during the 2024 fiscal year.
Unrealized depreciation for the nine months ended June 30, 2025 primarily resulted from isolated deterioration in credit performance in (i) a small number of portfolio companies and (ii) portfolio companies that were moved to or on non-accrual status. Unrealized depreciation for the nine months ended June 30, 2024 primarily resulted from isolated deterioration in the credit performance of certain portfolio companies that were moved to or on non-accrual status as well as certain portfolio companies with pre-existing credit challenges.
For the nine months ended June 30, 2025, we had a realized loss on extinguishment of debt of less than $0.1 million, which represents the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination.
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Liquidity and Capital Resources
For the nine months ended June 30, 2025, we experienced a net decrease in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $179.0 million. During the period, cash used in operating activities was $379.7 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $1,146.0 million and net investment income after tax of $296.5 million, offset by fundings of portfolio investments of $1,781.5 million. Lastly, cash provided by financing activities was $200.7 million, primarily driven by borrowings on debt of $3,517.9 million and net proceeds from the issuance of common stock through the ATM Program (as defined in Note 11 of our consolidated financial statements) of $37.4 million, offset by repayments of debt of $3,008.6 million, distributions paid of $281.0 million, purchases of common stock under the Program of $35.5 million and purchases of common stock under the DRIP of $20.6 million.
For the nine months ended June 30, 2024, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $326.0 million. During the period, cash provided by operating activities was $543.9 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $867.2 million and net investment income after tax of $262.8 million, offset by fundings of portfolio investments of $554.5 million. Lastly, cash used in financing activities was $217.9 million, primarily driven by borrowings on debt of $1,966.6 million, offset by repayments of debt of $1,971.9 million and distributions paid of $199.2 million.
As of June 30, 2025 and September 30, 2024, we had cash and cash equivalents of $91.9 million and $123.1 million, respectively. In addition, we had foreign currencies of $7.9 million and $8.0 million as of June 30, 2025 and September 30, 2024, respectively, restricted cash and cash equivalents of $79.0 million and $227.2 million as of June 30, 2025 and September 30, 2024, respectively. We had no restricted foreign currencies as of June 30, 2025. As of September 30, 2024 we had restricted foreign currencies of $1.2 million. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable. As of June 30, 2025 and September 30, 2024, $4.0 million and $136.3 million, respectively, of restricted cash was retained for partial repayments on the notes of certain of our debt securitizations that are past their reinvestment period term.
Revolving Debt Facilities
JPM Credit Facility - On February 11, 2021, we entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of June 30, 2025, allowed us to borrow up to $2.0 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2025 and September 30, 2024, we had outstanding debt under the JPM Credit Facility of $1,450.2 million and $956.6 million, respectively. As of June 30, 2025 and September 30, 2024, subject to leverage and borrowing base restrictions, we had $547.3 million and $865.9 million, respectively, of remaining commitments and availability on the JPM Credit Facility.
Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $300.0 million at any one time outstanding as of June 30, 2025. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and have in the past repaid, and generally intend in the future to repay, borrowings under the Adviser Revolver within 30 to 45 days from which they are drawn. As of both June 30, 2025 and September 30, 2024, we had no amounts outstanding on the Adviser Revolver.
GBDC 3 DB Credit Facility - Effective June 3, 2024, we assumed, as a result of the GBDC 3 Merger, the GBDC 3 DB Credit Facility (as defined in Note 7 of our consolidated financial statements). On November 19, 2024, all amounts outstanding under the GBDC 3 DB Credit Facility were repaid, following which the agreements governing the GBDC 3 DB Credit Facility were terminated. As of September 30, 2024, we had outstanding debt under the GBDC 3 DB Credit Facility of $411.5 million and subject to leverage and borrowing base restrictions, we had $213.5 million of remaining commitments and $113.9 million of availability on the GBDC 3 DB Credit Facility. As of September 30, 2024, we could borrow up to $625.0 million on the GBDC 3 DB Credit Facility.
Debt Securitizations
2024 Debt Securitization - On November 18, 2024, we completed the 2024 Debt Securitization. The Class A-1R 2024 Notes and Class A-2RR 2024 Notes (each as defined in Note 7 to our consolidated financial statements) are included in the June 30, 2025 Consolidated Statements of Financial Condition as our debt, and the Class B-R, Class
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C-R and Subordinated Notes were eliminated in consolidation. As of June 30, 2025, we had no amounts outstanding under the 2024 Debt Securitization.
GBDC 3 2022 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022 Debt Securitization. The Class A Senior Secured Floating Rate GBDC 3 Notes are included in the June 30, 2025 and September 30, 2024 Consolidated Statements of Financial Condition as our debt and the GBDC 3 Subordinated Notes were eliminated in consolidation. As of June 30, 2025 and September 30, 2024, we had debt outstanding under the GBDC 3 2022 Debt Securitization of $179.5 million and $236.8 million, respectively.
2018 Debt Securitization - On November 18, 2024, in conjunction with the $2.2 billion term debt securitization, (“the 2024 Debt Securitization”), the 2018 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the 2018 Debt Securitization were terminated. The Class A, Class B and Class C-1 2018 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt, and the Class C-2, Class D and Subordinated 2018 Notes were eliminated in consolidation. As of September 30, 2024, we had outstanding debt under the 2018 Debt Securitization of $230.0 million.
GCIC 2018 Debt Securitization - Effective September 16, 2019, we assumed as a result of the GCIC Merger, the GCIC 2018 Debt Securitization. On November 18, 2024, in conjunction with the 2024 Debt Securitization, the GCIC 2018 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GCIC 2018 Debt Securitization were terminated. The Class A-1, Class A-2 (Class A-2-R GCIC 2018 Notes after refinancing on December 21, 2020) and Class B-1 GCIC 2018 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt, and the Class B-2, Class C and Class D GCIC 2018 Notes and the Subordinated GCIC 2018 Notes were eliminated in consolidation. As of September 30, 2024, we had outstanding debt under the GCIC 2018 Debt Securitization of $252.8 million.
GBDC 3 2021 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2021 Debt Securitization. On November 18, 2024, in conjunction with the 2024 Debt Securitization, the GBDC 3 2021 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GBDC 3 2021 Debt Securitization were terminated. The Class A, Class B, Class C-1, and Class C-2 GBDC 3 2021 Notes are included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt and the Class D and Subordinated 2021 GBDC 3 Notes were eliminated in consolidation. As of September 30, 2024, we had debt outstanding under the GBDC 3 2021 Debt Securitization of $298.0 million.
GBDC 3 2022-2 Debt Securitization - Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022-2 Debt Securitization. On December 16, 2024, the GBDC 3 2022-2 Notes (as defined in Note 7 of our consolidated financial statements) were redeemed and following such redemption, the agreements governing the GBDC 3 2022-2 Notes were terminated. The Class A 2022-2 Notes and Class A GBDC 3 2022-2 Loan are included in the September 30, 2024 Consolidated Statements of Financial Condition as our debt and Subordinated GBDC 3 2022-2 Notes were eliminated in consolidation. As of September 30, 2024, we had debt outstanding under the GBDC 3 2022-2 Debt Securitization of $225.0 million.
Due to the interplay of the 1940 Act restrictions on principal and joint transactions and the U.S. risk retention rules adopted pursuant to Section 941 of Dodd-Frank, as a business development company, we sought and received no action relief from the SEC to ensure we could engage in CLO financings in which assets are transferred through GC Advisors.
2024 Notes
On October 2, 2020, we issued $400.0 million in aggregate principal amount of the 2024 Notes (as defined in Note 7 of our consolidated financial statements). On October 15, 2021, we issued an additional $100.0 million in aggregate
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principal of the 2024 Notes. On April 8, 2024, we redeemed the $500.0 million in aggregate principal amount of the 2024 Notes, or 100% of the principal amount, plus the accrued and unpaid interest thereon.
2026 Notes
On February 24, 2021, we issued $400.0 million in aggregate principal amount of the 2026 Notes. On October 13, 2021, we issued an additional $200.0 million in aggregate principal of the 2026 Notes. As of both June 30, 2025 and September 30, 2024, we had $600.0 million of outstanding aggregate principal amount of the 2026 Notes.
2027 Notes
On July 27, 2021, we issued $350.0 million in aggregate principal amount of the 2027 Notes, all of which remained outstanding as our debt as of both June 30, 2025 and September 30, 2024.
2028 Notes
On December 5, 2023, we issued $450.0 million in aggregate principal amount of the 2028 Notes, all of which remained outstanding as our debt as of both June 30, 2025 and September 30, 2024.
On December 5, 2023, we entered into an interest rate swap on the 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month Term SOFR plus 3.327%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028.
On April 11, 2024, we entered into an interest rate swap on the remaining portion of the 2028 Notes pursuant to which we agreed to receive a fixed rate of 7.310% and pay a rate of one-month SOFR plus 2.835%. The interest rate swap is designated as an effective hedge accounting instrument. The notional amount of the swap is $225.0 million and terminates on November 5, 2028. The carrying value of the 2028 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.
2029 Notes
On February 1, 2024, we issued $600.0 million in aggregate principal amount of the 2029 Notes, and on December 3, 2024, we issued an additional $150.0 million in aggregate principal amount of the 2029 Notes under the same terms of the original issuance. As of June 30, 2025 and September 30, 2024, the outstanding aggregate principal amount of the 2029 Notes was $750.0 million and $600.0 million, respectively.
On February 1, 2024 and December 3, 2024, we entered into interest rate swap agreements on the 2029 Notes pursuant to which we agreed (i) to receive a fixed rate of 6.248% and pay a rate of one-month Term SOFR plus 2.444% on the first $600.0 million of the 2029 Notes and (ii) to receive a fixed rate of 5.881% and pay a rate of three-month SOFR plus 2.012% on the second $150.0 million of the 2029 Notes. The interest rate swap agreements are designated as effective hedge accounting instruments. The aggregate notional amount of the swap is $750.0 million and terminates on July 15, 2029. The carrying value of the 2029 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.
Equity Distribution Agreement
On October 6, 2023, we entered into an equity distribution agreement, or, as amended, the 2023 Equity Distribution Agreement, in connection with an at the market program to sell up to $288.0 million of shares of our common stock. An at the market offering is a registered offering by a publicly traded issuer of its listed equity securities that allows the issuer to sell shares directly into the market at market prices. As of June 30, 2025, we issued 2.4 million shares of common stock for aggregate proceeds totaling $38.0 million under the 2023 Equity Distribution Agreement. As of September 30, 2024, there were no common stock issuances under the 2023 Equity Distribution Agreement. As of June 30, 2025, following an amendment to the 2023 Equity Distribution Agreement in May 2025 to increase the aggregate offering amount by $38.0 million, common stock with an aggregate offering amount of $250.0 million remained available for issuance under the 2023 Distribution Agreement.
Asset Coverage, Contractual Obligations, Off-Balance Sheet Arrangements and Other Liquidity Considerations
As of June 30, 2025, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow
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amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of June 30, 2025, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 176.8% and 1.30x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash and cash equivalents, foreign currencies and restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) was 1.26x as of June 30, 2025.
On August 1, 2025, our board of directors reapproved the Program (as defined in Note 2 of our consolidated financial statements), which allows us to repurchase up to $150.0 million of our outstanding common stock, exclusive of shares repurchased prior to the date of such authorization, on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market prices, through open market transactions, including block transactions, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the nine months ended June 30, 2025, we repurchased 2.5 million shares of our common stock for an aggregate repurchase price of approximately $35.5 million. During the nine months ended June 30, 2024, we did not make any repurchases of our common stock.
As of June 30, 2025 and September 30, 2024, we had outstanding commitments to fund investments totaling $996.1 million and $717.9 million, respectively. As of June 30, 2025, total commitments of $996.1 million included $251.2 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of June 30, 2025 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of June 30, 2025. As of June 30, 2025, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under the Adviser Revolver and JPM Credit Facility, as well as ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.
In addition, we have entered and, in the future, could again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 5 of our consolidated financial statements for outstanding forward currency contracts and interest rate swap agreements as of June 30, 2025 and September 30, 2024. Derivative instruments can be affected by market conditions, such as interest rate volatility, which could impact the fair value of the derivative instruments. If market conditions move against us, we may not achieve the anticipated benefits of the derivative instruments and could realize a loss. We minimize market risk through monitoring its investments and borrowings.
Although we expect to fund the growth of our investment portfolio through the net proceeds from future securities offerings and future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our efforts to raise capital will be successful. In addition, from time to time, we can amend or refinance our leverage facilities and securitization financings, to the extent permitted by applicable law. In addition to capital not being available, it also could not be available on favorable terms. To the extent we are not able to raise capital on what we believe are favorable terms, we will focus on optimizing returns by investing capital generated from repayments into new investments we believe are attractive from a risk/reward perspective. Furthermore, to the extent we are not able to raise capital and are at or near our targeted leverage ratios, we expect to receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy and have, in the past, received such smaller allocations under similar circumstances.
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Portfolio Composition, Investment Activity and Yield
As of June 30, 2025 and September 30, 2024, we had investments in 401 and 381 portfolio companies, respectively, with a total fair value of $9.0 billion and $8.2 billion, respectively.
The following table shows the asset mix of our new investment commitments for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:
Three months endedNine months ended
  June 30, 2025March 31, 2025June 30, 2025June 30, 2024
  (In thousands)Percentage(In thousands)Percentage(In thousands)Percentage(In thousands)Percentage
Senior secured$54,841 9.9 %$22,058 7.4 %$104,665 5.0 %$44,494 8.6 %
One stop486,902 87.4 272,985 91.3 1,931,157 93.1 458,560 88.9 
Second lien3,749 0.7 — — 14,027 0.7  8,141 1.6  
Subordinated debt— — — — — — 100 0.0 *
Equity11,320 2.0 3,907 1.3 25,767 1.2 4,433 0.9 
Total new investment commitments$556,812 100.0 %$298,950 100.0 %$2,075,616 100.0 %$515,728 100.0 %

* Represents an amount less than 0.1%

For the nine months ended June 30, 2025, we had approximately $1,146.0 million in proceeds from principal payments and sales of portfolio investments.
For the nine months ended June 30, 2024, we had approximately $867.2 million in proceeds from principal payments and sales of portfolio investments.
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The following table shows the principal, amortized cost and fair value of our portfolio of investments by asset class:
As of June 30, 2025(1)
As of September 30, 2024(2)
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
  (In thousands)(In thousands)
Senior secured:            
Performing$483,155 $477,684 $477,611 $506,457 $502,318 $499,579 
Non-accrual(3)
4,233 3,704 2,981 4,046 3,860 2,807 
One stop:            
Performing7,809,044 7,719,094 7,732,212 7,120,505 7,081,793 7,020,296 
Non-accrual(3)
113,173 99,519 52,854 151,038 134,575 89,962 
Second lien:            
Performing28,168 27,916 28,265 13,596 13,400 13,619 
Non-accrual(3)
5,154 3,724 360 4,834 3,725 435 
Subordinated debt:            
Performing37,477 36,988 37,419 30,410 29,943 30,175 
Non-accrual(3)
— — — — — — 
Equity:
PerformingN/A598,230 629,747 N/A533,299 578,538 
Non-accrual(3)
N/A659 100 N/A— — 
Total$8,480,404 $8,967,518 $8,961,549 $7,830,886 $8,302,913 $8,235,411 
(1)As of June 30, 2025, $1,446.6 million and $1,385.1 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of June 30, 2025, $107.0 million and $56.2 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.
(2)As of September 30, 2024, $1,395.5 million and $1,328.0 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of September 30, 2024, $98.6 million and $61.3 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.
(3)We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal, interest or our management has reasonable doubt that principal or interest will be collected. Preferred equity securities accruing contractual PIK dividend income may be placed on non-accrual
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status if there is reasonable doubt that the amortized cost or capitalized PIK and non-cash dividend income is collectible. See “— Critical Accounting Policies — Revenue Recognition.”
As of June 30, 2025, we had loans in eight portfolio companies and preferred equity securities in one portfolio company on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 1.2% and 0.6%, respectively. As of September 30, 2024, we had loans in eleven portfolio companies on non-accrual status, and non-accrual loans as a percentage of total investments at cost and fair value were 1.7% and 1.1%, respectively, and as a percentage of total debt investments at cost and fair value were 1.8% and 1.2%, respectively. As of September 30, 2024, we did not have any preferred equity securities on non-accrual status.
As of June 30, 2025 and September 30, 2024, the fair value of our debt investments as a percentage of the outstanding principal value was 98.2% and 97.8%, respectively.
The following table shows the weighted average rate, spread over the applicable base rate of floating rate and fees of investments originated and the weighted average rate of sales and payoffs of portfolio companies during the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:
Three months endedNine months ended
  June 30, 2025March 31, 2025June 30, 2025June 30, 2024
Weighted average rate of new investment fundings9.2%9.7%9.3%10.7%
Weighted average spread over the applicable base rate of new floating rate investment fundings5.1%5.4%5.1%5.4%
Weighted average fees of new investment fundings0.8%0.8%0.8%0.8%
Weighted average rate of sales and payoffs of portfolio investments9.8%10.4%10.6%11.3%
As of June 30, 2025, 97.8% of our debt portfolio at both amortized cost and fair value had interest rate floors that limit the minimum applicable interest rates on such loans. As of September 30, 2024, 98.0% and 98.1% of our debt portfolio at amortized cost and at fair value, respectively, had interest rate floors that limit the minimum applicable interest rates on such loans.
As of June 30, 2025 and September 30, 2024, the portfolio median1 earnings before interest, taxes, depreciation and amortization, or EBITDA, for our portfolio companies was $68.1 million and $63.7 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.











1 The portfolio median EBITDA is based on our portfolio of debt investments and excludes (i) portfolio companies with negative or de minimis EBITDA, (ii) investments designated as recurring revenue loans and (iii) portfolio companies with any loans on non-accrual status.
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As part of the monitoring process, GC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:
 
Internal Performance Ratings
Rating Definition
5 Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4 Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3 Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2 Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1 Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.
Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.
For any investment rated 1, 2 or 3, GC Advisors will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions.
GC Advisors monitors and, when appropriate, changes the internal performance ratings assigned to each investment in our portfolio. In connection with our valuation process, GC Advisors and our board of directors review these internal performance ratings on a quarterly basis.











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The following table shows the distribution of our investments on the 1 to 5 internal performance rating scale at fair value as of June 30, 2025 and September 30, 2024:
As of June 30, 2025As of September 30, 2024
Internal
Performance
Rating		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments		Investments
at Fair Value
(In thousands)		Percentage of
Total
Investments
5$263,250 2.9%$158,656 1.9%
47,774,149 86.87,013,631 85.2
3810,015 9.0955,079 11.6
2114,135 1.3108,045 1.3
1— —— —
Total$8,961,549 100.0%$8,235,411 100.0%
The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of June 30, 2025 and September 30, 2024.
Average Price1
CategoryJune 30, 2025September 30, 2024
Internal Performance Ratings 4 and 5
(Performing At or Above Expectations)		99.7%99.5%
Internal Performance Rating 3
(Performing Below Expectations)		91.0%91.3
Internal Performance Ratings 1 and 2
(Performing Materially Below Expectations)		45.9%58.2
Total98.2%97.8%
(1)Includes only debt investments held as of June 30, 2025 and September 30, 2024. Value reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.
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Distributions
We intend to make quarterly distributions to our stockholders as determined by our board of directors. For additional details on distributions, see “Income taxes” in Note 2 to our consolidated financial statements.
We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of our distributions from time to time. In addition, the asset coverage requirements applicable to us as a business development company under the 1940 Act could limit our ability to make distributions. If we do not distribute a certain percentage of our income annually, we will suffer adverse U.S. federal income tax consequences, including the possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions.
Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations can differ from net investment income and realized gains recognized for financial reporting purposes. Differences are permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification result from the treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.
To the extent our taxable earnings fall below the total amount of our distributions for any tax year, a portion of those distributions could be deemed a return of capital to our stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders could be the original capital invested by the stockholder rather than our income or gains. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is our ordinary income or gains.
We have adopted an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, our stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock unless a stockholder specifically “opts out” of our dividend reinvestment plan. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, stockholders participating in our dividend reinvestment plan will not receive any corresponding cash distributions with which to pay any such applicable taxes.
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Related Party Transactions
We have entered into a number of business relationships with affiliated or related parties, including the following:
•We entered into the Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, our chairman, is a manager of GC Advisors, and Mr. David Golub, our chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors. The Board most recently approved an amended and restated Investment Advisory Agreement on June 3, 2024. The Investment Advisory Agreement amended the Prior Investment Advisory Agreement in order to incorporate changes to the calculation of the incentive fee rates and the incentive fee cap. Under the Investment Advisory Agreement, the incentive fee rates were reduced from 20.0% to 15.0%, and the incentive fee cap was reduced from 20.0% to 15.0%. None of the other material terms changed in the Investment Advisory Agreement as compared to the Prior Investment Advisory Agreement, including the services to be provided and the calculation of the base management fee. On August 3, 2023, effective July 1, 2023 the Board approved an amended and restated Investment Advisory Agreement, pursuant to which the base management fee rate was reduced from 1.375% to 1.0%.
•GC Advisors agreed to irrevocably waive any incentive fees payable under the Prior Investment Advisory Agreement in excess of 15% and waive incentive fees in excess of an incentive fee cap that was also reduced to 15%, in each case effective as of January 1, 2024 for periods ending on or prior to the earlier of (i) the closing of the acquisition of GBDC 3 pursuant to the GBDC 3 Merger Agreement or (ii) the termination of the GBDC 3 Merger Agreement (the “Waiver Period”). During the Waiver Period, fees payable to the Investment Adviser under the Prior Investment Advisory Agreement, net of the GBDC 3 Merger Waiver, was equal to what was payable under the Investment Advisory Agreement, which was entered into and effective upon closing of the GBDC 3 Merger Agreement.
•Golub Capital LLC provides, and other affiliates of Golub Capital have historically provided, us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our Administration Agreement.
•We have entered into a license agreement with Golub Capital LLC, pursuant to which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.”
•Under a staffing agreement, or the Staffing Agreement, Golub Capital LLC has agreed to provide GC Advisors with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. The Staffing Agreement provides that Golub Capital LLC will make available to GC Advisors experienced investment professionals and provide access to the senior investment personnel of Golub Capital LLC for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. The Staffing Agreement also includes a commitment that the members of GC Advisors’ investment committee will serve in such capacity. Services under the Staffing Agreement are provided on a direct cost reimbursement basis. We are not a party to the Staffing Agreement.
•GC Advisors serves as collateral manager to the 2018 Issuer, the GBDC 3 2021 Issuer, the GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer under the 2018 Collateral Management Agreement, the GCIC 2018 Collateral Management Agreement, the 2021 Collateral Management Agreement, the 2022 Collateral Management Agreement, 2022-2 Collateral Management Agreement , and the 2024 Issuer Collateral Management Agreement, respectively. Fees payable to GC Advisors for providing these services offset against the base management fee payable by us under the Investment Advisory Agreement.
•We have entered into the Adviser Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis.
•During the second calendar quarter of 2025, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $12.4 million, or 858,467 shares of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. Through the first two calendar quarters of 2025, the Trust purchased approximately $25.4 million, or 1,691,288 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital. During the calendar year 2024, the Trust purchased approximately $10.1 million, or 670,760 shares of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital.
•On September 16, 2019, we completed our acquisition of GCIC pursuant to the GCIC Merger Agreement.
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•On June 3, 2024, we completed our acquisition of GBDC 3, pursuant to the GBDC 3 Merger Agreement.
GC Advisors also sponsors or manages, and expects in the future to sponsor or manage, other investment funds, accounts or investment vehicles (together referred to as “accounts”) that have investment mandates that are similar, in whole and in part, with ours. For example, GC Advisors presently serves as the investment adviser to Golub Capital Direct Lending Corporation, or GDLC, Golub Capital Direct Lending Unlevered Corporation, or GDLCU, Golub Capital BDC 4, Inc., or GBDC 4, and Golub Capital Private Credit Fund, or GCRED, all of which are unlisted business development companies that primarily focus on investing in one stop and other senior secured loans. In addition, our officers and directors serve in similar capacities for GDLC, GDLCU, GBDC 4 and GCRED. If GC Advisors and its affiliates determine that an investment is appropriate for us, GDLC, GDLCU, GBDC 4, GCRED and other accounts, depending on the availability of such investment and other appropriate factors, and pursuant to GC Advisors’ allocation policy, GC Advisors or its affiliates could determine that we should invest side-by-side with one or more other accounts. We do not intend to make any investments if they are not permitted by applicable law and interpretive positions of the SEC and its staff, or if they are inconsistent with GC Advisors’ allocation procedures.
In addition, we have adopted a formal code of ethics that governs the conduct of our and GC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and the General Corporation Law of the State of Delaware.
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Critical Accounting Policies
The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.
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Fair Value Measurements
We value investments for which market quotations are readily available at their market quotations. However, a readily available market value is not expected to exist for many of the investments in our portfolio, and we value these portfolio investments at fair value as determined in good faith.
Pursuant to Rule 2a-5 under the 1940 Act, as recently amended, effective August 2, 2024, our board of directors, as permitted, has designated GC Advisors as our valuation designee (the “Valuation Designee”) to perform the determination of fair value of our investments for which market quotations are not readily available, or valued by a third-party pricing service, in accordance with our valuation policies and procedures, subject to the oversight of our board of directors.
Valuation methods include comparisons of the portfolio companies to peer companies that are public, determination of the enterprise value of a portfolio company, discounted cash flow analysis and a market interest rate approach. The factors that are taken into account in fair value pricing investments include: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; comparisons of financial ratios of peer companies that are public; comparable merger and acquisition transactions; and the principal market and enterprise values. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the valuation designee will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments can differ significantly from the values that would have been used had a readily available market value existed for such investments and differ materially from values that are ultimately received or settled.
Our valuation designee is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.
With respect to investments for which market quotations are not readily available, the valuation designee undertakes a multi-step valuation process each quarter, as described below:
Our quarterly valuation process begins with each portfolio company investment being initially valued by the investment professionals of GC Advisors responsible for the valuation function. Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors. The valuation designee reviews these preliminary valuations. At least every other quarter, the valuation for each portfolio investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The valuation designee discusses valuations and determines the fair value of each investment in our portfolio in good faith.
Determination of fair values involves subjective judgments and estimates. Under current accounting standards, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.
We follow ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Our fair value analysis, currently undertaken by the Valuation Designee, includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows:
Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
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Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and could require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value could fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability. The Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended June 30, 2025 and 2024. The following section describes the valuation techniques used by us to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.
Valuation of Investments
Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged by or at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation at least every other quarter under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of our valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of June 30, 2025 were valued using Level 3 inputs. All investments as of September 30, 2024, with the exception of one portfolio company investment (Level 1 investments), were valued using Level 3 inputs. As of June 30, 2025 and September 30, 2024, all money market funds included in cash and cash equivalents and restricted cash and restricted cash equivalents were valued using Level 1 inputs and all forward currency contracts and interest rate swaps were valued using Level 2 inputs.
When determining fair value of Level 3 debt and equity investments, the Valuation Designee could take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that could affect the price at which similar investments could be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. A portfolio company’s EBITDA could include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Valuation Designee uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Valuation Designee could base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that we and others could be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as our best estimate of fair value of such investment.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments could differ significantly from the values that would have been used had a market existed for such investments and could differ materially from the values that could ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which such investment had previously been recorded.
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Our investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.
Valuation of Other Financial Assets and Liabilities
The fair value of the 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes is based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of our remaining debt is estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available.
Revenue Recognition:
Our revenue recognition policies are as follows:
Investments and Related Investment Income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Original issue discount, market discount or premium and certain loan origination or amendment fees that are deemed to be an adjustment to yield (“Loan Origination Fees”) are capitalized and we accrete or amortize such amounts over the life of the loan as interest income (“Discount Amortization”). For investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not likely to be collectible. In addition, we could generate revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, administrative agent fees, consulting fees and prepayment premiums on loans that are not deemed to be an adjustment to yield and record these fees as fee income when earned. We record prepayment premiums on loans as fee income. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
We account for investment transactions on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. We report changes in fair value of investments from the prior period that is measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in our Consolidated Statements of Operations and fluctuations arising from the translation of foreign exchange rates on investments in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.
Non-accrual Investments: Loans may be left on accrual status during the period we are pursuing repayment of the loan. Management reviews all loans that become past due 90 days or more on principal and interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. We generally reverse accrued interest when a loan is placed on non-accrual. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans could be recognized as income or applied to principal depending upon management’s judgment. We restore non-accrual loans to accrual status when past due principal and interest is paid and, in our management’s judgment, are likely to remain current. The total fair value of our non-accrual loans was $56.2 million and $93.2 million as of June 30, 2025 and September 30, 2024, respectively. We review all preferred equity securities accruing contractual PIK dividend income to determine if there is reasonable doubt that amortized cost or capitalized PIK and non-cash dividend income will be collected, for possible placement on non-accrual status. When a preferred equity security is placed on non-accrual status, the contractual PIK dividend provision is no longer accrued to dividend income as of the date the preferred equity security is placed on non-accrual status. The total fair value of our non-accrual preferred equity securities was $0.1 million as of June 30, 2025. We did not have any preferred equity securities on non-accrual status as of September 30, 2024.
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Income taxes: We have elected to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to be subject to tax as a RIC, we are required to meet certain source of income and asset diversification requirements, as well as timely distribute to our stockholders dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. We have made and intend to continue to make the requisite distributions to our stockholders, which will generally relieve us from U.S. federal income taxes.
Depending on the level of taxable income earned in a tax year, we could choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. We could then be required to incur a 4% excise tax on such income. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended June 30, 2025, we did not record any U.S. federal excise tax. For the nine months ended June 30, 2025, we recorded a reversal of the accrual for U.S. federal excise tax expense of $0.5 million. For the three and nine months ended June 30, 2024, $0.1 million and $1.1 million, respectively, was recorded for U.S. federal excise tax.
We have consolidated subsidiaries that are subject to U.S. federal and state corporate-level income taxes. For the three and nine months ended June 30, 2025, we did not record any U.S. income taxes and we recorded a net tax benefit of $0.2 million and $0.4 million, respectively, for taxable subsidiaries. For the three months ended June 30, 2024, we did not record any U.S. income taxes and we recorded a net tax benefit of $0.2 million. For the nine months ended June 30, 2024, $0.1 million was recorded for U.S. income taxes and we recorded a net tax benefit of $0.5 million. As of June 30, 2025 and September 30, 2024, we recorded a net deferred tax liability, reported within accounts payable and other liabilities on the Consolidated Statement of Financial Condition, of $0.4 million and $0.8 million, respectively, for taxable subsidiaries, primarily due to unrealized appreciation on the investments held at the taxable subsidiaries.
Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations could differ from net investment income and realized gains recognized for financial reporting purposes. Differences could be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. For example, permanent differences in classification could result from the treatment of distributions paid from short-term gains as ordinary income dividends for tax purposes. Temporary differences arise when certain items of income, expense, gain, or loss are recognized at some time in the future.
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Item 3. Quantitative and Qualitative Disclosures about Market Risk
We are subject to financial market risks, including valuation risk and changes in interest rates.
Valuation Risk. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Investment Adviser, as our valuation designee, subject to the oversight of our Board based on, among other things, the input of independent third-party valuation firms engaged at the direction of the valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments could fluctuate from period to period, if we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.
Interest Rate Risk. Many of the loans in our portfolio have floating interest rates, and we expect that our loans in the future could also have floating interest rates. These loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual, or annual basis. The loans that are subject to floating SOFR or another base rate are also typically subject to a minimum base rate, or floor, that we charge on our loans if the current market rates are below the respective floors. As of June 30, 2025 and September 30, 2024, the weighted average floor on loans subject to floating interest rates was 0.78% and 0.81%, respectively. The Class A Senior Secured GBDC 3 Notes issued in connection with the GBDC 3 2022 Debt Securitization have floating rate interest provisions based on three-month term SOFR and the Class A-1R, and A-2RR 2024 Notes issued in connection with the 2024 Debt Securitization have floating rate interest provisions based on three-month SOFR plus a spread adjustment. The JPM Credit Facility has a floating interest rate provision that, as of June 30, 2025, is primarily based on an applicable base rate (as defined in Note 7 to our consolidated financial statements) plus a spread that ranges from 1.525% to 1.775% plus a spread adjustment of 0.10% on SOFR borrowings. We have entered into two interest rate swaps on the 2028 Notes and two interest rate swaps on the 2029 Notes and these swaps have floating rate provisions based on one-month SOFR plus a spread of 3.327%, one-month SOFR plus a spread of 2.835%, one-month SOFR plus a spread of 2.444%, and three-month SOFR plus a spread of 2.012%, respectively. We expect that other credit facilities into which we enter in the future could have floating interest rate provisions.
Assuming that the unaudited interim Consolidated Statement of Financial Condition as of June 30, 2025 were to remain constant and that we took no actions to alter interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates.
Change in interest rates
Increase (decrease) in
interest income(1)
Increase (decrease) in
interest expense		Net increase
(decrease) in
 investment income
(In thousands)
Down 200 basis points$(165,497)$(83,874)$(81,623)
Down 150 basis points(124,936)(62,906)(62,030)
Down 100 basis points(83,721)(41,937)(41,784)
Down 50 basis points(41,878)(20,969)(20,909)
Up 50 basis points41,878 20,969 20,909 
Up 100 basis points83,757 41,937 41,820 
Up 150 basis points125,635 62,906 62,729 
Up 200 basis points167,514 83,874 83,640 
(1) Assumes applicable three-month base rate as of June 30, 2025, with the exception of SONIA and Prime that utilize the June 30, 2025 rate.
Although we believe that this analysis is indicative of our sensitivity to interest rate changes as of June 30, 2025, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowings under the Debt Securitizations, the JPM Credit Facility, the Adviser Revolver, or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.
179
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.
180

Item 4. Controls and Procedures.
As of June 30, 2025 (the end of the period covered by this report), management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that, at the end of such period, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.
There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.
181

Part II - Other Information
Item 1: Legal Proceedings.
We, GC Advisors and Golub Capital LLC may, from time to time, be involved in legal and regulatory proceedings arising out of our and their respective operations in the normal course of business or otherwise. While there can be no assurance of the ultimate disposition of any such proceedings, each of us, GC Advisors and Golub Capital LLC do not believe it is currently subject to any material legal proceedings.
Item 1A: Risk Factors.
There have been no material changes during the nine months ended June 30, 2025 to the risk factors discussed in Item 1A. Risk Factors in our annual report on Form 10-K for the year ended September 30, 2024.
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item 3: Defaults Upon Senior Securities.
None.
Item 4: Mine Safety Disclosures
None.
Item 5: Other Information.
None.
Rule 10b5-1 Trading Plans
During the fiscal quarter ended June 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”



182

Item 6: Exhibits.
EXHIBIT INDEX
   
Number Description
Second Amended and Restated Bylaws of Golub Capital BDC, Inc. (Incorporated by reference to Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q (File No. 814-00794), filed on May 5, 2025).
Third Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 4, 2025, by and among Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders, syndication agents, joint bookrunners, and joint lead arrangers party thereto. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current report on Form 8-K (File No. 814-00794), filed on April 10, 2025).
Second Amendment to the Equity Distribution Agreement, dated May 16, 2025, by and among Golub Capital BDC, Inc., GC Advisors LLC, Golub Capital LLC, Keefe, Bruyette & Woods, Inc. and Regions Securities LLC (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on May 16, 2025).
Fourth Amendment to Amended and Restated Revolving Loan Agreement dated as of June 13, 2025, by and between Golub Capital BDC Inc., as the borrower and GC Advisors LLC as the lender. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 16, 2025).
 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
  Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.*
101.SCHInline XBRL Taxonomy Extension Schema Document.*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.*
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).*

_________________
* Filed herewith
183

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Golub Capital BDC, Inc.
Date: August 4, 2025By/s/ David B. Golub
David B. Golub
Chief Executive Officer
(Principal Executive Officer)
Date: August 4, 2025By/s/ Christopher C. Ericson
 Christopher C. Ericson
Chief Financial Officer
(Principal Accounting and Financial Officer)
184

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